"Brandon McGee, Industry Insider, Mobile Banking Guru...He is not only the real deal, a genuine industry insider, but also knows exactly what's on the minds of financial service pros as they contemplate the various mobile options." - Jim Bruene, Publisher & Founder, Online Financial Innovations

"Going Mobile. Local executive carves niche as national expert on fast-growing banking-industry technology trend" - Scott Olson, Indianapolis Business Journal (IBJ)

"Brandon McGee, the industry's unofficial ambassador for mobile banking" 

Thursday, December 23, 2010

Mobile Banking Updates - Dec 23

mPayy Launches Free Android Mobile Payment Application
"mPayy has announced the availability of its mobile payments application in the Android marketplace for all phones that run the Android operating system. mPayy says it "enables free person-to-person payments between members, and low cost merchant processing through its new Android application." There are no costs for opening an mPayy account or making payments. Personal account-holders can receive free mobile payments while small business account-holders pay merchant processing fees."

Mobile payments and NFC: Who will get paid, and how?
"A host of players are gearing up to try and turn what has for years been a concept--mobile payments enabled by Near Field Communications technology--into a business reality. Carriers, platform providers and financial services companies have indicated their interest in commercializing mobile payments, yet challenges remain to getting systems off the ground. Furthermore, the complex and interlocking set of relationships among the parties involved mean business models are still being tested, and it is far from certain that any such effort will find mass-market acceptance."

Wednesday, December 22, 2010

Mobile Banking International Updates - Dec 22

The Race (For Marketshare) Is On: Commercial Launch of Mobile Banking in Haiti
"And they’re off! Amid endless turmoil – earthquakes, cholera, and political unrest – Haitians finally have some good news. Two mobile banking platforms: TchoTcho by Digicel and T-Cash by VoilĂ  have just launched for commercial use. Relief organizations, NGOs, and government agencies throughout the country have already begun to put the new technology to use. For an economy that has always been cash based, this is a huge leap forward. The public, most of which was previously excluded from banking, has responded enthusiastically."

Fraud and security concerns fail to slow the growth of mobile banking in Africa
"Developing Telecoms recently examined some of the factors that have led to mobile banking’s success across many African markets. Mobile money transfers in particular represent a far more secure alternative to handling devalued currency in a cash economy, and for this reason adoption has been widespread. However, the informality of mobile banking infrastructure in Africa can appear challenging to the developed world, and raises serious questions about the potential impact of fraud in the mobile finance sector."

Monday, December 20, 2010

Mobile Banking Updates - Dec 20

Google Acquires Mobile Payments Company Zetawire
"It was revealed Monday that Google has acquired Zetawire, a small stealth startup focusing on mobile payments. Zetawire was in an extremely early stage when snapped up by the tech giant; we know little about what it was working on. However, an analyst with 451 Group revealed the startup had been granted a patent for “mobile banking, advertising, identity management, credit card and mobile coupon transaction processing” — in other words, all the puzzle pieces needed to let users treat their smartphones like a credit card."

Mobile Web Will Change Mobile Banking
"In a press release, Steve Eliis, Change Sciences partner, said, 'The mobile web will to be a robust mobile platform for the consumers. There will be no hassle in downloading the applications to any mobile devices. If the banks run on one platform then the costs can be significantly reduced.'”

Charles Schwab Releases iPhone & iPad App
Charles Schwab — in an effort to keep up with technological trends — has announced the addition of their Charles Schwab iPhone App. Charles Schwab has now joined the handful of other banks now offering mobile banking services.
Accessibility has come just in time for the holiday season with Charles Schwab’s mobile app for the iPhone. Holidays mean something different for everyone, but for a lot of people the holidays mean travel. Whether that traveling is for business or pleasure, having the capability of accessing all of your financial accounts brings a calm sense of convenience to the current hectic of the environment.

4 Key Regulatory Issues of 2011
"Authentication, mobile banking and consumer protection. These are among the key areas that may see new regulatory guidance in 2011. In an annual preview of things to come, a panel of federal regulators and industry experts weighs in on what are likely to be the top 4 regulatory issues of the new year."

The three pillars of banking apps
"Recently, we carried out YouGov research that revealed that one in four of generation Y (aged between 18 and 34) would hold their bank in higher regard if it offered mobile phone banking services. Additionally, we polled the attendees at a recent breakfast briefing where a majority of the UK banks were represented – 36 per cent of respondents cited increasing customer satisfaction as their primary driver for providing mobile banking services. Thus, evidence suggests that banking apps have a key role to play for banks focused on their customers and their experience."

Capital One Launches iPhone App
"Timely for all of Capital One’s card holders planning their holiday shopping extravaganzas, Capital One Bank has announced the release of a new iPhone application. Capital One’s decision to release the app is part of the growing trend of bringing convenience through mobile banking."

Emerging Payments Options Open Doors for Mobile
"Facebook, PayPal and companies like Bling Nation, an innovator in near-field-communications mobile payments, are expected to revolutionize payments over the next six to 12 months. But security and fraud will be a big concern. How will innovators in payments, as well as financial institutions, balance convenience and innovation with security?"

Wednesday, December 15, 2010

Mobile Banking Updates - Dec 15

Nexus S and Gingerbread Phones to Get Full NFC Support Soon
"When Google revealed its newest version of the Android operating system this week, Android 2.3, code-named "Gingerbread," there was one slight disappointment: the highly anticipated NFC (near field communications) support was somewhat crippled. According to Google's own Android 2.3 User's Guide (PDF link), Gingerbread allows mobile phones with NFC chips to work as readers, but not as transmitters, the latter which would be a necessary component to any NFC-enabled mobile payments system."

Smart Phones Help Fight Bank Fraud
"A simple phone call or text message could have saved Mark Patterson nearly $350,000. The money was stolen from his company's bank account last year by cybercriminals based in Eastern Europe. Patterson discovered the fraud six days after it had begun, when the bank sent notice that a fraudulent $9,000 transfer to an account in California had failed to complete."

Charities Outraged Over iPhone App Donations Ban
"The New York Times has published an article about how several charities are outraged at the decision by Apple Inc. (NASDAQ:AAPL) to ban donations from within applications. Beth Kanter, the co-author of The Networked Nonprofit said that she is replacing her iPhone with an Android phone."

Samsung Unveils New NFC Chip
"It looks like Samsung Electronics is getting in on the NFC action recently stirred by the Isis joint venture between Verizon Wireless, T-Mobile and AT&T. Samsung yesterday announced a new Near Field Communications (NFC) chip with embedded flash memory."

Tuesday, December 14, 2010

Mobile Banking Updates - Dec 14

Monitise and ViVOtech Partner to Deliver NFC Mobile Payments
"Monitise (LSE: MONI.L), a global leader in mobile money solutions, has joined forces with leading near field communication (NFC) software developer ViVOtech, to deliver mobile phone payments services to banks across the United States.
The partnership means customers of participating banks will be able to turn their handset into a mobile wallet (linked to registered bank accounts, credit and debit cards) and purchase items using contactless payments at merchants with NFC capabilities."

Harland Financial acquires uMonitor
"Harland Financial Solutions, a provider of software and services to financial institutions, has acquired Tennessee-based uMonitor, a provider of online solutions specifically designed for financial institutions. Harland Financial said it will immediately begin integrating uMonitor's solutions into its existing core, lending, mortgage, branch automation, Internet and mobile banking offerings."

FIS Announces Innovative Mobile Financial Services iPhone App
"FIS, one of the world’s largest providers of banking and payments technology, today announced its newest mobile banking app, which allows consumers to set up mobile account management through an iPhone® using their debit card. Unlike most mobile financial apps, the entire enrollment process can be completed from start to finish through the customer’s iPhone."

Cardlytics Looks to Mobile to Expand Reach of Card-Linked Rewards
"Companies are starting to bet that consumer interest in electronically delivered offers and rewards is spilling into the mobile channel. In the most recent example of this trend, Cardlytics, an Atlanta-based firm whose technology lets consumers redeem rewards by using a bank-issued payment card, this week announced a tie-in with ClairMail Inc., a mobile-banking provider. ClairMail is “in the early stages” of working with two client banks on deploying the Cardlytics solution, says Reetika Grewal, director of partners and solutions at ClairMail."

Sunday, December 12, 2010

Mobile Banking Updates - Dec 12

Smartphone Mobile Banking Use Approaches 50%
"ABI research has announced that about 50% of smartphone users are planning to use their devices for mobile banking, including mobile shopping. A parallel announcement this week highlighted the ABI survey findings when Wells Fargo began rolling out its mobile banking pilot. In its survey of 2,000 consumer technology users, ABI said nearly half of the responding smartphone users said they already or will soon use their phones for mobile shopping. A slightly higher percentage -- 53% -- use or intend to use their smartphones for mobile banking."

Accumulate unveils m-banking application security tech
"Accumulate launch the Safe Frame Library making today's mobile banking reaching the security level needed to enable mobile services, like monetary transfers and agreement signing."

Chase Introduces Mobile Banking App For Android
"Chase announced today that its new Chase Mobile Android Application with Chase QuickDeposit SM allows Android smartphone users to track their Chase account activity, deposit checks, and pay bills and credit cards whenever and wherever they want."

Wells Fargo to Roll Out Mobile Payments Pilot; Visa Demonstrating Capability at CARTES 2010
"Continuing its leadership in the mobile banking space, Wells Fargo & Company (NYSE:WFC) is rolling out its Visa® (NYSE:V) microSD mobile payment pilot. This San Francisco based pilot will include 200 Wells Fargo team members who are also users of specific BlackBerry® smartphones and iPhone™ models."

Study: Bank Of America Is Tops In Mobile
"Bank of America may still be in the public doghouse for the federal bailout money it received, but one thing the financial services provider is doing right is its mobile Web site, according to a study.

Mobile Web banking is no longer the poor sibling of downloadable mobile apps, according to Change Sciences Group, which also evaluated the sites of BB&T, Chase, ING Direct and PNC. The 70-page report looks at the current state of the art of mobile Web banking and placed Bank of America at the top of those evaluated."

Kenyan bank unveils mobile banking
"Faulu Kenya has introduced mobile banking where customers can open and operate their bank accounts, reports Daily Nation. Customers can transfer money within accounts and across mobile networks and do automatic and instant loan applications among others."

How the Mobile Web Will Change Mobile Banking
"As smartphone use rises, banks are looking for ways to help people bank on-the-go and build loyalty. But few banks have invested heavily in mobile web technology, opting instead to develop device-specific downloadable mobile apps. According to a new report released today by web researchers Change Sciences Group, this is likely to change."

Salin Bank Announces Availability of E-Statements, Mobile Banking
"Family owned and Indiana-based Salin Bank is pleased to announce the launch of two new banking applications and tools for its clients. The first application is the addition of e-statements. Designed as part of Salin Bank’s “green” initiative, e-statements will significantly reduce paper waste, as well as offer added convenience for clients. To sign up for e-statements, clients may go to Salin Bank’s Web site www.salin.com."

How the Mobile Web Will Change Mobile Banking
"As smartphone use rises, banks are looking for ways to help people bank on-the-go and build loyalty. But few banks have invested heavily in mobile web technology, opting instead to develop device-specific downloadable mobile apps. According to a new report released today by web researchers Change Sciences Group, this is likely to change."

Tuesday, December 7, 2010

International Mobile Banking Updates - Dec 7

I’ve Seen the Future (in Haiti)
"Cash is so 20th century. I’ve been experimenting with a 21st-century alternative, using money on a cellphone account to buy goods in shops. It’s a bit like using a credit card, but the system can also enable you to use your cellphone account to transfer money to individuals or companies domestically or internationally. And it’s more secure because a thief would have to steal not only your phone but also your PIN to get access to your money."

Mobile Banking in the Emerging World
"In Tanzania, a hospital sends money by text message to women in remote areas so they can pay for bus fare to travel for critically needed surgery. In Afghanistan, the government pays its police officers by text message to skirt corrupt middlemen. In Pakistan, the biggest financial network is not a bank, but a unit of Telenor, the Norwegian mobile phone operator."

Seven Indian Banks Launch P2P Interbank Mobile Payments; How It Works
"ional Payment Corporation of India, on November 22nd 2010, launched Interbank Mobile Payment Service (IMPS) in India, with seven Banks enabling transfer of funds using mobile phones. The participating banks include some of the largest banks in India: State Bank of India, ICICI Bank, Union Bank of India, Bank of India, Yes Bank, Axis Bank and HDFC Bank. The IMPS service will operate as back-end for the banks allowing them to offer a real-time money transfer facility to customers."

Hong Kong slow in adopting mobile banking
"Mobile banking impacts consumers' bank selection, according to the Mobile Banking Perception Study by global market research company Synovate. People's perceptions change about a bank if it does not offer mobile banking services and the study shows that about 50 per cent of consumers of this service use it for stock trading. However, only four per cent of Hong Kong respondents are currently using mobile banking."

Mobile banking: China Mobile may face opposition to pet bank plans
"Despite regulator concerns along the way, China Mobile seems determined to roll out comprehensive mobile banking services to it’s subscribers. With Shanghai Pudong Development (SPD) Bank, which China Mobile owns 20% of, it is planning to launch a wide range of financial products. But it would seem that regulatory issues are raising their heads once again."

RBC iPhone and BlackBerry app “coming soon”
"ING, CIBC, TD Bank, Desjardins, Scotiabank all have some sort of mobile banking app (iPhone, BlackBerry, Android) and for some reason RBC (the largest financial institution in Canada) to date doesn’t… but good news for customers as it’s “coming soon”.

RBC has posted a splash page with really old images on their site stating an iPhone and BlackBerry app will be released shortly. There is the standard features that include the ability to pay bills, transfer funds, check account balances, Use Interac Email Money Transfers and locate branches and ATMs."

Taiwanese mobile banking users to nearly triple: survey
"Over 30 percent of the public is expected to use mobile banking services within one year, to almost triple from the current 11 percent, according to the nation's first mobile banking online survey conducted by Citibank Taiwan Ltd., yesterday."

BOK launches mobile banking service
"Bank of Kathmandu (BOK) has on Wednesday launched a unique Mobile Banking service called "M-PAISA". According to the bank, it has introduced the service with the aim to provide an attractive and beneficiary service to all the mobile users. The bank also said that at present the service can be availed by the customers of Nepal Telecom only, by free registration from all BOK branches."

NuMobile Acquires Kenyan Startup To Enter Africa’s Mobile Banking Market
"NuMobile, Inc. today announced the acquisition of Kruze Technologies Ltd, a mobile wallet operation headquartered in Nairobi, Kenya. NuMobile has scheduled an on-demand Webcast to be released next Tuesday, December 7th to present the Company’s African mobile banking strategy and to provide an overview of the acquisition announced today and of the pending acquisition expected to close imminently."

The push and pull of mobile banking
"Preventing money laundering, eliminating informal foreign remittance inflows and promoting savings among rural people have driven the theme of “financial inclusion” worldwide. Financial inclusion aims to include more people in the banking process. In Bangladesh, where only 13 percent of the population has a bank account and 33 percent a mobile phone, relevant parties are considering using mobile phones to deliver banking to the unbanked. In such initiatives, bank-nominated agents perform banking activities, including opening a mobile bank account and providing cash."

Sunday, December 5, 2010

Mobile Banking Updates - Dec 5

Top Ten Wireless Predictions for 2011
"As 2010 draws to a close Juniper Research has drawn up a list of predictions for the coming year, all neatly wrapped up as the top trends for the mobile and wireless industry for 2011. A free report detailing the findings is available to download from the Juniper website today."

PSCU Offers Write-ups on Mobile, Online, Call Centers
"PSCU Financial Services is offering two new white papers on call centers and online and mobile banking services for credit unions."
Click here - The Rise of Mobile Banking

Majority of top banks offering mobile banking
"Good news for tech-savvy checking account holders on the go: More banks are offering mobile banking services than ever before. A recent report by market research firm First Annapolis found that 54 percent of the top 100 financial institutions in the country surveyed offered some form of mobile banking.

Nearly 40 percent now offer banking services over the mobile Web, accessible to smart phones such as Apple's iPhone. Banking by text message is also a popular option among banks; 32 percent offer banking services and/or alerts by text messages. Another 32 percent offer apps for smart phones, with the iPhone App Store getting apps from 28 percent of financial institutions. Other smart phone platforms such as Blackberry and Android were less likely to get banking apps."

Are Mobile Payments Primed for Exponential Growth?
"In the developing world, those with cell phones outnumber those with bank accounts. And, as The New York Times reports, global usage of mobile-based banking is on the rise domestically, as well."

Noted & Noteworthy
"SunTrust Bank in Atlanta has a prominent mobile banking application. It works on hundreds of handsets-including the Apple iPhone-and is accessible to SunTrust customers on five wireless carriers.

But on SunTrust's Web site, you'd be hard pressed to find any clue such a mobile option exists. No mention of mobile banking exists on SunTrust's home page or a main portal for personal banking. It's only after clicking through to a page touting online banking will a SunTrust user find a link explaining how to sign up for mobile services."

FIS Enables Mobile Financial Services for U.S. Bank Prepaid Cardholders
"FIS, one of the world's largest providers of banking and payments technology, today announced that U.S. Bank is using FIS' mobile platform to launch mobile financial services for the U.S. Bank AccelaPay(R) Visa prepaid card program. Through this innovative combination, AccelaPay cardholders can use their mobile phones, including BlackBerrys and iPhones, to check their account balance, pay bills, receive account alerts and view mini-statements."

Sunday, November 28, 2010

Mobile Banking Updates - Nov 28

Stay with Me: Mobile Pay System Ties Buyers to One Card
"With sponsorship from Citigroup Inc., Billing Revolution Inc. is trying to help convert people who window-shop on their mobile phones into paying customers. In December the Seattle vendor plans to roll out a service that will let consumers make purchases with a mobile phone without having to enter their payment card details for every purchase. That step causes many mobile shoppers to abandon transactions they've started."

Mobile Banking Apps crashing on iOS 4.2.1
"My Mobile Banking app crashes after I updated to 4.2.1 Anyone else have this problem?"

Chase Mobile app for Android: Deposit checks with your cameraphone
"A handful of banks and PayPal have allowed iPhone users to deposit checks by scanning the front and back with the phone’s camera for a while. Now that feature is finally starting to make its way to Android phones, thanks to a new app from Chase."

Tyfone Receives Additional Patent for Cutting-Edge Mobile Electronic Wallet Technology
"Tyfone (www.tyfone.com), a global provider of unified mobile money and secure transaction infrastructure for mobile banking, mobile identity management, and mobile contactless NFC payments, today announced the award of its newest patent for the company’s innovative mobile electronic wallet technology."

Mobile Money Service Comes to Haiti With "TchoTcho Mobile" From Digicel and Scotiabank
"Digicel and Scotiabank today launched their mobile money product in Haiti.
TchoTcho Mobile allows Haitians to complete basic banking functions such as cash withdrawals, deposits and transfers safely and securely through their mobile phone and does not require them to have a traditional bank account.
During the first three months, the program will offer up to 20,000 users the ability to do cash withdrawal and deposits, domestic money transfer to another mobile user, purchase top-up and manage their TchoTcho Mobile account."

CellTrust Secure SMS Continues to be Secure, While Many Wireless Banks' Apps Were Exposed to Security Flaws
"CellTrust Corporation, the recognized leader in mobile secure messaging and secure applications for mobile phones (www.celltrust.com), today announced that CellTrust's mobile banking product, which is being piloted outside of the U.S., is based on SecureSMS Secure Mobile information management (SMIM) architecture and is not affected by security flaws that were recently published in a Wall Street Journal article."

Sunday, November 21, 2010

Mobile Banking Updates - Nov 21

Nielsen: 13% Mobile Banking
"Only a small portion of U.S. consumers are banking via mobile phone, but that group is starting to grow to become a measurable presence, according to a new study from Nielsen. The research firm found that 13.2% of households accessed their bank account through a mobile device in second quarter 2010 compared 20.8% who accessed their account using the bank’s customer service call center. The mobile share is up from 11.6% in first quarter while call center access has remained relatively flat quarter-over-quarter."

Citi to invest in mobile and online to attract affluent customers
"Citigroup Inc (NYSE:C - News) plans to spend $3 billion to $4 billion on its consumer bank to attract more business from its wealthy, urban customers, the head of its North American consumer bank said on Wednesday."

ClairMail’s hiring points to eventual IPO
"Let’s start with that last item, which brings us to ClairMail, a San Rafael, Calif. start-up with a name we don’t quite understand but a business that’s easy to grok. And why should you care about them? Because start-up companies that want to get ready for the public markets need to grow in three primary metrics: customers, revenue and employees. It also helps to have a team of executives which has already taken a company through the maturation process.

If you’re looking for the next wave of IPO candidates flying low on the radar, start with companies that are adding big customers, hiring lots of workers and bringing in seasoned executives."

GoMo News discover mobile 419 scam, maybe
"By fluke, GoMo News just might have stumble across a mobile version of the Nigeria 419 money scam. 419 being the area code you’re asked to call in Nigeria. In this case, the fraudster appears to want to get hold of our mobile phone number and ask for our help. Perhaps we are being too suspicious or can one of our readers explain how the scam – involving MTN‘s Mobile Money banking – service might work?“This is what the original email said, “I opened an account with MTN mobile money last week on Tuesday 2nd/11/2010 and I saved 50,000 on that account.” Notice the currency isn’t mentioned."

Chase Mobile Banking App Coming To Android Early December
"Turns out that a teller at a Chase Bank location leaked out that the Chase Mobile App will be making its way to the Android Market in “early December”. This comes as great news to many Android owners who bank with Chase, as we’ve seen the nice features the Chase app is capable of on iOS."

Banking Challenges Posed by Internet
"'There are at least a couple challenges created by mobile-phone activity,' says Greg Rattray, the new head of security for BITS, a division of The Financial Services Roundtable.

Rattray, who joined BITS in September, says as more financial transactions and channels such as mobile emerge, Internet strains and security have to be addressed. 'The thing that we're increasingly concerned about is the nature of these (mobile) devices,' he says, 'and whether they can be properly secured so that we can enable people to use mobile banking.'"

Names You Need To Know in 2011: Mobile Money
"Mobile Money. Mobile Commerce. It’s so new it’s too early to say what name will ultimately stick, but over the next year we’re going to be hearing a lot more about our ability to zap funds between one-another without the shackles of coins, paper bills, plastic cards or checks."

Monitise to form joint venture with Best Buy Europe and Charles Dunstone
"Monitise plc, a UK-based provider of mobile banking and payments solutions, has agreed to form a joint venture to setup Mobile Money Network with Best Buy Europe Distributions Limited and Charles Dunstone to deliver mobile marketing and payments network. Both Monitise and Best Buy Europe are based in the UK."

Thursday, November 18, 2010

Mobile Banking Updates - Nov 18

Smartphones lead the way as mobile bank apps boom
"National Australia Bank says it has experienced a 200 per cent growth in mobile banking usage since May. Commonwealth Bank's mobile banking transactions represent 9 per cent, or about 1.5 million, of all monthly online transactions. ANZ Bank has about 10 per cent, or 195,000 customers, who do their banking on smartphones compared with its 1.95 million active online net banking users."

U.S. Bank Expands Mobile Capabilities with Innovative New Visa Payment Solution
"U.S. Bank and Visa continue to be at the forefront of mobile payments innovation, partnering with DeviceFidelity, FIS and Monitise to introduce an innovative new way for customers to make purchases using their mobile phone. Customers can simply wave their phone in front of a Visa payWave contactless payment terminal in order to pay. U.S. Bank is one of the first major card issuers in the United States to pilot this landmark technology as employees in multiple states will begin testing this month. Plans are underway to introduce it to select customers next year."

Tuesday, November 16, 2010

Mobile Wallet - Nov 16

Next Android Version Includes E-Wallet for Real World Purchases
"Android 2.3, codenamed Gingerbread, will be released in a “few weeks,” Schmidt said on stage at the Web 2.0 Summit conference in San Francisco. Schmidt showed off how so-called Near Field Communication would work using an unnamed smartphone he called an unannounced product. Using the software from Android and a NFC chip in the phone, Schmidt was able to “check in” to the conference, launching Google Maps, by touching the phone to a conference sign that had a built-in antenna."

U.S. Carriers Create Pay-By-Phone System, for Real This Time
"You know that thing where you just tap your credit card to pay for stuff at the store? That functionality will be coming to smartphones in the U.S., this time apparently for real, via a national phone payment network called Isis, spearheaded by AT&T, T-Mobile, and Verizon.

Besides negating the need to pull out your credit card, the "mobile wallet" in your phone is planned to incorporate reward cards, coupons, tickets, and transit passes. Isis will use near-field communication (NFC) technology to make payments. NFC encrypts data for very short-range transmission – a matter of inches. When you need to pay, just launch the Isis app, wave your phone over the machine and you've paid up."

Does iWallet iPhone mean Apple versus PayPal?
"We've talked before about Apple's plans for the iPhone as an iWallet, now it looks like former ally turned foe, Google's preparing to take Apple on in the same space, with big boss Eric Schmidt telling a panel at the Web 2.0 conference his company feels its got to get NFC (Near Field Communication) into Android's life. Will PayPal endure the new war?"

Sunday, November 14, 2010

Mobile Banking Updates - Nov 14

RDM and MShift partner to enable remote deposit capture for mobile banking
"RDM Corporation (TSX: RC | PowerRating), a Canadian developer of software and hardware products for electronic payment processing, said on Tuesday that it is enabling remote deposit capture capability for mobile banking under a partnership with MShift Inc, a provider of mobile banking solutions for financial institutions."

Orange rolls out money transfer service
"The launch makes Orange the fourth mobile phone operator to launch a money transfer service and is set to intensify competition in the industry as operators move to data in the wake of declining voice revenues. The partnership between Orange and Equity Bank is geared towards creating synergies between the two that enhances money transfer as well as mobile banking."

Latin Americas Mobile Banking Revolution
"New forecasts from ABI Research indicate that in 2015 about 244 million people worldwide will carry out financial transactions using their mobile phones. This growth in the financial cell phone sector is not specific to North America or Europe, and large investment is anticipated in regions like Latin America."

Mobile Business Banking Draws More Attention
"With mobile access now widely accepted as a consumer channel, more banks are turning their attention to businesses. Citizens Financial Group Inc., the Providence, R.I., parent of RBS Citizens and Citizens Bank of Pennsylvania, on Monday announced the availability of a new application for Apple Inc.'s iPhone for its treasury management customers called accessMOBILE."

M&T Bank Launches a New App for iPhone
"M&T Bank customers now have three ways to securely access their accounts using their mobile devices: Mobile Text Banking; Mobile Web Banking; and a brand new App for iPhone(R). The M&T Mobile Banking application for iPhone(R) is now available, at no charge, by clicking the App Store button on an Apple(R) mobile device and searching for 'M&T.'"

PNC Introduces Mobile Banking For Financial Executives
"PNC unveiled on November 8 PINACLE Mobile that enables financial executives to review balances and approve basic transactions in a secure environment using their mobile phones. PINACLE Mobile is a complementary channel to PNC's online banking portal for corporate customers known as PINACLE. "

Mobile is a must for financial institutions: study
"A new study finds that almost half of the top 100 financial institutions offer mobile banking services. Surprisingly, this activity is not concentrated among the top 25 or even top 50 banks, with many smaller banks actively utilizing vendor capabilities to offer mobile services. Of the top 100, 43 percent offer access via mobile Web, while 32 percent offer SMS banking and alerts and 32 percent offer applications."

Standard Chartered Bank Expects Migration To Mobile Banking
"Standard Chartered Bank Malaysia Bhd expects a significant migration of its internet banking customers towards mobile banking solutions in future, with the introduction of its latest solution, Breeze.
Head of Retail Banking Products, Consumer Banking, Anupam Shrivastava said this is in line with the increasing technology savvy customers in Malaysia, especially with mobile banking showing a significant progress of 178 per cent growth from 2007 to 2009."

Wednesday, November 10, 2010

Mobile Banking Security

Banks Rush to Fix Security Flaws in Wireless Apps
"A number of top financial companies and banks such as Wells Fargo & Co., Bank of America Corp. and USAA are rushing out updates to fix security flaws in wireless banking applications that could allow a computer criminal to obtain sensitive data like usernames, passwords and financial information."

Our Mobile-Banking Warnings about Security Prove Prophetic
"Not to be gauche, but in 2009 you saw the Internet security warning here first. Mobile banking is so risky an IT security guru said don’t do it. That was the online security warning on Sept. 7 from the authoritative Dr. Stan Stahl of Citadel Information Group in Los Angeles. Dr. Stahl’s analysis in my column included this stern warning: 'All in all, cell phone on-line banking is a big NO!!!'”

How Vulnerable Are Mobile Apps?
"Late last week, security firm viaForensics announced it had discovered security vulnerabilities in mobile banking smart-phone apps for Google's Android and Apple's iPhone. Apps from Bank of America, Chase, TD Ameritrade, USAA, Wells Fargo and Vanguard were all targeted by the firm. "

USAA's Mobile Banking: Security is a Top Priority
"The Wall Street Journal has reported potential security issues with some of the latest mobile banking applications. A digital forensics firm, viaForensics, collaborating with The Journal, tested banking apps from at least seven financial institutions. viaForensics found that USAA's Mobile App on the iPhone® passed all tests and is secure. However, viaForensics identified a potential vulnerability within USAA's application on the Android™."

Mobile Banking Updates - Nov 10

Smartphone apps popular but vulnerable
"Interest rates aside, the new battleground for Australia’s banks is mobile banking, with financial institutions falling over one another in the race to deliver new apps for different mobile computer platforms such as the iPad and smartphones. Speakers at the 5th Future of Banking and Financial Services conference, held in Sydney last week, repeatedly stressed the growing importance of mobile banking."

Citizens Financial Group Announces Launch of accessMOBILE, Landmark Mobile Banking Application for Business Customers
"Citizens Financial Group, Inc. today announced that it is launching accessMOBILE, a mobile banking application that for the first time empowers Citizens Bank and Charter One business customers to manage their cash and payments from a mobile device."

Redstone Federal Credit Union rolls out mobile banking service
"Redstone Federal Credit Union has rolled out their new “Mobile Banking” service. This is an SMS Text messaging service that will allow you to do things like check your balance and get previous transaction amounts. The only drawback to the previous transactions command is that it only lists dates and amounts, no point of sale description or information."

ING finds mobile branch-in-pocket builds brand engagement, customer loyalty
"An executive of banking giant ING Direct USA said that mobile helps its customers interact with the brand while on the go and supports its overall mission of saving consumers time and money. This summer ING Direct and its brokerage subsidiary ING ShareBuilder launched mobile applications available on various device platforms, including Google’s Android, Research In Motion’s BlackBerry and Apple’s iPhone, iPod touch and iPad."

Sunday, November 7, 2010

Mobile Banking Updates - Nov 7

Mobile Download Guide: Top iPhone Finance Apps for Mobile Banking
"Individuals and businesses (both big and small) often turn to smartphones and handhelds to help manage their finances on a daily basis. It's been like this for years and is no different with the iPhone, where tons of mobile money apps (i.e. expense trackers, loan trackers, calculators, banking, etc.) have helped folks keep their financial houses in order from day one.

In this article, we offer a comprehensive survey of over 80 of the best and most useful of these mobile-money-management apps—both free and paid. Most stand alone but some integrate with desktop programs such as Quicken, Money and Excel or your bank's online services."

Strong Mobile Adoption’s a Magnet for Tech Development
"Amid new research suggesting American consumers are rapidly embracing mobile banking, new payment, deposit and account capabilities are flooding the tech market.

These tech plays come as new a Nielsen survey found the number of U.S. subscribers to mobile banking has increased by more than 129 percent to more than 13 million over the past two years. Other research, conducted by TowerGroup on behalf of Clairmail, said that ten percent of online banking customers take up mobile banking within a year of the their banking launching the service. Tower also says the current domestic mobile banking market should grow to 53 million in 2013 from 10 million in 2009."

Mobile Security: Jumping the IP Hurdle
"Mobile banking security -- it's a big concern, and for many reasons the industry does not yet truly understand.

During the Mobile Financial Services Forum in Arlington, Va., in October, Jason Rouse, a mobile security expert and principal consultant of the mobile and wireless practice for Cigital, said mobile security and the authentication of mobile transactions are challenges the industry must address. Fluid mobile browsing habits and lacking authentication technology for mobile devices are to blame."

PayPal trumps banks on mobile micropayments
"Watching the bevy of announcements coming out of PayPal’s X Innovate conference this week, you could be forgiven for thinking banks have entirely missed the mobile payments boat.

Online media giants including Facebook and FT.com have jumped on board PayPal’s new digital goods payments platform, which will see PayPal receive 5 per cent plus 5 cents of every transaction under $12 that they process. Given the millions of transactions migrating to mobile, that translates to big business for PayPal, and a big loss for banks that have ignored micropayments, despite being aware of them for years."

The next 12 months for mobile banking...
"Mobile banking is one of a handful of new banking services that seemed to come along just as banks withdrew investment in new services and reigned in innovation budgets. However, as we emerge from the crisis there are lots of forces that are currently in alignment, pushing more of the tier one banks towards rolling out a mobile banking solution."

Mobile Banking Apps Many, Marketing Success Stories Few
"In their efforts to sign people up for mobile banking, banks can be their own worst enemy. The number of financial institutions offering downloadable applications, customized websites and check depositing services for mobile devices is expected to skyrocket in the next year. But consumer adoption could fall short of expectations without the right promotion, experts say."

Thursday, November 4, 2010

Mobile Banking - International Updates - Nov 4

Majority of Young Adult Canadians Anxious About Demands on their Time: Scotiabank Study
"Scotiabank recently polled Canadians to better understand their time commitments and attitudes toward them. The study, conducted by Harris/Decima, found that more than half of Canadians (57 per cent) agree that their daily schedule is more hectic today than it was five years ago, but this statement is most true for those aged 25-44 (74 per cent for those 25-34; 78 per cent for those 35-44). This young adult age group was also more likely than other Canadians to feel they would be much better off with an extra hour of free time each day (78 per cent for those 25-34; 80 per cent for those 35-44 vs. 63 per cent national average)."

BoComm to launch mobile banking services for iPad
"Bank of Communications, the fifth-largest lender by market value in mainland China, will become the first commercial bank to launch mobile banking services for iPad this month, only one month after iPad's launch in China, sources reported."

China Unicom to launch iPhone banking services with China Merchants Bank
"China Unicom and China Merchants Bank have signed a cooperation ag reement to jointly launch mobile banking services through the Apple iP hone. The two parties established a strategic cooperation partnership to develop the mobile Internet in July, 2009."

Mobile banking quickly reaching maturity in Europe, really?
"Then ask how many people do mobile banking on their phone. 3% to 5%. And that corresponds exactly to recent statistics from the US where banking channel usage preference is shown as 50% via the internet, 25% via branches, 15% via ATMs and 5% via mobile. I know we all like to juggle with statistics when we’re trying to sell something and that’s fine when we talk about forecasts. That’s what we pay our analysts for, right? But to come out with statements like this about mobile banking maturity today goes a bit far, does it not?"

YellowPepper Receives IFC/ World Bank Group's First Equity Investment in a Latin American Mobile Banking Firm
"YellowPepper [www.yellowpepper.com] announced today that it received the first equity investment in a mobile banking firm in Latin America by the International Finance Corporation (IFC), the private sector arm of the World Bank Group. IFC provided $3 million and helped mobilize an additional $2 million. This brings the total investment in YellowPepper to more than $15 million."

Tuesday, November 2, 2010

Mobile Banking Updates - Nov 2

Will Mobile Corporate Banking Fly?
"Exaggerated claims by technology vendors about their new products are a dime a dozen. But when Fundtech, a major provider of bank transaction technology, recently announced that it was rolling out "the first mobile platform designed specifically for corporate electronic banking," it was hard not to take notice.

There are, to be sure, other players in the mobile corporate banking business. Pyxis Mobile, for example, offers a broad platform of solutions for internal use by commercial banks and other financial institutions. And many banks have adapted applications designed primarily for consumers so business customers can use them."

“Phishing” website imitates BML mobile banking
"On 31st October 2010, Bank of Maldives issued a warning that fraudsters had created a false BML website to deceive the customers of mobile banking service. This is the second reported case of a “phishing” attempt to BML customers.

The fraudsters were inviting BML customers to their website located at their domain name by sending text messages from 00455, claiming it was a registration website for the BML mobile banking service. If a customer process the registration through the fraudulent website the cyber criminals can obtain customers bank account number, credit card number and its security code."

Union Bank Launches Mobile Banking App. For Commercial Customers - Quick Facts
"Mitsubishi UFJ Financial Group Inc.'s unit Union Bank N.A., Tuesday announced the launch of its Mobile Business Center, a secure and user-friendly mobile banking application that enables its commercial customers to access their accounts and perform certain treasury management activities on their smartphones."

St George Introduces Android m-banking Application
"Android smart phone users will now have access to key online banking features with a new, purpose-built Mobile Banking application for Android devices - another Australian first for St.George bank - with an application for the new Blackberry Torch to follow soon."

Michigan First Credit Union Launches Mobile Banking
"Michigan First Credit Union (http://www.MichiganFirst.com) today announced the addition of Michigan First Mobile to its suite of convenient banking services. The new mobile banking service is available to Michigan First's more than 80,000 members, allowing them to check balances, view transaction history, transfer funds and pay bills, anywhere, anytime, from their mobile device. Members can access Michigan First Mobile via their mobile browser, by texting, or by downloading a free application. Michigan First Mobile applications are available for Blackberry, iPhone, and Android devices, as well as several others."

San Diego resident signed up for mobile banking and won a grand prize
"San Diego County Credit Union, San Diego’s largest locally owned financial institution, has announced that Raymond Regno of San Diego claimed a brand new MacBook Air as the grand prize winner of its Mobile Banking Sweepstakes. In addition, five first prize winners won an iPad, 10 other lucky winners won a $100 iTunes Gift Card and the first five hundred new enrollees won a monetary prize."

Tuesday, October 26, 2010

Mobile Banking Vendor Updates - Oct 26

S1 Mobile Adoption on the Rise
"S1, a leading global provider of payments and financial services software solutions, today announced that more than 35 customers across three continents have licensed the S1 Mobile application. In addition, S1 mobile-enabled customer applications are available on the App Store(SM) for the following financial institutions: Trustmark, Mercantile Bank of Michigan, First Community Bank, and Ventura County Credit Union."

Fidelity Information Systems provides mobile banking platform for Virginia credit union
"Fidelity Information Systems (FIS) Inc. announced today that it has implemented a mobile banking platform for Chartway Federal Credit Union, which is based in Virginia Beach, Va. Fidelity's mobile banking platform enables Chartway members to check account balances, view account transactions, transfer funds between accounts and receive text alerts. The mobile banking platform has been a hit with credit union members."

Infosys Launches Finacle Mobile Banking 2.0
"According to Haragopal Mangipudi, Global Head - Finacle, Infosys Technologies, 'As channel innovation continues to be a strategic priority for progressive banks, mobile banking has truly come of age. Finacle mobile banking 2.0 enables banks to create and leverage game-changing opportunities, through the mobile channel, to build, deepen and institutionalize relationships with both customers and new emerging consumer segments.'"

mFoundry Launches Mobile Banking 'Adoption Guarantee'
"mFoundry, the award-winning provider of secure mobile financial solutions, announced today that it is launching an "Adoption Services" program to complement its "90 Day to Live" club. New mFoundry customers can take advantage of an optional package of adoption services that guarantees a minimum adoption rate of 10% of the marketed base within one year of launch."

Mobile Photo Bill Pay
"After establishing online-bill-payment arrangements as part of their banking account, users of Mobile Photo Bill Pay can initiate e-bill-payment sessions on their smartphones, then simply snap photos of the bills they want to pay, verify the payment information and click on the app's "PAY" button."

Consumers See Mobile Payments as Reason to Stay with or Change Banks
"Obopay has announced the results of a recent survey exploring consumer attitudes about mobile payments and banking in the U.S. 53% of consumers interested in a mobile payment service would consider changing banks if another bank offered the service. 70% of those responding indicated that if the service allowed them to get paid, send or receive money by mobile phone, it would be an incentive to remain at their bank."

Live Blogging - Mobile Shopping Summit

Steve Madden - Andrew Koven
* Mobile growth at Steve Madden as a percent of total ecommerce
April - 4.4%
May - 7.9%
June - 8.6%
July - 9.5%
Aug - 9.9%
Sept - 10%
Oct YTD - 10.5%

Kenneth Cole - Tom Davis
* Mass merchants (Zappos, Target) are focused on search and browse. Removed all ads and promotions

* Lookup Sites (Fandango, American Airlines) focus on promoting apps, login and quick information.

* Brand Sites (Kenneth Cole) carry the personality into the mobile space - cross channel experience

Mobile stats today:
* 10% of ecommerce traffic through mobile
* 4% of revenue through mobile

Monday, October 25, 2010

Live Blogging - Mobile Shopping Summit

Pizza Hut - Baron Concors

Lessons Learned:
1) Must have a fun and intuitive user interface
2) Weigh functionality vs App bloat
3) Weigh functionality vs speed to market
4) Invest heavy resources in QA

Cars.com - Sharon Knitter
* Focus on appropriate amount of content. Display an "appetizer" of content then click for the entree
* Phase two has focused on ad serving functionality
* Mobile browser avg 20 pages consumed
* Application avg 31.9 pages consumed
* 1200 devices visit cars.com monthly. 100 devices represent 80% of visits
* Split of mobile traffic: 23% full online, 10% mobile browser, 66% applications

Lessons Learned:
* Focus on customer experience
* Adapt quickly
* Cannibalize yourself
* Measure consistently
* Be agnostic
* Integrate every department and every business unit

Sunday, October 24, 2010

Mobile Banking Updates - Oct 24

The Future of Mobile Payments
"Mobile technology is already having a big impact on financial services, from remote banking to mobile payments. The continued proliferation of smart phones is only going to accelerate that impact. Mobile is already revolutionizing the way consumers interact with their financial institutions, and banks have to stay ahead of the technology and the security concerns."

Suddenly, Mobile Banking Is Now a ‘Baseline Expectation’
"Mobile banking, and by extension mobile payments, have rapidly crossed the line from add-on to necessary products for financial institutions, speakers and other sources at a banking-technology expo said on Wednesday. The primary reason mobile has assumed such importance has more to do with fear of attrition than with revenue opportunities, these sources said."

Mobile Banking Engages Young, Diverse and Male, Says Nielsen
"According to a June 2010 Nielsen survey, people who use their mobile phone for web-based banking tend to be younger, male and more ethnically diverse than their online banking counterparts. Texting banking is growing in popularity with all ages.

Although this study looked at current mobile banking features, there are more features in the works. Soon smartphone users will be able to photogrpah their bills to pay them."

5 mobile banking must-haves
"Consumers can use their mobile phones to quickly see how much money is available before making a large retail purchase, says Secil Watson, senior vice president for Internet and mobile banking at Wells Fargo in San Francisco.

She says banking customers report they often want to purchase something at a retail location with their debit card but don't know if they have enough money in their checking accounts. With mobile banking, customers can discreetly check their balance and know whether the sale would be approved, she says."

Mobile Phones Increasingly Becoming A One Stop Shop For 35 Million Consumers
"Three quarters of all British adults are now multitasking on their mobile phones, leading them to place a higher value on their mobile than it originally cost them, according to new research from Lloyds TSB."

The Future of Mobile Banking
"The growth of mobile banking technology is increasingly hard to ignore. Analyst firm Javelin Strategy & Research reports that nearly 50 percent of all mobile users in the United States will be using mobile banking within four years and that nearly 50 percent of iPhone and other smartphone users already use mobile financial services today.

With 2010 being the year in which mobile banking broke into the mainstream, 2011 will be the year in which financial institutions will look to capitalize on the full potential of the mobile channel -- moving from basic user functionality to full mobile finance; or, 'Your bank in your pocket.'"

Wednesday, October 20, 2010

Mobile Banking Updates - Oct 20

Mobile Banking: Security Is A Problem
"I got an exclusive opportunity this week to attend the Mobile Financial Services Forum in Arlington, Va. Hosted by BITS and the Financial Services Technology Consortium, both divisions of The Financial Services Roundtable, the two-day forum attracted a nice mix of payments vendors, mobile providers and financial institutions. It also brought together a number of security professionals, and the overarching theme across all of the presentations and panels? Mobile is vulnerable, to things we don't even know about yet."

"To help Americans continue to bank and trade on the go, ING DIRECT USA, the nation’s largest direct bank, today launched their Android mobile banking and ShareBuilder mobile investing applications. The Android apps add to ING DIRECT’s suite of banking and investing iPhone® and Blackberry® apps and Android ATM locator app, which were launched earlier this year."

Is Barcode Scanning the Next Must-Have Feature for Mobile Banking/Payments?
"Barcode scanning via mobile phone has been around for a a while. But until Amazon.com added it to its mobile app this week, I hadn't experienced it firsthand. Target's iPhone app also supports barcode scanning, powered by RedLaser. And it's impressive. Unlike mobile remote check deposit, where the trial-and-error method of getting a good picture can be tedious, barcode scanning provides real-time feedback so you know exactly when the camera is positioned for a successful scan."

Smartphone Apps Go (Truly) Viral
"In early 2009, Citigroup (C) launched a new mobile banking application for the iPhone. It let customers check their account balances and pay bills while on the go. Thanks to a bit of sloppy code, it also could have let hackers access the banking information for 118,000 customers who downloaded the app."

M-banking gaining popularity in Pakistan
"In its initial stages, the mobile banking in Pakistan has gained tremendous popularity among customers with rapid pace as colossal amount of Rs 10 billion was transacted through a single cellular operator in a year. Telenor Pakistan, the subsidiary of Norwegian telecom giant, with its various m-banking services recorded over six million transaction carried under its brand “EasyPaisa” by the end of first year. "

CBA: Telcos stifling mobile banking ubiquity
"Telcos need to address mobile Internet costs to encourage uptake of online banking services, according to the CBA. At the AIIA’s Mobility Innovation in Financial Services roundtable, representatives from Telstra, the banking and insurance sectors gathered to discuss the future of delivery of financial services through mobile devices. Banking on mobile phones, particularly smartphones, has become increasingly popular in recent times as remote Internet browsing proliferates."

Mobile Banking: Guidance on the Way
"BITS, a division of The Financial Services Roundtable, is taking a close look at mobile. In October, BITS is hosting a conference dedicated to security concerns surrounding mobile banking and mobile payments. William Henley, the senior vice president of regulation for BITS, who formerly served as the director of IT examinations for the Office of Thrift Supervision, says banking institutions can within the next 12 months expect new federal guidance regarding the use and application of mobile financial services."

Think Firm: Banking Texts in Upward Surge
"Global volume of SMS text messages for mobile banking is expected to triple in the next five years, according to Juniper Research. New types of mobile banking alerts will help drive that number to nearly 90 billion per year by 2015, up from about 30 billion per year now, according to Howard Wilcox, author of a new white paper for the think firm based in Hampton in the United Kingdom."

Tuesday, October 19, 2010

Mobile Banking Vendor Updates

Team One Credit Union Expands Offerings With CSCU/MShift Mobile Banking
"Card Services for Credit Unions (CSCU) is pleased to announce that Team One Credit Union in Saginaw, MI, will be the first credit union to offer its members mobile banking through a partnership with CSCU and MShift, Inc. 'Through this partnership, our members will be able to manage their Team One account, such as checking balances, accessing account history and completing transfers from their web enabled mobile phone,' said Konnie Werner, CEO of Team One Credit Union. 'This new feature will be a great addition to Team One's remote banking services.'"

Kazkommertsbank Takes the Lead in Mobile Banking With Misys Mobile
"Misys plc, the global application software and services company, today announced that Kazkommertsbank, the largest bank in Kazakhstan and one of the largest private banks in the CIS, has selected Misys Mobile to create a highly effective next-generation mobile banking service for its retail and corporate customers."

Orange County’s Credit Union Goes Live with Tyfone Mobile Banking Solution for Advanced Mobile Financial Services
"Tyfone, a provider of mobile banking, mobile contactless payment and highly secure mobility solutions, today announced that Orange County’s Credit Union (OCCU) has made mobile banking available to its 79,000 members using Tyfone’s u4ia® platform. OCCU leveraged Tyfone’s professional services to deploy robust mobile banking services initially, with NFC contactless mobile payment capabilities under consideration. Founded in 1938, OCCU has $950 million in assets making it one of the top 2 percent of credit unions nationwide."

Virtual Branch from Fiserv Expands Features and Integration
"Fiserv, Inc., the leading global provider of financial services technology solutions and the largest provider of business-driven technology solutions for credit unions, announced today enhancements to Virtual Branch(R), the Fiserv online banking suite designed specifically for credit unions. Virtual Branch features an enhanced user interface and integrated capabilities that maximize the online delivery channel through account origination, bill payment, lending, mobile banking, and other convenience tools for members."

Firethorn Joins Forces with Pennsylvania State Employees Credit Union
"Firethorn Holdings, LLC, a wholly owned subsidiary of Qualcomm Incorporated (Nasdaq: QCOM), today announced that Pennsylvania State Employees Credit Union (PSECU) has joined its growing list of financial clients and recently began offering Firethorn's mobile banking service to its more than 370,000 members. With $3.6 billion in credit union assets, PSECU is one the largest credit unions in the United States."

mFoundry and Central Bancompany Deploy Innovative mBanking for 13 Operating Banks
"mFoundry, the award-winning provider of secure mobile financial solutions, announced today the launch of its multi-mode mobile banking solution for Missouri-based Central Bancompany's (CBC) 13 operating banks. 'Launching a single financial institution always presents its issues,' commented mFoundry CEO and Co-Founder Drew Sievers, 'But bringing up 13 operating banks in a single hosted instance, in the most cost-effective manner possible, now that's a true challenge.'"

Saturday, October 16, 2010

Mobile Banking Updates - Oct 16

Huntington snares USAA’s mobile-banking ace
"Maybe it’s because I grew up rooting for a baseball team that routinely failed to be competitive, but I’ve always looked forward to the hot-stove season. Reading about a big trade or the signing of a free agent provides a thrill because they can reshape the competitive landscape. I’m feeling a similar tingle from the news that Jeff Dennes has left USAA to become chief digital officer at Huntington National Bank."

Bank of America Tests Mobile Payments
"Bank of America is a pioneer mobile payments and mobile banking arenas. BofA in May 2007 launched its mobile-banking platform and today has 5 million mobile WAP/browser-based and downloadable-banking-application subscribers. In May, the bank launched its SMS/text banking service -- a service that is open to all BofA customers -- and has more than 500,000 users. The $2.36 trillion institution is taking it a step further, moving payments to the mobile channel through a pilot it is spearheading in the New York metropolitan area."

Study: Banks Still Have Work To Do On Mobile Sites
"Tedious setup and unclear next steps are common on banking mobile sites, according to Web researchers Change Sciences Group. Consumers are wary of new technologies, expecting set-up hassles that outweigh the benefits of the service, says Steve Ellis, one of the report's authors. The most remarkable thing about the study is how bad a job some banks are doing introducing new users to their mobile services, Ellis says."

Zeus Strikes Mobile Banking
"S21sec, a global digital-security firm that provides e-crime intelligence, discovered a link between malware that was hitting online users and their mobile devices. Ultimately, it was a dual-Zeus compromise, says Daniel Brett, head of business development for S21sec. Brett says this so-called man-in-the-mobile, or Zeus Mitmo, attack is likely just the beginning, as other types of malware aimed at mobile devices can be expected."

Mobile Banking 2.0 or 0.5? – Mobile Banking for those with no mobile
"Safaricom’s M-Pesa is now so well known in the mobile banking world that it has come to be accepted by some as a blueprint for mobile financial services. The service relies on the phone in the hands of the customer (now more than 12 million) to perform transactions and the phone in the hands of the agent (all 20,000 of them) to credit and debit accounts. But in markets that have either lower penetration of mobiles or higher fragmentation among operators, offering over-the-counter (OTC) payment services may be an important alternative, or additional, strategy."

Mobile banking gets ‘no’ vote
"A new survey of 15,000 people in the U.S. and Canada has found that banking customers have so far not embraced mobile banking. In fact, only a scant 1.7 percent of U.S. respondents said they preferred to use mobile banking for routine transactions. That figure wasn’t as dismal as the percentage who said they liked to use the bank’s telephone service for routine transactions. That option was favored by less than 1 percent of the U.S. respondents."

Sunday, October 10, 2010

Mobile Banking Updates - Oct 10

Growth In Mobile Banking Adoption Will Be Driven Mainly By Smartphone Apps
"Since banks like Bank of America launched native iPhone apps for Apple’s app store in late 2008, there has been an ongoing discussion about whether the future of mobile banking will be dominated by native apps or browser-based services.

With the adoption of smartphones that let people download mobile apps (like iPhones, Andoid phones, and BlackBerrry devices) still being small today, banks will need to continue offering browser-based mobile banking services to reach most of their customers. But with smartphone ownership growing fast, I expect that most growth in mobile banking adoption will come from native apps and not from browser-based services in the coming years because..."

Mobile Banking, Social Media Shaping Channel Strategies at First Tennessee
"At the Bank Systems & Technology Executive Summit in San Diego today, Dan Marks, chief marketing officer, First Tennessee Bank pointed out that the way people want to do their banking has changed dramatically over the past 70 years, just as the the way we consume music has changed from LPs to iTunes."

Android Mobile App Misbehavior
"Security vulnerabilities and spyware are now a serious problem for smart-phone users. In July, for example, Citigroup announced that its mobile banking program for iPhone inappropriately saved confidential information--including the user's account numbers and their PIN--unencrypted in a hidden file that could be accessed by other programs running on the user's iPhone. The account numbers and PIN were also copied to the user's desktop computer when the iPhone was synched."

BofA Exec Says Consumer Confidence in Mobile Is Top Priority
"Mobile banking is expected to grow exponentially over the next 12 months, as the world's adoption of smart phones increases. But growth in WAP/browser-based banking, as well as growth in the use of downloadable banking applications, means banking institutions need to take more precautions to ensure security and consumer confidence in the emerging mobile channel."

PayPal Soon Lets You Cash Checks On iPhone
"So, is this as good as it gets? If you think so, you need to wait for PayPal’s updated iPhone app which lets users deposit checks directly to their accounts simply by taking a photo of the front and back of each check. PayPal is currently the world’s most popular online payment platform and I’m certain that this move is bound to be a welcome game changer in the mobile banking segment."

Barclays takes to park benches to talk mobile banking
"This week Barclays bank managers will swap their seat in a branch for a seat under a branch as they take to park benches for a series of Barclays mobile banking clinics. The six events, kicking off in London's Russell Square, will see bank managers holding park bench financial demonstrations for passersby via Barclays mobile banking service."

In a mobile-banking world, whither the paper check?
"One clear message resonated from the Finovate Fall conference held in New York earlier this week: Banking and personal financial transactions are moving farther from brick, mortar and piles of paper, and closer to being totally digital. Many of the financial apps and programs introduced at the two-day conference focused on engaging consumers electronically, often through their mobile phones."

Thursday, October 7, 2010

Mobile Banking Updates - Oct 7

U.S. Bank and Monitise Americas Introduce Free Mobile Banking Service for Prepaid Cardholders
"U.S. Bank and Monitise Americas have launched AccelaPay mobile banking, giving U.S. Bank AccelaPay(R) Visa cardholders convenient, free access to their accounts anywhere and anytime using their mobile phone. Plans are underway to introduce the mobile banking service to U.S. Bank ReliaCard(R) Visa state programs this month, and to expand the offering to other prepaid card products in the coming months."

ClairMail Raises $13.8 Million For Mobile Banking Technology
"ClairMail, a company that creates a mobile banking and payments platform, has raised $13.8 million in funding led by Investor Growth Capital with JAFCO Ventures, Norwest Venture Partners and Outlook Ventures participating in the round. This brings the company’s total funding to nearly $35 million.

ClairMail’s technology is fairly simple. The platform helps power mobile banking and payments for financial institutions. ClairMail processes millions of transactions per month for its customers across retail banks, credit unions and card service companies, allowing consumers to make payments and access banking information via SMS, the mobile web and client applications, across a variety of mobile devices."

Diebold Delivers Mobile Banking Solution to NavyArmy Federal Credit Union
"NavyArmy Federal Credit Union, one of the largest credit unions in the Corpus Christi, Texas area, has chosen Diebold, Incorporated (NYSE: DBD) to implement its new mobile banking solution. By deploying Diebold MobiTransact™, NavyArmy becomes the first credit union in the region with a robust mobile program, improving its ability to compete with banks offering mobile services. The credit union is implementing MobiTransact as part of a Diebold managed service contract, allowing NavyArmy to provide optimal member service, reduce operating costs, generate revenue and help integrate delivery channels."

Sunday, October 3, 2010

Mobile Shopping Summit. New York Oct 25

Learn how you can develop and drive your mobile strategies to engage your customers anytime, anywhere. Join the Mobile Shopping Summit and be among the retail leaders paving the way for mobile commerce to take off. Hear Best-in-Class presentations and demos in the Mobile App Forum from industry trailblazers

Click Here to Sign up Now

Speakers Include:

Baron Concors - Pizza Hut

Andrew Koven - Steve Madden Ltd

Tom Davis - Kenneth Cole

Rob Gelick - CBS Mobile

Stephanie Broccum - Rue La La

Baris Cetinok - Amazon Payments

Jim Hilt - Sears

Kevin Ranford - 1-800-FLOWERS

Jay Scanell - Sky Mall

Ed Deutscher - HSN

* Don’t have a mobile strategy yet? Hear everything you need to know about setting up your mobile store. Hear the 101 on Mobile.

* Already deployed a mobile app or mobile site? Learn how you can optimize your mobile channel to enable and encourage mobile shopping.

* Want to know how you can best monetize the mobile channel? Hear success stories about how the mobile store drives acquisition, loyalty, and sales revenue.

* Need to talk about your challenges in driving your mobile channel? Sit down with your peers and industry experts in a more intimate and casual setting to share best practices and tactical solutions through:

Disclosure: I will be speaking at the event and the conference will be covering a portion of my travel related expenses.

Mobile Banking Updates - Oct 3

Western Union to Launch Mobile Money Transfer Service with State Bank of India
"Western Union, a leader in global payment services, and State Bank of India (SBI), the largest commercial bank in India, today announced that SBI accountholders will soon be able to receive cross-border money transfers in their bank accounts using just their mobile phones. In July, Western Union announced the introduction of the Account-Based Money Transfer (ABMT) service, to be launched in early 2011. This service will enable SBI customers with online bank accounts to pull a Western Union(R) Money Transfer(TM) directly into their accounts via the Internet or an ATM."

The power of ZeuS hammers mobile banking users says F-Secure
"According to Sean Sullivan, a security researcher with F-Secure, users of the Windows Mobile platform are being hit by a variant of ZeuS that steals mobile transaction authorisation numbers (mTANs) using a Symbian (.sis) or Blackberry (.jad) component. Although still quite rare in the UK – and so far used by Citibank's Egg operation and Sainsbury's Bank, Infosecurity notes – mTANs are increasingly used by European banks, using mobiles to receive an mTAN via text message."

Hancock to Offer NCR Mobile Option
"NCR Corp. said Wednesday that it is providing a mobile banking system to customers of Hancock Holding Co.'s Hancock Bank.
NCR, which is more commonly known for its automated teller machines and kiosks, said it can give banks a consistent experience across mobile phones, ATMs and online banking. Hancock, of Gulfport, Miss., also uses NCR's online banking system. 'It was very important to us to make sure our customer experience was integrated from the branch, to the ATM, to online banking and now to mobile banking,' Jeff Theiler, Hancock's senior vice president of risk management, said in a press release."

Monitise and DeviceFidelity Collaborating on Contactless Mobile Payments
"obile banking and payments technology provider Monitise, which announced this spring that it has more than two million users in the U.K. and U.S., today says it has a partnership with DeviceFidelity that will allow mobile phone users to conduct contactless Visa payWave transactions. Monitise has long been a partner with Visa and Visa has a longstanding partnership with DeviceFidelity, so this new link is not surprising. It means that Monitise will now be able to offer mobile banking and contactless mobile payments in an integrated product."

Mobile Banking Speaker Barred from Speaking at Money Conference
"A former Nokia executive, turned author and commentator on mobile banking services found himself being dropped from a conference just minutes before he was due to speak last week. According to his own write-up about what happened, he had been invited to talk about mobile money services to an international conference organised for people involved in printing money and minting coins, when he was inexplicably blocked from giving his presentation."

Sunday, September 26, 2010

Mobile Banking Updates - Sept 26

U.S. Mobile Payment Use Still Years Away, MasterCard Exec Says
"U.S. consumers are still at least "a couple of years" away from widely using their smartphones to make payments, despite technology that is already available, a MasterCard Inc senior executive told Reuters Friday.
Major U.S. banks, mobile phone companies and credit card processing networks are all vying to dominate the emerging U.S. market for smartphone payments. MasterCard and its rival processing networks, including Visa Inc and Discover Financial Services, are all intensifying their tests of technology that will allow consumers to pay for goods or services with their mobile phones."

Mobile Money Wins the Social and Economic Innovation Award 2010
"Based on the success of mobile money-transfer services in Kenya and other developing countries, The Economist has announced that Nick Hughes and Susie Lonie will jointly receive the Social and Economic award at its forthcoming Innovation Awards ceremony for their outstanding contributions in this field. Nick Hughes (Signal Point Partners) and Susie Lonie (Vodacom South Africa) started a mobile money initiative in Kenya in 2005 called M-PESA, which is a joint venture between Safaricom, the leading mobile telecommunications company in Kenya, and Vodafone."

5 questions about mobile banking with Hope Berman Levin
"When did U.S. Bank first provide mobile banking to its customers and what percentage of them use the service? We introduced mobile banking to our customers in July of 2008. It’s growing rapidly; specific numbers are proprietary. We have an app for iPhone, Android and BlackBerry as well as many other smart phones. Our largest population of mobile banking users use the iPhone."

Too Many Cooks in Mobile
"We could learn a few things about banking and payments security from some unsuspected places. Case in point: Africa, where the Central Bank has already spearheaded an effort to set guidelines for mobile financial transactions. Mobile banking and payments are rapidly accelerating the proliferation of banking services in Africa, a continent with relatively few banking branches. In fact, mobile banking and payments are seen as critical to the maturation of the Africa Union's economic growth and stability."

Visa powers contactless mobile payments for NY/NJ mass transit
"'Visa’s working to bring mobile contactless payments to consumers in the U.S. by transforming mobile phones with a microSD slot into Visa mobile payment devices,' said Dave Wentker, San Francisco-based head of mobile contactless payments at Visa.

'The mass transit trial in New York allows Visa and the transit agencies to test Visa payWave-enabled mobile phones and cards as a way for mass transit riders to pay for subway, train and bus fares,' he said. 'For transit agencies, this pilot allows them to reduce the cash handling costs and ticket distribution, allowing them to focus on their core business of getting people where they need to go.'"

Western Union offers mobile money transfers
"Mobile banking and mobile payments are just two kinds of financial applications coming on cell phones. Western Union has now unveiled mobile money transfers in Canada–a move indicating that despite security worries, mobile financial transactions are going to be common in developed economies. Western Union and EnStream want to change the paradigm, maybe even democratize the way money is sent and received, a company press release said."

M-Com Launches Another Person-to-Person Service - Customers Experience Industry-Leading Adoption of P2P Payments
"'Our customers across M-Com's commercial P2P deployments are seeing significant demand growth,' comments M-Com CEO, Adam Clark. 'A significant proportion of registered mobile bankers are already active and regular mobile P2P payers, with an average transaction value of about $240. About 40% of those are informal and personal in nature, 40% are for payments to small merchants such as plumbers, and the rest are for payments of goods exchanged by individuals through mechanisms such as eBay. Better still, both transaction volumes and transaction value are growing disproportionately faster than the general adoption of mobile banking services.'"

CashEdge Launches Popmoney™ for Small Business - First Email and Mobile Payments Service Designed for Online & Mobile Banking Small Business Customers
"CashEdge, Inc., the leading provider of Intelligent Money Movement™ services, announced today the launch of Popmoney™ for Small Business, the first electronic invoice and payment solution designed specifically for small business customers of financial institutions. Popmoney for Small Business provides businesses with the unique capability to pay vendors and employees electronically using only an email or mobile number. They may also pay using an account number."

Sunday, September 19, 2010

Mobile Banking Updates - Sept 19

The Mobile Banking Webinar - Sept 22 The London Stock Exchange
Tim France-Massey, Royal Bank of Scotland
Phil Sowter, Barclays
Paul Berney. Mobile Marketing Association

Mobile Service Targets Cambodia's 'Unbanked'
"How do you roll out a banking service in a place where most people don't have bank accounts? Australia & New Zealand Banking Group Ltd. tackled that question in developing WING, a banking and payment system it launched in Cambodia early last year. In Phnom Penh, said Peter Dalton, ANZ's general manager for innovation, it's not uncommon for workers to send money to relatives in rural areas via a taxi-bound courier, which is risky as well as expensive. The Melbourne, Australia, bank estimates that only about 500,000 of the country's 14 million population have bank accounts, but 'there is a need for saving and sending money,' he said."

Obopay and Star Network Partner for Mobile Transfers
"The agreement enables Obopay to offer the industry's only mobile money transfer solution with real-time capabilities that places the demand deposit account at the center of the transaction, the company said. The Star Network offers transaction speeds that are not possible with Automated Clearing House (ACH) transfers, which often take several days to process. With this service, financial institutions can offer a secure and convenient way for their customers and members to send and receive money using their mobile phones."

Afghanistan shows the UK how mobile banking should be done
"Last week on TV I saw a Barclays Bank ad showing how 'easy' it was for people to use their phones for mobile banking and I realised how far the UK is behind when it comes to this business. It was the first such commercial I'd seen.
The plethora of cash machines that appear to be in every shop nowadays and the (recently treated) plague of credit cards means UK banks have been woefully slow in offering customers this service. Meanwhile, in poverty-stricken countries such as Afghanistan it is transforming lives and probably saving them as well."

BofA Tests Mobile Payments
"Bank of America is extending its mobile financial offer, giving contactless chip-based payments another shot in the U.S. Mobile payments and mobile banking are quickly changing the financial landscape, not just for consumers but also for banks and credit unions. So what new opportunities are emerging in the arena of payments, and how are U.S. consumers expected to embrace these options?"

First Data to offer turnkey NFC service to US banks from early 2011
"First Data has partnered with South Korea's SK C&C to offer turnkey NFC-based TSM and mobile wallet services to its US banking and merchant customer base. The two companies will deliver a complete set of mobile commerce services to First Data's financial institution and merchant customers, including a TSM (trusted service manager) platform and mobile wallet software. Credit, debit, prepaid and gift cards will all be supported."

Banks need to go mobile to improve customer opinion
"New research from digital agency YouGov has revealed that banks could hugely improve their customer’s opinions by launching mobile banking services. The study, commissioned by on-line financial services company Intelligent Enviroments, reveals that 25% of people aged between 18 and 34 would be more approving of their bank if they were offered mobile features."