Mobile Banking Updates - May 31

Think Launches FaceCash Mobile Payment System for POS Payments
"Palo Alto-based Think Computer Corporation has announced the launch of its new FaceCash mobile payment system that lets consumers pay for items at the point of sale with a cell phone. Think says that FaceCash is the first component of its ThinkLink integrated payment and accounting network to launch."

Making the Move to Mobile Payments
"Your customers are accustomed to conducting life through their mobile devices. And soon, they may expect to be able to pay through their cellphone as well.

When a magnitude 7.0 earthquake devastated Haiti in January, Americans were asked to pull out their cell phones rather than their wallets. In the first large-scale use of texting to make charitable donations, givers contributed more than $30 million in just 10 days."

Branchless Banking is 19 % Cheaper than Banks: Study
"On average, the cost for carrying out transactions with mobile banking or other forms of branchless banking is 19% cheaper than charges of conventional banks; however the gap can further widen if branchless banks tend to lower their profits, revealed a study done by CGAP research that compared 26 branchless banking pioneers and traditional banks."

Mobile Banking & Emerging Payments Technology
"The mobile movement is beyond the tipping point. Already, there are more U.S. consumers with mobile devices than without them, making it virtually impossible for any financial institution to ignore the enormous potential of this delivery channel.
But how to move forward? Many institutions have taken the first steps toward becoming mobile-enabled. In fact, Celent just reported that the majority of the Top 50 U.S. retail banks will offer some form of mobile banking by the end of this year."

Mobile banking's growth rate putting bank leaders in check
"Not only has the recession driven demand for it as more customers who are worried about their money go online to check their accounts, but younger people also are turning to technology for their banking needs."

‘It’s not just the logo’
"Nigerian banks should improve their brand value, as well as their customer care and call centre services locally and internationally, while seeking to deliver financial services and products to their customers, Foluso Phillips, the chairman and CEO of Phillips Consulting has said.

Mr Phillips, who stated this at the launch of ‘Flashwallet,’ a new product of Fin Bank Plc, said improving customer care services in the banking industry would go a long way in addressing some of the challenges customers face, both in the country and outside."

Demand For Safer Online Banking And Shopping Experience To Drive Mobile Banking In Australia
"With 13% of people using mobile banking at least once a week in Australia, local adoption is on par with other Western countries such as the US (13%), Canada (12% and UK (15%), but still lagging behind emerging Asian markets, including India (47%) and China (51%), according to a recent survey by Sybase 365. Sybase 365 is a subsidiary of Sybase, Inc. (NYSE: SY) and the global leader in mobile messaging and mobile commerce services."

Moving beyond the branch
"The rise of mobile banking has created new opportunities for financial institutions to improve their competitive position, enhance acquisition and loyalty, and lower the cost to serve customers.

To date, most institutions have promoted this new channel primarily among current online banking customers, overlooking millions of possible users and reducing the potential return on their mobile banking investment. A more effective approach would be to implement a proactive channel migration strategy aimed at converting offline customers, who are not regular users of online banking, from traditional channels to the mobile channel."

Visa To Form JV In India
"In an attempt to further penetrate into the Indian consumer market, on Wednesday, Visa Inc. announced its partnership with London-based Monitise plc to offer an array of mobile financial services in India through a joint venture (JV) operation. The JV is expected to reach fruition by June 2010."