Banks Must Act Now to Distinguish Themselves in Mobile Payments Space

Bain and Company authors point out in their American Banker article that banks should be acting now to compete in the mobile payments space, or lose to growing non-bank competitors.  The authors note that bank strategy must realize that mobile is more than a delivery channel, but a larger service that must “harmonize with the overall banking experience.”

But how?  Our research shows the key feature many payments providers are leveraging are “no overdraft fees ever” for a payment or transaction.  The customer is in control and avoids surprise overdraft fees.  If they want more time to pay or credit, billers, Float Money, BillMeLater and others are happy to provide it, but at the customer’s control.  Meanwhile, virtually no bank today offers a full-service, "no overdraft fee ever' checking.

It is time to compete with proprietary bank PaySound^® No Overdraft Fees Ever Checking Plan with an automated no-credit-score line of credit, and PaySound^® Companion Card for mobile online and in-store payment security.