Others suggested an app that could synthesize a user's various credit and debit cards, and give them information on the fly about which billing cycle the person is currently in, which rewards are available for which card, and any other opportunities or discounts. Because people on average have three or four cards in their wallet at any time, the app would help the person decide which account to use for any given transaction, said Andres Wolberg-Stok, global mobile and tablet banking director at Citi.
"If that value could be brought to a service and revealed, that would transform that whole relationship people have with their multiple accounts," he said.
Other panelists discussed mobile apps that could improve the buying experience for merchants. For example, an app could ask for user feedback after a sale and then send that information back to the merchant, so the seller could learn more about what consumers want for future reference.
"There's an opportunity now to focus on what consumers and merchants want," said Aashir Shroff, VP of mobile banking and payments at Wells Fargo. He said the end result could be a more meaningful relationship between consumers and merchants, "so the payment just becomes the binding factor."