Mobile Banking Updates - Mar 27

Number of U.S. Mobile Banking Users Surges 54% to 30 Million
"comScore yesterday released a report finding that in the fourth quarter of 2010, 29.8 million Americans accessed financial services accounts (bank, credit card or brokerage) via their mobile device, an increase of 54% from Q4 2009. However, the report also found that nearly half of these mobile banking users still prefer to bank online, at a fixed computer. The takeaway, in my view: consumers want it all -- the convenience of banking on their smartphone when they're out and about, the comfort of being able to handle more complex banking transactions at a home or office PC. Banks can't focus on one channel at the expense of another."

Mobile banking to take off - if the user experience is right
"Sebastien Slim points out in his blog post (Generating loyal customers through mobile banking, 14 March 2011) that analyst research shows that banks are starting to take notice of mobile banking, stating that they can no longer afford to put off the adoption of this hugely important channel. But he also notes that banks still have a great deal of work to do if they are to make their mobile banking proposition more appealing."

Video: Visa’s microSD NFC Tech Lets You Pay With Your Smart Phone
"There’s lots of buzz these days about mobile payment systems, which is the ability to use your smart phone as a virtual wallet. It may seem a far-off prospect but banking services giant Visa believes it has a compelling mobile banking solution. Here at CTIA 2011, we were able to get a quick demo of how it might work."

U.S. Bank AccelaPay Mobile Banking Named Best in Category for Virtual or Mobile Prepaid Application at 2011 Paybefore Awards
"The U.S. Bank AccelaPay mobile banking application has been honored as the “Best in Category for Virtual or Mobile Prepaid Application” at the 2011 Paybefore Awards. The Paybefore Awards recognize the best products and programs in the prepaid business. Paybefore, a leading publisher of information for the prepaid industry, organizes the annual awards, which are now in their fifth year."

Remote deposit capture is tipping point to mobile banking profitability: panelist
"While mobile banking tends to be a consumer engagement tool, new features such as remote deposit capture provide financial institutions with the opportunity to generate profits, according to a panel at CTIA Wireless 2011.

The panel was moderated by Sylvain Maquet, partner at Greenwich Consulting, New York. He estimated that there are currently 10 million people using mobile banking in the United States, with Bank of America reporting 3.5 million mobile banking users nationwide, but the panelists all agreed that figure is set to explode."