Mobile Banking Updates - Jan 9

Wells Fargo to Employees: Leave Wallets Home, Pay by Phone
"Wells Fargo (WFC) is again trying to make mobile payments at restaurants and retailers mainstream, three years after an earlier attempt lost steam. Peter Ho, product manager of card services at the bank, led a test several years ago that let executives use a Nokia phone, rather than a debit or credit card, to pay for fast food and other items. While he liked the convenience, Wells Fargo didn't end up offering the service to customers, partly because only the one handset was capable of transmitting payment information at the time."

Banks still don't get mobile, but neither do researchers...
"I read with interest a post pointed out to me by @JenRBoyd posted on Mobile Commerce Daily highlighting a recent Celent report comparing US and EU investment in multi-channel. The problem here is that the conclusions of the report are correct, but even the report itself suffers from an old-school view of the banking arena, that is, we are still asking the wrong questions..."

Nine Savannah banks offer text-message alerts
"Stuart Dutton stood before his bathroom mirror Tuesday morning when he suddenly remembered he needed to transfer funds from one bank account to another. 'It just came to my mind,' Dutton said. He completed the transaction before the thought could slip away - using the smartphone lying an arm's length away on the vanity."

The Electronification of Payments
"The ABA's Steve Kenneally says 2011 will be a year of payments change. As more transactions and banking channels rely on Automated Clearing House networks, U.S. banks are expected to up their investments in ACH innovation and security. Kenneally, vice president of the Center for Regulatory Compliance within the Financial Policy and Regulatory Affairs division of the American Bankers Association, says increases in ACH and debit transactions are opening doors for mobile, especially where online bill payment is concerned."