Mobile Banking Updates - Jan 5

Web Browser the Most Popular Mobile Banking Channel
"A Javelin report finds that more customers access mobile banking via a mobil browser, though downloadable apps are gaining and considered more secure. The mobile Web browser is the most widely used mobile banking channel and is perceived by consumers to be the most secure, according to Javelin Strategy & Research's Mobile Banking Security report issued this week. The survey evaluated the specific security issues mobile banking customers face when using three mobile banking channels: Web browser, app, and SMS texting."

A turning point in the history of mobile financial services
"With 2011 drawing to a close, it’s clear that the year has seen exciting changes in mobile banking and payments, with innovative advancements to enhance the consumer experience being delivered. In particular, there have been positive developments from UK banks and retailers in the mobile banking space, culminating in the launch of Lloyds TSB’s successful new banking app. Earlier in the year, ING Direct paved the way for banking innovation, with the news that the organisation is offering the use of ‘Bump’ technologies to transfer funds in a simple and convenient manner."

Charles Schwab Expands Mobile Banking and Investing Offerings with New App for the iPad
"Expanding its suite of integrated banking and brokerage mobile services for investors, Charles Schwab today announced that a new Schwab app for the iPad is now available for download. iPad users will now be able to transfer funds between Schwab Bank and brokerage accounts, manage their trades and keep up with market information with automatically updating quotes and the latest financial news through their Schwab app."

UBA reaffirms preparedness to implement CBN’s cashless policy
"With barely five days before the commencement of the Central Bank of Nigeria’s (CBN) ‘Cashless Lagos’ pilot scheme geared towards reducing the cost of managing cash in the economy, United Bank for Africa (UBA) Plc has restated its preparedness to fully implement the policy, claiming that time is long overdue for customers, particularly small depositors, to fully embrace self-service electronic banking services. In July, the bank had adopted critical measures to encourage its customers to embrace electronic channels."

RBI Removes INR 50K Cap on Mobile Banking Transactions
"RBI (Reserve Bank of India) has removed INR 50,000 cap on mobile banking transactions. However, banks may place per transaction limits based on their own risk perception with the approval of its Board.

Mobile banking in India is set to generate fee-based income of Rs 20,250 crore over the next five years, mainly driven by lower transaction cost, favourable regulatory environment. By 2015, $350 billion in payment and banking transactions could flow through mobile phones, compared with about $235 billion of total credit- and debit-card transactions today."

Halifax and RBS launch mobile banking apps
"The two banks are responding to the fast-paced growth of smartphones in the UK, with more than a third of people using a smartphone. The apps will be available across all popular smartphone platforms, including Blackberry, Apple, Android and Nokia. The apps will allow customers to access their any of their accounts with Halifax or RBS, including personal accounts, savings accounts and credit cards."

African Banks Turn to IBM to Support New Wave of Innovation in Banking Services
"Over the last six months IBM has signed contracts with five of Kenya's leading banks: Credit Bank, Co-operative Bank, Family Bank, National Bank of Kenya and National Industrial Credit (NIC) Bank. The agreements are amongst more than 20 similar deals that IBM has signed with banks across Africa in 2011 in line with the rapid growth of the financial services sector and as technology enables a wave of innovation in African banking. IBM is also working with Africa's leading telco companies to help provide financial services based on increasingly widespread mobile devices. For example, through its partnership with Vodafone, IBM is helping Safaricom to provide its M-PESA mobile money service to over 15 million customers in East Africa."