Mobile Banking Updates - Feb 29

Mobile Glut Is Still Far Off
"Few people have ridden the growing wave of mobile banking – or perhaps helped drive it – more than Drew Sievers. In 2004, he co-founded mFoundry, a mobile banking apps developer based in Larkspur, Calif. As its CEO, Sievers has seen the mobile platform provider grow to a client list of about 600, including hundreds of credit unions added in the past year alone, individually and through partnerships with FIS, First Data, CO-OP Financial Services, PSCU Financial Services, COCC, PayPal, Open Solutions and others."

Mobile money: A veritable tool?
"As mobile banking involves person-to-person payment through the mobile phone or the use of mobile phones to conduct financial transactions, this latest electronic banking innovation is gradually changing the lives of millions across the globe. This mechanism requires delivery of mobile payment to the banking and non-banking community, with the overriding vision of achieving a nationally utilised and internationally recognised payment systems."

Bankers Increasingly See Mobile as Key Element of Their Retail Strategies, American Banker Research Finds
"Bankers increasingly see mobile technology as a must-have component of their retail offerings, but say that regulatory and risk-management concerns will dominate IT spending initiatives in 2012, according to a recent American Banker Research survey conducted in partnership with bank technology and payment systems specialists Tata Consultancy Services, TSYS, and Jack Henry and Associates."

Going mobile: what is the future for bank accounts?
"In recent months and years, we've seen real changes in the way people do their banking, or at least in how they plan to do it. With the rise of smartphones, mobile banking is starting to become more than just a nice idea, while many people nowadays wouldn't even know how to manage their money without online banking. So what's next for banking? What can we expect to see in the future, and what parts are likely to die out?"

Smartphones Rapidly Transforming Mobile Banking From New Concept to ‘Tablestakes,’ According to AlixPartners Study
"As U.S. banking consumers continue to embrace mobile technology -- and specifically, the widespread adoption of smartphones -- the use of mobile banking services is expected to approach 50% by 2016 versus 15% today. And, already today 39% of consumers say that having a mobile offering is either “extremely important” or “important” in their decision to switch primary banks. That’s according to a study released today by AlixPartners LLP, the global business advisory firm."