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."