Payment Industry Blog

For almost any app in the modern digital age, app store reviews are key to success. They serve as a public measure of your app’s quality and can significantly impact user acquisition and retention. Digital banking is no different. According to a survey by Alchemer, 77% of consumers read at least one review before downloading a free app, and 80% of users will not download an app if they see negative reviews about its performance.

Switching banks is more common than one might think. According to a satisfaction survey conducted by J.D. Power, nearly 13% of consumers are expected to switch their primary bank this year. The most common reasons for this shift include high fees, poor customer service, lack of convenient digital banking features, and better offers from competitors. Is there a way to be a part of the client's life journey indefinitely? Let's find out.

Travelling is becoming more popular and digital each year. According to a recent UNWTO survey, international tourist arrivals (overnight visitors) increased by 5% in 2023, reaching 1.4 billion travellers globally. As travel becomes more active, the role of digital banking is evolving accordingly to meet the needs of modern explorers. From seamless transactions to personalised financial services, digital banking is pushing the travel experience to a new level.

For many decades, credit scoring has built the foundation of financial risk assessment and provided banks and other financial institutions with a quantitative view of a borrower's creditworthiness. Traditionally, credit scores are derived from a combination of factors that include payment history, credit utilization, the length of credit history, types of credit used, and recent credit inquiries. These data points offer a very narrow window into the financial behavior of a borrower and often lead to misjudgments in lending decisions. A modern answer to this is smart data. Or, more precisely, enriched data.

Following the updates to the AI Act, it’s essential for banks to ensure their AI systems comply with these new regulations. This guide breaks down the process into manageable steps, making it straightforward for digital banking experts to follow and ensure compliance.

Automated Teller Machines have evolved significantly since their introduction in the 1960s. Initially designed to dispense cash outside banking hours, ATMs now offer a range of services, from depositing checks to transferring money between accounts. Today, there are over 3.5 million ATMs worldwide that are visited by users on average at least 8-10 times a month. Even cryptocurrency ATMs are on the rise, with more than 39 000 used worldwide.

Developer experience (DX) is all about making tools and services easy to use, well-documented, and supportive of developers' needs. A positive developer experience leads to: - Faster Integration: Easy-to-use portals and clear documentation reduce the time required to integrate new services.- Fewer Errors: Detailed guides and examples help prevent common mistakes.

With the implementation of the EU AI Act providing a regulatory framework for ethical and responsible AI adoption, banks and financial institutions are starting to pay close attention. What exactly is AI used for in modern banking? Let's dive into different use cases and what it means for banks.

For the past several years, AI has captured the attention of many industries, including finance and banking, where it’s been helping institutions to automate many important services and solutions. In the meantime, the European Union has taken a significant step forward with the introduction of the EU AI Act.What exactly is the EU AI Act, and why does it matter? In this article, we'll introduce the basics to provide you with a comprehensive understanding before we explore its implications in more detail and check the AI readiness of the banking sector. According to Arizent survey, 56% of users would welcome the help ofAI in their financial recommendation services while 48% see it as a tool for evaluating credit or loan applications.

With banking going digital and more personal than ever before, Personal Financial Management tools (PFM for short) have become indispensable for individuals seeking to take control of their finances. To build the perfect one...

Swisscard partnered with Tapix to comply with Mastercard AN4569, seizing the opportunity to redefine the user experience while meeting industry standards. As a key player in the financial sector, Swisscard recognized the importance of adhering to the stringent requirements of Mastercard AN4569 and chose Tapix as their solution partner. This strategic decision ensured compliance but also transformed the way their customers engage with transaction data.

While digital banking is undergoing a rapid transformation and growth, a new phenomenon is emerging – Kids Banking. This concept not only represents a revolutionary way for today's children to learn about money but also offers a unique opportunity to develop financial literacy from a very young age. Fintechs such as Pocket, GoHenry and neobanks such as Revolut are jumping on the trend.

Banks are at a crossroads between conservative survival or gradual implementation of new technologies and adaptation to their customers' requirements. Although they have considerable resources and a solid client base, they do not always manage to adapt in time. In this article, we will explore the key reasons for this and highlight the importance of building a spirit of innovation, engaging in technology development and partnering with fintech firms.

Learn how Tapix's new ATM Nearby ™ solution can help you improve the user experience and overall client satisfaction with your application. The world might be becoming more digital by the day, yet in many countries across the globe, there are still around 3.5 million ATMs in operation.

Chatbots and digital assistants are one of the emerging trends in the digital banking industry. According to Juniper research, over 80% of banks are now using some form of chatbot in customer service. Lately, more and more banks are also starting to shift to more analytical usage, such as personal assistant, which reshapes the user experience, offering personalized financial advice and assistance at the touch of a button. But every good analysis needs a well structured and organised data first.

Modern banking is becoming more personalized than ever, thanks to strategies like contextual banking and marketplace banking. This article explores how these strategies are changing the way banks help clients in different stages of their lives – from student loans and discounts to mortgages and business loans.

The concept of gamification, originating from the video game industry, has transcended into various fields of technology in the early 2000s as a novel marketing strategy. As banking apps and platforms continue to rise, gamification is reshaping how banks and fintech companies interact with their users, drawing valuable lessons from engaging video game experiences.

Customer expectations of their banking platform are evolving rapidly, especially when it comes to personal finances. As fintech firms continue to innovate, one trend is becoming very apparent: hyper-personalisation.