Today In Data

Will There Be One App To Rule Them All?

Are consumers looking for a centralized app experience – one app to rule them all that streamlines access to any and every function a consumer could want, such as shopping, banking, entertainment and socializing? The data is mixed: A little under one-third of them do, a little over a quarter don’t and everyone else is on the fence. Consumers like innovation and ease – which is why so many FinServ players are rushing to offer it, but they understandably worry about security in the age of hacks. The issues are complex and vary region to region, but the race to win consumers over to the one-app-ruled world, and to be the ruler, is officially on.

Data:

$510,000:  The value of fraudulent purchases made during the Japan 7-Eleven hac.

44 percent: Share of consumers that would like to use voice assistants into their day-to-day interactions.

33.3 percent: Share of credit unions that report innovating to meet customer needs

26 percent: Share of consumers that are either strongly are largely disinterested in using an “app of apps” to connect to all their mobile points of interest.

95: The number of days suppliers in India wait on average to be paid by buyers.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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