Mobile Banking Updates - May 21

Forrester: How do the top U.S. banks rank in their mobile services?
"Mobile is the new black: In 2011, the number of smartphone subscriptions in the U.S. grew by about 50 percent. Today, U.S. smartphone penetration is approximately 40 percent. This technological sea change is having an impact on the banking industry: In the past five years, U.S. mobile banking adoption has more than quadrupled, hitting 17 percent by the end of 2011. This represents a compound annual growth rate (CAGR) of more than 33 percent."

Finovate Spring 2012: Digital Financial Services Innovation
"I attended Finovatethis week to get a preview of new financial services digital technology vendors. I say preview because if you have ever been to Finovate, you know it’s a little like speed dating, where 63 vendors have 7 minutes each to show you their best moves. The themes at Finovate this year were not much different as previous years with the focus being on mobile banking, personal financial management, and payments. However, this year, a few new topics emerged: rewards, coupons, and mobile banking services for Pre-Paid Visas customers. Apparently, Pre-Paid Visas are the new black."

What will be the biggest mobile banking trends of 2012?
"Pieter De Villiers - CEO of Clickatell - told MyBroadband BusinessTech that the biggest mobile banking trends this year will be person-to-person payments, mobile cheque capture and customised apps. As you can see, businesstech.co.za is a South African site, but Clickatell is a global company - 'the largest Online SMS Gateway covering 819 networks in 221 countries and territories'."

RBS Citizens Financial Group, Inc. Extends Mobile Banking to Android(TM), Expands Online Banking and Mobile Banking Platforms
"RBS Citizens Financial Group, Inc. today unveiled enhanced online and mobile banking platforms for Citizens Bank and Charter One customers, with updates including person-to-person payments on the web and expanded mobile functionality that is now available to Android users in addition to iPhone users. 'Our customers have embraced the ease and convenience of online and mobile banking, and these enhancements are a direct result of our commitment to invest in the services that customers tell us are important to them,' said Brad Conner, Vice Chairman of Consumer Banking, RBS Citizens Financial Group. 'People are busier than ever, and we are committed to putting our customers in control and showing them how to take care of their banking needs anytime and anywhere.'"

Global Study Identifies Impact of Smartphone Use on Mobile Banking and Payments
"A study of mobile banking and payment adoption rates in 14 countries by ACI Worldwide ACIW -1.30% and Aite Group has discovered a new category of consumer, known as Smartphonatics, that is driving the demand for mobile payments and banking. A Smartphonatic is someone who changes their shopping, financial and payment behavior as a result of owning a smartphone. The report identifies a stark difference between mobile adoption among Smartphonatics and other consumers: while 80 percent of Smartphonatics have used their smartphones for mobile banking only one-third of non-Smartphonatics report doing so. Similarly 70 percent of Smartphonatics have used their smartphones for mobile payments, less than a quarter of non-Smartphonatics have done so."

Citi to Sponsor U.S. Olympic Team, in Campaign Promoting Mobile Banking
"For the first time, Citi will sponsor the United States Olympic and Paralympic teams, in an effort that includes an advertising campaign that will begin on Monday to help the company support athletes and advertise its mobile-banking products. It joins a number of other financial-services firms as an Olympics sponsor, including Visa."