Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. This 78-page report, “Consumers and Mobile Financial Services” (March, 2015) examines trends in the adoption and use of mobile banking, payments, and shopping behavior and how the emergence of mobile financial services affects consumers’ interaction with financial institutions.
Fiserv Named “Best Electronic Commerce Provider” by Global Finance Magazine
-Fiserv, Inc., a provider of financial services technology solutions, was named “Best Electronic Commerce Provider” by Global Finance magazine. This is the fourth year in a row that the company has been honored by the magazine.
“We are particularly honored to receive this award in the year that mobile banking has been added to the criteria, as our research shows consumers want their primary bank or credit union to also connect with them via the mobile channel.”
The award is based on 12 categories of input from industry analysts, corporate executives and technology experts. This year, a new category “mobile banking” was one on which judges selected the best-in-breed provider. Other categories on which the company was judged include volume, market share, and scope of global/regional coverage; examples of cutting edge technology deployment and product innovation on a regional/global level; and examples of regional/global solutions that delivered significant benefits and cost savings for clients wanting to re-engineer their cash management processes.
”More than 16,000 financial institutions and business around the world trust Fiserv to help them solve complex business challenges,” said Steve Olsen, group president, Digital Payments, Fiserv. “We are particularly honored to receive this award in the year that mobile banking has been added to the criteria, as our research shows consumers want their primary bank or credit union to also connect with them via the mobile channel.”
Fiserv provides its clients with traditional electronic payment solutions including debit, ACH, cards and online bill payment, as well as emerging solutions such as person-to-person payments. According to the company’s year-end 2010 earnings statement, Fiserv expanded its payments footprint by signing 537 electronic bill payment clients and 218 debit clients. The company also processed 3 of 4 online bill payments, delivered more than 330 million e-bills, managed more than 1.4 billion online bill pay transactions processed through financial institutions and has an EFT payments network with more than 1.5 million point-of-sale locations.
Source: Business Wire