Financial Institutions Bank on Apps

by Luke Jones  on Monday, May. 7, 2012 12:00 am  

MyArvest was released in 2010. When Arvest's main banking app was redesigned and re-launched late last year, MyArvest was tweaked to include a limited version of the mobile banking software, streamlining Arvest's mobile services into a single program.

"We knew a lot of customers that were totally comfortable with having more than one app," Kincy said. "But some preferred everything in one package. We built it in as a response to that."

 

In the Future

On-the-go banking is more than possible now, and before long we may be able to solve all our financial problems with just a smartphone.

For example, banks are now working on giving smartphones the same attributes as debit cards: Just scan a code and the money gets drawn from your account. This technology has already been seen online with Google Wallet, which works at several Foot Lockers, Footaction and Champs in the state, and at some businesses, like Starbucks.

"We have certain IT people salivating over that," said Parris at AFCU. "It's a really cool concept. It's on the agenda."

It's still a ways away, though.

"The biggest challenge is that you have to have enough merchants willing and able to accept those kinds of payments," said Kincy at Arvest. "Customers are a little concerned about their payment info being in the phone. There needs to be a period of education and adjustment, like any new technology."

Customers will be using the popular plastic cards, Kincy said, until someone finds an incentive to change the system.

 

 

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