Out of thin air
"IT IS like magic. By clicking a few keys on a mobile phone, money can be zapped from one part of Kenya to another in seconds. For urban migrants sending money home to their villages, and for people used to queuing at banks for hours to pay bills or school fees, the M-PESA money-transfer service, operated by Safaricom, Kenya’s largest mobile operator, is a godsend. No wonder it is used by 9.5m people, or 23% of the population, and transfers the equivalent of 11% of Kenya’s GDP each year; or that it has inspired more than 60 similar schemes across the world.
But despite the apparently frictionless transfer of money through the air, making a money-transfer system work smoothly requires a great deal of backstage effort. Jake Kendall and Ignacio Mas of the Bill & Melinda Gates Foundation, and Frederik Eijkman of PEP Intermedius, a financial-services firm, explain how it all works in a paper presented in late May."
Dubai Islamic Bank launches Al Islami Mobile Banking
"In line with its commitment to customer service and product innovation, Dubai Islamic Bank (DIB) announced today the launch of Al Islami Mobile Banking, which provides a wide range of secure and convenient banking services 24 hours a day, seven days a week, through a customised mobile-based website.
Customers will be able to check their account and card statements and details, including Murhaba accounts, investment accounts and funds. Customers can also open an investment account, request a chequebook, and issue or cancel a card through this same service. Additionally, customers may make payments and fund transfers to any predefined beneficiary, while also registering for additional e-channel services, such as SMS and Phone Banking and E-Statements."
Scotiabank unveils its mobile banking
"SCOTIABANK is this month introducing mobile banking services for its Bahamian customers, allowing them to perform banking functions from web-enabled mobile devices. 'We understand that Bahamians rely on the convenience of mobile devices to help them manage their busy lifestyles. Scotiabank customers have asked for that convenience to extend to banking services, and that is exactly what we will be delivering,' said Leah R Davis, the bank's senior manager for marketing and public relations."
U.S. Bank Reveals Mobile Roadmap
"Executives from U.S. Bank opened the kimono yesterday at SourceMedia's 4th Annual Mobile Banking and Emerging Applications Summit, laying out the bank's mobile roadmap in great detail.
On the agenda for the rest of 2010 are mobile P2P payments, facilitated by a deal with CashEdge; mobile RDC in partnership with Firethorn; a mobile rewards program called FlexPerks mobile that will send offers to consumers via their mobile device; Micro-SD based payments, and a mobile shopping concierge that will used location-based information to send specific coupons to a customer based on where the customer is in a specific retail store, according to Dominic Venturo, chief innovation officer for U.S. Bank's retail payments group."
Mobile Banking Summit Illustrates Topic is Hot
"You don't need to look any further than the attendee list to realize the importance of mobile banking to our industry. Not only is almost every major institution in attendance at this year's Mobile Banking and Emerging Applications Summit, but the number of participants has increased by more than 50% according to officials from SourceMedia.
The program kicked off Sunday with a workshop by David Eads, Founder & CEO of Mobile Strategy Partners LLC where he discussed the basics of getting a Mobile Banking strategy off the ground. He also shared the first of a wave of industry statistics that made it clear to the SRO attendees that this year and next will be pivotal to the mobile banking industry. He also shared keys to developing a business case for introducing mobile banking. He emphasized that while cost reduction (mainly from offloaded balance inquiry calls) could many time justify the investment in mobile banking by itself. a drop in attrition and an increase in revenue from increased interchange and cross-sales will also improve the ROI. "
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