International Mobile Banking Updates

Half of UK consumers to use mobile banking in three years
"Mobile banking has "come of age" and a majority of Britons will make it part of their everyday lives within three years, according to new research published today.

The study of 1,000 adults showed that the number of Britons who manage their money on their mobile phone has doubled in two years to almost 10% of the population today. This number will exceed 50% in the next few years as banks and retailers take advantage of the widespread adoption of smartphones, apps and 3G phone networks to deliver new services, the researchers found."

Report: 33% of mobile phone users have a smartphone
"The '2011 Cell Phone Consumer Attitudes Study' was released today and it was completed by Quorus Consulting and the Canadian Wireless Telecommunications Association (CWTA). Over 2,400 Canadians were polled between March 14th and 27th, 2011 and reveals information on mobile phone usage, mobile banking and mobile giving. Here are a bunch of mobile stats for you:"

Mobile banking use creeps up in Europe driven by smartphones – comScore
"Mobile banking use is seeing steady growth in the EU's five largest economies (EU5), according to comScore, which on Friday revealed that the number of users across the U.K., Germany, France, Spain and Italy who accessed their bank accounts via their handset reached 20 million in March.

The market research firm said that since it began measuring mobile banking last August it has seen a 15.4% rise in the number of users. Smartphone owners accounted for 70% of the mobile banking user base in March 2011, despite accounting for just 35% of total mobile handsets."

Mobile Banking Updates - May 30

The Future of Mobile Banking - Part 1 of 5
"One question recently posed to me at a BAI conference was “where do I believe the retail banking industry will be in 3-5 years with mobile commerce?”

http://www.youtube.com/user/verizonbusiness#p/a/u/0/Be1573sfzPQ

In addition to my video answer, here are some other thoughts from the ole crystal ball... Let me start by stating that we're still early enough in the mobile channel evolution that folks aren't necessarily even clear on the definition of mobile commerce."

What Is E-Money's Future? Economists Identify Implications for Financial Systems Where Mobile Banking is on the Rise
"Many developing countries are rapidly adopting cellphone technology as a means for delivering financial services to their citizens without a heavy investment in infrastructure. Now, a team of researchers from Massachusetts Institute of Technology and Georgetown University says important economic considerations loom on the horizon for policymakers, mobile banking companies and central banks."

Mobile Banking: Will Smartphones Replace Your Wallet?
"Analysts discuss how your smartphone could become your digital wallet as banks bring new technologies and apps to these devices."

Google Wallet: Search giant introduces automatic cellphone payment system
"Google unveiled a new digital wallet program Thursday that enables a cellphone to act just like a credit card, giving the search giant its first footing in the business of providing consumer financial services.

A chip inside new Android phones — for now, only one model has it — will allow shoppers to wave their devices in front of a reader to pay for clothes and food at the mall or grocery, the company said. Eventually, Google said, it envisions the cellphone to act as a personal financial hub for coupons, merchant loyalty points, payments and receipts."

Banks offer cash transfers via cell number, e-mail address

"It's late at night, you need to pay the babysitter, and you're short on cash. Do you: a) fumble for your checkbook, b) pay her in quarters from your change jar, or c) promise to pay her tomorrow, after you've stopped by an ATM?

In a few months, you may have another option. Three of the nation's largest banks have launched a program that will allow customers to use their computers or smartphones to make electronic payments to another person's checking account." Continue Reading >>

International Mobile Banking Updates - May 25

AusCERT 2011: Mobile banking malware on the rise
"Chief technology officer of Trusteer, Amit Klein, has spoken about the trends of mobile malware, citing mobile banking as the next big threat to the industry. In the keynote session of the second day at the AusCERT conference on the Gold Coast, Klein said the financial and mobile malware began to increase during 2006, and has only become more prevalent in recent years."

Mobile money hits the UK like it means business
"This is probably the most significant week the UK has ever seen for mobile money. Two of the biggest operators in the country have announced mobile money implementations – Orange is going for a straightforward NFC-based payments model, whereas O2 looks like it wants the whole mobile banking hog."

SA clicks on to mobile banking
"SOUTH African consumers want greater access to financial services using cellphones, according to the results of a global survey on the growth of mobile money, released on Friday. The survey, by the international research firm TNS, said the growth of mobile banking in SA joined a growing global trend where new technology and mobile banking were driving usage globally."

Iraq to bring banks to the masses – by mobile
"Just a fifth of Iraqis have bank accounts, but 70 percent have mobile phones, so Baghdad is hoping to close the gap by getting people to open accounts, make payments and transfer cash – all via mobile. In a country that is one of the most corrupt and violent in the world, the initiative is aimed at securing Iraqis' funds, and strengthening the banking sector as higher revenues resulting from a greater number of transactions boost profits."

Mobile Banking Updates - May 24

What’s the ROI of Mobile Banking? 15.7%, Forrester Says
"For as long as they’ve been developing applications for mobile devices, bankers have wondered where the payoff is for this effort. Some see the mobile channel as an inexpensive way to take care of routine matters that might otherwise have to be taken care of by call center or branch staff. Some view it as a necessity – smartphone-toting consumers demand it and will go elsewhere to find it if their bank doesn't offer mobile banking. Some banks hope to charge consumers for mobile banking services. And some hope to reap merchant fees with creative e-coupon offers."

Austin-based Malauzai Software emerges from stealth, readies for growth
"Mobile application developer Malauzai Software Inc. is coming out of stealth mode after more than a year of testing and moving here from California."

Mobile Banking: Breaking The Ties To The Local Branch [The Hartford Courant, Conn.]
"It's not that the advertising agency manager from Waterbury doesn't like tellers. He just likes technology more. So the 44-year-old Rinaldi jumped when Webster Bank rolled out mobile banking last fall. And since then, it has saved Rinaldi more than once when he has forgotten to make a transfer into his checking account and he's not near a computer."

What marketers can learn from mobile banking
"Thanks to sweeping changes in consumer behavior and advancement in technology, mobile banking is tipped to become the primary channel of financial transaction in the future. With smartphones growing fastest among handheld devices, new possibilities are opening up to further improve the mobile banking experience."

Mobile Banking Updates - May 23

Why Chase Continues to Update iPad App
"With constant technological developments, banks must be innovative in their designs. Having an iPhone app is not enough anymore, as Chase (NYSE: JPM) determined by developing the first mobile banking app specifically for the iPad, just a short time after Steve Jobs rolled it out."

3 Challenges Crippling Mobile Banking Today
"After attending the afternoon sessions of Net.Finance’s mobile focus day today, a number of challenges facing the industry’s efforts to successfully utilize the channel for new revenue and cost savings struck me as, well, annoying. Here are three hurdles highlighted in various sessions today"

Mobile Phone Banking and Payments on the Rise
"Making payments and checking bank accounts are becoming ever more popular activities which we carry out on our mobile phones according to the results of a new piece of research. In the last year mobile banking use has doubled, and this trend has really extended across all aspect of what is known as the “mobile wallet” industry. It has been reported in the TNS research study called Mobile Life that over 10% of us use a mobile phone to make payments these days."

ePayments Week: Who will deliver swipe-and-pay first?
"The coming ease of swiping and paying with your smartphone seems like an inevitability at this point, but there was some interesting speculation this week about who would bring it to us first and what the value would be. Forbes columnist Elizabeth Woyke reported that Isis' CEO Michael Abbott continues to expand the company's "mobile wallet" program, inviting Apple, Google, and Sprint into the big-tent effort."

Huntington Bank Prepares for Mobile App Launch

It appears that Huntington is preparing to launch their mobile applications. I haven't called any old friends for the details, but I did notice that they launched a new mico-site about two weeks ago. Learn more at www.huntington.com/mobile

Mobile Payments - May 19

Visa Unveils Next Generation Electronic Payments and Services
"Visa Inc., a global leader in electronic payments, today announced the next generation of payments solutions that will replicate the ease, reliability and security of Visa point-of-sale payments within traditional and digital eCommerce, mobile commerce and burgeoning social networking commerce environments. New offerings are expected to include a secure cross-channel digital wallet and a range of customized mobile payments services that address the specific requirements of geographic markets around the world."

Mocapay Launches Branded Payment Card Integration in Mobile Wallet
"Mocapay today announced the integration of association branded cards into its mobile wallet through the VeriFone PAYMEDIA solution. Through this partnership, Mocapay merchants will benefit from an additional payment type, the ability to learn critical demographic information about their target consumer, and the ability to engage one-on-one with their customers through Mocapay’s integrated mobile marketing database."

Intuit eyes NFC for mobile payment system
"Intuit wants to give its customers a glimpse of the future of mobile payments through an adaptation of its GoPayment service that eliminates the need for credit cards. Tapping into the growing field of NFC (near-field communication) technology, Intuit's reimagined GoPayment service would let consumers wirelessly pay for items on the go through just a touch of an NFC-enabled cell phone."

3 Reasons Mobile Payments Might Not Be Ready
"Mobile payment technology is generating about as much buzz as a typical Apple product release lately. NFC and mobile payment info is such a sexy topic, that just about every other day, we’ll see an article telling us to throw our wallets away forever. But wait, you may want to hold on to your bi-folds because it may be another few years before we adopt mobile payments on a mass level."

Mobile Banking Updates - May 17

Corporate mobile banking presents untapped opportunity for banks
"A Fundtech executive discussed the current state and opportunities in corporate mobile banking during a lunch seminar his company held Friday, May 6. Corporate mobile banking is becoming quite popular as more corporate treasurers and chief financial officers reap the benefits of managing their companies’ transactions – payroll, vendor management, cash management and liquidity positions – from a mobile device."

Bank of America Offers Overdrafts Via Text
"Bank of America plans to offer a new overdraft service by text message, in an effort to shift customers towards using their mobile phones for banking needs. The program will allow customers to pay for transactions via text message, even if their accounts have a zero balance, essentially letting them overdraft from their bank accounts. Customers, which still receive a text immediately after their debit cards are rejected, can then respond to the message and overdraft to process the transaction. The fee costs $35, unless the customer can replenish their account by the end of the banking day."

Mobile Banking ROI Is Small Today But Will Grow With The Addition Of Next Generation Functions
"In our new report, "The ROI Of Mobile Banking," Forrester presents a flexible model to help eBusiness and channel strategy executives estimate the ROI of — and outline the business case for — their mobile banking strategies. The resulting return on investment comes to roughly 15%. While positive, the ROI from our model is far from a ringing endorsement of mobile as a money maker for banks today."

Happy Apps: Malauzai Designs Mobile Software For A Smile
"Malauzai Software wants the mobile banking apps it provides to make customers smile. The Austin, Texas-based company this week launched its new mobile banking platform based on the proposition of helping community financial institutions build "Cool SmartApps." That is, for Malauzai cofounders Tom Shen and Robb Gaynor, a little more focus on user interface, analytics, socialization and marketing can go a long way toward building mobile apps that will simultaneously drive customer adoption while providing opportunities for new revenue."

Best Mobile Banking Apps To Help You Handle Your Money
"According to The Lafferty Group; a consulting company that does banking research, it is said that by 2029 most banking transactions are going to be done on a mobile device. Currently about 13% of all banking customers use mobile banking and with 2029 being right around the corner, we are sure that number will rise. Surprisingly enough, not many banks have jumped into the mobile app game but for those that did, this is how they fared. The following is a list of the best mobile banking apps:"

International Mobile Banking Updates - May 15

Mobile Banking Surges As Emerging Markets Embrace Mobile Finance
"Global use of mobile finance surged in the past year as the spread of new technology and mobile banking infrastructure drove a huge increase in take-up rates around the world, according to new research from TNS.

In countries as diverse as China , Brazil and Kenya the number of new users of mobile banking soared over 100% in 12 months, as banks leapfrogged traditional service models and moved directly to mobile. The increases were not restricted to emerging markets alone though: take-up rates also surged in the UK, USA, Singapore, South Korea and Sweden where banks offered customers new services via their mobile handset."

Kenya’s m-banking sector sets the pace for Africa’s emerging markets
"The strides Kenya has made in mobile banking were the subject of discussion last week during a four-day Mobile Money Transfer Conference held in Nairobi. Aileen Fraser, a programme manager with US-based MoreMagic and an exhibitor at the event, said they have deployed the Safaricom model in Sierra Leone."

Is the Middle East ready for mobile banking?
"Ali Abbas, Senior Regional Consultant, MENA & Turkey, will present “The Middle East Mobile Commerce Opportunity”, discussing the potential impact of M-Commerce on retail banking and mobile strategies worth replicating. The Middle East offers a robust mobile installed base with the UAE boasting 99.1% of households in possession of mobile telephones. The urban population serves as a key driver for mobile commerce as people move from rural to urban areas with expected growth up to 628,000 in 2015."

Chief Mentor: For Developing Markets, Mobile Operators or Banks?
"The opportunity to use mobile technology to enable financial inclusion among the world’s unbanked population is huge. Of the 6.9 billion people on our planet, just 30% (2.1 billion) have bank accounts, while 75% (5.2 billion) have mobile phones.

In developing markets, mobile banking could bring about a fundamental shift in the consumer experience, giving many millions of people who have never had access to bank accounts or to credit and debit cards the opportunity to quickly, easily and efficiently pay for goods and services and tap into the convenience economy that those in developed countries take for granted."

Latin American operators take m-banking user base to grow by 65% in 2010/15
"A recent research has revealed that the number of mobile banking users in Latin America will grow 65 percent between 2010 and 2015, from around 18 million users to over 140 million users.

Researchers believe that Latin America has achieved the right conditions to smoothly increase the uptake of mobile financial services, including banking and payments. Banking penetration is low in Latin America, but by 2015 85 percent of the total population will be an active user of a mobile device, making those devices a clear entry point for adjacent services, such as payments, banking and remittances."

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Mobile Banking Updates - May 12

The Impact of Mobile Banking: A Case for Mobile Marketing
"A new report from Aite Group provides insight into the behaviors of mobile banking users. Based on a December 2010 Aite Group survey of 1,011 U.S. consumers, the report explains why specific consumer behaviors are important to financial institutions’ mobile banking and mobile marketing strategies."

A Strong Cell
"Innovation's true power can appear as a subtle revelation, unveiling itself in something as benign as a line of data on a usage report.

'Two of our biggest days within the first few months of offering corporate mobile banking were the day after Thanksgiving and New Years Day. And they were the two biggest days for usage of wires and wire approvals,' says Don Jenkins, vp and senior product manger at PNC, which offers both retail and corporate mobile banking, which launched last fall. 'The offices weren't even open, and people were away and still able to get business done. That proves the point right there.'"

Citibank Ups Digital Engagement with Online Initiatives
"Tracey Weber joined Citi in October 2010 to oversee internet and mobile operations at Citibank North America. Weber spoke to eMarketer’s Lauren McKay about new developments at Citibank—from its @AskCiti Twitter account to its mobile banking efforts."

Tablets' Sweet Spot: Sales
"A hint of a lightweight laptop with a dashof a really big handset, tablets are still retail banking use-case nomads, in search of the best ways to get consumers excited and curious. Wherever the new devices are finding a comfort zone, in places such as sales and investing, tablets like Apple's iPads and RIM's Playbook are proving to be just as un-encumbered as their smartphone cousins."

International Mobile Banking Updates - May 10

Developing Mobile Payment and Agency Banking Risk Mitigation for Nigeria.
"As mobile Money providers await the Central Bank of Nigeria’s final licensing regime, stakeholders are bracing up to take a share of Africa largest mobile market with more than 80 million subscribers and probably may also be Africa’s most unbanked with less than 28 million bank accounts under an addressable market of 140 million people."

UK's Gen Y prepared to stump up $8/month for mobile banking
"The tech-savvy Gen Y demographic (18-26 year olds) will shape banking in the years to come. They demand on-the-go, personalized communications and seek to use a variety of channels, including mobile.

Banks love mobile banking, too. Moving consumers to mobile banking cuts down on branch and call-center costs hence why mobile banking is currently offered for free.

So the results of Simon-Kucher & Partners' consumer discovery panel study, which found over three-quarters (76%) of the Gen Y demographic in the UK would be willing to stump up a monthly fee for mobile banking, makes good reading for all concerned."

Mobile Banking Updates - May 9

BankAtlantic Launches New On Demand SMS Text Message Banking
"BankAtlantic, Florida’s Most Convenient Bank, announced today the launch of its newest functionality in On Demand SMS Text Message Banking powered by Intuit Financial Services.

BankAtlantic’s free* Text Message Banking service combines a secure banking medium and the ease of sending and receiving a text message. Customers enjoy the convenience of checking account balances, viewing latest transactions, receiving low balance alerts, and making fund transfers to their primary account, using text messages from anywhere, at any time."

Entrust Introduces Advanced SDK, Enables Banks to Embed Transparent Strong Authentication into New or Existing Mobile Applications
"To improve the speed and efficiency in which financial institutions develop and provide customers secure, trusted mobile banking applications, Entrust, Inc., announces the Entrust IdentityGuard Mobile Software Development Kit (SDK) for today's popular mobile platforms, including Apple, Google Android, RIM BlackBerry and Java. This easy-to-use security toolkit helps banks transparently embed Entrust's strong authentication technology into an organization's new or existing mobile-banking application."

TD introduces next wave of mobile convenience
"As part of its ongoing commitment to providing comfortable and convenient customer experiences, TD Bank Group today announced an enhanced and expanded version of its popular mobile app. With more than one million North American downloads - the most of any Canadian bank - the latest version of the TD mobile app now offers several features unique to any Canadian mobile banking and investing app."

Bank of America Windows Phone 7 mobile banking app now available
"Bank of America has launched its own Windows Phone 7 mobile banking application. The application, available immediately, allows Bank of America users to manage their banking accounts straight from Windows Phone 7. Here’s the top features:"

Mybarclaycard now on mobile
"This quarter Barclaycard joined the mobile banking bandwagon and launched a new mobile service for its existing Internet Banking customers. The service can be accessed on most web enabled phones using the Barclaycard Online Banking login details and has been developed to compliment Barclaycards existing online services platform."

Chase Mobile iPad App Updated With QuickDeposit
"Chase released a new update of its Chase Mobile iPad application that sports an optimized interface to take advantage of the tablet’s larger screen real estate."

Bank of Internet USA Launches Enhanced Mobile Banking Experience for Customers
"Bank of Internet USA (NASDAQ: BOFI) announced today an enhanced mobile banking experience for its customers. Bank of Internet's Mobile Banking enhancements allow customers access to their accounts through their mobile phone via two options: Text Message Banking and Mobile Web."

BB&T introduces free Android app
"BB&T Corporation (NYSE: BBT) announced today it has launched a free Android application for both smartphone and tablet users. BB&T is one of only a few U.S. banks to offer a comprehensive mobile banking consumer and small business product suite – mobile Web, text banking, and mobile applications – for a wide range of mobile devices. The app is now available for download on the Android Marketplace. BlackBerry and iPhone apps were released in 2010."

Tyfone offers m-banking service (US)
"Tyfone has introduced its mobile banking service. The service leverages Tyfone’s u4ia mobile financial services platform that enables contactless payments via NFC technology.

Tyfone’s mobile banking service is delivered to banking customers via mobile applications, mobile websites or text messaging. The tool aims to provide users with several features, such as checking balance, account history review, fund transfers, branch and ATM location lookup and bill pay."

Mobile Banking Updates - May 8

Mobile Banking and Tags on Credit Cards
"In this day and age, it's hard to believe that you used to have to go to the bank to make transfers. Not only is there online banking, but mobile banking too, from credit unions to big names like Wells Fargo, U.S. Bank, and Bank of America."

Foursquare Meets PayPal
"More consumers want to pay with their phones. According to a Generator Research study, mobile banking will reach $633 billion by 2014. In addition, a comScore report found that 29.8 million Americans accessed financial services accounts (bank, credit card or brokerage) via their mobile device in the fourth quarter of 2010, a year-over-year increase of 54 percent."

Southwest CUs To Share Mobile Banking Apps
"Credit unions often adopt financial technology by leveraging communal scale—in other words, by teaming with other credit unions to share the cost of deployment and maintenance. The growth of mobile banking is no exception, as evidenced by a new partnership between the California and Nevada Credit Union Leagues and CO-OP Financial Services."

Mobile Banking Can Generate New Revenue from Generation Y Users: New ‘Consumer Discovery’ Panel Study by Simon-Kucher & Partners
"A new consumer discovery panel study by Simon-Kucher & Partners, global strategy and marketing consultancy reveals 76 percent of 'Generation Y' consumers (18-26 year olds) would consider a monthly fee of £5.00 a fair price to pay for mobile banking. Findings demonstrate how mobile banking could provide a new revenue source for banks instead of providing the service for free. This Generation Y demographic - equating 12 percent of the UK population - represents an untapped opportunity for banks."

Mobile Banking: Coming Soon to a Smartphone Near You
"Picture this: You’re at the airport waiting with your wife to board a plane to some warm weather spot when you get a frantic call from your daughter at college. 'Dad, I need money,' she says. 'My tuition was due yesterday. If I don’t pay the bill tomorrow, I can’t start classes!' What do you do?"

Bank Lets Customers Pay Friends By Bumping iPhones

"ING Direct customers can now transfer payments to friends with the bump of a cellphone — no account numbers needed.

The bank released an updated version of its iPhone app [iTunes link] on Wednesday morning that integrates an API from Bump Technologies, a startup that makes it easy to transfer information between phones by tapping them together.

Previously Bump’s technology has been used to exchange contact information, photos and music between users. This is the first time that a bank has leveraged it for person-to-person payments." >> Read More

Pay-by-Phone Dialed Back (Wall Street Journal)

"The biggest U.S. wireless carriers are scaling back a joint venture for mobile payments that they originally hoped would compete with Visa Inc. and MasterCard Inc., reaffirming the traditional credit card companies' clout in the nascent market for mobile transactions.

The venture known as Isis, formed by AT&T Inc., Verizon Wireless and T-Mobile USA, initially aspired to set up its own payments network and collect fees on every transaction. Customers would maintain accounts directly with their wireless carrier, rather than with a credit card company." >> Read More