Mobile Banking Updates - Aug 24

Wells Fargo Named Best Internet Bank in U.S.
"For the second consecutive year, Wells Fargo & Company WFC -1.52% has been named "Best Consumer Internet Bank" and "Best Corporate/Institutional Internet Bank" in the United States by Global Finance magazine.

In its 12th annual "World's Best Internet Banks" competition in North America, Global Finance also recognized Wells Fargo as best among consumer Internet banks for Online Deposit, Credit and Investment Product Offerings, Bill Payment & Presentment, Information Security Initiatives, and Social Media. Among corporate/institutional banks, Wells Fargo was named best for Trade Finance Services and, in a new category, Mobile Banking. Details will be published in the magazine's September issue with global winners announced in November."

Smartphones Changing the Way You Pay
"Millions of Americans could see big changes soon in how they get cash, pay bills and manage their money, according to a spate of recent reports by researchers.

The biggest and fastest change will happen in regards to the use of mobile phones to pay bills. According to a report published last week by Visiongain, a British market research company, the number of people worldwide using smartphones to make payments will grow from 120 million today to 658 million over the next five years."

Mobile banking security concerns stalling adoption
"With the explosive growth of smartphone ownership, zooming upwards of 40% since 2010, and constant buzz about such hot new technologies as mobile wallets for payments, financial institutions expected that mobile banking growth would continue to skyrocket as well. However, data in a recent Javelin Strategy & Research study reveals that mobile banking has actually plateaued."

Mobile Payments 101: 'Just the Basics'
"A mobile payment is "any payment" for goods and services that is initiated from a smartphone or similar device. Mobile payments can be broken down into two main types: remote payments or proximity payments.

As the names imply, a remote payment occurs when the consumer makes a payment to a recipient that is not in their location, while proximity payments occur when the consumer and retailer are in the same location."

Citibank introduces mobile banking service in Hungary
"Citibank Hungary has introduced mobile banking service, Citi Mobile, which according to the bank will allow customers to enjoy a secure and smart banking experience anytime and anywhere in the world, including transactions on their Citibank accounts. Citi Mobile is a version of Citibank Online banking service specially optimized for mobile phones (primarily for smart phones) on which the most important functions of Citibank Online are available."