Mobile Cash Management

Transcription

1 Mobile Cash Management Best Practices Presented by: Ed Hiddleson Date: April 19/20, 2018

2 Agenda I. Current Mobile Banking Landscape II. Benefits of Mobile Banking III. Mobile Security IV. The Future of Mobile V. How to Drive Adoption VI. Key Takeaways VII. Questions

3 Consumer Mobile Mindshift 95 % of American adults have a mobile phone The mobile mind shift is defined as the expectation that a mobile user can get what they want in the immediate context and moment of need 1 What did you do, if anything, in response to a problem(s) you had with a mobile app in the last three months? Uninstalled/removed the app from my device 53% Stopped using the app completely 37% Used the app less frequently 19% 1 Source: Forrester Executive Overview: The Mobile ebusiness Playbook Aug 2016

4 Personal Mobile Banking 54 % Cited the mobile channel as one of the three most important ways they interact with their bank Adoption of mobile financial services continues to Increase Fifty-three percent of smartphone owners with a bank account had used mobile banking in the 12 months prior to the survey 1 Ninety-four percent have utilized mobile to check account balances or transactions Fifty-eight percent to transfer money Forty-eight percent to deposit a check Consumers and Mobile Financial Services 2016 Federal Reserve Board Reports and Publications

5 Mobile Solutions 1.5MM apps in the app store in 2015 Mobile Optimized URL Compatible Immediate Easily Upgraded Native Application Customized for IOS or Android Marketing & Brand Recognition Camera & GPS Cannot be deleted New OS Features Less expensive support Regular Use/Personalization Source: Forrester Mobile App Development Playbook April 2016

6 Why Corporate Mobile Banking? 50 % of the workforce will be millennials by Business landscape is changing Workforce is more mobile Work is not confined to traditional office 24/7 work schedule Workday doesn t end at 5:00p Business continuity and security Payments still need to be approved if traveling Source: The Current and Future State of Corporate Mobile Banking Around the Globe Aite July 2015c

7 Why Corporate Mobile Banking?

8 Corporate Mobile Banking can: 30 % of large corporate and middle market entities are using mobile banking Untether you from your desktop computer Anytime - Anywhere Give you more ways to track payments Streamlined for mobile Allow you the ability to remotely deposit checks One time deposits or field drivers Source: The Current and Future State of Corporate Mobile Banking Around the Globe Aite July 2015

9 51 % Of treasurers surveyed have used mobile banking to approve wire payments. Corporate Mobile Banking can: Help you make time critical decisions on positive pay items Suspect item review Provide a way to transfer funds to maximize investments Allow you to approve wires and ACH transactions Give access to approve user services Provide text messaging and alerts Source: The Current and Future State of Corporate Mobile Banking Around the Globe Aite July 2015

10 Benefits of Adoption From existing Mobile Banking clients.. Mobile allows me to keep business moving when I am on the road. In real estate, it s not unusual to be negotiating terms of a transaction right up until closing and be out of the office all day. Having mobile banking means I never have to have a late payment because I couldn t approve an ACH or Wire by the deadline. Mobile enables me to move money between accounts any time of the day. No matter where I am I can view balances, see when people paid us and drill down for more detail if I need it.

11 Diminishing Concerns about Security In 2010, 43% of Treasury Executives were concerned about mobile banking security. By 2014 that dropped to 5% Why? Source: Forrester the Mobile ebusiness Playbook March 2016

12 Accessing your bank's mobile site or using the bank's mobile app is as safe or safer than accessing the bank's website on a computer. Mobile Banking Security Features Username/Password Online Dual Controls Tokens Additional Entitlements Device Security Mobile Biometrics Security Questions Vendor Solutions

13 But, mobile banking cannot help. 23% Of recipients open phishing messages and 11% click on attachments 50% Open and click on phishing links within the first hour 95% Of Malware showed up for less than a month, and 4 out of 5 only lasted a week 70 90% Of Malware samples are unique to an organization 60% Of incidents were attributed to errors made by system administrators 99.9% Of exploited vulnerabilities were compromised over a year after they came out Source: Verizon s 2016 Data Breach Investigations Report

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15 The Future of Mobile 49 Average number of hours spent per month on smartphone apps Broadening the target market Corporate Treasurers CFO s Better leveraging native mobile capabilities Imaging and GPS Increasing functionality Enhanced transactions advisory information Source: The Current and Future State of Corporate Mobile Banking Around the Globe Aite July 2015

16 Done well, mobile makes things enjoyable - Like UBER - pain-free, seamless and almost magical Steps to drive adoption Design to meet the customers need Easy to navigate Technically superb Quick sessions are often evidence of a great easy to use mobile design Internal marketing Measure what matters! Source: Forrester the Mobile ebusiness Playbook March 2016

17 Key Takeaways Mobile Banking today is more secure than ever Mobile banking makes it easier to keep business going Consider mobile if you have a lean staffing model, decision makers who are frequently out of the office or the need for mobile deposit Digital Natives will make up 50% of the workforce in four years mobile is here to stay

18 Questions Questions Questions Questions Questions Questions Questions Questions

19 2017 KeyCorp. KeyBank is Member FDIC. Credit applications are subject to credit approval