Mobile Banking Updates - Aug 13

Consumers Want Person-to-Person Payments Services From Banks
"CashEdge has announced results from its fourth annual Consumer Online Banking Survey saying it 'demonstrated an increasing demand for simple, secure person-to-person (P2P) payment services and the preference by consumers to get these services from their financial institution, rather than an independent service such as PayPal. Conducted annually by CashEdge, the study examines the behavior and preferences of more than 850 consumers nationwide aged 18 years and older who use online banking capabilities.'"

Monitise Strikes Partnership to Extend 'Mobile Money' Across Africa and the Middle East
"Monitise, the world's leading mobile banking services provider, is extending its business further into Africa and the Middle East with a joint venture with Paynet, an electronics payment company. The agreement, signed in principle, combines the strengths of Monitise and Paynet to give millions of people access to banking and financial services on their mobile phones."

Wallet of the future? Your mobile phone
"The mobile phone is staging a coup. Some analysts say that within five years, mobile phones in the United States will be able to make electronic payments, open doors, access subways, clip coupons and possibly act as another form of identification. These futuristic uses for phones are becoming reality in countries like South Korea and Japan, which typically are ahead of the United States when it comes to mobile technology."

Fundamo, Clickatell Partner to Deliver Mobile Banking Solutions to Global Financial Providers
"As emerging economies continue to pioneer the adoption of mobile banking, two leading mobile services providers, Clickatell and Fundamo, have partnered to deliver mobile banking solutions to financial services institutions to help fulfill what will become a US$5 billion opportunity in the next three years, according to McKinsey & Company."

Lots of Fail With CitiBank’s New Mobile Web Site
"Citibank, the fifth largest U.S. bank in deposits, recently launched a mobile web site. Read more about it on the bank’s promotional page. This should be good news. Most of the other big banks launched mobile web based online banking sites a couple years ago."

Mobile banking, what it is and how it works
"Some time ago people could not imagine that they would use wireless handsets to perform banking operations. Today it is something ordinary if you send an SMS message to inquire your account balance at your bank. Mobile banking while not yet available or at least affordable in many countries of the world is wide spread among bank consumers in developed nations."

How can one get excited about an iPhone image of a check?
"As part of my job, I am regularly exposed to great innovations in the mobile banking domain. Recently, when I read about the USAA iPhone application (Read here and many, many more places), I first thought someone was pulling my leg."

Credit Union Center Offers Mobile Banking
"CO-OP Mobile allows credit union members to access their accounts using their mobile phone. Utilizing CO-OP’s Next Generation Network, the mobile application provides secure, encrypted transactions without storing personal information on the members phone."

ClairMail Powers Mobile Banking for Veridian Credit Union
"The ClairMail mobile banking solution will enable Veridian Credit Union members to access their accounts via multiple modes on a single device, empowering them with greater control over their personal finances. Members can perform a variety of activities including checking account balances, transferring funds and viewing their transaction history."

Mobile Banking Poised for Rapid Growth
"A new report from IDC Financial Insights emphasizes that banks need to prepare themselves today for the imminent wave of mobile adoption to avoid being left behind by competitors. The study indicates that while current economic conditions may have curtailed both consumers' demand for mobile banking and banks' willingness to invest in it in the short term, things are still moving forward."