Tag Archives: Banks

Zions Bank Combs Big Data for Customer Preference Clues

What do Hispanic small business owners want? Zions Bank, recognizing the growing Hispanic community in Utah, has turned to analytics software to better understand the needs of Hispanic and Asian consumers and businesses in its markets.

“Our mission was to provide Hispanic and Asian communities the opportunity to have banking services and to have more access to capital on the business side,” says Juancarlos Judd, senior vice president of the $53 billion asset bank, which is based in Salt Lake City.

Utah’s 2012 population was 2.8 million and non-white communities comprised 20%, reaching nearly 600,000, 67% of which Hispanic. Utah’s Hispanic aggregate income is projected to surpass $6 billion by 2017.

There are also burgeoning small business opportunities within this market. “Utah is a very entrepreneurial state, so by nature immigrants coming in are entrepreneurial themselves, it’s a really good place for thriving small and large businesses,” says Judd.

The bank has been using business intelligence software from Geospace to better understand the Hispanic market.

“You start out thinking you need Spanish language support, but it’s much more a matter of identifying the needs of every consumer,” says Judd. Continue reading

With Paylib, French Banks Work Together To Compete With PayPal

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Three major French banks have worked together on a new payment system for the web called Paylib. With a Paylib account, users will be able to pay on the web using a simple login and password instead of having to enter all their credit card information. The user experience should be similar to paying with your PayPal account, and it will make even more sense on mobile. Multiple ecommerce websites are already on board.

BNP Paribas, Société Générale and La Banque Postale are the three initial banks, but it’s an open standard. They hope that more French banks will join them. In total, 23 million users can already pay using Paylib, compared to 7 million PayPal users in France.

When you first use Paylib, you have to select the credit card to link with your Paylib account. In addition to the login and password, users will have to enter a second code from the companion app on their smartphones. It’s very reminiscent of Google’s two-step verification process.

Paylib has worked with Voyages-sncf.com, Ventesprivees.com, PriceMinister and Leroy Merlin for the service’s launch. As those websites are very popular ecommerce platforms, the partnerships will be a major asset of the initial growth strategy.

While anybody can start processing payments through Paylib, the solution will remain restricted to the French market as only French banks are part of the initiative. One of the incentives for merchants is that the processing fee is lower than PayPal’s processing fee (usually around 3 percent in France).

Working together is the only way that French banks could come up with a compelling alternative to PayPal and soon-to-be-launched Stripe. Yet, French authorities are following Paylib very closely. The service could create antitrust issues.

If Paylib can partner with more banks, it could become a competitive payment processor in France, giving a lot of power to the major French banks.
With Paylib, French Banks Work Together To Compete With PayPal. 2013, September 17. By Roman Dillet. Retrieved from http://techcrunch.com/2013/09/17/with-paylib-french-banks-work-together-to-compete-with-paypal/.

Banks intent on becoming pioneers of mobile payment systems

Some day, Canadians will have the option to wave their smartphones over a cash register and be on their merry way, instead of swiping and punching into a credit or debit card terminal or fumbling for wayward coins and cash.

When that happens, it won’t likely be the pioneers of Internet payments such as PayPal providing consumers with mobile payment options, analysts say, but rather a group of old-timers — the country’s biggest banks and telecom companies.

The struggle to corner the so-called “digital wallet” market is pitting the Big Six against foreign-run alternatives like PayPal and Square in their quest to offer the best technology to transact contactless payments using smartphones and tablets.

In July, Royal Bank of Canada became the second bank in the last 12 months to launch a mobile payment solution — an application that enables clients to pay for goods and services by tapping their smartphone against a terminal.

The launch by Canada’s largest bank followed Canadian Imperial Bank of Commerce (CIBC) and Rogers Communications Inc.’s joint venture to replace credit cards with smartphones last November. RBC’s digital wallet prototype will debut on devices from Rogers’ rival BCE Inc. Toronto-Dominion Bank is also testing different mobile payment options, while Scotiabank is developing its own version called My Mobile Wallet. Continue reading