The Paycheck Protection Program resurfaced the accounting and payments difficulties that many small businesses have and a potentially huge opportunity...
Banks have started to push a lot more of their technology investment into mobile; banks like Capital Bank in North Carolina has seen a jump in mobile usage from 17 percent three years ago to 43 percent today; while most banks have a mobile app experience they do not offer all the features that are found online; while banks are making progress there is still significant innovation ahead. Source.
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Banks are beginning to see that marketing Zelle within their own apps can be a challenge; “It’s not a simple feature you can roll out and say ‘try it.’ Explaining all these things means you have to prioritize because there just isn’t enough time so you have to be very selective,” says Mark Schwanhausser, director of the digital banking practice at Javelin and author of a new report looking at this issue, to TearSheet; banks have tried a number of ways to highlight Zelle as part of their banking experience, though the task has not been easy; as the brand grows and customers get accustomed to the difference the job will become easier. Source.
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After the 2008 financial crisis many banks were criticized deservedly so for their role int the crisis and the subsequent...
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Customers using Zelle within their banking app have fallen prey to a scam where they send money for tickets but never receive the ticket; since the transaction is instantly done the scammer then closes their account and by the time the bank fully settles the payment the money is gone; banks in the Zelle network, and Zelle itself, have said do not send money to anyone unless you know and trust them; when money is lost customers are asking who should be responsible for replace the funds, should the bank refund them or Zelle; the relationship between the banks and Zelle is not entirely clear from the user perspective, with more frauds occurring customers are starting to ask more questions. Source.