Infosys Survey Finds Mobile Banking Customers Love Ease and Convenience, Yet Reliability and Security Concerns Remain
"An overwhelming majority (94 percent) of U.S. consumers say that banking on their mobile device is easy and more than three quarters (77 percent) feel it is convenient, but only 42 percent cite that it is reliable, according to a new study released today by Infosys, a global leader in consulting, outsourcing and technology."
Chase earns top marks in Forrester’s new mobile banking benchmark
"With the rising popularity of mobile banking — reaching 17 percent of U.S. consumers by the end of last year, a figure that’s grown 4X in the past five year — the research firm Forrester has developed a “Mobile Banking Functional Benchmark” to evaluate how banks approach the new wave of devices.
Forrester applied its new benchmark to the top four banks in the U.S. and found that Chase rose to the top, with a score of 74 out of 100 points. The big break for Chase was in the transactional functionality category, where it earned 26 points more than the average."
Mobile Banking Set To Explode, Here’s What Marketers Need to Know
"One study commissioned by the Federal Reserve System examines the increasing impact mobile tools have had on consumers’ banking, budgeting, shopping and payments behaviors. The report titled “Consumers and Mobile Financial Services” presents findings from an online survey with over 2,200 participants, conducted in December 2011 and January 2012. The report explores the use of mobile technologies as a means to access financial services and make financial decisions."
Capital One Updates Mobile Banking App
"Customers can use the updated app for the Android and iOS to view their rewards history and rewards account information in addition to requesting transfers to other rewards accounts, Capital One said Monday. Additionally, customers can browse credit card products through the mobile home screen and the mobile website, which does not require a log in. Customers can click a "call to apply" button to talk to a representative about a product or choose the "apply now" option and apply online."
Sunday, April 29, 2012
Thursday, April 26, 2012
Mobile Banking Updates - Apr 26
Online Banking Vs. Mobile Banking
"While PC-based online banking is not much older than a high school student, mobile banking is still in elementary school. With the proliferation of smartphones, however, online banking’s younger sibling is quickly catching up to the slightly more established option. Banking through your PC’s web browser offers a full menu of services. You can easily and conveniently schedule payments, transfer funds, add new payees, open new accounts, apply for loans, view current and past statements, and access information about specific checks that have been deposited. A PC or Mac allows you to view an extensive array of details and options, giving you full control of your accounts."
J.D. Power and Associates Reports: Satisfaction with Bank Facilities and Routine Interactions Offset Decreasing Satisfaction with Fees
"While consumers are growing increasingly dissatisfied with fees, banks are able to offset it with higher satisfaction in other areas, such as banking facilities, account activities, and problem resolution, according to the J.D. Power and Associates 2012 U.S. Retail Banking Satisfaction Study(SM) released today. The study, now in its seventh year, finds that overall retail banking customer satisfaction has improved by one index point in 2012 to an average of 753 (on a 1,000-point scale) from 2011. Customer satisfaction with the retail banking experience is measured in six factors: account activities; account information; facility; fees; problem resolution; and product offerings."
Bank Freedom Teams with FIS Mobile to Provide New Mobile Banking Offerings as a Safe and Convenient Alternative for Underbanked Consumers
"Bank Freedom, a wholly-owned subsidiary of PrepaYd, Inc. (otc pink:PPDC), today announced that Bank Freedom has a multi-year agreement for the FIS Mobile offering in support of Bank Freedom's mobile application for the underbanked market. FIS is the world's largest provider of banking and payments technology."
"While PC-based online banking is not much older than a high school student, mobile banking is still in elementary school. With the proliferation of smartphones, however, online banking’s younger sibling is quickly catching up to the slightly more established option. Banking through your PC’s web browser offers a full menu of services. You can easily and conveniently schedule payments, transfer funds, add new payees, open new accounts, apply for loans, view current and past statements, and access information about specific checks that have been deposited. A PC or Mac allows you to view an extensive array of details and options, giving you full control of your accounts."
J.D. Power and Associates Reports: Satisfaction with Bank Facilities and Routine Interactions Offset Decreasing Satisfaction with Fees
"While consumers are growing increasingly dissatisfied with fees, banks are able to offset it with higher satisfaction in other areas, such as banking facilities, account activities, and problem resolution, according to the J.D. Power and Associates 2012 U.S. Retail Banking Satisfaction Study(SM) released today. The study, now in its seventh year, finds that overall retail banking customer satisfaction has improved by one index point in 2012 to an average of 753 (on a 1,000-point scale) from 2011. Customer satisfaction with the retail banking experience is measured in six factors: account activities; account information; facility; fees; problem resolution; and product offerings."
Bank Freedom Teams with FIS Mobile to Provide New Mobile Banking Offerings as a Safe and Convenient Alternative for Underbanked Consumers
"Bank Freedom, a wholly-owned subsidiary of PrepaYd, Inc. (otc pink:PPDC), today announced that Bank Freedom has a multi-year agreement for the FIS Mobile offering in support of Bank Freedom's mobile application for the underbanked market. FIS is the world's largest provider of banking and payments technology."
Wednesday, April 25, 2012
Mobile Banking Updates - Apr 25
Bank of America's David Godsman promises to support mobile payments
"Bank of America's Online and Mobile Solutions Executive David Godsman has only been in the mobile banking business with Bank of America for under a year, but the company has already made huge strides in its mobile strategy under his leadership. The company touts 29 million active online banking users and over nine million who use mobile banking. Godsman recently spoke to FierceMobileContent about Bank of America's changing digital strategy and mobile security measures that help keep users' financial information safe and secure. This is an edited version of that conversation."
Use phone to move funds
"A mobile phone is no longer a simple device to make calls. It's become the hub for all your activities, from e-mailing and browsing to paying bills and transferring money. Banks may have been the first to dip their feet into this technological pool, but telecom companies have begun to catch up. The RBI's step to remove the 50,000 cap that it had imposed earlier on daily mobile transactions has also provided the much-needed boost to mobile banking."
Mobile banking 2012
"A look at trends in mobile banking and whether a mobile app or mobile website makes more sense."
Local Touch Should be Key to U.S. Banks' Future Plans, Says Research
"Banking customers in the U.S. prefer localized, personalized services to be at the center of their relationship with their financial services institutions, according to a new international study by BT and Avaya. The study - which reflects results of a survey of more than 2,000 financial services customers in the U.S., U.K., Germany and Spain -- found that despite the growing use of telephone and Internet banking in recent years, two-thirds (66 percent) of U.S.-based customers see their local branch as the most vital link with their bank - second only to cash machines."
Analyst: Android has 35% of U.S. tablet market, will overtake iPad
"That startling statistic and prediction comes courtesy of Javelin Strategy & Research of Pleasanton, California. A boutique research firm known for its bank technology coverage, Javelin published a paid report today on tablets and their impact on mobile consumer banking. I was able to read the report and interview the primary author, Javelin research director Mary Monahan."
"Bank of America's Online and Mobile Solutions Executive David Godsman has only been in the mobile banking business with Bank of America for under a year, but the company has already made huge strides in its mobile strategy under his leadership. The company touts 29 million active online banking users and over nine million who use mobile banking. Godsman recently spoke to FierceMobileContent about Bank of America's changing digital strategy and mobile security measures that help keep users' financial information safe and secure. This is an edited version of that conversation."
Use phone to move funds
"A mobile phone is no longer a simple device to make calls. It's become the hub for all your activities, from e-mailing and browsing to paying bills and transferring money. Banks may have been the first to dip their feet into this technological pool, but telecom companies have begun to catch up. The RBI's step to remove the 50,000 cap that it had imposed earlier on daily mobile transactions has also provided the much-needed boost to mobile banking."
Mobile banking 2012
"A look at trends in mobile banking and whether a mobile app or mobile website makes more sense."
Local Touch Should be Key to U.S. Banks' Future Plans, Says Research
"Banking customers in the U.S. prefer localized, personalized services to be at the center of their relationship with their financial services institutions, according to a new international study by BT and Avaya. The study - which reflects results of a survey of more than 2,000 financial services customers in the U.S., U.K., Germany and Spain -- found that despite the growing use of telephone and Internet banking in recent years, two-thirds (66 percent) of U.S.-based customers see their local branch as the most vital link with their bank - second only to cash machines."
Analyst: Android has 35% of U.S. tablet market, will overtake iPad
"That startling statistic and prediction comes courtesy of Javelin Strategy & Research of Pleasanton, California. A boutique research firm known for its bank technology coverage, Javelin published a paid report today on tablets and their impact on mobile consumer banking. I was able to read the report and interview the primary author, Javelin research director Mary Monahan."
Tuesday, April 24, 2012
Mobile Banking Security - Apr 24
Making Mobile Banking Safe
"The financial industry and banking customers are facing the age-old security balancing act of gauging convenience versus risk as the new battleground for fighting fraud shifts from traditional desktop-based online banking to mobile banking. As financial institutions work to provide mobile banking apps to customers clamoring for them, these organizations are struggling with offering the right functionality without giving the farm away to criminals. But all of that work is done under the covers and in an inconsistent manner across the industry, leaving customers to fend for themselves in evaluating whether or not their institution's mobile banking app is safe enough for their personal risk appetites."
Q2ebanking, Trusteer Partner to Further Help Financial Institutions Strengthen Multi-layered Fraud Protection
"Q2ebanking, a provider of highly secure electronic banking solutions for banks and credit unions throughout the U.S., announced today at its 2012 Client Conference, Focus in Motion!, that it has partnered with Trusteer, the leading provider of cybercrime prevention solutions to add an additional layer of security to Q2ebanking's platform. The partnership integrates the Trusteer Product Suite, including Trusteer Rapport, with Q2ebanking's single platform of e-banking solutions. As a result, Q2ebanking clients have access to another fraud protection solution, which can strengthen their security and FFIEC compliance for multi-layer fraud protection."
Mobile banking popularity puts smart phones at risk for theft
"Cell phone theft is becoming the number one crime trend in the United States. In fact, 40 percent of robberies in major cities now involve cell phones. In Washington, DC alone, cell phone-related crime is up 54 percent since 2007. What makes this so disturbing is the fact that it's not just the phone that's stolen. That device can be a key to all sorts of personal information. Like many people April Tucker has lost her phone a time or two."
BNZ app 'turns mobile into a security device'
"Bank of New Zealand has incorporated secure two factor authentication into mobile phone apps for its internet banking customers, effectively cutting one step required to log on to its mobile banking. The application 'turns smartphones into a security device', says Paul Bartlett, BNZ project manager www, mobile and online. Bartlett says BNZ is the first local bank to deploy the MobileNetGuard developed from technology provided by Entrust. It will be available for users of the bank’s mobile apps for iPhone and Android."
"The financial industry and banking customers are facing the age-old security balancing act of gauging convenience versus risk as the new battleground for fighting fraud shifts from traditional desktop-based online banking to mobile banking. As financial institutions work to provide mobile banking apps to customers clamoring for them, these organizations are struggling with offering the right functionality without giving the farm away to criminals. But all of that work is done under the covers and in an inconsistent manner across the industry, leaving customers to fend for themselves in evaluating whether or not their institution's mobile banking app is safe enough for their personal risk appetites."
Q2ebanking, Trusteer Partner to Further Help Financial Institutions Strengthen Multi-layered Fraud Protection
"Q2ebanking, a provider of highly secure electronic banking solutions for banks and credit unions throughout the U.S., announced today at its 2012 Client Conference, Focus in Motion!, that it has partnered with Trusteer, the leading provider of cybercrime prevention solutions to add an additional layer of security to Q2ebanking's platform. The partnership integrates the Trusteer Product Suite, including Trusteer Rapport, with Q2ebanking's single platform of e-banking solutions. As a result, Q2ebanking clients have access to another fraud protection solution, which can strengthen their security and FFIEC compliance for multi-layer fraud protection."
Mobile banking popularity puts smart phones at risk for theft
"Cell phone theft is becoming the number one crime trend in the United States. In fact, 40 percent of robberies in major cities now involve cell phones. In Washington, DC alone, cell phone-related crime is up 54 percent since 2007. What makes this so disturbing is the fact that it's not just the phone that's stolen. That device can be a key to all sorts of personal information. Like many people April Tucker has lost her phone a time or two."
BNZ app 'turns mobile into a security device'
"Bank of New Zealand has incorporated secure two factor authentication into mobile phone apps for its internet banking customers, effectively cutting one step required to log on to its mobile banking. The application 'turns smartphones into a security device', says Paul Bartlett, BNZ project manager www, mobile and online. Bartlett says BNZ is the first local bank to deploy the MobileNetGuard developed from technology provided by Entrust. It will be available for users of the bank’s mobile apps for iPhone and Android."
Sunday, April 22, 2012
Mobile Banking Updates - Apr 22
Five Myths of Mobile Banking
"The buzz about mobile banking is at an all-time high so maybe it’s time to take the hype down a notch. Below, we have debunked some common myths about mobile banking so that financial institutions can focus on what really matters and provide a roadmap to meet customer needs and improve their bottom line. First Myth: We can wait. Shortly after their launch dates, first movers witnessed as many as 10% of retail customers adopting mobile banking. This implies that customers value, and will increasingly expect, mobile capabilities from their banks."
Mobile Banking On The Rise, Users Twice As Likely To Do Their Banking On A Tablet
"Gone are the days of walking into a bank with your passbook and having your deposit stamped and recorded. Technology and the advent of online banking has eliminated the need to shuffle through the mouse maze line of your local banking institution and has replaced our favorite smiling teller with bright LED screens and Helvetica font. Online banking is a major convenience that saves us time and allows us to stay in our pajamas that much longer."
New Core to Enable Mobile Banking, Call Center Upgrades at American Savings
"With its core conversion out of the way, American Savings Bank is ready to put its new tools to work on a series of new initiatives, ranging from branches to call centers to mobile. 'What we're doing is adding more channels, such as mobile, and automating other activities that could improve efficiencies,' says Rick Robel, executive vice president of operations and technology at the $4.9 billion, Honolulu-based bank."
Mobile wallet, the next big idea, is catching up
"First came the cards that advocated ditching cash for plastic money. Now mobile phones want to do the job. So what are the options in mobile wallet today? And how is it different from mobile banking? Apart from taking away the load from your wallet, the mobile wallet allows you to transact on the fly. The place where it manages to leave its big brother, mobile banking, behind is that to access your mobile wallet your phone does not need to be internet enabled."
Mobile banking a hit with young adults
"One of every 5 U.S. consumers used a mobile phone to access a bank, credit card or financial account during the 12-month period that ended January 31, 2012, according to a recent survey of 2,300 people by Knowledge Networks. I'm Clark Palmer with your Bankrate.com Personal Finance Minute. The survey's findings suggest that mobile banking is poised to expand further with usage possibly increasing to 1 out of every 3 mobile phone users by next year, according to a Federal Reserve statement about the survey."
"The buzz about mobile banking is at an all-time high so maybe it’s time to take the hype down a notch. Below, we have debunked some common myths about mobile banking so that financial institutions can focus on what really matters and provide a roadmap to meet customer needs and improve their bottom line. First Myth: We can wait. Shortly after their launch dates, first movers witnessed as many as 10% of retail customers adopting mobile banking. This implies that customers value, and will increasingly expect, mobile capabilities from their banks."
Mobile Banking On The Rise, Users Twice As Likely To Do Their Banking On A Tablet
"Gone are the days of walking into a bank with your passbook and having your deposit stamped and recorded. Technology and the advent of online banking has eliminated the need to shuffle through the mouse maze line of your local banking institution and has replaced our favorite smiling teller with bright LED screens and Helvetica font. Online banking is a major convenience that saves us time and allows us to stay in our pajamas that much longer."
New Core to Enable Mobile Banking, Call Center Upgrades at American Savings
"With its core conversion out of the way, American Savings Bank is ready to put its new tools to work on a series of new initiatives, ranging from branches to call centers to mobile. 'What we're doing is adding more channels, such as mobile, and automating other activities that could improve efficiencies,' says Rick Robel, executive vice president of operations and technology at the $4.9 billion, Honolulu-based bank."
Mobile wallet, the next big idea, is catching up
"First came the cards that advocated ditching cash for plastic money. Now mobile phones want to do the job. So what are the options in mobile wallet today? And how is it different from mobile banking? Apart from taking away the load from your wallet, the mobile wallet allows you to transact on the fly. The place where it manages to leave its big brother, mobile banking, behind is that to access your mobile wallet your phone does not need to be internet enabled."
Mobile banking a hit with young adults
"One of every 5 U.S. consumers used a mobile phone to access a bank, credit card or financial account during the 12-month period that ended January 31, 2012, according to a recent survey of 2,300 people by Knowledge Networks. I'm Clark Palmer with your Bankrate.com Personal Finance Minute. The survey's findings suggest that mobile banking is poised to expand further with usage possibly increasing to 1 out of every 3 mobile phone users by next year, according to a Federal Reserve statement about the survey."
Wednesday, April 18, 2012
Mobile Banking Updates - Apr 18
Mobile Banking & Payments by the Numbers
"Statement rewards provider and BillShrink parent, Truaxis, published a nice summary of mobile banking and payments on its blog (reprinted with permission below). A few Industry Players metrics at the bottom of the infographic have recently been updated:
* Starbucks said this week it has processed 42 million mobile payment, up from the 26 million (Venture Beat, 9 April 2012)
* Square has now shipped 1 million readers, up from 500,000; and is now processing $11 million per day, up from $4 mil (Splatf, 5 March 2012) "
Accenture Introduces New Software to Help Banks Integrate Customer Channels, Streamline Product Development and Pricing
"Accenture ACN -2.46% has introduced two new software products -- Accenture Multichannel Platform and Accenture Product and Fee Factory -- to help banks quickly and efficiently integrate customer channels, such as mobile, branch and online banking, and streamline product development and pricing.
Developed by Accenture Software, the new products are designed to help banks increase revenues, improve commercial offerings and reduce distribution costs by strengthening customer channels and product management."
Monitise launches HSBC banking app
"The iOS app allows customers to access up to 10 accounts on their smartphone, check balances, review recent transactions, and top-up airtime on up to five mobile phones. As part of the deal, Monitise will develop further mobile banking services for HSBC UK. Monitise COO Mike Keyworth said: 'Monitise is a proven partner to the world’s largest financial institutions which know they can trust it to deliver world-class, bank-grade products and services."
Orange adopts 'Quick Tap' mobile banking for Android
"Mobile network provider Orange has announced that 'Quick Tap' contactless payments will be opened to Android phones and all UK credit and debit card accounts, The Telegraph reports.
Although the company has yet to announce which Android handsets will be compatible with the contactless payments technology, it's the latest step in the evolution of mobile banking - following in the wake of similar applications such as Barclays' Pingit. "
"Statement rewards provider and BillShrink parent, Truaxis, published a nice summary of mobile banking and payments on its blog (reprinted with permission below). A few Industry Players metrics at the bottom of the infographic have recently been updated:
* Starbucks said this week it has processed 42 million mobile payment, up from the 26 million (Venture Beat, 9 April 2012)
* Square has now shipped 1 million readers, up from 500,000; and is now processing $11 million per day, up from $4 mil (Splatf, 5 March 2012) "
Accenture Introduces New Software to Help Banks Integrate Customer Channels, Streamline Product Development and Pricing
"Accenture ACN -2.46% has introduced two new software products -- Accenture Multichannel Platform and Accenture Product and Fee Factory -- to help banks quickly and efficiently integrate customer channels, such as mobile, branch and online banking, and streamline product development and pricing.
Developed by Accenture Software, the new products are designed to help banks increase revenues, improve commercial offerings and reduce distribution costs by strengthening customer channels and product management."
Monitise launches HSBC banking app
"The iOS app allows customers to access up to 10 accounts on their smartphone, check balances, review recent transactions, and top-up airtime on up to five mobile phones. As part of the deal, Monitise will develop further mobile banking services for HSBC UK. Monitise COO Mike Keyworth said: 'Monitise is a proven partner to the world’s largest financial institutions which know they can trust it to deliver world-class, bank-grade products and services."
Orange adopts 'Quick Tap' mobile banking for Android
"Mobile network provider Orange has announced that 'Quick Tap' contactless payments will be opened to Android phones and all UK credit and debit card accounts, The Telegraph reports.
Although the company has yet to announce which Android handsets will be compatible with the contactless payments technology, it's the latest step in the evolution of mobile banking - following in the wake of similar applications such as Barclays' Pingit. "
Tuesday, April 17, 2012
Mobile Banking Updates - Apr 17
Business mobile banking launched
"In March Bank Millennium launched phone banking for business accounts. It is available to all self-employed users of Biznes accounts with access to Millenet. An urgent transfer while on a train, termination of a deposit just before payment for a service, phone top-up while riding in a lift is run-of-the-mill in mobile banking, at the same time being services, which make life easier for small businesses. Operating business accounts by phone works the same as for private accounts - it only takes a change of context i.e. with a single click to toggle between private and business accounts. Mobile banking is available with use of a special Mobile Application for Android smartphones and iPhones as well as in a "light" browser version for cellphones."
E-wallets put money back in your pocket
"Your 16-year old daughter is going out for a night on the town, and you are worried that she might run out of money. In the past few days a new solution has emerged. If need be, you can use your mobile phone to transfer money within seconds to her account, and she can then take it out immediately in cash from an ATM.
Barclays launched this transmission service for its smartphone users a few weeks ago and on Thursday extended it to non-customers. People have been signing up at the rate of 10,000 a day."
M-PESA extends its reach
"New data from the fourth round of a survey of Kenyan households confirm what every visitor to this East African nation knows: the spread of mobile technology and its adoption by broad swathes of the population continues. Probably the most successful of all the innovative mobile solutions is M-PESA, Safaricom’s mobile banking product that allows users to send money across the country (and recently, beyond) in an instant, as well as providing a safe and secure savings instrument, and a convenient bill payment capacity."
Mobile Banking Vendor Selection: Not A Straightforward Journey
"As I started my Market Overview of Mobile Banking Solutions, one thing was apparent: the vendor landscape is in flux. To further demonstrate this point, over the last few weeks, Montise announcedacquisition of Clairmail and Clairmail announced Clairmail Plus, a solution targeting mid-tier regional banks, community banks and credit unions. With the constant movement, it’s not easy to navigate through the vendor landscape."
Mobile Payments Startup Beamit Raises $2.4M From Founder’s Co-op, Jeff Bezos, Eric Schmidt & Others
"Mobile payments platform Beamit, which focuses on international money transfers between the U.S. and developing markets, has just closed a $2.4 million seed round led by Founder’s Co-op, with participation from Bezos Expeditions (the personal investment company of Jeff Bezos), TomorrowVentures (the investment vehicle for Eric Schmidt) and a small group of angel investors. The funds will be used to further product development as the company moves towards public availability, currently slated for Q3 2012. The company says the first market being targeted is the Philippines."
"In March Bank Millennium launched phone banking for business accounts. It is available to all self-employed users of Biznes accounts with access to Millenet. An urgent transfer while on a train, termination of a deposit just before payment for a service, phone top-up while riding in a lift is run-of-the-mill in mobile banking, at the same time being services, which make life easier for small businesses. Operating business accounts by phone works the same as for private accounts - it only takes a change of context i.e. with a single click to toggle between private and business accounts. Mobile banking is available with use of a special Mobile Application for Android smartphones and iPhones as well as in a "light" browser version for cellphones."
E-wallets put money back in your pocket
"Your 16-year old daughter is going out for a night on the town, and you are worried that she might run out of money. In the past few days a new solution has emerged. If need be, you can use your mobile phone to transfer money within seconds to her account, and she can then take it out immediately in cash from an ATM.
Barclays launched this transmission service for its smartphone users a few weeks ago and on Thursday extended it to non-customers. People have been signing up at the rate of 10,000 a day."
M-PESA extends its reach
"New data from the fourth round of a survey of Kenyan households confirm what every visitor to this East African nation knows: the spread of mobile technology and its adoption by broad swathes of the population continues. Probably the most successful of all the innovative mobile solutions is M-PESA, Safaricom’s mobile banking product that allows users to send money across the country (and recently, beyond) in an instant, as well as providing a safe and secure savings instrument, and a convenient bill payment capacity."
Mobile Banking Vendor Selection: Not A Straightforward Journey
"As I started my Market Overview of Mobile Banking Solutions, one thing was apparent: the vendor landscape is in flux. To further demonstrate this point, over the last few weeks, Montise announcedacquisition of Clairmail and Clairmail announced Clairmail Plus, a solution targeting mid-tier regional banks, community banks and credit unions. With the constant movement, it’s not easy to navigate through the vendor landscape."
Mobile Payments Startup Beamit Raises $2.4M From Founder’s Co-op, Jeff Bezos, Eric Schmidt & Others
"Mobile payments platform Beamit, which focuses on international money transfers between the U.S. and developing markets, has just closed a $2.4 million seed round led by Founder’s Co-op, with participation from Bezos Expeditions (the personal investment company of Jeff Bezos), TomorrowVentures (the investment vehicle for Eric Schmidt) and a small group of angel investors. The funds will be used to further product development as the company moves towards public availability, currently slated for Q3 2012. The company says the first market being targeted is the Philippines."
Sunday, April 15, 2012
Mobile Banking Updates - Apr 15
mFoundry Launches Mobile Banking Solution for Conestoga Bank
"mFoundry, the most popular provider of mobile banking and payments solutions, today announced Conestoga Bank has successfully deployed its mBanking mobile banking solution. mFoundry's mobile banking solution is now used by nearly 10MM users across more than 650 financial institutions nationwide, including one-third of the top 50 banks in the U.S.
Conestoga Bank is the latest financial institution to choose mFoundry's mobile banking and payments platform to serve the mobile financial services needs of its customers. With its new mobile banking solution, Conestoga Bank is providing customers with a suite of mobile banking services that includes three platforms – a smartphone app, a mobile Web service and an SMS/text banking service. These options will enable Conestoga's users to do their banking from the widest range of mobile devices in the market today."
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."
JPMorgan Chase & Co. : J.P. Morgan Empire for iPad app recognized for excellence in mobile banking
"In a record-breaking year for entries, J.P. Morgan took the top spot for "Best use of Mobile" at the FSTech Awards for its Empire for iPad application. The app, designed to respond to the Emerging Markets (EM) clients' real-time needs, is the only one of its kind for EM users. It provides mobile access to J.P. Morgan's real-time analytics, research, historical data and asset details, and offers customizable real-time market views and interactive charting."
Monitise Open for Business in Indonesia with Astra Graphia Group
"Monitise Asia Pacific announced today that its joint venture with a subsidiary of PT Astra Graphia Tbk, was ready for business. The joint venture - PT AGIT Monitise Indonesia - has successfully completed its installation in a Jakarta-based data centre to support the full spectrum of mobile banking, payments and commerce.
The platform will allow banks, mobile operators, retailers and other service providers to connect via a fully interoperable and secure network so they can deliver mobile services to both banked and unbanked customers. AGIT is providing both data centre services and local management support for the venture."
"mFoundry, the most popular provider of mobile banking and payments solutions, today announced Conestoga Bank has successfully deployed its mBanking mobile banking solution. mFoundry's mobile banking solution is now used by nearly 10MM users across more than 650 financial institutions nationwide, including one-third of the top 50 banks in the U.S.
Conestoga Bank is the latest financial institution to choose mFoundry's mobile banking and payments platform to serve the mobile financial services needs of its customers. With its new mobile banking solution, Conestoga Bank is providing customers with a suite of mobile banking services that includes three platforms – a smartphone app, a mobile Web service and an SMS/text banking service. These options will enable Conestoga's users to do their banking from the widest range of mobile devices in the market today."
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."
JPMorgan Chase & Co. : J.P. Morgan Empire for iPad app recognized for excellence in mobile banking
"In a record-breaking year for entries, J.P. Morgan took the top spot for "Best use of Mobile" at the FSTech Awards for its Empire for iPad application. The app, designed to respond to the Emerging Markets (EM) clients' real-time needs, is the only one of its kind for EM users. It provides mobile access to J.P. Morgan's real-time analytics, research, historical data and asset details, and offers customizable real-time market views and interactive charting."
Monitise Open for Business in Indonesia with Astra Graphia Group
"Monitise Asia Pacific announced today that its joint venture with a subsidiary of PT Astra Graphia Tbk, was ready for business. The joint venture - PT AGIT Monitise Indonesia - has successfully completed its installation in a Jakarta-based data centre to support the full spectrum of mobile banking, payments and commerce.
The platform will allow banks, mobile operators, retailers and other service providers to connect via a fully interoperable and secure network so they can deliver mobile services to both banked and unbanked customers. AGIT is providing both data centre services and local management support for the venture."
Friday, April 13, 2012
Mobile Banking Updates - Apr 13
Clairmail launches mobile banking, payments solution Clairmail Plus
"Clairmail has released its new mobile banking and payments solution Clairmail Plus, designed to help mid-tier regional banks, community banks and credit unions. Clairmail CEO Pete Daffern said that the firm has witnessed huge demand in the midmarket for a mobile solution that keeps costs and IT investment down while delivering real value to consumers and banks alike."
Farmers State Bank Selects Jack Henry Banking to Provide Enterprise-Wide Automation
"Jack Henry & Associates, Inc. JKHY -1.11% is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its Jack Henry Banking(TM) division announced today that Farmers State Bank has selected its Core Director® core processing system to provide enterprise-wide automation. This South Dakota-based bank, which has more than $135 million in assets, will implement Core Director through Jack Henry Banking's outsourced offering."
Deloitte launches Top 10 Trends & Prospects of the Chinese Banking in 2012
"Despite risks of decreasing growth and economic hard landing, the Chinese banking sector continued to report remarkable profits and maintained high growth in 2011, according to Deloitte's report on the Top 10 Trends & Prospects of the Chinese Banking in 2012. At the same time, Chinese banks should be aware of the potential risks and implications brought by other international and domestic uncertainties, such as the deteriorating European debt crisis and pressure from local financing platforms and real estate loans on their asset quality."
Malauzai Raises Capital to Improve Access to Best-In-Class Mobile Banking Apps For Community Financial Institutions
"Malauzai Software Inc., a leading provider of mobile banking applications for community financial institutions, announced it has completed a $2.3 million capital raise. The company will use the funds to expand its footprint in mobile banking, pursue strategic partnerships and increase awareness of its proprietary SmartApp platform. Malauzai makes this announcement on the heels of forming distribution partnerships with Catalyst Corporate Credit Union and CFC Technology, accelerating access to next-generation mobile banking apps for community financial institutions."
Mobile money takes East Africa by storm
"Agnes Ngooro, a small trader in the bustling central market of Mombasa, spends her days sitting behind a wooden table selling trousers for a few dollars a piece, and while it may not look like it at first glance, she is an international businesswoman. The clothes displayed on her table are manufactured in China and Thailand, and they arrive in East Africa in the region’s major cities including Nairobi, Kenya and Kampala, Uganda."
"Clairmail has released its new mobile banking and payments solution Clairmail Plus, designed to help mid-tier regional banks, community banks and credit unions. Clairmail CEO Pete Daffern said that the firm has witnessed huge demand in the midmarket for a mobile solution that keeps costs and IT investment down while delivering real value to consumers and banks alike."
Farmers State Bank Selects Jack Henry Banking to Provide Enterprise-Wide Automation
"Jack Henry & Associates, Inc. JKHY -1.11% is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its Jack Henry Banking(TM) division announced today that Farmers State Bank has selected its Core Director® core processing system to provide enterprise-wide automation. This South Dakota-based bank, which has more than $135 million in assets, will implement Core Director through Jack Henry Banking's outsourced offering."
Deloitte launches Top 10 Trends & Prospects of the Chinese Banking in 2012
"Despite risks of decreasing growth and economic hard landing, the Chinese banking sector continued to report remarkable profits and maintained high growth in 2011, according to Deloitte's report on the Top 10 Trends & Prospects of the Chinese Banking in 2012. At the same time, Chinese banks should be aware of the potential risks and implications brought by other international and domestic uncertainties, such as the deteriorating European debt crisis and pressure from local financing platforms and real estate loans on their asset quality."
Malauzai Raises Capital to Improve Access to Best-In-Class Mobile Banking Apps For Community Financial Institutions
"Malauzai Software Inc., a leading provider of mobile banking applications for community financial institutions, announced it has completed a $2.3 million capital raise. The company will use the funds to expand its footprint in mobile banking, pursue strategic partnerships and increase awareness of its proprietary SmartApp platform. Malauzai makes this announcement on the heels of forming distribution partnerships with Catalyst Corporate Credit Union and CFC Technology, accelerating access to next-generation mobile banking apps for community financial institutions."
Mobile money takes East Africa by storm
"Agnes Ngooro, a small trader in the bustling central market of Mombasa, spends her days sitting behind a wooden table selling trousers for a few dollars a piece, and while it may not look like it at first glance, she is an international businesswoman. The clothes displayed on her table are manufactured in China and Thailand, and they arrive in East Africa in the region’s major cities including Nairobi, Kenya and Kampala, Uganda."
Thursday, April 12, 2012
Mobile Banking Updates - Apr 12
Mobile Banking Users Cite Lack of Tech Support as Biggest Void
"A recent survey of 1,527 mobile banking users found a gaping void in the typical mobile banking application — a lack of technical support, tutorials and advice. Asked about the one improvement they'd most like to see in their mobile banking application, 60% of these consumers said links/contact information for technical support."
Fiserv White Paper Evaluates How Mobile Access is Reshaping Banking Across Channels
"Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced the release of a white paper exploring how the rapid adoption and evolution of mobile banking is impacting the way consumers are utilizing other banking channels. The complimentary whitepaper, "Snacking, Lunching and Fine Dining: How Mobile is Reshaping Every Banking Channel," can be downloaded at www.fiserv.com/mobile-reshaping."
J.P. Morgan rolls out mobile app for depositary receipt clients
"Financial institution J.P. Morgan is expanding its mobile portfolio with a mobile application that lets its depositary receipt clients manage their investments. The app is an extension of the company’s Web portal and claims to be the first of its kind in the depositary receipt industry. The app is available for free from Apple’s App Store for J.P. Morgan DR issuer clients."
Tapping Into Money in the Mobile Wallet
"Gold bugs will seethe, but money may soon reach the ultimate destination in its evolution: the smartphone. Transactions via mobile phones are forecast to grow 56% a year from 2011, reaching $1 trillion globally by 2015, according to research firm Yankee Group. Visa Europe thinks half of its transactions will be carried out on a mobile device ..."
"A recent survey of 1,527 mobile banking users found a gaping void in the typical mobile banking application — a lack of technical support, tutorials and advice. Asked about the one improvement they'd most like to see in their mobile banking application, 60% of these consumers said links/contact information for technical support."
Fiserv White Paper Evaluates How Mobile Access is Reshaping Banking Across Channels
"Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced the release of a white paper exploring how the rapid adoption and evolution of mobile banking is impacting the way consumers are utilizing other banking channels. The complimentary whitepaper, "Snacking, Lunching and Fine Dining: How Mobile is Reshaping Every Banking Channel," can be downloaded at www.fiserv.com/mobile-reshaping."
J.P. Morgan rolls out mobile app for depositary receipt clients
"Financial institution J.P. Morgan is expanding its mobile portfolio with a mobile application that lets its depositary receipt clients manage their investments. The app is an extension of the company’s Web portal and claims to be the first of its kind in the depositary receipt industry. The app is available for free from Apple’s App Store for J.P. Morgan DR issuer clients."
Tapping Into Money in the Mobile Wallet
"Gold bugs will seethe, but money may soon reach the ultimate destination in its evolution: the smartphone. Transactions via mobile phones are forecast to grow 56% a year from 2011, reaching $1 trillion globally by 2015, according to research firm Yankee Group. Visa Europe thinks half of its transactions will be carried out on a mobile device ..."
Wednesday, April 11, 2012
Mobile Banking Security - Apr 11
New security flaws detected in mobile devices
"Findings of two recent examinations of mobile devices highlight how designers of smartphones and tablet PCs failed to fully account for security and privacy implications. 'Today's smartphones and tablet devices perform the same functions as a PC,' says Dan Hoffman, chief of mobile security at Juniper Networks. 'However, the vast majority of devices lack security software and mistakenly rely upon the operating system to keep people safe.'"
Are your mobile banking apps safe?
"How safe are your mobile banking apps? Not very, based on the findings of a 2011 study by digital forensics and security firm, viaForensics. According to the study, 25% of the mobile banking apps tested didn’t provide adequate security: passwords, partial credit card details, payment history and transaction details were easily retrieved from the handset."
Mobile malware on the rise
"Threats posed by mobile devices are increasing at a tremendous rate, as fraudsters are becoming more successful in infecting hundreds of thousands of these devices. So say security experts, who also point out that hackers and criminals are increasingly targeting mobile devices to steal banking information because consumers are moving more and more of their banking and shopping activities onto these devices."
"Findings of two recent examinations of mobile devices highlight how designers of smartphones and tablet PCs failed to fully account for security and privacy implications. 'Today's smartphones and tablet devices perform the same functions as a PC,' says Dan Hoffman, chief of mobile security at Juniper Networks. 'However, the vast majority of devices lack security software and mistakenly rely upon the operating system to keep people safe.'"
Are your mobile banking apps safe?
"How safe are your mobile banking apps? Not very, based on the findings of a 2011 study by digital forensics and security firm, viaForensics. According to the study, 25% of the mobile banking apps tested didn’t provide adequate security: passwords, partial credit card details, payment history and transaction details were easily retrieved from the handset."
Mobile malware on the rise
"Threats posed by mobile devices are increasing at a tremendous rate, as fraudsters are becoming more successful in infecting hundreds of thousands of these devices. So say security experts, who also point out that hackers and criminals are increasingly targeting mobile devices to steal banking information because consumers are moving more and more of their banking and shopping activities onto these devices."
Thursday, April 5, 2012
Mobile Banking Updates - Apr 5
Mobile Expert Video Series: The Sybase 365 Team
"I have said it before, and I will say it again, I believe the Sybase 365 platform is one of Sybase's most interesting mobile platforms and one of their best kept secrets. It is huge in m-Commerce and in mobile banking. It is also widely used around the world for mobile commerce. In this interview, I talk about Sybase 365 with Sybase's Allen Lau and Gabe Thendean."
Banking via mobile phone to become the norm
"Talking and tweeting might be OK for mobile phones, but banking is another thing altogether.
At least that’s the verdict of a global survey which found Australians are surprisingly reluctant to embrace mobile banking. A little more than one in three Australians have banked via mobile phone over the past six months, well below the global average, according to the KPMG poll."
Bank of America boosts mobile strategy for investors with Android app, new functionality
"Bank of America is introducing a number of new mobile capabilities to meet the investment needs of Merrill Edge customers.
With the financial institution’s research showing that Merrill Edge customers are avid users of mobile banking, it has added an Android mobile application to a lineup that already includes offerings for iPhone, iPad and BlackBerry. Additionally, Merrill Edge iPhone app users will now be able to deposit checks remotely using their mobile devices while iPad app users will be able to pay bills."
"I have said it before, and I will say it again, I believe the Sybase 365 platform is one of Sybase's most interesting mobile platforms and one of their best kept secrets. It is huge in m-Commerce and in mobile banking. It is also widely used around the world for mobile commerce. In this interview, I talk about Sybase 365 with Sybase's Allen Lau and Gabe Thendean."
Banking via mobile phone to become the norm
"Talking and tweeting might be OK for mobile phones, but banking is another thing altogether.
At least that’s the verdict of a global survey which found Australians are surprisingly reluctant to embrace mobile banking. A little more than one in three Australians have banked via mobile phone over the past six months, well below the global average, according to the KPMG poll."
Bank of America boosts mobile strategy for investors with Android app, new functionality
"Bank of America is introducing a number of new mobile capabilities to meet the investment needs of Merrill Edge customers.
With the financial institution’s research showing that Merrill Edge customers are avid users of mobile banking, it has added an Android mobile application to a lineup that already includes offerings for iPhone, iPad and BlackBerry. Additionally, Merrill Edge iPhone app users will now be able to deposit checks remotely using their mobile devices while iPad app users will be able to pay bills."
Wednesday, April 4, 2012
Mobile Banking Security - Apr 4
Hacker Intrusion Worries Slow Mobile Banking, Fed Official Says
"U.S. consumer concerns that hackers may gain access to private financial information are slowing use of smartphones and mobile devices for personal banking, said Sandra Braunstein, director of the Federal Reserve’s consumer and community affairs division.
'Consumers expressed concerns about hackers gaining access to their phones and exposing their personal financial information,' Braunstein said in remarks prepared for testimony today to the Senate Banking Committee in Washington."
Experts Ponder Which Security Threats May Gain Speed
"Wake up and smell the hack. 'Mobile banking, I would argue, presently, is significantly more secure than is online banking,' said Kevin Travis, a partner with Novantas, a New York-based management consulting firm.
For skeptics, that may be the shocker. Some financial IT consultants insist that, although online banking is 20 years old and mobile is younger, maturity has not necessarily produced a safer banking platform when users log into their accounts, typically via a Windows PC or laptop. Windows claims about 92% of computers versus 6% for Apple and 2% for all others."
How safe are your mobile banking apps?
"How safe are your mobile banking apps? Not very, based on the findings of a 2011 study by digital forensics and security firm, viaForensics. According to the study, 25% of the mobile banking apps tested didn’t provide adequate security: passwords, partial credit card details, payment history and transaction details were easily retrieved from the handset. What’s more, another 31% of banking apps had less severe security issues with 44% offering adequate security."
"U.S. consumer concerns that hackers may gain access to private financial information are slowing use of smartphones and mobile devices for personal banking, said Sandra Braunstein, director of the Federal Reserve’s consumer and community affairs division.
'Consumers expressed concerns about hackers gaining access to their phones and exposing their personal financial information,' Braunstein said in remarks prepared for testimony today to the Senate Banking Committee in Washington."
Experts Ponder Which Security Threats May Gain Speed
"Wake up and smell the hack. 'Mobile banking, I would argue, presently, is significantly more secure than is online banking,' said Kevin Travis, a partner with Novantas, a New York-based management consulting firm.
For skeptics, that may be the shocker. Some financial IT consultants insist that, although online banking is 20 years old and mobile is younger, maturity has not necessarily produced a safer banking platform when users log into their accounts, typically via a Windows PC or laptop. Windows claims about 92% of computers versus 6% for Apple and 2% for all others."
How safe are your mobile banking apps?
"How safe are your mobile banking apps? Not very, based on the findings of a 2011 study by digital forensics and security firm, viaForensics. According to the study, 25% of the mobile banking apps tested didn’t provide adequate security: passwords, partial credit card details, payment history and transaction details were easily retrieved from the handset. What’s more, another 31% of banking apps had less severe security issues with 44% offering adequate security."
Tuesday, April 3, 2012
Tablet Mobile Banking - Apr 3
How To Create A Superior Tablet Banking App
"Tablet use in the United States is expected to more than double over the coming year, from its current base of 16 million consumers, according to a Mobile Banking, Smartphone and Tablet Forecast: 2011-2016 report from Javelin Strategy and Research. The Pleasanton, Calif.-based firm also projects that by 2016, 40% of U.S. mobile consumers, or 87 million people, will own a tablet.
Considering the enormity of these numbers, including a tablet-specific application in their mobile offerings should be a no-brainer for banks, especially since mobile banking users are prevalent among early tablet adopters, asserts Mary Monahan, EVP and research director at Javelin. However, she warned, 'Just porting over a smartphone app to a tablet doesn't count as a tablet-specific offering.'"
Canada's First Mobile Banking App Comes to the iPad
"CIBC introduces a Mobile Banking App designed specifically for iPad users. CIBC, the first bank in Canada to deliver a mobile banking app in 2010, today announced the launch of a Mobile Banking App designed specifically for the iPad.
Today's launch makes CIBC the first major bank in Canada to deliver a native iPad mobile banking app, building on CIBC's leadership in mobile financial services. The app enables CIBC clients to bank on their iPad using new interactive graphics and visuals, and leverages the full screen and capabilities of the iPad."
CIBC launches mobile banking app for iPad
"Canadian banks of hopping on the mobile banking app train. The last stat to be released was from last November that showed 35% of Canadians surveyed have done some banking on their mobile device, but security was still an issue. Most banks (CIBC, RBC, ING, TD, HSBC, Desjardins, BMO) have an app that does basic features such as finding an ATM, bill payment, transfer funds, account status."
"Tablet use in the United States is expected to more than double over the coming year, from its current base of 16 million consumers, according to a Mobile Banking, Smartphone and Tablet Forecast: 2011-2016 report from Javelin Strategy and Research. The Pleasanton, Calif.-based firm also projects that by 2016, 40% of U.S. mobile consumers, or 87 million people, will own a tablet.
Considering the enormity of these numbers, including a tablet-specific application in their mobile offerings should be a no-brainer for banks, especially since mobile banking users are prevalent among early tablet adopters, asserts Mary Monahan, EVP and research director at Javelin. However, she warned, 'Just porting over a smartphone app to a tablet doesn't count as a tablet-specific offering.'"
Canada's First Mobile Banking App Comes to the iPad
"CIBC introduces a Mobile Banking App designed specifically for iPad users. CIBC, the first bank in Canada to deliver a mobile banking app in 2010, today announced the launch of a Mobile Banking App designed specifically for the iPad.
Today's launch makes CIBC the first major bank in Canada to deliver a native iPad mobile banking app, building on CIBC's leadership in mobile financial services. The app enables CIBC clients to bank on their iPad using new interactive graphics and visuals, and leverages the full screen and capabilities of the iPad."
CIBC launches mobile banking app for iPad
"Canadian banks of hopping on the mobile banking app train. The last stat to be released was from last November that showed 35% of Canadians surveyed have done some banking on their mobile device, but security was still an issue. Most banks (CIBC, RBC, ING, TD, HSBC, Desjardins, BMO) have an app that does basic features such as finding an ATM, bill payment, transfer funds, account status."
Monday, April 2, 2012
Mobile Banking Updates - Apr 2
6 Essential Mobile Banking Features For Community Banks
"Financial institutions have many choices when implementing a mobile banking solution. The majority of community banks do not have the resources to develop a mobile application in-house so they will most likely implement a mobile platform from a software vendor.
Community banks must offer robust and intuitive mobile banking apps to compete against large national banks and attract new customers, especially tech. savvy Gen Y consumers. Banks also benefit with the ability to sell more services to existing customers, retain current customers and reduce operational costs. In order for a bank to reap these benefits their mobile app must include many key features."
Mobility Matters – Tracking the Mobile Banking Revolution: Online Only
"Credit Union Mobile Banking Debut of The Week: “We are gearing this to a younger membership. We are ahead of the curve, that’s where we want to be,” said Christopher White, a senior vice president at Waltham, Mass-based RTN FCU, a $720 million institution with 37,000 members."
Consumers want mobile banking at its highest level
"Throw away the deposit slips. Forget about the zipper coin pouches and the locking night deposit bags.
This month Rivermark Community Credit Union became the first Oregon credit union to offer the latest in mobile banking technology — the ability to deposit a check by simply taking a picture of it with an android phone, iPhone or iPad."
ath Power Research Shows Customers Willing to Pay as Much as $11 Per Month for Mobile Banking
"ath Power Consulting, an industry leader in financial services research and customer experience strategy development, today announced the release of The ath Power 2012 Mobile Banking Study(TM). Key findings revealed that banks are not adequately promoting their mobile banking offerings, and that Remote Deposit Capture is the missing feature most sought by customers. The National study ranked customer satisfaction with today's mobile banking offerings, and USAA earned the top spot with 73 percent of its users claiming high satisfaction."
Mobile banking service
"Pageonce is a Mobile banking service is made easy and simple for you, allowing you to manage money on your smartphone screen anywhere you want. And this is also a free service and provide positive benefits to manage a variety of important transactions."
Boom mobile banking, Allpoint ATM network partner on services
"Boom, a mobile banking provider, and money transfer service owner m-Via have announced both a new low-cost pricing model and a deal with surcharge-free ATM network provider Allpoint to offer Boom users access to more than 37,500 ATMs located in retail stores across the U.S. and Mexico.
Boom operates on a membership-based business model for banking and money transfer. Membership in the U.S. costs $25 per year; outside the U.S., membership is free to individuals who receive money from a U.S.-based member."
"Financial institutions have many choices when implementing a mobile banking solution. The majority of community banks do not have the resources to develop a mobile application in-house so they will most likely implement a mobile platform from a software vendor.
Community banks must offer robust and intuitive mobile banking apps to compete against large national banks and attract new customers, especially tech. savvy Gen Y consumers. Banks also benefit with the ability to sell more services to existing customers, retain current customers and reduce operational costs. In order for a bank to reap these benefits their mobile app must include many key features."
Mobility Matters – Tracking the Mobile Banking Revolution: Online Only
"Credit Union Mobile Banking Debut of The Week: “We are gearing this to a younger membership. We are ahead of the curve, that’s where we want to be,” said Christopher White, a senior vice president at Waltham, Mass-based RTN FCU, a $720 million institution with 37,000 members."
Consumers want mobile banking at its highest level
"Throw away the deposit slips. Forget about the zipper coin pouches and the locking night deposit bags.
This month Rivermark Community Credit Union became the first Oregon credit union to offer the latest in mobile banking technology — the ability to deposit a check by simply taking a picture of it with an android phone, iPhone or iPad."
ath Power Research Shows Customers Willing to Pay as Much as $11 Per Month for Mobile Banking
"ath Power Consulting, an industry leader in financial services research and customer experience strategy development, today announced the release of The ath Power 2012 Mobile Banking Study(TM). Key findings revealed that banks are not adequately promoting their mobile banking offerings, and that Remote Deposit Capture is the missing feature most sought by customers. The National study ranked customer satisfaction with today's mobile banking offerings, and USAA earned the top spot with 73 percent of its users claiming high satisfaction."
Mobile banking service
"Pageonce is a Mobile banking service is made easy and simple for you, allowing you to manage money on your smartphone screen anywhere you want. And this is also a free service and provide positive benefits to manage a variety of important transactions."
Boom mobile banking, Allpoint ATM network partner on services
"Boom, a mobile banking provider, and money transfer service owner m-Via have announced both a new low-cost pricing model and a deal with surcharge-free ATM network provider Allpoint to offer Boom users access to more than 37,500 ATMs located in retail stores across the U.S. and Mexico.
Boom operates on a membership-based business model for banking and money transfer. Membership in the U.S. costs $25 per year; outside the U.S., membership is free to individuals who receive money from a U.S.-based member."
Sunday, April 1, 2012
Mobile Banking Updates - Apr 1
UPLEX Global Launches Powerful Secondary Loan Market
"Paul J. Giefing, CEO and Founder of UPLEX Global, today announced the release of a powerful, global, online secondary loan market to allow banks, credit unions, private investors and numerous other financial institutions to efficiently and affordably trade whole loans, loan portfolios and loan participations.
'I’ve found that the old way of buying and selling loans and portfolios has simply become too expensive and time consuming, especially during these challenging economic times,' said Giefing. 'With UPLEX Global, we’ve truly changed the way the way secondary markets work by offering an online ‘broker-less’, paperless platform to efficiently and securely manage loan portfolios. Our technology allows financial firms to maximize time and make more money by putting them in total control of their own portfolios.'”
Mobile Banking Consolidation: Monitise Buys Clairmail For $173 Million
"One more sign of the mobile money space continuing to grow up: some significant consolidation underway. Today, the UK-based mobile banking specialists Monitise announced that it is buying Clairmail, a U.S.-based competitor, for $173 million, as part of its global expansion.
The combined group says it will serve 13 million customers world-wide processing some $10 billion of payments weekly, and will give Monitise a much bigger and direct presence in the North American market: one-third of the top 50 U.S. financial institutions are now clients of the group."
Why did Monitise acquire Clairmail?
"The traditional mobile banking category, of performing PC based on-line banking tasks on the phone is stabilizing. The growth of mobile banking is in mobile payments including person-to-person, interbank transfers and the mobile wallet.
The competition in this more broadly defined mobile banking + payments market is heating up fast. PayPal and Square have made merchant as well as person-to-person announcements in the last week. ISIS (with is operator partners) and Google have also announced several new partnerships and function so far this year. These vendors plan a revolutionary approach to mobile payments."
USAA Tops Mobile Banking App UX Study
"USAA wins out when it comes to customer experience and satisfaction with mobile banking offerings. That's according to the 2012 ath Mobile Banking Study, which was recently conducted by financial services research and customer experience strategy development firm ath Power Consulting.
The study combined an online survey of more than 1,500 mobile banking users with hands-on user audits of mobile banking applications from about 240 banks and credit unions. Seventy-three percent of users surveyed claimed high satisfaction with USSA's mobile offerings. Huntington Bank and BB&T ranked right below USAA in terms of in customer satisfaction."
Smart Phones Helping Consumers Manage Their Money
"Using a mobile device to access your bank account is not only convenient, but it appears to be helping consumers better manage their finances. A new Federal Reserve study shows that mobile phones and Internet access are in widespread use and changing the way that consumers access their financial services. According to the study, 21 percent of mobile phone owners have used mobile banking in the past twelve months, and an additional 11 percent think they will probably use it within the next year."
"Paul J. Giefing, CEO and Founder of UPLEX Global, today announced the release of a powerful, global, online secondary loan market to allow banks, credit unions, private investors and numerous other financial institutions to efficiently and affordably trade whole loans, loan portfolios and loan participations.
'I’ve found that the old way of buying and selling loans and portfolios has simply become too expensive and time consuming, especially during these challenging economic times,' said Giefing. 'With UPLEX Global, we’ve truly changed the way the way secondary markets work by offering an online ‘broker-less’, paperless platform to efficiently and securely manage loan portfolios. Our technology allows financial firms to maximize time and make more money by putting them in total control of their own portfolios.'”
Mobile Banking Consolidation: Monitise Buys Clairmail For $173 Million
"One more sign of the mobile money space continuing to grow up: some significant consolidation underway. Today, the UK-based mobile banking specialists Monitise announced that it is buying Clairmail, a U.S.-based competitor, for $173 million, as part of its global expansion.
The combined group says it will serve 13 million customers world-wide processing some $10 billion of payments weekly, and will give Monitise a much bigger and direct presence in the North American market: one-third of the top 50 U.S. financial institutions are now clients of the group."
Why did Monitise acquire Clairmail?
"The traditional mobile banking category, of performing PC based on-line banking tasks on the phone is stabilizing. The growth of mobile banking is in mobile payments including person-to-person, interbank transfers and the mobile wallet.
The competition in this more broadly defined mobile banking + payments market is heating up fast. PayPal and Square have made merchant as well as person-to-person announcements in the last week. ISIS (with is operator partners) and Google have also announced several new partnerships and function so far this year. These vendors plan a revolutionary approach to mobile payments."
USAA Tops Mobile Banking App UX Study
"USAA wins out when it comes to customer experience and satisfaction with mobile banking offerings. That's according to the 2012 ath Mobile Banking Study, which was recently conducted by financial services research and customer experience strategy development firm ath Power Consulting.
The study combined an online survey of more than 1,500 mobile banking users with hands-on user audits of mobile banking applications from about 240 banks and credit unions. Seventy-three percent of users surveyed claimed high satisfaction with USSA's mobile offerings. Huntington Bank and BB&T ranked right below USAA in terms of in customer satisfaction."
Smart Phones Helping Consumers Manage Their Money
"Using a mobile device to access your bank account is not only convenient, but it appears to be helping consumers better manage their finances. A new Federal Reserve study shows that mobile phones and Internet access are in widespread use and changing the way that consumers access their financial services. According to the study, 21 percent of mobile phone owners have used mobile banking in the past twelve months, and an additional 11 percent think they will probably use it within the next year."
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