Vendors Offer New School 'Wrappers'

"Mobile banking use should double this year alone, and in order to graduate from basic balance queries and alerts to robust payments, vendors are flooding the market with products that suggest an intermediate step of usability and attractive screen appearance as the groundwork for future development.

'All of the mobile vendors offer things like balance, locations of branches or ATMs, or a means to view statements. This type of functionality is pretty well understood,' says Stessa Cohen, a research analyst for Gartner. 'What we're going to have to start to see is ways of differentiation of offerings, a way to allow banks to deliver new apps.'" >> Continue Reading

Mobile Money Ventures Collaborates with Citibank China

"Mobile Money Ventures, LLC (MMV), a leading global solutions provider of the next generation of mobile financial services, today announced it is continuing its string of successful deployments in the Asia Pacific region with the launch of a mobile banking solution in China with Citibank. Citi Mobile - the first offering of its kind in the country from a foreign financial institution - allows customers to access and manage their bank accounts using their phone's mobile browser.

'Citi Mobile is an extension of our commitment to bring our customers innovative services that truly enhance the banking experience,' said Anand Selva, Executive Vice President, Citibank (China) Co., Ltd. 'We're excited to work with MMV to give our customers the ability to securely manage their finances, regardless of time or location.'" >> Continue Reading

BBT Receives High Marks

"ClairMail, Inc., the leader in proactive mobile banking and payment solutions, today announced that customer BB&T Corporation (NYSE: BBT) received high marks for its mobile banking offering in recent reports by leading industry analyst firms ABI Research and Javelin Strategy and Research. BB&T, which is among the nation's top 10 largest banks, was awarded the top "A" grade in the Mobile Banking: U.S. Banks Report Card from ABI Research, issued in September 2009, and was also named a Silver category winner in Javelin Strategy and Research's 2009 Mobile Banking Scorecard published October 2009." >> Continue Reading

Mobile Banking's Next Big Market: The United States? by Navi Radjou

"In my recent trip to Silicon Valley, I had the privilege to meet with Carol Realini, CEO of Obopay, a mobile payment startup that is fueling a social revolution worldwide by enabling scores of unbanked people to avail of financial services for the first time in their life.

Obopay's technology allows consumers and small businesses to buy, pay, and transfer money through any mobile phone via a simple text message (or by using the Mobile web browser or Obopay's downloadable mobile app). People who send money via Obopay can fund their account either with cash or by linking it to their credit card or current account. Receivers can get the money either through an Obopay account or have it transferred directly to their bank account." >> Continue Reading

Mobile Banking Updates - Oct 26

Mobile Commerce: “Life Without a Wallet”
"We’ve all heard about the “cashless society”. But is it fact or fiction? Will mobile technologies play a role in accelerating the demise of our wallets and transform the way we will all transact our financial affairs? If so, when? What is the overall business case that drives the value for mobile commerce – and how can we accelerate its realization? Hear what the experts have to say about this revolutionary topic that is sure to affect all 6.5 billion mobile users worldwide, more than half of which reside in developing countries…"

Smartphone security threats likely to rise
"Worms, spam, viruses and hackers -- they're not just for your desktop or laptop anymore. According to internet security experts they could be well on their way into your pocket or purse. The popularity of smartphones -- like the Blackberry, iPhone, Palm and the emerging Droid -- is on the rise and shows no signs of letting up."

Petra Financial launches new Touchstone Mobile capabilities at MMT in Dubai
"Petra Financial is pleased to announce at MMT Dubai new Touchstone Mobile features being released such as enhanced security, support for wider BlackBerry operating system versions, and a forthcoming native Java version. Petra Financial a global software company is at the forefront of payments management, mobile banking, and mobile financial services; and counts customers such as HSBC, CaxtonFX, National Australia Group, and Deutsche Bank."

M-Com Delivers Best-In-Class Authentication Measures For Mobile Banking And Payments
"International mobile banking solution provider M-Com, announced today that it has been positioned as ‘best in class’ for its effective use of multi-channel authentication and security measures in its flagship mobile banking and payments product, BankAnywhere. This assessment was carried out in research firm Javelin Strategy & Research’s Multi-Channel Authentication via Mobile Banking report, published in September 2009."

Monitise Americas Now Provides Mobile Money Services to over 150 Financial Institutions
"Monitise Americas, the Mobile Money specialist, today announced over 50 financial institutions have now signed up for its full service solution, which consists of real-time balance inquiries, mini-statements, account transfers, bill payments, same-day payments and more, delivered by a downloadable application, iPhone app or a secure browser. A further 100 financial institutions have signed up for its text services, which include weekly balance texts and account updates delivered via SMS."

Mobile Banking Updates - Oct 23

INSIDE CONTACTLESS LAUNCHES INITIATIVE TO JUMPSTART MOBILE PAYMENT MARKET
"INSIDE Contactless, the world leader in advanced open-standard contactless chip technologies, today announced an initiative to create a new class of mobile payment solutions that banks, brands, transit agencies and others can deploy quickly, easily and in a highly targeted way starting in 2010. INSIDE has already engaged with several innovative technology companies that share its vision to develop a variety of mobile payment solutions based on INSIDE’s proven, certified MicroPass® platform that will enable existing mobile phones to support mobile payments, as well as transit, ID and access control applications. A number of these solutions expected to reach the market as early as this fall."

Chevron Valley CU Taps Corporate Network eCom as Its Provider
"A downloadable application residing on members' phones, MobileMember provides real-time, around-the-clock access to account information. In addition to the ability to view account balances and transfer funds, Chevron Valley members will have a full range of bill payment capabilities at their disposal, including scheduling regular or expedited payments, managing scheduled payments and viewing payment history -- all from their mobile devices."

Mobile-Banking Lagging Due To Ineffective Marketing by Banks
"Banks' marketing efforts are not keeping pace with their actual mobile-banking services, and the imbalance is causing limited adoption of mobile-banking by consumers, reports a study by Javelin Strategy & Research. The study found that 50 percent of financial institutions do not adequately address consumers' two primary mobile banking concerns. The report also rates the mobile-banking offerings of 18 top financial institutions based on features, access to mobile-banking services and marketing. Gold-category winners identified by Javelin include Bank of America, Chase, Citi, USAA and Wells Fargo."

Bank of America Highlighted in Sprint Android Apps

Bank of America mobile banking is one of the featured apps in Sprint's new Android promotional site.
http://now.sprint.com/android/

M-Com To Participate In Mobile Financial Services Congress 2009

"Mobile Financial Services Congress 2009 will bring together the industry leaders, such as M-Com and Fiserv, and early adopting financial institutions to share their experiences of developing mobile financial services platforms. Occurring at a critical time for the industry, as many institutions are poised to enter the market, and the industry as a whole prepares for a concerted push to further drive adoption in 2010 and beyond.

Scheduled in Miami on the 1st, 2nd and 3rd of December 2009, the Mobile Financial Services Congress will offer essential insights on successful strategies for launching and developing a full service mobile offering." >> Continue Reading

Find out more or register at http://www.arena-international.com/mobilefinance/

Extending the Reach, Impact and ROI of Mobile Banking

Information Week is hosting a webcast titled "Extending the Reach, Impact and ROI of Mobile Banking and Transaction Services" on Thursday October 22nd.

Featured Speakers:

Kirk Laughlin, Moderator/Contributing Editor, InformationWeek

Douglas Brown, Senior Vice President, Mobile Product Development, Bank of America Corporation

Charles Landry, Vice President & General Manager -- Products & Innovation, Verisign's Messaging and Mobile Media Division

Calvin Grimes, Product Manager, Electronic Banking Services, Fiserv

Click here to register for the event.

Mobile Banking Updates - Oct 18

MShift and San Antonio Credit Union offer Mobile Deposit
"Randolph-Brooks Federal Credit Union is gearing up to offer its members mobile depositing capabilities via any wireless smart phone and service provider. Dubbed mBranch, the service is slated to be rolled out in early 2010."

M-Com Positioned as a Leader in Magic Quadrant for Mobile Banking
"International mobile banking solution provider, M-Com, announced today that it has been positioned by Gartner Inc. in the ‘Leaders’ quadrant of the Magic Quadrant for North American Mobile Retail Banking report. 'In my opinion, our positioning in this report mirrors what our customers and partners have been saying since we first launched mobile payment services in 2002,' comments M-Com CEO and Founder, Adam Clark."

New England Federal Credit Union Selects PSCU Financial Services and mFoundry for Mobile Banking
"Vermont-based New England Federal Credit Union (NEFCU) announced that they have selected PSCU Financial Services and mFoundry to deliver mobile banking to their more than 70,000 members. With over $720 million in assets, NEFCU is the largest credit union in the state of Vermont. "

Small Business Mobile with MMV

I'm proud to announce that we have another FAAN Sponsor. Please check out the Mobile Money Ventures (MMV) ad on the right. On October 20th they're hosting a session on Small Business Mobile Banking in Chicago. >> Learn More

Monitise 1 Million Customers

"Monitise plc, the global mobile money specialists, announces that it has registered its one millionth customer following a period of rapid growth in the uptake of its industry-leading services." >> Continue Reading

MShift Mobile Deposit - Thank You

I'd like to take a minute to direct your attention to the MShift banner ad on the right side of the page. This is my way of saying "Thank You" to MShift for their generous donation to FAAN (Food Allergy and Anaphylaxis Network). FAAN is a charity that is near and dear to my heart as I am the parent of a child with food allergies.

As the banner ad suggests MShift has recently announced the integration of Mobile Deposit into their solution, and was even highlighted by the Wall Street Journal...

"MShift wants consumers to deposit their checks into their bank accounts using their cellphones, and its mobile app lets them do that. Customers sign up with the service and a participating bank, then shoot a cellphone photo of a check and forward it to MShift. The start-up processes it and sends a text message confirmation back to the customer." >> Continue Reading

Mobile Money Ventures Partners With Citibank Hong Kong to Launch Mobile U.S. Stock Trading Capability

"Mobile Money Ventures, LLC (MMV), a leading global solutions provider of the next generation of mobile financial services, today announced it has rolled out the first mobile U.S. stock trading capability in Hong Kong with Citibank. The new feature builds on the successful mobile platform deployed by the two companies last year, allowing Citibank’s Hong Kong customers to now trade on both the Hong Kong and American markets, including the New York Stock Exchange and NASDAQ.

'At MMV, we are constantly working to innovate and develop cutting edge features to ensure our customers can take advantage of the most advanced technology available,' said Jayastu Bhattacharya, Senior Vice President of Strategic Business Development at MMV. 'With our customizable and scalable platform MMV can quickly and seamlessly bring to market solutions that meet our customers’ needs.'” >> Continue Reading

Mobile Banking Updates - Oct 14

Co-op Model Puts Mobile Banking in Reach of CUs
"Eaton Family Credit Union had been interested in deploying mobile banking for some time, but its initial research into the technology turned out to be little more than expensive window-shopping. 'It was just way beyond our means,' said Fred Siegel, a business development manager for the 11,000-member Cleveland-area credit union, which has about $39 million of assets. So instead of buying an expensive software product, Eaton Family opted for a cooperative application from the credit union service provider Co-op Financial Services."

E-Payments: Telcos Not Trying To Get Into Banking; Transaction Cost
"Speaking at the IAMAI symposium on Financial Inclusion through mobile phones, Pallab Mitra, Head (Mobile Commerce) at Bharti Airtel repeated multiple times that the telecom operator is not interested in taking on the role of banks, rather, wants to work with banks. “We don’t have the wherewithal. A telecom operator will facilitate the ability for a common man to get a bank account with his expertise. We’re not trying to get into banking."

Monitise Americas Chosen as a 2009 Mobile Excellence Award Finalist
"Monitise Americas, LLC, a leading mobile banking and payments provider, is today setting its sight on a prestigious Mobile Excellence Award for Best Mobile Innovator, which honors the company that has proven to be the most progressive or launched the most groundbreaking product/service/model."

ClairMail Posts Record Revenue Growth in Third Quarter
"ClairMail, Inc., the leader in mobile banking and payment solutions, today announced that it has posted another 200 percent year-over-year revenue increase for the third quarter ending September 2009. Due to another record quarter and the company's unmatched roster of financial institution customers, ClairMail has also increased its mobile banking reach to more than 50 percent of the United States population. ClairMail had previously announced a record number of new customers and a 200 percent year-over-year revenue increase for the second quarter of 2009."

Fiserv Drives Paperless Bills with New E-mail and Mobile Presentment

"Biller Direct HV also enables consumers to receive Short Message Service (SMS) text messages delivered to their mobile device with notifications regarding their billing account, including a bill reminder that contains bill summary information. Fiserv has already secured partnerships to make this new upgrade available and compliant with all U.S. mobile carriers.

"Particularly for younger consumers, incorporating mobile alerts to notify them of bills coming due or that have just been paid will help increase the utility and immediacy of bill payment services, while adding minimal incremental costs. For firms considering alerts, the need to develop them in-house can be offset by partnering with a solution provider that offers alerts as part of its broader bill payment platform," said Edward Kountz, senior analyst, Forrester Research, in the June 2009 report US Electronic Bill Payment And Presentment Forecast, 2009 To 2014." >> Continue Reading

Mobile Banking Updates - Oct 11

Verizon Backs Android
"A year after Google introduced its Android operating system on T-Mobile, the smallest of the major wireless carriers in the United States, it announced a deal to offer handsets with Verizon Wireless, the nation’s largest carrier. The carrier said Tuesday it expects to introduce two Android phones this year. It didn’t name the manufacturers, but one is expected to be made by Motorola. In addition, Verizon and Google said they would work together along with manufacturers to design handsets specifically for Verizon’s network."

Will Bank of America Propel Mobile Deposit to Mainstream?
"Bank of America Corp. is planning to test a service that would enable customers to deposit checks electronically with mobile phones, a move that could transform a niche application into a mainstream offering. B of A is not the first to offer mobile remote capture to consumers, but when the anticipated test kicks off this year it will almost certainly be the biggest, and that kind of market clout could prompt other banks to follow suit, according to analysts."

Mobile Wallet: Can your phone replace your wallet?
"Whether scanning a cell phone to purchase a bullet train ticket in Japan or buying cattle in sub-Saharan Africa, the ubiquity of mobile phones is revolutionizing traditional banking and commerce. Gartner estimates by the end of 2009, 74.4 million people will use mobile devices to purchase goods and services worldwide, and will double by the end of 2012 . DoCoMo's Japanese consumers have been buying mass transit tickets and vending machine goods via cell phones for ten years."

Amazon launches mobile payment service
"Amazon Payments today launched a new service that brings the company's payment processing tools to mobile devices. Amazon Mobile Payments Service (MPS) includes a set of APIs (application programming interfaces) that allow mobile developers and merchants to provide payment options to their customers within mobile Web sites and applications--including the convenience of Amazon's 1-Click checkout system."

The Mobile Payment Conundrums: To Chip, To Store, To Bank?
"The payment strategy struggles for Mobile-Commerce continue, with retail IT execs seeing the phone as a future “Get Out Of Interchange Jail Free” card in an elaborate game of Card Brand Payment Monopoly. Some see future secure chip-integrated phones as the answer, a way that moves payments away from Visa and MasterCard and permits a secure way to tap directly into a consumer’s bank account."

Exclusive: Dell’s Android phone is coming to the U.S.
"Remember the Dell Mini 3i, Dell’s China-only Android phone? Well it’s not China-only anymore. Rumor has it that Dell will bring the Mini 3i to the U.S. in the next few months to compete with other Android phones coming down the pike from HTC, Samsung, and Motorola. The phone, presumably still in its Chinese trade dress, felt “cheap and plasticky, like the Pre,” according our tipster. He believes it will be upgraded for the American market."

Eye on Opportunities in Expedited Bill Pay And Mobile Banking
"Two research reports released on Wednesday point up emerging opportunities in mobile banking and same-day bill payments, particularly for financial institutions. Banks and billers alike will have to be careful how they price so-called expedited bill payments, or those electronic payments that post with billers on the same day. These 11th-hour payments, which consumers typically make to avoid stiff late fees, now carry an average fee to the consumer of $8.18, according to Pleasanton, Calif.-based Javelin Strategy & Research, which released its 2009 Expedite Payments Forecast report."

Citi the first to launch mobile banking functionality in Spanish
"Citibank announced the launch of Citi Mobile en Espanol that allows customers with Spanish language preferences bank in this language from their smartphones. Customers can manage their accounts, pay bills, locate Citibank branches and more - all from the convenience of their cell phones. Citibank is the first major U.S. bank to offer mobile banking in Spanish."

It's safe to use your phone for banking, experts say
"When I'm out shopping, I often check my account balances with my cell phone to avoid possible overdrafts. I access my account information through my phone's Web browser or send a text message to my account to get my balance. Like many people, I have become so accustomed to using my cell phone for just about everything that I didn't think about any security risks linked to mobile banking. But it got me wondering: Am I putting my financial security at risk by accessing my banking information with my phone?"

Mobile Banking Updates International - Oct 11

T-Mobile and 3 strike mobile banking deals with Monitise
"T-Mobile and 3 have secured deals with mobile money provider Monitise that will allow them to offer mobile banking to their customers. The operators will use Monitise’s mobile banking technology to enhance their service offerings, enabling customers to register and receive bank balance alerts by text message. UK users can access services via T-Mobile’s ‘Web‘n’Walk’ and ‘T-Zones’ mobile portals. They can register for weekly alerts to receive text messages at a time of their choosing, and be sent a message if their balance goes above or below a certain limit."

Absa scoops most innovative bank in Africa award
"Absa (ASA) reports that it was recognised as the 'Most Innovative Bank in Africa' at the African Banker Awards 2009 event held in Istanbul, Turkey, while its Tanzanian subsidiary, the National Bank of Commerce (NBC) Ltd was also honoured as the 'Best Local Bank in Africa'."

Banking while on the go
"Internet banking could become old hat as consumers now opt to use their mobile phones.Uptake of Kiwibank's mobile banking has grown 600 per cent in its first year, says spokesman Bruce Thompson. 'This is in line with global trends, with the tipping point being the launch of the iPhone.'"

With 'Splash Cash' Sierra Leoneans Move Money By Mobile Phone
"Mobile banking has already taken off in Southern and Eastern Africa. Sierra Leone is now one of the few West African countries with a service providing mobile phone transactions. Across West Africa, the yellow and black signs of the money transfer company Western Union are ubiquitous. Up until now, this was the easiest way to send money for those without a bank account."

Bank in Japan Demonstrating an All-Mobile Business Model - Steve Bills

"Banks all over the world offer financial services through mobile phones, but few have taken the concept as far as Jibun Bank.

The Japanese financial company has designed its services so customers can handle their finances exclusively by phone. Analysts say the model has pushed the mobile channel about as far as it can go, but they add that it would be a poor fit in most other markets, including the United States.

Started in June 2008 as a joint venture between Mitsubishi UFJ Financial Group Inc. and the Japanese telecom company KDDI, the Tokyo bank has attracted 700,000 accounts and 10 billion in Japanese yen deposits — about $112 million — and it has a target of 2.4 million accounts and deposits of 1 trillion yen (about $11.2 billion) by its third year of operations." >> Continue Reading

Offline Client is Untapped Market for Mobile Banking

"The survey, commissioned by VeriSign's Messaging and Mobile Media Division and conducted by Palmer Research, in collaboration with financial services technology provider Fiserv (NASDAQ: FISV) and mobile banking provider M-Com, illustrates that 60 percent of consumers not currently using online banking would be interested in using at least one mobile banking service if it was offered during a typical month." >> Press Release

Request White Paper: New Research Reveals Untapped Marketing for Mobile Banking Among Offline Consumers

Mobile Financial Services Congress 2009

I'm proud to announce that I'll be participating in the Mobile Financial Services Congress. The event will be held in Miami, Florida on December 2nd-3rd.

Mobile Financial Services Congress 2009 will bring together the industry leaders and early adopters to share their experiences of developing mobile financial services platforms. Occurring at a critical time for the industry, as many institutions are poised to enter the market, and the industry as a whole prepares for a concerted push to further drive adoption. The Mobile Financial Services Congress offers essential insights on successful strategies for launching and developing a full service mobile offering. >>View the Mobile Congress Website

The speakers that have committed include:

Armin Ajami - Wells Fargo
Jeff Dennes - USAA
Rob Rankin - Fifth Third
Ginger Schmeltzer - SunTrust
Carl Synder - Zions Bank

Other links:
Learn about the Agenda
Register Now

FTC Disclosure: As an event speaker the conference has offered to cover a portion of my travel related expenses.

Gartner Publishes Magic Quadrant for Mobile Banking

I just finished reading the new report from Gartner titled, "Magic Quadrant for North American Mobile Retail Banking" by Stessa Cohen.

I can't share any of the details for fear of copyright infringement but it's a definite "must read." And per the new FTC rules, I'd like to clarify that I did NOT receive any payment or incentive to write this post.

MyVantage Goes Mobile With a First-of-its-Kind Solution!

Vantage CU has launched an innovative mobile banking solution, and if I understand the system correctly, they have done it without the ordinary hurdles...shortcodes, aggregators, and carriers.

I'm anxious to hear your opinion on this idea...please let me know what you think.

"Since the launch of our new MyVantage online account management system in April, many members have asked for a mobile banking solution. We're now very excited to introduce the first-of-its-kind banking solution via Twitter.

Introducing tweetMyMoney, available exclusively to Vantage members!

With tweetMyMoney, you can monitor your account balance, deposits, withdrawals, holds and cleared checks with simple commands. And, you can even transfer funds within your account. It’s all available on Twitter, 24/7! And, the best part is, our tweetMyMoney service is free!

So how is this mobile? If your phone can send and receive text messages and you’re on Twitter, you’re in! tweetMyMoney uses Twitter’s Direct Message feature to return the account information you request.

Want to learn more?"