Mobile Banking Updates - Feb 28

eMarketer: Mobile Payments Take Hold Around the World
"A sixfold increase in the volume of mobile payment transactions is on the way in the next four years, according to one research firm. A forecast from Yankee Group predicts the worldwide transaction value of mobile payments will total $984 billion by 2014, up from $162 billion last year. That includes transactions from mobile banking, international and domestic remittances, contactless cards, mobile coupons and near-field communications."

Chase Taps Mitek’s Image Innovation
"Mitek’s patented mobile remote deposit technology has found another taker in Chase, which will team with the tech firm to develop a series of new mobile RDC products that work across multiple smartphone operating systems.
Chase will expand its QuickDeposit feature—which enables consumers to deposit checks by clicking their mobile phone camera—by deploying Mitek’s mobile banking and image capture analytics. The deposit services will join other mobile financial services offered by Chase, including text banking, mobile banking apps for iPhone and Android and instant action alerts."

NFC: The Power to 'Touch and Transact'
"Ever-evolving mobile technology has demonstrated the ways in which it is changing lives by connecting friends and families around the globe, consistently introducing new handset-centric applications that simplify our everyday lives and delivering critical services such as mobile banking and mobile health. However, while both smartphones and traditional mobile phones offer basic voice and SMS, the divide begins to widen when you introduce capabilities for additional services such as ring tone, music, video, billing top-ups, etc."

Fifth Third Bank Selects ClairMail as Mobile Banking Provider
"ClairMail, Inc., the leader in mobile banking and payment solutions, today announced that Fifth Third Bank has selected ClairMail to power its new mobile banking technology and services. With the new support from ClairMail, Fifth Third Bank customers will enhance their mobile banking experience with better access to their accounts, bill paying capabilities and real time personalized text alerts, thereby gaining greater control over their accounts and overall finances. Using ClairMail's robust and scalable mobile platform, Fifth Third also has the flexibility to connect to multiple financial systems and future-proof their mobile powered offerings."

ePayments Week: More Androids banking
"As the number of Android users swells past the number of iPhone users, it should come as no surprise that as of December, 2010, there's more mobile banking on Android than on iPhones. However, Carlo Cardilli suggests that could change as the number of Verizon iPhones grows and those users take up mobile banking.

A recent Forrester survey says 12% of the US online population banks on their phones, up from 5% two years ago. Forrester says that's about 10 million users, and predicts that will grow to 50 million by 2015. That growth seems reasonable, given that users who discover mobile banking tend to, over time, use it more as they get used to it, especially for simple transactions like checking balances and transferring funds between accounts. Still, Penny Crosman with Bank Systems & Technology notes that 35% of online users shy away from mobile banking because they worry it's not safe and 24% don't see the point and would just as soon wait until they reach the ATM."

Mint Paves the Path – This Time in Mobile
"Think again if you ever wondered if Mint would lose its edge after its acquisition by giant Intuit. The “startup” once again is setting the benchmark, this time in the realm where personal finance management hits mobile.

Mint upgraded its iPhone app this month to enable consumers to register and add accounts from the mobile device – relieving consumers of the dual-channel hassle of logging online so that they can be mobile. The news is worth watching because it will provide a measure of whether banks and credit unions are short-sighted if they force customers to sign up for online banking even if they prefer mobile banking instead. But Mint also understands that it’s a mistake to think that mobile can simply mirror the online experience. The critical question is which personal finance tools work better online, and which ones work better in mobile."