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."