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What is the Most Common Alert Used by Consumers - Card Fraud Alerts - A New Ondot Systems Whitepaper Says

SAN JOSE, CA – Mobile banking is becoming the most preferred channel for consumers to conduct day-to-day business, with 53% of banking by people of all ages in 2016. As a result, financial institutions offer a wide range of mobile-based alerts for their bank accounts and payment cards. According to new research by Mercator Advisory Group for Ondot Systems, the most popular alerts are those for fraud alerts on credit, debit and prepaid cards, with 55% using the alerts. In addition, nearly half of all consumers (47%) indicated an interest in mobile-app based card controls, up from 41% in 2014.

The research, published by Ondot Systems in a new whitepaper, “Mobile Engagement: What Consumers Look For in Digital Relationships,” provides insight into how consumers are currently using mobile banking and mobile-based alerts along with best practices for improving a merchants’ mobile app.

“Mobile banking is changing consumers’ attitudes and expectations of the banking experience,” said Vaduvur Bharghavan, CEO of Ondot Systems. “The research finds, however, that for mobile banking to be more than a simple way to do a handful of transactions, there need to be engaging tools, such as card controls or loyalty programs, that encourage daily or weekly use.”

Additional areas explored within the white paper include:

• The clear shift to mobile banking

• Mobile payment apps

• Expectations for mobile payment adoption at the point of sale

• Reasons for consumers to change their payment habits

• Security enhancements to instill user confidence

“Merchant mobile apps have been the driving force behind consumers’ increasing use of their smartphones for shopping and payments,” said Raymond Pucci, Associate Director Research Services Mercator Advisory Group. “Similarly, mobile banking apps that enhance user engagement present banks with more opportunities for expanded, long-term customer relationships.”

Ondot Systems is the global leader in powering mobile payment services, serving over 3,000 financial institutions across four continents. The company's real-time platform, built upon an API based services oriented architecture, gives financial institutions a competitive edge by increasing mobile engagement and empowering their customers to personalize, manage and control how payments are made in today's world of always-on digital commerce, resulting in higher usage of payment instruments while lowering fraud incidents. To learn how Ondot is shaping the future of payments, visit www.ondotsystems.com.

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