The origin of concept of controlling the use of one's bank card through a mobile device is like the question of which came first, the chicken or the egg. Whether it was a strategy for reducing call center costs by reducing a prime cause of customer calls or a response to customers' need to control fraudulent use of their cards as a result of the data breaches of 2013, the concept is now a reality being offered by several vendors. Consumers are demonstrating a growing interest in self-service in their financial services behavior and can now benefit from applications that will enable them to reduce fraud in use of their debit accounts.
Research shows that almost 50% of consumers would prefer to control the use of their payment cards themselves (they would be "interested" in using their phone to temporarily allow or block transactions on their card, according to the TSYS 2013 Consumer Payment Choice Study).
"It is worth noting that such a seemingly simple and intuitive tool has taken such a long time to come to market. In reality the concept has been around for years, but it took the data breaches of 2013 to bring consumers' need for control over transactions on their own debit cards into the mainstream," comments
Highlights of this Research Note include:
• Stakeholder needs and benefits
• Current debit issuers and processors/core banking platforms offering cardholder account controls
• Types of controls available
• New vendor profiles
• Future developments in cardholder account controls
This Research Note has 10 pages and 3 exhibits.
Companies mentioned in this Research Note include: City Bank Texas, CSI, D+H, Diebold,
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Read the full story at http://www.prweb.com/releases/2014/06/prweb11921541.htm
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