Mobile Banking Updates - Nov 30

Advancements in Mobile Banking Technologies Helping Make the Virtual Wallet a Reality
"The near insatiable demand for mobile connectivity along with recent advancements in near-field communication (NFC) and memory card technologies have helped expand the market for mobile banking exponentially in the last few years. In fact, Gartner (News - Alert) estimates that mobile payments will increase to more than $1.1 trillion by 2014, up seven fold from current numbers."

Banks Embrace the Tablet Revolution
"Most financial institutions dragged their feet moving from traditional banking to mobile banking, and from mobile banking to providing a richer experience on smartphone devices. Some banks have learned those lessons, though, and are trying to stay on the cutting edge by rolling out apps designed specifically for tablets."

Banking by smartphone catches on, will increase
"With telephones now serving as de facto personal computers for many, financial institutions are rapidly jumping on the mobile banking bandwagon. 'It’s exploding the way Internet banking exploded a few years ago,' said Debbie Jemison, a spokeswoman for the Illinois Bankers Association. A 2010 survey showed that, while just 27 percent of banks in Illinois offered mobile banking, 89 percent of the others were looking to add it in the near future."

U.S. Bank Unveils New Mobile Banking Strategy
"U.S. Bank has announced several upgrades to its mobile banking strategy, including the debut of a completely new application optimized for iPhone, Android and BlackBerry. 'Customers are blending all of their business into their smartphones, and in many cases, mobile devices are now the first point of entry for consumers,' noted U.S. Bank executive vice president Meheriar Hasan. 'With this new app, we have made banking even more convenient for our customers by delivering service right to the palms of their hands.'"

Mobile RDC product updated
"Mitek Systems, Inc. announced version 3.0 of its Mobile Deposit product that enables mobile-banking customers to make deposits simply by taking pictures of checks with their smartphone cameras. The new version improves the user experience and performance of Mitek’s mobile remote deposit capture product, which now runs on Windows Server 2008 R2. Six of the top ten retail banks in the United States and more than 80 financial institutions are using Mobile Deposit as their mobile RDC application of choice and a cornerstone of their mobile strategies."

Put the X factor back into generation Y banking
"In my previous blog, I discussed the current hype surrounding mobile banking and how a fundamental step change in consumer behaviour means that mobile financial services is undoubtedly more than just a fad. At the same time, there are also those consumers who have grown up with all things digital and don’t know any other way to behave. I’m referring to the growing breed of generation Y consumers and ‘digital natives’ such as those two year olds you see on the train navigating an iPad better than they can put pen to paper!"

Five things you need to know about mobile money
"1. What is mobile money?
The term refers to the ability to perform financial transactions on your cellphone. This includes accessing bank accounts, remitting money and taking payments of any amount without using a conventional bank. So, for instance, you can now pay for your latte with a swipe of your contactless-technology-enabled phone."