Mobile Banking Updates - Dec 8

Fifth Third boosts mobile banking with smartphone apps, texting
"There is now an app for Fifth Third Bank’s mobile services. Fifth Third has launched a banking app for use with Apple products such as iPhones and app launchers for Android and BlackBerry smartphones. The downtown-based bank also announced Thursday it is adding text banking. That allows customers to make transfers and get their account information by sending a text message to Fifth Third."

Android exploits new mobile banking enemy
"With Google Inc.'s Android mobile operating system increasingly finding itself in the sights of malicious software, Canadian banks are facing a new enemy on the mobile frontier.

Reports of Android malware have increased sharply in recent months, with Juniper Networks reporting that as many as 55 per cent of Android applications are not what they seem. It’s a disturbing trend, but financial information is not being targeted in significant way, say banks and industry experts. At least, not yet."

Mobile Banking - It's more than just another channel
"I was in a meeting recently discussing the mobile aspirations of a client. Beyond their initial foray into the mobile space, offering an iPhone app that can do just a little bit less than their current internet offering, my client had not spent much time thinking about mobile. If anything, mobile was something that they felt compelled to get into due to market pressures from competitors who have launched their mobile applications to much fan fair. They consistently referred to mobile in the context of all their other channels and spoke about it as if mobile's sole utility was in replicating previously available transactional processes already available via some of their other channels."

MAKING SENSE OF IT ALL: Mobile banking: a channel in its own right
"It’s becoming clear that mobile banking, if not already commoditized, soon will be. The question for banks is how to differentiate their mobile channel enough so that it not only prevents current customers from leaving, but actually attracts new customers and business. A number of analysts have weighed in on this recently."

Chase Awarded Javelin Strategy & Research's "Best in Class" for Mobile Banking in 2011
"Chase announced today that Javelin Strategy & Research recently awarded them "Best in Class" for mobile banking 2011, beating 24 of the largest retail banking financial institutions measured by deposits. According to Javelin's recently-released third Mobile Banking Scorecard, Chase won by providing a broad range of features and specialty apps to complement its mobile offering, including person-to-person transfers through Chase QuickPay (SM), account rewards, and mobile remote deposit capture via Chase QuickDeposit (SM)."

J.P. Morgan Names New Unit CFO
"J.P. Morgan Chase & Co. will continue expanding and investing in its consumer-banking business, the unit's heads affirmed in a memo that named a new chief financial officer for the consumer bank.

Chase, the retail side of the nation's biggest bank by assets and deposits, hired David Owen, the former head of online and mobile banking at Bank of America Corp., to be finance chief for the unit. He is charged with ..."

Tablet banking on the rise
"As banks work to deliver new tools for account holders, a survey shows that the future of mobile banking may be bigger than a smartphone. In a survey conducted by Oracle Communications, more than 3,000 mobile users indicated there is a very bright future for tablet computers. The majority of people have jumped on the smartphone bandwagon, but when it comes to money management, tablets appear to be the technological tool of choice."

First Citizens' Federal Credit Union introduces mobile banking
"First Citizens' Federal Credit Union announced the release of Mobile Banking, which allows members to access account information, view transaction history, transfer funds, make bill payments and find branch or ATM locations. Once enrolled in Mobile Banking, members may choose from three mobile banking options."