How To Manage Your Finances With Bbt

Transcription

1 How to Manage Your Money on the Go Anytime Anywhere Banking with BB&T Mobile & Alerts

2 About the Speaker Sumit Deshpande is a Vice President with BB&T and manages the Mobile & Messaging product group. His team was instrumental in developing and rolling out alerts and mobile banking services to BB&T clients and leads ongoing efforts to deliver new self-service solutions. Sumit has an extensive background in strategy, product development, and solution delivery across several industry verticals, including financial services. He has presented seminars and keynotes at several industry events including Mobile Business Expo, Wall Street Technology Association, CTIA, E-Gov NC, and more. Sumit has a graduate degree in computer science and information systems from Marist College in New York. 2

3 Agenda Introduction: We are a mobile society Financial Management a top priority The tools BB&T Mobile Banking BB&T Alerts Case study Security tips What BB&T Mobile can do for you 3

4 We are a Mobile Society Almost everyone has a mobile phone 88% of the U.S. population owns a cell phone 1 65 million smart phones will be purchased in the U.S. in and will account for the majority of cell phones sold in the U.S. by the end of More affordable/more functional Motorola DynaTAC (only voice, no camera, data or SMS) cost $3,995 in 1983 iphone 4 (32G) costs $299 in 2010 It s personal and indispensable Six out of ten mobile users sleep with their phone nearby and 70% use their phones as an alarm clock 4 Lost wallets are reported within 26 hours; lost mobile phones are reported in two hours or less 5 We use mobile services a lot! Over 1.5 trillion text messages sent or received in the U.S. in 2009, and presently over 5 billion text messages per day 6 Over 500 million people accessed the Internet from their mobile devices in Over 10 million people used mobile banking in % of young adults today never use a land line 9 Sources: 1-Frost & Sullivan; 2- Canalys 2010 estimate; 3-Nielsen; 4- Nokia study; 5-Unisys study; 6-CTIA Survey, Mar 2010; Tower Group study; 9-N&O Raleigh 4

5 Financial Management is Top Priority for Individuals and Businesses I want more control over my finances I want to know how much I have, how much came in, how much left, and I don t want any fees I want the convenience of banking during off-hours If I want to transfer money on a Sunday, I should be able to do it I want more choices when it comes to interacting with my bank Branch, ATM, Phone, Online, and Mobile 5

6 BB&T Mobile Banking Free access to banking and financial services through a mobile device Look up account balances Checking & savings Loans & mortgage Credit card CDs, investments, and more Transfer funds Locate branches and ATMs Pay bills Utilize multiple mobile technologies Text messages (SMS Short Message Service) Mobile Web browser Mobile app for smart phones 6

7 How to Enroll for BB&T Mobile 1. Log on to BB&T OnLine 2. Click on the BB&T Mobile link 3. Register your mobile device and set your mobile account nicknames in the BB&T Mobile Preference Center 7

8 Choosing Your Flavor I have a feature phone and I text a lot, but no data plan I have a data plan and browse the Internet with my phone I have a Smartphone with text and data plans BB&T Mobile Text Send text commands* to (MYBBT) and receive the appropriate response BB&T Mobile Web Log on to bbt.mobi on your phone browser BB&T Mobile App Downloadable app for iphones & BlackBerry *BB&T Mobile Text commands include: BAL (view balances), LAST (view recent transactions), TRA (transfer funds) <from acct> <to acct> <amt>, INFO, HELP, STOP, START, MORE Note: While BB&T s mobile banking services are free, your mobile carrier may charge for text messages and mobile Internet usage 8

9 BB&T Alerts & Notifications Stay informed about your balances and any activity on your account Free with BB&T OnLine Set preferences and thresholds Receive alerts via or text messages Get them in the format of your choice Use with BB&T Mobile to respond to events on your account Type Account Alerts Transaction Alerts Informational Alerts Service Alerts Examples Balance Updates (Daily or Weekly) Low Balance Zero/Negative Balance Credit card balance approaching credit limit Debit/Withdrawal Threshold Deposit Threshold Checks cleared Credit transactions over a preset limit E-Statements posted for viewing Stock Quotes Payment due date (Bill Payment, Credit Cards, etc.) Marketing & promotions Change in online profile (user name, password, , etc.) Fees charged (Overdraft, Non-Sufficient Funds, etc.) 9

10 How to Enroll for BB&T Alerts 1. Log on to BB&T OnLine 2. Click on the BB&T Alerts link 3. Register your mobile device and/or and set up your alerts, thresholds, quiet times, and destinations in the BB&T Alerts Preference Center 10

11 Case Study: Handy Hank Keeps His Business Moving Indoor Handyman services plumbing, electric and HVAC Competitive advantage Expertise in multiple services Good local reputation Small company, small staff Wife helps out with accounting, scheduling, and placing orders for supplies One full-time assistant Daily laborers as needed Uses BB&T Mobile and BB&T Alerts to manage his finances 11

12 Bank Whenever, Wherever While parked outside a store, Hank texts BAL to his bank s number (example for MYBBT) Within seconds he gets a text response with his available balance There s enough to buy the pipes for his next job 12

13 Avoid Fees Hank signs up for an alert that warns him when his account balance goes below a preset threshold, and also for the Overdraft and NSF Fee alert Hank s wife makes a major purchase that brings the balance below the limit preset by Hank. An alert is immediately sent to Hank s phone by text message. Hank uses Mobile Banking to transfer money to the account that has low balance All is well Hank s assistant makes a purchase that brings the balance below zero. Hank was on vacation, but he received the Overdraft Alert on his phone the next business day. (Normally the notice would have arrived by mail in 2-3 business days, and Hank would not have known about it until he got back from vacation). 13

14 Catch Fraudulent Activity Faster Set a threshold alert Hank knows that most purchases during the day are below $300, so he sets that as the threshold for the withdrawal alert Make sure you read the alert One day he got an alert that $500 had been taken out of his account Investigate the transaction Hank used his BB&T iphone app to check his transaction history and saw that it was a withdrawal at an ATM but in a different state that he has never been to Report the activity He immediately called the bank and because of the timely report, the thief was caught. The $500 was immediately returned to Hank s account 14

15 Reaping the Rewards Manage Finances Effectively Being alerted about balance changes helped Hank make better financial decisions so he was not blindsided by unexpected transactions Fraud was detected faster and much disruption was avoided Avoid Fees Checking his balances before making purchases helped Hank avoid overdraft fees he had two incidents the month before none this month or going forward Enjoy Convenient Access Hank never has to go to a branch or an ATM to transfer money he can do it anytime he wants, while on the move, and is able to focus on giving his clients the best service 15

16 Mobile Security Risks & Mitigation Always take security precautions when using your mobile device Risks Sniffing: Someone could intercept the information you are transferring and decipher it. (SMS text messages are not encrypted). Lost or stolen devices: Data stored in your devices could be used to your detriment Mobile malware: Downloads may contain viruses or malware Over the shoulder eavesdropping: Public places pose the greatest risk Fraudsters may use your ID and password to steal money from you using mobile banking How to Mitigate Don t send or receive full account numbers, user names, passwords, and other sensitive information Always password protect your phone; don t store sensitive information locally without encrypting it Don t download s or attachments from untrusted sources, or if they look suspicious Turn off your Bluetooth connections; use a screen guard when possible You can use alerts to catch fraudulent transactions faster BB&T has strong anti-fraud systems in place to mitigate risk of financial loss 16

17 Multi-Layered Security BB&T Uses strong authentication (multi-factor) Utilizes Web encryption (SSL secure socket layer) Never transmits full account numbers or other personal information by SMS Requires additional verification before transferring funds Network and/or Mobile Application Provider Encrypted data transmission where possible Data recovery services from lost/stolen devices i.e., delete data remotely and then restore data on new or recovered device You Password protect your device Never store full account numbers, user IDs, passwords or other sensitive information unless encrypted Switch off Bluetooth connectivity when not used 17

18 What BB&T Mobile Banking and Alerts Can Do For You Mobile Banking Comprehensive features Complete view of accounts Security Online money movement Integrates with alerts Supports your lifestyle Multiple options Text message Browser-based Smartphone app Easy registration Easy access to information Real-time Anytime Anywhere Alerts Real-time Important alerts that affect your balance are sent almost immediately after transactions occur Integrated approach Respond to alerts with mobile banking to remedy situations Incorporate multiple accounts Supports your lifestyle Multiple options , text messages Ability to define quiet times and suspend delivery for extended times Easy to add and modify settings 18

19 Thank You For more information on mobile banking, please visit BBT.com/mobile For more information on alerts, please visit BBT.com/alerts BB&T, Member FDIC. 19