Mobile Banking Updates - Sept 27

The power of mobile money
"ONCE the toys of rich yuppies, mobile phones have evolved in a few short years to become tools of economic empowerment for the world’s poorest people. These phones compensate for inadequate infrastructure, such as bad roads and slow postal services, allowing information to move more freely, making markets more efficient and unleashing entrepreneurship. All this has a direct impact on economic growth: an extra ten phones per 100 people in a typical developing country boosts GDP growth by 0.8 percentage points, according to the World Bank. More than 4 billion handsets are now in use worldwide, three-quarters of them in the developing world (see our special report). Even in Africa, four in ten people now have a mobile phone."

How Mobile Technology Is Changing Banking's Future
"Recent technological developments that allow for deposits by iPhone and mobile payments could one day make ATMs as quaint as brick-and-mortar bank branches. But the biggest impact may be on the ability of banks -- and even nontraditional players such as Nokia -- to find new revenue streams as they branch into emerging markets where cash is still king."

Mobile Coupons Interest More Merchants
"In an article in DMNews, Dianna Dilworth reports on JCPenney's pilot program for mobile couponsin the Houston area. Using the coupons presented on their mobile phones, consumers earn discounts on purchases. For its program, JCPenney is using San Jose-based Cellfire to manage the mobile coupon efforts."

Mobile-Phone Banking: Convenient and Safe?
"With the introduction of an iPhone app that lets you deposit a check by taking a picture of it, options for mobile banking are growing rapidly. And though you might think the boost in convenience comes at the expense of security, banking on your cell phone can actually be safer than using your PC if you take basic precautions."

Harland Financial Solutions Adds New Options to its Mobile Banking Suite
"Expanding upon its current mobile banking offerings, which consist of stand-alone and Internet banking-integrated retail and business solutions, Harland Financial Solutions today announced the release of Cavion® Mobile Banking SMS, as well as a mobile banking module optimized for the Apple® iPhone®. Cavion Mobile Banking SMS allows consumers to conduct account inquiries via text messaging by sending simple commands, such as “BAL” for balance. Cavion Mobile Banking SMS enables consumers to access account balances, history, rates, important information, news and tips for using the service."