Mobile Banking Updates - Apr 27

Smartphones to drive European m-banking take-up - Forrester
"The survey of 14000 people in France, Germany, Italy, the Netherlands, Spain, Sweden and the UK shows that mobile banking is still relatively little-used, with application-based systems particularly unpopular.

Just one per cent of European Net users with a mobile phone use banking applications, although this is partly because so few financial institutions offer customers the option. Mobile Internet systems are slightly more popular, with four per cent visiting bank Web sites through handsets. However, SMS-based systems continue to dominate, with 10% of European online mobile phone users signing up for one-way text message alerts from their banks."

Brett King: Banks are Losing the Customer and Innovation Battle
"For mobile internet banking, it is far worse. The iPhone has dominated global smart-phone sales over the last 3 years. In 2009, iPhone made up 72% of smart-phone sales in Japan, but less than 1% of banks in the U.S. have an iPhone app - best case of the largest banks, the percentages is closer to 10%. The excuse for this lag in innovation is undoubtedly that 2009 was a tough year to invest in technology. The problem is that banks should have already committed to this in 2007, when the iPhone was released, not be thinking about potentially launching in 2010/2011, five years after the customer has already adopted the technology. Given the expectations are for close to a billion mobile banking users by 2015, there are just no excuses for such a lag."

Analyst Labels M-Commerce Renaissance a Priority
"Banks making a concerted push to promote contactless payment technology are focusing on the wrong target and should switch their short-term focus to mobile commerce.

That's the main conclusion of a new report by independent technology analyst Ovum, which finds that m-commerce is set to experience a renaissance as industry players express renewed interest and mobile banking services take root."

Leveraging Mobile to Combat Fraud
"Join Javelin for a complimentary webinar presentation on using mobile to combat fraud. The mobile channel brings new ways to increase banking security in a time when fraud is on the rise. Mobile alerts and mobile banking bring more advanced capabilities to fight fraud through allowing consumers to have anytime, anywhere access to their finances. The growth of mobile banking offers consumers and FI’s a tool to help stop fraud as soon as it occurs. With the development of mobile banking and near real-time alerts, financial institutions can deputize consumers to help in the battle against fraud – for their own good as well as yours."

Bank of Hawaii - It's Banking on the Go
"If you have an e-Bankoh Online Banking account, you can access your account from your mobile phone. It's free and just takes seconds to setup."

FIS-Sponsored Survey Reveals Consumer Interest in Replacing Cash and Checks with P2P Money Movement
"Demand for electronic person-to-person (P2P) payments and transfers is growing rapidly and the interest of making these and other payment transactions through an ePayment Portal is strong as well. In fact, the study found that of those who were interested in the Portal concept, 70 percent would be likely to use P2P payment services within that Portal. This is according to research commissioned by FIS(TM) (FIS 25.04, -0.61, -2.38%) , one of the world's largest providers of banking and payments technology. The study was conducted by eCom Advisors, a provider of executive consulting and research services in the financial services industry."

ClairMail reaches agreement with CashEdge
"Mobile banking and payment service provider ClairMail has entered into an agreement with CashEdge, a provider of Intelligent Money Movement services, to provide financial institutions with connectivity to CashEdge's Popmoney through the ClairMail platform.

As a result of the relationship, ClairMail customers will have the ability to provide consumers with a secure mobile banking and P2P payments experience.

Through the integration with ClairMail's platform, the two companies will enable financial institutions (FIs) to offer their customers the ability to send payments by using the email address or mobile phone number of the recipient. Each FI can custom brand the Popmoney mobile experience, which provides consumers the security of using a service offered directly from their bank."

Sybase 365 and FirstCaribbean International Bank Bring Industry-Leading Mobile Banking Technology to the Caribbean
"Sybase 365, a subsidiary of Sybase, Inc., the global leader in mobile messaging and mobile commerce services, today announced a partnership with FirstCaribbean International Bank to provide customers with mobile banking services enabling them the flexibility and convenience of managing their finances over their mobile phones.

FirstCaribbean International Bank is the largest regionally-listed bank in the English and Dutch-speaking Caribbean with branches across 17 markets. The new service is of tremendous value to FirstCaribbean customers as it gives many of them a more convenient way to bank on the go, without needing to visit a branch -- something that is of particular importance to many without home Internet connections."

Key online and mobile marketing executives gather at the upcoming financial services marketing conference Net.Finance 2010 in May.

"Online Banking and Mobile Banking platforms and capabilities need to continue to be agile, seamless, and optimized to address the consumers’ needs to be connected, mobile, and engaged. Bank marketing and eCommerce executives are decisively upping the game in customer acquisition, customer loyalty, multi-channel experience, and engagement through improved digital marketing strategies and optimized interactive channels.

Net.Finance 2010 brings together key online and mobile and bank marketing representatives from Bank of America, Citi, Nationwide, Lending Club, E*Trade, TIAA-CREF, Addison Avenue Federal Credit Union, Yahoo!Finance, 1st Mariner Bank, Prudential, Prosper, Charles Schwab, Scotiabank, HSBC, Discover, and a cross-section of different financial institutions in North America to share best practices and innovative strategies in online marketing, mobile banking, mobile payments, customer experience management, use of social media, lead generation, site optimization, and online personal financial management." >> Continue Reading

Mobile Banking Updates - Apr 25

Apple's Mobile-Pay Vision Cuts Banks Out of the Picture
"Apple Inc. has the power to make mobile payments huge, but not quite in the way bankers hope.

Several recently unveiled patent applications indicate that the Cupertino, Calif., company has a comprehensive vision for incorporating near-field communication chips — widely considered a crucial element for mobile payments — into its iPhone.

Numerous payments companies have developed NFC systems that can turn phones into versatile financial tools, but few have gone beyond the pilot phase because phone makers and wireless carriers have been reluctant to incorporate the chips into their hardware."

6 Tips for Safer Mobile Banking
"It’s a question that’s often raised when a bank adopts a new technology. Is a new convenience worth a potential compromise in security? Many consumers struggle with it when they use text messaging to conduct business; log in to their bank account on a public computer; or even weigh using an automatic teller machine outside their bank branch.

Now, a new mobile phone application has some asking the question again. EBay’s (EBAY: 24.55, -0.23, -0.92%) PayPal Mobile app allows PayPal account holders to transfer money by bumping two smartphones together, or entering the email address of their friend’s account. The free app allows iPhone and iPod Touch users to send money to other users around the world at no cost using their PayPal balance or bank account."

New Paper: Mobile Payments Go Viral - M-PESA in Kenya
"M-PESA’s market success can be interpreted as the interplay of three sets of factors:
* Pre-existing country conditions that made Kenya a conducive environment for a successful mobile money deployment;
* A clever service design that facilitated rapid adoption and early capturing of network effects;
* A business execution strategy that helped M-PESA rapidly reach a critical mass of customers, thereby avoiding the adverse chicken-and-egg (two-sided market) problems that afflict new payment systems."

Dutch banks are becoming more mobile
"Mobile banking has seen a slow take up in the Netherlands in comparison to other countries. At the moment Rabobank is ahead with offering a mobile banking application for smart phones, SMS payments service and an iPhone application. However from this month onwards more developments can be expected as ABN AMRO and ING have introduced an iPhone application. "

ClairMail Announces Record Quarter-End Numbers, Continuing Growth and Leadership in Mobile Financial Services
"ClairMail, Inc., the leader in mobile banking and payment solutions, today announced that it has posted a 270 percent year-over-year increase in bookings for the first quarter ending March 2010, demonstrating a year of customer wins, new technology releases, and strong industry presence.

The mobile banking space has seen skyrocketing adoption, growth and opportunity in the past year, and according to ClairMail research, a projected 46 percent of the top 600 banks are planning to purchase or implement mobile banking strategies in 2010."

Green Mobile Banking

Go Green on Earth Day with Obopay
"Hi, Valued Obopay Customer,

Obopay invites you to celebrate Earth Day by taking a step toward decreasing the use of paper when managing your finances.

Approximately 60 billion checks and paper statements are sent in the U.S. each year. You can make a difference by adopting a paperless payment system and going mobile with your money. "

Wells Fargo Promotes Five Simple Actions to Protect the Environment Through Banking
"Choose to handle daily finances online or via mobile banking, including transferring money or paying bills. According to the PayItGreen Alliance, of which Wells Fargo is a member, if only 20 percent of American households switched from paper to electronic bills, statements and payments each year, it would save 150 million pounds of paper and help avoid nearly two million tons of greenhouse gases."

Mobile Banking Updates - Apr 19

M-com Launches Mobile Banking And Payments Platform For Emerging Markets
"International mobile banking solution provider, M-Com, announced today that it has launched an Emerging Markets edition of its flagship product – BankAnywhere. 'BankAnywhere has been servicing banks in developed countries since May 2002,' comments M-Com CEO and Founder, Adam Clark. 'Given the specific needs and constraints of banks within emerging markets, we decided to tailor some of its core functionality. We have made it easier than ever for consumers in developing economies to pay bills, top up, receive vouchers and send each other money through the trusted brands of their financial institutions. In other words, for banks in developing nations, this is an M-Commerce platform in-a-box.'”

U.S. Mobile Banking Grew 20% in Q1 2010
"Mobile banking adoption in the U.S. is grew by 20% last quarter according to research we have done on large and regional banks in the U.S. USAA is a good published example of this industry growth we think is fueled by the proliferation of smartphones and a growing consumer comfort and familiarity with mobile technology. USAA reports having 17% mobile banking adoption at then end of Q1 2010 up from 14% at the end of 2009. Other banks for whom we cannot report numbers grew at a similar rate."

Qatar National Bank Introduces Mobile Banking Application
"Qatar National Bank (QNB) has launched mobile banking application in the country, for BlackBerry mobile users as part of its continuous drive to develop new products and services for its customers.
An extension of the QNB’s eazylife suite of electronic banking services (e-services), the QNB mobile banking application (eazymobile) is a multi-purpose tool that gives customers an access to range of banking services through any mobile phone, as well as the recently added BlackBerry handsets."

M Banking on ms Platform
"MBanx, a mobile banking solution based on the Microsoft platform, was successfully deployed by Synapsys, an IT services and solutions company. This was marked by the official launch of 'MBanker' doorstep banking service by DFCC Vardhana Bank (DVB), which chose MBanx as the mobile applications platform that would drive its mobile services. With the use of mobile terminals running MBanx Client Application over GPRS or 3G, DVB's banking executives will now visit and serve customers in their own environs providing great convenience to the customer, and, at the same time busting queues at bank branches."

Mobile Banking Updates - Apr 18

ANZ Bank trials mobile ePOS for iPhones
"The bank is aiming the application at merchants with iPhones who are highly mobile and want to take payments quickly and securely, instead of lugging around portable EFTPOS machines. Dubbed ANZ ePOS Mobile, the application can process on-the-spot credit and debit card transactions at a customer location. Credit card details such as expiry date and card verification code are encrypted and no customer data is stored on the iPhone."

Why mobile is changing the banking planet
"Back in 2004, I asked a group of bankers when mobile would take off in banking. They all said: 'not in our lifetimes.'

In 2007, Bank of America launched their mobile banking applications and has seen a rapid uptake of users. In less than a year, they reached a million customers on mobile, and saw a further 300% growth in 2008. It took them over a year to get the first million customers; a pregnancy period of just nine months to get the second million; and a short six months to get the third."

ViVOtech Says Its Contactless PIN Pad Will Pave the Way for Mobile
"ViVOtech Inc., perhaps best known as a maker of readers that enable contactless card transactions, this week plunged further into the point-of-sale business with the introduction of a PIN pad capable of processing contactless payments.

The device, known as the ViVOpay 8100, brings the Santa Clara, Calif.-based company into closer competition with established terminal makers. It can handle routine mag-stripe card transactions but can be switched over to contactless card and mobile transactions based on near-field communication (NFC) at any time, the company says. It also paves the way for promotional and loyalty programs merchants may want to deliver on an NFC platform or on stickers or other mobile-payments media, such as micro Secure Digital cards."

Small Banks Eye Mobile Upgrades
"Community banks are planning to improve their mobile banking offerings, according to research by Banc Investment Group LLC. About 89% of banks in a survey said they were considering updates of their mobile banking platforms. Most were planning to add to their mobile banking systems an application that runs on smart phones; the remainder were planning to add other features to their current systems."

Asia telcos bet on banking to drive mobile money boom
"April 16 - Asian cellular carriers are charting new ground with a charge into e-commerce, spending billions on banks and credit card issuers as they hunt for better returns on their own multibillion-dollar networks. But the gambit could also take them down a hazardous road, extending them beyond their core business as mobile network operators into a fast moving and unfamiliar world of high finance they know little about."

Cleveland CU Broadens Mobile Service
"Eaton Family Credit Union of Euclid, Ohio, has expanded its mobile banking offering to include the ability to handle more kinds of phones and ways to use them. The $44 million, suburban Cleveland institution calls the new service Eaton Family CU Mobile and said it can now handle text messaging, Web browsers or downloadable applications on compatible iPhones and other smartphones."

Mobile Banking Updates - Apr 14

Mobile Banking: Building Trust
"Innovation has inarguably made our lives richer and what it’s brought to the financial world is no exception. Mobile Banking is the next wave of innovation in Finance and it’s primed for wide-scale adoption; however it won’t gain mass appeal until trust has been built. The question becomes “how does one build a trustworthy Mobile Banking platform?” Throughout the entire history of banking, trust has been built by executing on two key principals:"

What the iPad Means to Mobile Banking
"Selling some 300,000 units upon its April 3 release, Apple's iPad could represent a new era of content consumption and interaction. And with more tablet PCs on the horizon, this new category of consumer electronics could affect mobile banking.
Geoff Knapp, vice president, online banking and consumer insights for Fiserv, a financial information management and service provider, believes the iPad in particular, with its iPhone-like operating system, iTunes App Store and 9.7 inch touch screen, could present an advantage in the future to banks willing to adopt the technology early and develop native apps. Early on, he believes banks will promote banking on the iPad through a mix of browser-based banking, already-existing iPhone apps and basic iPad-specific apps."

Scotiabank to Expand Mobile Banking, Funds in Canada (Update2)
"Bank of Nova Scotia plans to invest more money in mobile banking and in its automated teller network and will consider new fund products to expand the consumer- lending business. 'The opportunity, even though it’s a mature market, to grow our Canadian businesses is still quite significant,' said Christopher Hodgson, Scotiabank’s head of domestic banking.
Canada’s third-biggest bank posted record net income of C$560 million ($557 million) at the unit in the fiscal first quarter, a 28 percent increase from a year earlier. Chief Executive Officer Richard Waugh said the firm can do better."

10 years of mobile banking - what's changed?
"Is it just me, or does mobile banking seem to perpetually be the next big thing? Maybe it's because I remember how underwhelmed I was by the first generation of WAP browsers on mobile phones when trying to access my bank account in 2000, but over the past decade I can count on one hand the number of times I've done 'mobile banking' on my phone, other than speak to a call centre operative."

Data reveals truths about Gen Y’s financial habits
"Fiserv, one of the world’s biggest information management companies in the financial industry, released the results of a study looking into the financial habits and influences of Gen Y. The survey, conducted in July 2009, involved 3,271 Internet-connected households. The study’s most surprising finding? That the level of hype regarding the importance of online communities in Gen Y’s financial lives doesn’t match its actual influence."

Monitise Achieves Two Million Customers
"Monitise Americas, the leading mobile banking and payments provider, has announced its parent company, Monitise, has achieved over 2 million registered users for its services in the UK and the US, driven by increased uptake of its smartphone apps. Monitise provides its secure Mobile Money Manager platform to over 240 banks and financial institutions in the US and UK, with 100 million transactions processed by the platform every year."

Mass.-Based StonehamBank Taps FIS to Launch Mobile Banking
"Stoneham, Mass.-based StonehamBank announced April 6 the launch of its mobile banking and payment services, developed in partnership with technology provider, FIS. A 115-year-old community bank with three Massachusetts locations, StonehamBank's leadership said the new technology was about customer access."

Diebold Deploys Mobile Banking Platform MobiTransact At Alpine Bank
"Diebold, a provider of integrated self-service delivery and security systems and services, has deployed mobile banking platform MobiTransact at Colorado-based Alpine Bank. MobiTransact provides both text and browser support to a variety of mobile devices. With MobiTransact, Alpine Bank can provide its customers immediate access to their accounts, anywhere at any time, without requiring an online banking account."

Mobile Money Canada 2010, Canada’s Only Mobile Financial Services Conference, Will Take Place On September 21st, 2010
"Mobile Money Canada 2010 will bring together over 200 senior executives, thought leaders, and mobile financial practitioners from Canadian banks, mobile operators, financial service providers, and technology solution providers, and consultancies to discuss, debate, and network."

Mobile Banking and Emerging Applications Summit

I just received word that the agenda for the Mobile Banking and Emerging Applications Summit has been finalized.

Click Here to View the Full Agenda

Click Here to Learn More about the M Resort - Las Vegas

The event will be at the luxurious M Resort in Las Vegas on June 6-8.

The list of speakers/panelists for this year includes:
Garrett Price - EBAY
Chuck Davidson - STARBUCKS
Pamela Joseph - U.S. BANCORP
Liza Landsman - CITI
Matthew Macomber - BANK OF THE WEST
Jeff Dennes - USAA
Megan C. Minich - WELLS FARGO
Pradeep Moudgal - SILICON VALLEY BANK
Pete Chiccino - THE BANCORP BANK
Jesse Torres - PAN AMERICAN BANK
Tim Gluth - NORTH SHORE BANK

Disclosure: As a panelist, the conference will be covering a portion of my travel related expenses.

Bank of America Launches Text Banking - NetBanker

"Your best excuse to delay your text-banking project ended today. Bank of America launched the mobile service via an interstitial ad to online banking customers (see below).

The new service may be rolling out in waves since I don't see it mentioned in online news sites nor is featured on the BofA site. And there is only a single Twitter message posted three days ago.

The signup process required the entry of a mobile number and a YES response from that mobile device (see screenshots below). While, that's not much to ask, it did seem unnecessary since I was already signed up for mobile banking through that number." >> Continue Reading

Viewpoint: Mobile Banking's Fraud Problems - Ori Eisen

"With every new banking technology comes new security implications and threats.

Consumers are increasingly coming around to the idea of mobile banking, especially with the enhanced number of services being offered via handsets, including financial information services, funds transfer, bill payment and presentation, account management and customer service. At the same time, banks are faced with enhancing their security measures to help address a serious consumer concern — how safe is it to use mobile banking?

Though some argue that mobile banking can be more secure than its Internet equivalent since no data is typically held on the phone itself, security experts and consumers are expressing concerns. Skeptics have good reason to be apprehensive." >> Continue Reading

Mobile Banking Updates - Apr 7

ClairMail Talks Security (Part II): The Importance of Business Controls for Consumer Confidence
"This week was a big week for the international mobile financial services industry. We at ClairMail announced our new Mobile Connectivity Architecture (MCA) - a new way of connecting the mobile channel (and thus the consumer) to nearly all core bank systems, setting in motion our ultimate vision of bank customers being able to complete nearly all bank interactions without ever having to leave such a convenient communication method."

The Very Mobile Future of Banking
"Take a look at these videos and interactive demos and you’ll swear the future of banking hinges on the marriage of two ideas: 'mobile' + 'touchscreens.'

Commonwealth Bank, based in Australia, sees the near future of banking built around interactive touchscreen technologies like Microsoft’s Surface and Apple’s iPad. The Aussie bank’s vision includes augmented reality, geolocation, biometrics and mobile payments. 'Anyone. Anywhere. Anytime.' It’s not hard to imagine that some people might be banking like this by 2013, but most people probably won’t catch up to this highly urban/upscale prediction until some time after that.”

m-Via Mobile Payments Present at Under the Radar Mobility 2009
"Like Western Union, but for the 21st Century…. m-via lets you transfer funds to unbanked family and friends anywhere in the world. Missed seeing them present at Under the Radar today? See their company description and Bill’s presentation below:"

Monitise Americas Publishes White Paper on the Critical Mobile Banking Decision
"Monitise Americas, the leading mobile banking and payments provider, today announced that it is making available its white paper, “The Critical Mobile Banking Decision”. The paper examines how mobility should be regarded as a strategic solution that can offer a solid return on investment. It also makes the case for selecting a provider that can offer a proven, integrated system that supports a long-term growth vision."

Mobile Banking Updates - Apr 4

ING Direct launches BlackBerry, iPhone app
"ING Direct has launched a free mobile-banking application for the BlackBerry and iPhone, the direct bank announced Wednesday. The app will allow users to check their account balances and transfer funds on the go using wireless 3G technology. 'Offering our clients the option of saving anywhere is an exciting frontier,' ING Direct Canada President and CEO Peter Aceto said in a statement. IDC Canada senior analyst Rob Burbach recently told QMI that mobile banking would be a natural progression for a company like ING since they have no retail branches and account holders are already accustomed to moving their money online."

The Keynote Benchmark
"Benchmark is an online publication from Keynote Systems. Designed for every executive and manager who is involved in online strategy and execution, Benchmark, features articles and interviews that help executives stay abreast of trends impacting the online customer experience today."

PayFlex® Announces First Mobile Application for HSAs and FSAs
"PayFlex Systems USA, Inc. (“PayFlex”), a leading administrator for employee benefit programs, today announced the launch of its broad mobile application platform, PayFlex Mobile, introducing the first of several mobile-specific offerings planned by PayFlex. This initial application will allow consumers to access and act on all elements of their personalized healthcare financial benefits including Health Savings Accounts (HSAs), Flexible Spending Accounts, (FSAs), and Health Reimbursement Arrangements (HRAs) from anywhere and at anytime. The application will initially be piloted at several large PayFlex customers and is expected to be generally available in the early summer of 2010."

Jack Henry & Associates Announces 250th Mobile Banking Customer
"Jack Henry & Associates, Inc. (Nasdaq: JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, today announced that goDough, its state-of-the-art mobile banking solution, has been selected by 250 of its core financial institution clients. goDough was introduced in November 2007 and now supports more than 63,000 subscribers of 63 mobile service carriers.

goDough, the browser-based solution developed internally by Jack Henry & Associates, is compatible with any Web-enabled mobile device regardless of make or model and all mobile phone carriers. This proprietary solution enables bank customers and credit union members to conduct traditional in-branch and online transactions such as balance inquiries, funds transfers between accounts, and transaction viewing; and supports all account types, including checking, certificates-of-deposit, money markets, loans, and lines-of-credit. goDough also enables users to receive designated alerts and make mobile payments to entities other than the offering financial institution."