Survey: FIs Taking 'Wait-&-See' Approach On Mobile Payments

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BROOKFIELD, Wis.-According to a study from Fiserv, 15 of the nation's top banks and CUs are taking a "wait-and-see" attitude regarding mobile payments, indicating that the market will need to develop more before investments are made to support such platforms.

Fiserv's survey was conducted by Forrester Consulting, which found that only a few of the surveyed FIs currently have clear mobile payment solutions set up.

Banks and CUs, the survey found, are eying variables such as technology, merchant and consumer issues before committing significant resources to a mobile payment platform.

However, improved technology and process standards, merchant readiness and increasing competitive pressure from other companies and FIs were all factors that could push banks and CUs to move more quickly on payments.

Respondents said that mobile payments would need a solid business case before being implemented, and factors such as customer retention and profitability, cost reduction, revenue generation and retention, increased customer engagement and competitive parity would all need to be addressed.

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