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:"