The mandating of payment alerts represents a positive move to satisfy customer expectations in 2017. Millennials and beyond now expect instant access to services via mobile, as well as the ability to customise those services to their needs. Banks have made inroads on offering mobile functionality, progressing from simple balance-checking apps to offerings that include payments, statements and more – but there is a major omission. With few exceptions, these apps do not allow any type of customisation or control over the account’s debit and credit cards.
Jeremy Nicholds – formerly Head of Mobile at VISA and SVP of Sales and Marketing at Mastercard – gives his thoughts on how significant the payment alerts mandate is for banks and customers.