When banks think of the term Digital Wallet, they automatically refer to ApplePay or GooglePay, or a method of digitally storing a credit card on a mobile phone to make payments.
When a bank thinks of mobile banking, they think of a branded downloadable application that mirrors the internet banking experience.
When a Digital bank thinks of a digital wallet, they think of a real-time wallet, one you can pull out of your back pocket, open the app and then use it for all your personal, business and financial needs. They think of the user experience and begin with the customer journey, from opening an account to incentivizing and rewarding the customer for loyalty and use of the digital banks’ products and services.
Digital banks have moved beyond mobile banking to well-designed consumer, business, and retail merchant digital wallet apps. Apps that enable the customer to sign up electronically, store funds, move, move funds between accounts, make online and in-store payments, pay bills, pay friends, send money domestically and internationally, and receive loyalty and rewards. With access to rich data insights on account activity.
New and existing banks should embrace the term Digital Wallet for what it is, the front door and gateway to your Digital Bank. It’s not about storing “plastic”, it’s about stored value, reward, recognition and activity.