Mobile Banking Updates - Apr 3

Mobile banking is booming, survey shows
"Despite online security concerns, the number of Americans who use mobile devices to access financial services is growing fast, according to new data from comScore.
In the fourth quarter of 2010, almost 30 million Americans accessed their bank, credit card or brokerage accounts from a cell phone or tablet, up 54% from the same quarter a year earlier.

Here's how that growth breaks down for the three primary mobile banking channels (note that some people use more than one):
* Smartphone/tablet app: 10.8 million users, 120% increase
* Mobile web browser: 18.6 million users, 58% increase
* SMS text messaging: 8.1 million users, 35% increase"

Bank of America Is Said to Plan Hiring New Team of Online Banking Managers
"Bank of America Corp. (BAC), the biggest U.S. bank by deposits, is seeking to hire three executives to improve its retail online and mobile-banking services, said two people with direct knowledge of the search.

The bank retained Chicago-based recruiter Heidrick & Struggles to find a head of business development, a sales manager and an executive responsible for online and mobile strategy, said the people, who declined to be identified because the search is private. Managers with experience at rival banks have been interviewed, one of the people said."

Wells Fargo EVP Shares Channel Strategy
"As banks continue to roll out new ways of banking via mobile devices and the web, the holy grail of sorts is integration -- tying platforms together to provide a consistent experience across all channels, including ATMs, branches and call centers, in addition to mobile and online. Providing this unified banking experience means synchronizing transactions so that a customer can open an account in one channel and immediately be able to make a deposit or withdrawal via another. It also demands the ability to create a new feature or modification for compliance reasons and then extend it across all channels simultaneously."