"Brandon McGee, Industry Insider, Mobile Banking Guru...He is not only the real deal, a genuine industry insider, but also knows exactly what's on the minds of financial service pros as they contemplate the various mobile options." - Jim Bruene, Publisher & Founder, Online Financial Innovations

"Going Mobile. Local executive carves niche as national expert on fast-growing banking-industry technology trend" - Scott Olson, Indianapolis Business Journal (IBJ)

"Brandon McGee, the industry's unofficial ambassador for mobile banking" 

Thursday, March 29, 2012

Mobile Banking Updates - Mar 29

Tigo Helps Remittances Go Mobile
"Every week or so, Nehemias Navas-Perez, 32, a Long Island, New York, landscaper, trudges over to the local Western Union or Intermex to send a couple hundred dollars to his family in the jungle-covered outpost of El Peten, Guatemala. Remittances from folks like Navas-Perez, who emigrated from El Peten 11 years ago, can account for 11% of GDP in small countries like Guatemala, and create huge international money flows each year: In 2011, World Bank figures indicate that there were $483 billion in such remittances worldwide."

Bank transactions made easy through Mobile Apps for smartphones
"The country’s largest foreign bank recently unveiled a suite of Mobile Banking Applications for three platforms – Android, BlackBerry and iPhone. Citibank’s latest move enables both its credit card and bank clients to access their accounts and complete a range of banking transactions using their preferred smartphones."

Citi launches mobile banking platform
"Citibank, the largest foreign bank in the country, yesterday launched its newest product on mobile banking which will run on Android, BlackBerry and iPhone. According to Sergio Zanatti, consumer business manager for Citibank in the Philippines, the newly developed technology will allow its depositors and credit card users to access their accounts on their preferred mobile phones."

Juniper Research says mobile banking is moving from Push to Pull
"A new ’Mobile Banking for Developed & Developing Markets’report from Juniper Research has found that mobile phone banking is gaining considerable traction. It’s mainly thanks to the exploitation of advanced functionalities such as banks bundling MBPP (Mobile Bill Presentment and Payment) services within their overall mobile banking platform. Plus there’s been additional momentum from easy-to-use smartphone apps. The report has also discovered that there’s a growing user acceptance of ‘push’ mobile banking. "

Mobile banking and payments set to take off in the UK, say industry big hitters
"The mobile banking and mobile payments battleground in the UK is heating up as industry players manoeuvre into position to take advantage of the opportunities. This is according to a report commissioned by digital banking provider Intelligent Environments (IE), which investigated the views of mobile strategists within companies at the forefront of mobile banking and payments services, such as O2, Microsoft and Lloyds Banking Group."

Wednesday, March 28, 2012

Mobile Banking Updates - Mar 28

Mobile Banking Products Today: A Look at the Top 30 Banking Institutions
"For years, the promise of mobile banking had been ahead of the reality of the technology, but this has changed with the adoption of Web-enabled mobile phones, specifically smartphones. Mobile banking is now a high priority for the top U.S financial institutions, and investment in new mobile products and capabilities continues to grow at a rapid pace."

Hispanics Adopt Mobile Banking, Payments at Higher Rate
"Non-Hispanic black and Hispanic users represent a disproportionately high rate of adoption of mobile banking, finds a [pdf] March 2012 report from the Federal Reserve. While the former group makes up only 10.9% of mobile phone users, they account for 16.2% of mobile banking users. Similarly, Hispanic users, who make up 12.8% of all mobile phone users, represent 17.1% share of those using mobile banking."

30pc of mobile banking apps offer strong security: study
"Although mobile banking continues to gain traction with consumers, a large chunk of the world’s top banks have not equipped their applications with substantial security, according to a report from MyPrivateBanking. In the “Mobile apps in banking” MyPrivateBanking report, the researcher looked at how mobile banking apps are stacking up at a global level for financial institutions. Although the need is there, some financial institutions are not making the cut with their mobile efforts."

Leak in ING Mobile Banking app
"Dutch security researcher has found a communication error between Android smartphones and the bank was poorly protected The Mobile Banking app of the ING bank has been for months vulnerable to abuse. Bart Jacobs, professor of Computer Security at the Radboud University, was surprised. "It's a disgrace that this error was made. This is a very basic security which is not thought of. This is why the ING in security circles laughed hard."

Monday, March 26, 2012

Mobile Banking Wallet and Payments

Mobile Banking: Apple Customers Hungry For iBank
"Personal banking with Apple? It could happen. With the growing trend toward mobile banking, Apple is already serving as a digital "bank branch" for many iPhone and iPad users. All the Cupertino-based company needs to do now is provide their own virtual teller-like services. And it looks like they might be doing just that."

Blaze Mobile Awarded Another Patent for NFC Payments
"Blaze Mobile, a leader in mobile payment and NFC solutions, has been awarded a notice of allowance for a new patent for mobile banking and payment transactions. This new patent covers any mobile banking transactions that comprise bill payment, peer-to-peer (P2P) funds transfer, funds transfer between bank accounts, between credit cards, and between bank accounts and credit cards."

Security concerns and lack of compelling offer 'holding back mobile wallets'
"Digital banking provider Intelligent Environments polled companies within the mobile banking and payments sector, including O2, Microsoft and Lloyds. A quarter of the companies were confident mobile banking would become a mainstream offer by next year, with a third opting for 2015. The survey said this summer's Olympic Games in London would be a means for businesses to showcase their mobile banking products."

SIM Card Tricksters Target Mobile Payments
"The criminal activity that targets mobile banking has not yet reached the levels of web banking, mostly because the volume of mobile banking to this point hasn't made it as attractive a target. But as mobile banking grows, that's starting to change — particularly since mobile banking is vulnerable to a wide variety of criminal threats. A new strain of crime that tricks users out of their subscriber identity module (SIM) cards has quickly emerged to threaten banks and other enablers of mobile payments such as telecoms."

PayPal announce new mobile banking device
"PayPal introduced its new "PayPal Here" device in San Francisco today, enabling small firms to transfer funds via credit card reader direct from their phone. Powered by card.io, PayPal Here is directly competing with rivals Square and Google Wallet."

10% of mobile users to pay bills using mobile phones by 2016: Report
"Mobile life styles will see about 80% of total mobile banking customers paying their bills through a mobile device by 2016, says Juniper Research. With the growing user acceptance of 'push' mobile banking and an exponential increase in smartphone adoption will drive users of transactional mobile banking services up from 185 million in 2011 to over 550 million in 2016, according to Juniper Research's 'Mobile Banking for Developed & Developing Markets' report."

Sunday, March 25, 2012

Mobile Banking Updates - Mar 25

Financial Technology Leaders Convene for mFoundry User Workshop
"mFoundry, the fastest-growing provider of mobile banking and payments solutions, today announced its 2012 User Workshop is taking place near its corporate headquarters in Larkspur, California, and features an impressive lineup of industry leaders in financial services technology. The annual event focuses on accelerating innovation in mobile financial services around mFoundry's mobile banking and payments platform."

Confusion on Hot Topics Mobile, P2P and Social Pay
"The research by Boston-based AlixPartners exploded on the screen at BAI Payments Connect 2012. Suddenly, out of nowhere, the availability of good mobile services has emerged as a top factor in why consumers choose to change financial institutions, reported Teresa Epperson, AlixPartners managing director."

Mobile Banking Apps Lack What Customers Actually Want
"There may be several reasons why you haven’t gotten in the habit of doing your banking over a mobile phone, and new research sheds light on many common concerns customers have about mobile banking. An analysis from MyPrivateBanking Research found that the majority of mobile banking apps from 50 of the world’s largest banks lack the services customers actually find worthwhile."

Young people like mobile banking
"One of every 5 U.S. consumers used a mobile phone to access a bank, credit card or other financial account during the 12-month period that ended Jan. 31, 2012, according to a recent survey of nearly 2,300 people by Knowledge Networks. Another 1 of every 5 consumers plan to do so in the future, the online consumer research firm reported."

Juniper Research says mobile banking is moving from Push to Pull
"A new ’Mobile Banking for Developed & Developing Markets’report from Juniper Research has found that mobile phone banking is gaining considerable traction. It’s mainly thanks to the exploitation of advanced functionalities such as banks bundling MBPP (Mobile Bill Presentment and Payment) services within their overall mobile banking platform."

Friday, March 23, 2012

Mobile Banking Vendor Updates - Mar 23

PayOne Simplifies Mobile Payments on a Global Scale
"PayOne (www.PayOne.com), formally called PaymentOne, announced today a complete rebranding of the company that invented “no credit card required” carrier billing for digital commerce more than twelve years ago. PaymentOne becomes PayOne today with a new look, a new website and the launch of a new simplified One-Click mobile payments platform designed for the future of global commerce in support of a 360 degree mobile lifestyle."

Mitek Systems: A Smart Play In Mobile Banking
"Mitek Systems creates applications and programs for mobile banking services. Because of Mitek Systems, a person with an iPhone can take a picture of a check and have that check be deposited to their checking account automatically. Consumers and the banking industry are just beginning to realize the economic advantages of mobile banking technologies."

MCHN Launches Mobile Solutions Suite of Banking Services
"Mobile Clearinghouse Network (MCHN), a recently awarded Microsoft BizSpark One member, is announcing the inaugural launch of their MCHN Mobile Solutions banking platform for mobile devices. The initial pilot has rolled out in the country of Georgia with the BTA Bank, a Silk Road Group majority owned entity. Through the combination of the MCHN global hub integration capabilities and MCHN Mobile Solutions' suite of transaction services, clients are positioned to offer their customers a secure and robust mobile offering for all of their financial needs."

RTN Federal CU selects Tyfone for m-banking
"RTN Federal Credit Union (RTN FCU), serving communities in suburban Boston, Massachusetts, will provide its members a comprehensive suite of mobile wallet services and mobile financial services powered by Tyfone's next generation mobile banking solution. Tyfone's mobile banking services will be integrated directly into RTN's Fiserv hosted XP2 core."

Cardlytics Presenting On The Impact of Rewards In A Mobile Banking Environment At BAI Payments Connect 2012
"Cardlytics, the pioneer of Transaction-Driven Marketing(TM), announced that Rod Witmond, senior vice president for product management and marketing, will join other industry executives today in the panel presentation, "Rewards in a Mobile Banking Environment," at BAI Payments Connect 2012 (3:30 p.m. at The Mirage hotel in Las Vegas)."

Truly Mobile Banking: Plastyc Launches Smartphone Apps for the Underbanked
"UPside Visa is Plastyc's award-winning prepaid program offering a premium suite of affordable banking services tailored for the up-and-coming youth and under-banked markets. What's unique about the UPside Visa mobile apps for Android and iPhone are how they meet a complete range of personal banking needs, activating a new account, signing up for direct deposit, redeeming cash back points, paying bills, transferring funds to friends, issuing paper checks and more -- using just a smartphone. Of course, the apps enable the basics, such as checking balances and reviewing transaction histories, as well."

VocaLink partners Clairmail for mobile banking
"The partnership will enable banks to use Clairmail's Smart Client technology to deliver new services to their customers, such as Person-to-Person Mobile Payments, enabled by VocaLink's real-time capabilities, such as Faster and Immediate Payments and multi-channel service options. Through this partnership, VocaLink and Clairmail will enable banks to provide a roadmap of innovative, real-time banking solutions through the mobile channel."

RDM Corporation Extends Mobile Deposit Services to Android Phones
"RDM Corporation, a leading developer of specialized software and hardware products for electronic payment processing, announced the support of Simply Deposit Mobile® for Android. This new application follows the previously released version for iPhone. Simply Deposit Mobile enables users to deposit checks with their Android phone from virtually anywhere. RDM has been an early leader and pioneer in mobile payments, offering mobile check capture services since 2009. "

Elephant Talk Banks on Mobile
"For investors seeking hyper growth, one of the ripest areas is mobile telecom.
The trends in the financial industry are especially favorable for one of my leading microcap companies -- Elephant Talk Communications (ETAK) and its security-focused ValidSoft subsidiary -- as they roll out their solutions in 2012 to counter electronic fraud relating to card, the internet, and telephone channels."

Thursday, March 22, 2012

International Mobile Banking Updates - Mar 22

"Mobile technology company, The MoBank Group has been confirmed as a vendor for Google’s “Get Mobile” or GetMo initiative. GetMo is a Google-led initiative dedicated to helping UK businesses ‘Get Mobile’ by providing them with the tools and resources they need to make their websites more mobile friendly. It aims to make the integration onto mCommerce easy for businesses by providing them with recommended technology and expertise. As part of this, MoBank, as a supplier in the mCommerce space is confirmed as a vendor for Google’s newly launched GetMo initiative in the UK."

NAB upgrades mobile banking app
"The Bank says this is more secure than using an Internet banking password. The new versions also now allow customers to set future-dated bill payments and funds transfers, without having to log-on via a PC. According to NAB's executive general manager of direct banking, Sam Plowman: 'Mobile banking is NAB's fastest growing channel, with 300 percent growth in the last year and one in three NAB Internet banking logins are now done on a mobile device.'"

SBI to allow mobile banking without a/c
"Mumbai: State Bank of India has started a pilot project that would allow banking through mobile phones even if the customers do not have a bank account. The scheme, called ‘Mobicash’, had been introduced in New Delhi and Mumbai. The service, much like a mobile prepaid cards, allows money to be “loaded” on customer’s mobile that he can then spend. “We have launched the product on a pilot basis and will introduce them in more cities in a few week,” said Praveen Kumar Singh, assistant general manager, New Business, SBI."

Eko’s Mobile Banking: Demonstrating the Power of a Basic Payments Product
"Eko was the first company dedicated to a mobile phone-based basic savings account and payment service for the unbanked in India. Launched in 2007, Eko has carefully developed a mobile-based service usable on the most basic of handsets and continually revised and re-fashioned its approach. At first, Eko experimented with a basic deposit and payment service from one Eko account to another."

Go slow on mobile wallet
"Airtel Money’s latest advertisement is hard to miss. For the first time, the virtues of mobile banking are being conveyed to customers. Banks such as HDFC Bank, ICICI Bank, SBI, Bank of India, Corporation Bank and Standard Chartered are offering this service. However, not many know the manner of transacting or the kind of transactions that can be done using mobile phones and the charges involved."

"Globally,-Mobile-Banking,-or-mbanking,-has-emerged-as-a-commercially-viable-and-customer-friendly-alternate-distribution-channel-for-financial-services.-Generally,-mobile-banking-is-about-using-one's-mobile-handset-to-avail-financial-services,-which-include-banking-services-like-account-transactions-&-balance-inquiries,-and-other financial services like brokerage and stock market transactions."

Wednesday, March 21, 2012

Mobile Banking Updates - Mar 21

Tablets Spur Mobile Banking Improvements
"Both my kids have desktop computers, but they vastly prefer to use the family iPad for homework or games. Why? I suspect it has something to do with the cool factor, but it’s also easy to carry around, has way better battery life, and great access to the App Store (once you master Angry Birds and need a new game to conquer). And with yesterday’s launch of the next generation iPad, it will also provide a sharper image display and the ability to connect to the Internet on 4G broadband networks, which will provide individual consumers and businesses alike with a more engaging user experience."

Fed Sees Potential in Cell Phone Banking
"A new Federal Reserve survey highlights a new way to give underserved consumers who don’t have a bank account access to a greater array of financial tools: cell phones. Cell phones are key because while there may be a computer digital divide that can make it harder for poor and working-class Americans to get access to computer-based high-speed Internet service, there’s no such division when it comes to cell-phone Internet access, according to the Fed report released Wednesday."

What's Next After Revolutionizing Twitter Banking? Mobile Banking -- Eventually
"When Vantage Credit Union was hit with unforeseen expenses a few years back, the Missouri-based credit union had to detour its budget allocated to developing mobile banking apps. 'We had to scrap some projects,' Eric Acree, executive vice president of Vantage Credit Union, tells Bank Innovation."

Mobility Matters – Tracking the Mobile Banking Revolution: Online Only
"Credit Union Mobile Banking Debut of the Week: Put it up and they will find it. That’s the guiding marketing principle at Palisades FCU, a $153 million institution in Pearl River, N.Y., which recently launched its mobile banking app."

Tuesday, March 20, 2012

Mobile Banking Security - Mar 20

Android malware steals bank credentials – Is mobile banking safe?
"Mobile banking has been steadily gaining popularity, as more and more consumers get access to smartphones with internet capabilities. Today, almost every major financial institution in the world provides their account holders with easy-to-use net and mobile banking systems. But, as with every other good thing out there, malicious intent is never far around the corner. Security concerns related to the use of mobile banking applications have been recently brought to the forefront. The latest Android malware found in the wild is proving to be one of the most dangerous."

Targeting Mobile Banking Risks
"What emerging security challenges will new mobile devices and platforms pose for banks and credit unions? Brian Pearce and Amy Johnson shed light on Wells Fargo's approach to unique retail and commercial risks. Johnson, who heads up strategy and execution for CEO Mobile, Wells Fargo's mobile service for commercial and corporate accounts, says managing mobile security has become increasingly fluid. Financial institutions must continually monitor new and evolving threats, and they must keep watchful eyes on new technology that should be applied to thwart those threats."

Mobile Banking is Great, But How’s the Security?
"Because juggling work and life can sometimes feel like you need to be at two different places at the same time, mobile banking makes it easier for on-the-go consumers to do their banking whenever and wherever they can. Most of the top-tier U.S. banking institutions know this, which is why they already offer mobile banking and payment options to their retail and commercial customers. And for those that don’t? They are working diligently to offer mobile services by the end of the year."

Adults Reluctant Adopt Mobile Banking and Payments
"A new survey reveals that while younger consumers are driving the growth of mobile banking and payments, most adults are not embracing the technology, Mobile Payments Today reports. Conducted in January by Auriemma Consulting, the survey found that while 43% of respondents under 45 had downloaded a mobile app from their financial institution within the previous year, only 22% of those over 45 had done so."

Mobile banking security bypassed in fiendish malware blag
"Cyber-crooks are blagging SIM cards that allow them to circumvent mobile-based banking security measures and swipe cash from punters' accounts. Security biz Trusteer has uncovered two elaborate techniques that will defeat out-of-band authentication mechanisms such as SMS-delivered one-time passwords (OTP) for online banking websites. These scams involve crooks getting their hands on duplicate SIM cards to execute fraudulent transactions."

Monday, March 19, 2012

Mobile Banking Updates - Mar 19

The Secrets to Chase's Mobile Success: Exclusive Q&A With SVP Ravi Acharya
"Mobile banking has exploded since it was first introduced. In less than 10 years, the channel has evolved from offering basic SMS alerts to providing the rich, fully functional banking experience available on tablets today (and back to text alerts again). JPMorgan Chase ($2.3 trillion in assets) has been at the front of the mobile space from the beginning. Bank Systems Technology associate editor Bryan Yurcan recently spoke with Ravi Acharya, SVP and head of product management for online, mobile and social at Chase, the New York-based company's retail banking arm, about the evolution of the bank's mobile offerings, lessons learned and what the future holds for the channel."

Fed Says 21% of Mobile Phone Users Did Banking With the Devices
"The Federal Reserve said 21 percent of U.S. consumers with mobile phones used the devices to access a bank account, credit card or other financial account during the 12 months that ended in January. 'The use of mobile banking is poised to expand further over the next year, with usage possibly increasing to one out of three mobile users by 2013,' the Fed said in a release today in Washington. 'However, the survey indicates that many consumers remain skeptical of the benefit of mobile banking and the level of security associated with the technology.'”

Nokia looks to withdraw from mobile money services
"Nokia is exploring options to discontinue its mobile money services in India. The Finnish handset maker also confirmed that it does not consider mobile money services to be core to its overall strategy in the future. Nokia has been running three mobile money services in India, including mobile banking services with Yes Bank and the Union Bank of India, and its own service, Nokia Money, which aimed to facilitate online payments rather than mobile banking. A spokesperson confirmed that Nokia has customers for each of those services in India, and is currently exploring exit strategies with its partners."

Not so fast on mobile banking, says survey
"Growth in mobile banking and payments is being driven by younger consumers, according to a new study. Most adults are more reluctant to bank over their cellphones. In an online survey of 504 U.S. debit cardholders conducted in January, Auriemma Consulting found that 40% of respondents had a cell phone capable of performing mobile-banking tasks. Of those, (84%) used their smartphone to bank within the previous year (PaymentsSource March 2)."

Fiserv Expands Mobiliti Solutions
"Fiserv, Inc (FISV) recently announced that Territorial Savings Bank (TBNK) can now offer its customers a comprehensive mobile solutions using Mobiliti from Fiserv. The Mobiliti product portfolio from Fiserv provides a variety of mobile banking and payments services which includes balance inquiry, transaction history, bill payment, person-to-person payments and transfers through a mobile device to clients of the company and their customers."

Thursday, March 15, 2012

Mobile Banking Updates - Mar 15

Mobile Commerce Market Set to Accelerate With NFC Facilitating $74bn Transactions by 2015
"A new study by Juniper Research forecasts that NFC (Near Fields Communications) will facilitate transactions valued at $74bn by 2015 as NFC is increasingly used for the payment of goods in-store and as transport tickets; this is over treble the estimated value of this market in 2011. The increasing use of mobile devices as an alternative to credit cards and paper tickets is one of the fastest growing segments of the mobile commerce market."

MWC2012: Mobile payment for non-banking customers
"UTIBA, one of the worlds largest mobile payment service providers, reviewing mobile banking future trends. $350 billion market expected to expand to $900 billion by 2014."

BBVA Compass First to Allow Mobile Enrollment from an iPhone
"One issue banks have struggled with as they develop mobile banking apps is: how to get new customers on board? Banks generally require customers to be online banking customers before they will allow them to use mobile banking."

Significant Gaps In Mobile Banking Identified By Keynote – Expanded 2012 Mobile Banking Scorecard Results Revealed
"Keynote Competitive Research, the industry analysis group of Keynote® Systems (Nasdaq:KEYN), today announced the expanded 2012 Keynote Mobile Banking Scorecard, first launched in 2011, as a benchmarking standard for the financial and mobile banking industry. The latest Scorecard measures and ranks 15 large retail banks in the United States based on an expanded list of more than 100 criteria in four main categories, developed from consumer research and extensive interviews with practitioners."

Ally Aims to Release Mobile Banking App in April
"For Ally Bank customers, the wait for a mobile banking application is nearly over. The online bank aims to launch the first versions of its highly-anticipated mobile apps in April. 'Although April is later than we’d hoped to get Ally Mobile Banking out to our community, our primary concern is to make sure that our mobile solution handles your finances in a safe, secure manner,' Ally said in a blog post. In October, Ally Bank first announced that mobile apps were coming."

Update: Arvest Mobile Banking App for Android™

"Good news Android users—your Arvest Mobile Banking App is almost here! The new app for Android devices is in the final stages of development and will soon be available in the Android Market™. What should Android users do to be ready for the new app? In order to use the new Arvest Mobile Banking App for Android when it is released, you will need to be enrolled in Arvest Mobile Banking. If you haven’t enrolled yet, you can do so by clicking here and logging into Arvest Online Banking and clicking the Mobile Banking tab."

Many consumers not ready to adopt mobile banking, says survey
"Growth in mobile banking and payments is being driven by younger consumers, but most adults are more reluctant to adopt mobile banking, said a survey cited at cuna.org. In an online survey of 504 U.S. debit cardholders conducted in January, Auriemma Consulting found that younger consumers are more likely to download a mobile-banking app — 43 percent of respondents under 45 had downloaded a mobile app from their financial institution within the previous year, while only about 22 percent of those over 45 had done so."

Wednesday, March 14, 2012

Mobile Banking Security - Mar 14

Poison text messages and malicious mobile apps on the rise
"Nearly one in five mobile phone users have experienced some type of security threat with their device. That's the finding of a Cloudmark survey of 1,000 cellphone users, scheduled to be released Tuesday. Poison text messages, nearly non-existent in the U.S. a few years ago, grew 300% in 2010 and 400% in 2011, accounting for about 1% of all text messages. 'We've gone from totally clean to a trickle,' says Rachel Kinoshito, head of Cloudmark's security operations. 'Most people are seeing about one a month.'"

Mobile Banking Security Risks on a Jailbroken iPhone Are Preventable
"Jailbreaking an iPhone can lead to security risks for mobile banking users who are not vigilant about what apps they download, according to new research from New York-based Corporate Insight. "Jailbreaking" is a term used to describe by passing a smartphone's standard software in order to download software not sanctioned by its maker -- in this case Apple. Corporate Insight said that while there are risks associated with utilizing a jailbroken iPhone, they are preventable and easily managed. "Not unlike the precautions investors should take when banking online with a personal computer, safely utilizing a jailbroken iPhone only requires the user to thoroughly research new programs and monitor their iPhone settings," the company said in a news release."

Top Risks of Mobile Banking
"As new mobile banking applications hit the market, Julie McNelley says it will be critical for banking institutions to have cross-channel monitoring to mitigate risks. 'As we see mobile banking rolled out, it's going to represent many of the same threats and risks that online banking [has] in the business environment,' says McNelley, a fraud analyst with Aite, during an interview with BankInfoSecurity's Tracy Kitten [transcript below]."

Monday, March 12, 2012

Mobile Banking Updates - Mar 12

Chase Tops Mobile Banking Scorecard
"Chase took top honors in an analysis of the mobile offerings of the top 15 U.S. banks released today. Keynote Competitive Research, the industry analysis group of San Mateo, Calif.-based Keynote Systems, released its expanded 2012 "Mobile Banking Scorecard," first issued in 2011. The latest scorecard measures and ranks the banks based on a list of more than 100 criteria in four main categories: functionality, ease of use, privacy and security, and quality and availability. The analysis was developed from consumer research and extensive interviews with practitioners, said Keynote."

Green Dot to Acquire Loopt
"Green Dot Corporation GDOT +0.27% , a provider of widely distributed, low-cost banking and payment solutions to a broad base of U.S. consumers, has entered into a definitive agreement to acquire Loopt, Inc., of Mountain View, California. The transaction is expected to close by the end of the first quarter of 2012 and is subject to regulatory approvals and other closing conditions."

Big boys gear up for bigger play in mobile banking
"The opportunity em erging from India’s efforts to rope in a large unbanked population under the financial system has some of the key players from the mobile world and the financial sector sit up and take note. Among them, are telecom players like Bharti Airtel and Vodafone, mobile infrastructure providers such as Ericsson, money transfer players like Western Union and Visa."

One in four online households use mobile banking
"Here's another sign that credit unions should offer mobile banking options. One in four U.S. online households already use a mobile banking service, and many are moving beyond employing mobile devices for information (such as checking a balance or locating an ATM) and toward making transactions (paying bills and transferring money), says a new study."

BBVA Compass Announces Launch of Enhanced iPhone App
"BBVA Compass today launched version 2.0 of the bank's native application for the iPhone. The free app's enhancements allow users to pay bills as well as view check images, transaction receipts, account charts and payments. It also allows users not previously using online banking to enroll in mobile banking directly from the app."

BofI Federal Bank Launches Mobile Check Deposit App in Latest Advance of Mobile Banking Platform
"BofI Federal Bank BOFI +1.03% announced today the expansion of its mobile banking platform with the introduction of its new Mobile Deposit App that enables anytime, anywhere deposits of checks using an iPhone or Android(TM) phone. Mobile Check Deposits is the latest addition to the BofI Federal Bank Mobile Banking Platform, launched in 2011."

Sunday, March 11, 2012

Mobile Banking Updates - Mar 11

Mobile Banking: Is It Heating Up Or Mostly Hype?
"Banks have been rolling out mobile wallet apps at a furious pace in recent days. The big question is whether they'll ever convince skeptical consumers to begin to zapping money around."

Apple, Google, Facebook and Amazon to lead m-payments gold-rush?
"Apple, Amazon, Facebook and Google - the 'gang of four' - have been driving forces behind a new technology cycle, dominated by the mobile phone and social media, which is merging the online and physical worlds, says Javelin. These huge companies are now seeking to use their strengths to crack a payments market currently led by financial institutions, card schemes and, increasingly, wireless carriers. In a bid to predict the potential success of the competing factions, Javelin polled 5878 Americans to gauge public opinion on what it claims are three crucial ingredients for success: trust, innovation and privacy."

Mobility Matters – Tracking the Mobile Banking Revolution: Online Only
"Mobile Everywhere. Ask Mark Sievewright, a senior executive at Fiserv, to pinpoint three big trends changing the credit union landscape and here is what he said in late February at the New Jersey Credit Union League’s “Reality Check” conference: “mobile, mobile, mobile.” Mobile is not just about a new channel – although it is that – it fundamentally is about changed relationships. And it is growing incredible fast. Another “Reality Check” speaker, CUNA Mutual’s John Lass, flashed a slide that showed mobile users eclipsing the number of online banking users within a few years."

Should Mitek Systems Acquire Top Image Systems?
"One of the discussion topics on Micro Cap Club, has been about the possibility of Mitek Systems (MITK) acquiring Top Image Systems (TISA). Both Mitek Systems and Top Image Systems have similar stories via a history of working with large banks and leveraging those relationships to market and launch mobile banking applications. Mitek Systems was incorporated in 1986 and went public in the early 1990's. The company historically provided financial institutions with advanced imaging and analytics software to authenticate and extract data from checks and other documents."

Thursday, March 8, 2012

Mobile Banking Updates - Mar 8

Consumers Increasingly Switching Banks for Mobile Considerations: Report
"A new study released this week predicts that 50 percent of U.S. bank customers will use mobile banking services by 2016. The study, conducted by business advisory firm AlixPartners, found that 39 percent of consumers say that having a mobile offering is either "extremely important" or "important" in their decision to switch primary banks.
According to AlixPartners, 15 percent of U.S. banking customers currently use mobile banking, up from 12 percent during the second quarter of 2011."

Banking on a midsize screen
"Kony Solutions recently issued version 2.0 of its mobile retail banking application, which it says offers immediate access to such features as payment approvals, mobile check deposits, and full account management capabilities. One of its distinguishing features, according to David Eads, vice president and general manager, is its ability to support new phones, tablets, and browsers as these are introduced. 'Financial institutions must deliver the latest mobile banking services on the devices and browsers their customers use, while staying ahead of the technology curve,' Eads says."

Postal Credit Union in Minnesota to Launch Mobile Banking
"Following the successful roll-out of the new PCU Online Banking and Bill Pay, Postal Credit Union (PCU) in Minnesota is preparing to launch its Mobile Banking service in late March. PCU Mobile Banking will provide a safe and secure way for members to conduct their banking business on the go, anytime, with any mobile device. With PCU Mobile Banking, members will have the ability to check account balances, view recent transactions, transfer funds and locate ATMs and PCU branches. Three methods of PCU Mobile Banking will be available:"

Wednesday, March 7, 2012

Mobile Banking Security - Mar 7

Mobile Banking ID Theft Risks Become Clear
"Younger customers, who are more confident about posting personal details and among the heaviest smartphone users, are particularly at risk. But while the incidence of identity theft is increasing, cost to consumers has stayed about steady, according to Javelin Strategy & Research's 2012 identity fraud report. 'We know the risks are still prevalent, but when you look at improved response time and reduced cost for consumers, as well as increased consumer awareness, the banks … have done a good job with education,' says Robert Dudacek, senior vice president for Wells Fargo & Co. insurance."

Be savvy about mobile banking safety
"As consumers become more comfortable with mobile payment technology, they also need to become more concerned about the security of their transactions. 'Security of your transactions is one of the biggest issues, especially with mobile payments,' said Jerry O’Flanagan, chief credit officer for First National Bank of Omaha."

Tuesday, March 6, 2012

International Mobile Banking Updates - Mar 6

FNB integrates mobile banking with Facebook
"FNB today announced that its customers can now buy FNB Vouchers using Cellphone Banking and send to friends on Facebook. FNB Vouchers on Facebook is another first by a bank in South Africa. FNB Vouchers are targeted at Facebook users in South Africa. This innovative product enables FNB customers registered for Cellphone Banking to send gifts to their Facebook friends — the recipient of the FNB Voucher can redeem it as Prepaid Airtime or convert it to cash by using the bank’s eWallet service."

Reaching the Poor: Mobile Banking and Financial Inclusion
"In a recent Slate article, Jamie Zimmerman and Sascha Meinrath lament the exclusion of the poor from Kenya’s much-touted expansion of mobile money, exemplified by the growth of M-PESA. Citing our early empirical analysis of the adoption of M-PESA, the authors correctly note that in 2008, many of the poor did not use the service. Zimmerman and Meinrath infer from this pattern of adoption that poor households are made worse off by M-PESA’s success."

Mobile banking’s Sh1.5tr boost to formal economy
"Mobile banking has succeeded in bringing about Sh1.5 trillion into the formal economy, indicating the potential of mobile phone-based financial transactions to bridge the gap left by the mainstream banking system. Tanzania has about Sh2.3 trillion in circulation at any given time, the formal banking and financial system holds about Sh13 trillion, but experts say most of the liquidity is in the informal circulation."

Mobile Banking in Australia
"M-banking involves conducting account balance and transaction history inquiries, fundstransfers, billpayments, stocktrades, portfolio management, as well as insurance ordering, via a mobile device."

Monday, March 5, 2012

Mobile Banking Updates - Mar 5

Chase, Capital One and Barclaycard First to Place Their Cards in the Isis(TM) Mobile Wallet
"Isis(TM), the mobile commerce joint venture created by AT&T Mobility, T-Mobile USA and Verizon Wireless, today announced that Chase, Capital One and Barclaycard have entered into agreements with Isis enabling their credit, debit and prepaid cards to be placed into the Isis Mobile Wallet. Starting in mid-2012, consumers will be able to load their eligible Chase, Capital One and Barclaycard cards into their Isis Mobile Wallet and shop at participating merchants, starting with locations across Salt Lake City and Austin, Texas."

Chase Selects Gemalto for Trusted Service Management
"Chase announced today that it has selected Gemalto (Euronext NL0000400653 GTO), a leader in digital security, to provide its Trusted Service Management (TSM) solution for Chase's enterprise-wide mobile payments platform. Gemalto's TSM will provision and manage the credit and debit card data of Chase customers, validating authenticity and supporting information delivery over the air. The Isis(TM) mobile wallet, developed through a joint venture between AT&T Mobility, T-Mobile USA and Verizon Wireless, will be the first to benefit from this partnership.

3 Hot Banking Markets Beyond the Obvious
"When it comes to identifying potential geographic markets for growth and investment, banks and technology companies alike have been focusing on the prominent BRIC nations: Brazil, Russia, India and China. While these four dominant countries have populations, economies, infrastructures and cultures that are attractive to financial services organizations seeking new opportunities to grow beyond their local bases, it may be increasingly difficult for outside players to differentiate themselves as the competition accelerates."

Consumers lives becoming more digital, including financial management
"Consumers are increasingly gravitating toward online and mobile channels for daily financial management, and that tablet banking services will be increasingly in demand, according to the Fiserv Consumer Trends survey. The survey was completed by 3,000 individuals representative of the U.S. online population of households in August 2011."

Bank of the James to launch mobile banking options
"Bank of the James is launching applications for smartphones starting Monday that allow customers to check balances, pay bills and transfer funds from anywhere. The bank launched social media accounts on Facebook, Twitter and Google+ on Thursday. It also will have a YouTube channel. In addition to mobile applications and a new website for viewing on mobile phones, the company will start a service where users can send a text message for functions like checking an account balance."

Sunday, March 4, 2012

Mobile Banking Updates - Mar 4

Mobile Ties That Bind
"The survey of the American Banker Executive Forum found that 42% of banks currently offer mobile banking or mobile payments. And among those that don't, 40% have firm plans to offer them within the next 12 months. Large banks are leading the way — 76% offer mobile banking today, and of those that don't, 54% plan to introduce mobile banking in the next year. Most of these bank apps (91%) are geared to consumers; half are meant for small-business clients."

Mobile banking adoption to reach 50pc by 2016: study
"Mobile banking is gaining traction and is expected to reach 50 percent of consumers by 2016, according to a new study from global business advisory firm AlixPartners. The “Mobile Financial Service Tracking Study” looked at mobile banking trends over the next five years and predicted areas of growth. The study also compared how certain banks are stacking up in their mobile efforts."

Online, Mobile and Tablet Banking Use Growing, says Fiserv Consumer Trends Survey
"Consumers show strong interest in using tablets for financial services. --Online bill payments now account for 50 percent of all bill payments made by U.S. households with Internet access. Fiserv Inc., a leading global provider of financial services technology solutions, today announced findings from the latest Fiserv Consumer Trends Survey, which has provided insight into consumer usage of digital channels for financial services since 2002."

Partner Colorado Credit Union Introduces Mobile Banking
"Partner Colorado Credit Union (PCCU) released new mobile banking services for iPhone and Android mobile smartphones, designed to improve the efficiency and convenience of banking on-the-go for PCCU members. 'Partner Colorado Credit Union continues to invest in technology to make life easier and more convenient for our members,' said PCCU CEO Sundie Seefried. 'Since more people are relying on their cell phones and mobile devices for everyday conveniences, our members now have access to up-to-the-minute account information and services anytime and anywhere they need it.'"

Mobile banking app at CeBIT
"Printed bank transfer slips are still remarkably widespread as a bill insert – despite numerous digital developments. On behalf of a German bank, GFT Technologies AG has now created a solution which brings the two worlds together. At CeBIT in Hanover, Germany, the “Picture Money Transfer” prototype will be presented: an innovative mobile banking app with which smartphone cameras can digitise and intelligently process bank transfer slips."

Friday, March 2, 2012

International Mobile Banking Updates - Mar 2

ICICI Bank adds new mobile banking services
"ICICI Bank, India`s largest private sector bank announced launch of convenient services to transact over mobile phones. The bank provides a wide range of financial and non-financial services, which can be conducted through mobile devices."

Mobile Bill Pay Demand Is the Future
"Imagine paying your house payment while riding in a double decker bus in London or making your Visa payment while waiting for a plane. For Greg Meyer, community relations manager at the $1.2 billion Meriwest Credit Union in San Jose, Calif., those scenarios are beyond dreams. He believes they need to become realities for credit unions that hope to compete in an increasingly technological financial services landscape."

Coming soon: Mobile banking payment transfers for everyone
"Savers with every UK bank should soon be able to transfer cash with just a few taps on their mobile phone. Trade body, the Payments Council, is developing a system to allow customers to shift cash from their accounts using their mobiles, without the need for a sort code or account number. It should be complete by the end of this year.
Banks will then decide whether to introduce the system and whether they will charge for it."

UK banks need to get their mobile banking plans on track
"Much has been made of phenomenal increase of smartphone usage in every facet of British society, so why isn’t mobile phone banking taking off like it is in overseas markets?

Smartphones are rapidly becoming essential tools in our day to day lives, often replacing computers for online tasks. In overseas markets dedicated banking apps mean bills can be paid, money transferred and goods bought online, all at the flick of a touchscreen. Why haven't UK banks embraced this technology over here?"