It is important for banks and other financial institutions to evolve as industry-wide changes take hold. Strong data systems with data engine and data integration software are just the beginning for these organizations. With mobile access becoming more imperative for customers, banks are starting to increase their offerings in this area.
For example, U.S. Bank announced this week that it has added the Square application to its services. Available through iOS and Android devices, consumers can now link their bank credit, debit or prepaid account to the Square app to make payments.
According to Dominic Venturo, chief innovation officer for for U.S. Bank Payment Services, while it might seem in some ways that Square offers competitive services and features as U.S. Bank, the organization welcomes the competition.
"They also offer many consumers the convenience of the Square Wallet and the ability to pay with that wallet," he explained to Bank Systems and Technology. "We see that portion of their offerings as complementary to our payments business and desire to enable our customers to pay where, when, and how they would like to with our products."
The news source quoted a statement from Chuck Kimble, head of strategic partnerships with Square. Kimble said that both Square and U.S. Bank have a strong commitment to helping local businesses thrive. With U.S. Bank giving its customers the option to make mobile payments from their phones, it adds convenience and is an engaging way to pay.
As mobile technology continues to thrive, it is also important for banks to have comprehensive fraud prevention software in place, lessening certain risks that can come from online access.