BBVA Compass is counting on its new mobile photo bill pay product to make it an attractive candidate for those looking to switch banks, a senior bank official told Bank Innovation. BBVA Compass became the second large bank in the nation, after US Bank, to release mobile photo bill pay last week. Called Picture Bill Bay, the feature is available to iPhone users via an update in the App Store. Two smaller banks in Texas also have a solution on the market. Online bill pay is thought to be a very sticky feature — once you set it up, leaving your bank and doing it all over again becomes a daunting prospect. But picture bill pay may upend this dynamic. “Think of the hassle of switching all the payees, the amounts, the dates to pay bills,” said Alex Carriles , EVP and director of digital channels development for BBVA. ”With Picture Bill Pay, you can add payees very easily, and it makes transferring payees very easy. The competitive advantage of the product is adding payees.” In other words, online banking’s stickiest feature may be getting less sticky, thanks to the power of the smartphone camera. Carriles continued, “In bill pay, it’s easy to make [...]
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