Mobile Banking Updates - Feb 12

Is Mobile Banking More Popular Than Social Media?
"More people check their bank account balance than “check-in” on Foursquare, according to “Mobile Dependence Day,” a recent ExactTarget report on mobile usage. The report revealed 34% of smartphone users check their bank account balance on their smartphones, compared to 28% who “check-in” using a service like Foursquare, 23% who pay a bill, or 15% who redeem a mobile coupon."

Mobile banking grew 63pc year-to-year: study
"Fueled by large financial institutions, mobile banking grew 63 percent from 2010 to 2011 and reached 22 million new consumers in 2011, according to a study from Javelin Strategy and Research.

In the “Mobile banking, smartphone and tablet forecast: 2011-2016” study, Javelin took a look at the current state of mobile banking and where it is headed in the next five years. The report also presented how mobile banking stacks up between large and smaller financial institutions."

Up your mobile game or face customer churn
"As moves to make account switching easier draw closer (D-day for regulation to come into play is currently September 2013), the Payments Council has published a report confirming the consumer demand for a more simple way to move from one current account provider to another.

There are many fables about consumer reticence in changing their main banking provider, including the fact that you are more likely to divorce than switch banks in your lifetime. However, customer churn is now slowly rising up the list of challenges that banks face."

Visa Introduces Suite of Mobile Services for U.S. Financial Institutions
"Visa Inc. today announced the launch of mobile services that allow financial institutions to offer their account holders the ability to monitor account history and balances, transfer funds between accounts, and receive near real time transaction alerts on their mobile devices.

Working in collaboration with Monitise UK:MONI +5.80% , Visa made a significant enhancement to its issuer processing platform, Visa DPS, to offer mobile services that are fully managed by Visa and can be accessed with any mobile device, any mobile channel, and with any eligible debit, credit or prepaid account."