6 Hot Ideas from PayThink 2016

Mobile, Minus the Wallet

Hari Gopalkrishnan, Bank of America's managing director of client facing platforms technology, is adamant that the bank doesn't need to have its own mobile wallet today. But that doesn't mean the bank is ignoring mobile technology. "Until it gets there, let's invest in the individual components," Gopalkrishnan said. "Invest in offers, invest in fraud detection, invest in these things because they have to benefit the whole ecosystem."

Apple Pay Lights the Way

If not for Apple Pay, many credit unions would be stuck in the past. Vystar Credit Union credits Apple with teaching it how to act more nimbly in implementing new technology, and other credit unions echoed the sentiment. "Historically, we have not been the ones that jump on technology very fast but we have since, in the past few years, adopted more of an early adopter perspective," said Scott Young, Pentagon Federal Credit Union's vice president of card services. "If your credit union isn't really a large innovator, there is still time."

Faacebook's Mobile Model

Financial institutions sometimes have to decide whether to push out new features in a separate app or wait to integrate it into their main banking app. San Antonio Federal Credit Union is choosing to put out a separate Card Control app but it is following the model of Facebook Messenger to make it appear seamless. Once both apps are installed, "it will send them back and forth, the same way Facebook and Facebook Messenger work," said Adele Glenn, technology solutions architect for eServices at SACU. "It's a seamless experience, but again, in two separate apps."

Beacons Go Mobile

Most companies that use Bluetooth beacons keep them in one spot and use them to communicate with passersby. Australia's CabFare Pty Ltd takes a different approach by putting beacons in taxis to Uber-ize the experience. "We use the same tools the disruptors use," said Arthur Argyropoulos, founder and CEO of CabFare. "There's a beacon in each taxi and the driver and the rider automatically connect through our infrastructure."

Dunkin Donuts' Mobile Recipe

In light of its rival Starbucks' massive success with mobile payments, Dunkin Donuts faced a big challenge in creating a competitive app that debuted three years later. It works with Cardfree, a vendor founded by many of the people who developed the Starbucks app, to invent a new type of mobile service: digital gifting. "It became one of the three biggest use functions, even to this day," said Jon Squire, Cardfree's CEO.

EMV's Prepaid Problem

As credit and debit card issuers start to see the benefits of EMV-chip card security, prepaid would seem to be the logical next step. But prepaid issuers remain unconvinced of the security benefits of EMV. "The business case for prepaid and for private label really are pretty poor, honestly," said Bret Berta, product manager for global retail payments at FIS. Many prepaid cards are offered for one-time use, and that category is "not even a conversation at this point," Berta said.