Mobile Banking Updates - Feb 22

MWC: is three a magic number for banks?
"The Microsoft-Nokia partnership, which was announced last week, could represent a critical step towards reducing the complexity of mobile banking app development. In fact, yesterday Steve Ballmer, CEO of Microsoft and Stephen Elop, CEO of Nokia took to the stage at Mobile World Congress (MWC) to discuss the importance of creating a strong "third ecosystem” for mobile devices, platform and services."

Mobile Banking to Increase Five-Fold Over the Next Five Years
"Rapid consumer adoption of smartphones and increased use of the mobile Web will result in more customers using online banking to check balances, review transactions, or receive alerts, according to the latest Forrester research. Emmett Higdon, senior analyst at Forrester and author of the report, proposes banks should consider this trend now to create a more robust, sophisticated execution of online banking. Higdon chronicles the smartphone adoption through five major factors: enthusiastic smartphone adoption, greater mobile Web use, steady increase in supply, enhanced mobile usability, and generational shifts."

Chase Announces Strategic Agreement with Mitek Systems
"Chase today announced a strategic agreement with Mitek Systems, Inc. (OTC: MITK.OB), a developer of advanced-image analytics and mobile-document-capture applications, to develop a suite of innovative image-capture solutions across multiple smartphone operating systems. The agreement enables Chase to build on the success of its award-winning QuickDeposit feature by deploying Mitek’s mobile-banking and advanced image-capture and analytics products across a variety of smartphone operating systems. QuickDeposit allows customers to deposit checks anytime and anywhere with a click of their mobile phone camera."

Mobile Banking Devices Can Deliver Strong Returns for Banks That Measure Customers’ Usage Patterns and Target Consumers’ Needs, According to Accenture Research
"When banks enable their customers to use a mobile device to check balances, transfer money, pay bills, apply for credit or manage their personal finances, they can achieve returns on investment of as high as 300 percent, according to a new study commissioned by Accenture (NYSE:ACN).

Banks generating the highest returns on their mobile banking investments achieved ROI by emphasizing customer convenience, providing rich exchanges of information between bank and customer and accurately measuring how customers use their mobile phones to bank, according to the research which was conducted by TowerGroup on behalf of Accenture."