Digital Banking

Trending: How Banks Use AI To Make Faster Payments More Secure

In the era of smartphones and instant downloads, business is all about speed. But with speed comes risk — even more so for financial institutions.

The December edition of the PYMNTS Digital Banking Tracker™, a Feedzai collaboration, features a look at digital banking players from around the space hoping to give their customers more speed, but without sacrificing security.

Around the Digital Banking world

To make banking interactions speedier and simpler, more banking customers are going mobile than ever before. And, with that shift, banks are debuting new mobile banking solutions and features.

Spain-based Ibercaja Bank, for one, announced plans to improve upon its digital banking services by actively offering financial insights to help customers meet short-term savings goals. And similarly, U.K.-based financial coaching app Oval Money aims to turn consumers into savers by ingraining savings habits. The app’s users can now opt to transfer a percentage of every purchase into their savings accounts.

For a roundup of the latest notable headlines from around the space, check out the Tracker’s News and Trends section.

Making faster safer

Consumers aren’t the only ones with a need for speed, however. Thanks to a sharp growth in demand, banks and FinTechs are jumping on the bandwagon to give business owners the speed they crave.

The Clearing House (TCH) recently completed the inaugural transaction on the first new payments and clearing system in the U.S. in more than four decades.

In a recent interview with PYMNTS, Chris Ward, executive vice president and head of product management for PNC Financial Services Group — one of the first banks to offer real-time payments to personal and business banking customers alike — said he believes the technology could be a game-changer in the U.S.

“Real-time payments enables PNC to bring a new, leading-edge solution to market as the economy becomes increasingly digital,” Ward said. “The ability to make an immediate payment at any time, on any day of the week [and] with a real-time confirmation of the payment — [that] significantly transforms the way businesses and consumers make payments in the United States.”

To read the full story, and see rankings of more than 200 players in the Digital Banking space, check out the latest edition of the Tracker.

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About the Tracker

The PYMNTS Digital Banking Tracker™ brings you the latest news, research and expert commentary from the FinTech and consumer banking space, along with the rankings of more than 200 companies serving or powering the digital banking sector.

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