Banks will have to adapt to become retailers, notes John Schulte, senior vice president and chief information officer of Mercantile Bank of Michigan, an innovative community bank that is a participant in V.Me, Visa's initiative to simplify online shopping.

Four Ways Banks Can Profit by Modernizing Mobile Commerce

Banks are experimenting with smartphone-driven shopping technology that provides faster and arguably more secure digital checkouts, mobile apps integrated with shopping catalogs, in-store marketing combined with location tech efforts and digital financial advice.

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