Accelerating EMV's U.S. Migration: Strategic Considerations for Adopting Chip-Based Technology
report provides an overview of EMV, including the different EMV compliant
payment options, and touches on the industry’s biggest hurdle to adoption, the
debate about who will foot the bill for development of the infrastructure to
support the migration to EMV technology. Next, the report explores four
strategic considerations for U.S. FIs considering the adoption of EMV smart
enhanced data security features of EMV and their ability to reduce losses due
to fraudulent transactions
2) The potential of EMV compliant
cards to improve customer retention of affluent customers
3) The opportunity for FIs to
competitively position their institutions for the entrance of EMV payment cards
and set the foundation for contactless payment transactions, mobile payments
4) The ability to address implications
of changing industry oversight and federal regulations like the Durbin Amendment
and proposed fraud liability shifts from FIs to merchants
in the absence of a domestic infrastructure to support EMV technology, the
report proposes an interim strategy for transition.
Carolyn Kopf is a prolific writer
covering consumer advocacy, branding and payment card trends. Her work has
appeared in PYMNTS.com, and received press coverage in Advertising Age, Reuter’s and Japan’s The Nikkei Weekly. She has been a guest speaker on global branding
at the University of South Carolina’s Moore School of Business. In February
2008, Carolyn and two peers were awarded a patent by the United States Patent
& Trademark Office for a next generation identity authentication technology
to be utilized by leading financial institutions.
Carolyn is the managing principal and
owner of C.E.K. & Partners, a strategic marketing resource firm that
manages market research, brand strategy and thought leadership initiatives for
companies operating in the area of emerging technologies, financial services,
and healthcare. For more information, please visit www.cekpartners.com or call +1.404.345.6447.
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