Mobile Banking Updates - Jun 10

2012 in Mobile Banking
"The year is half over, and already banks and payment companies have made big advances in their use of mobile devices."

Online and Mobile Banking are Gaining Adoption
"ComScore, Inc, a company that measures the digital world, recently released its annual State of Online and Mobile Banking report for 2011. This report provides key online and mobile banking trends in the U.S. in 2011. More than 2,000 U.S. Internet users were surveyed and the research was supplemented by other data from a behavioral panel of over one million U.S. Internet users. There was an upward trend in customer satisfaction with financial institutions and their banking websites early in 2011, compared to a decline in previous years. Online banking increased and mobile banking gained adoption, especially in app usage."

Mainstreet, Sterling, others partner Glo on Mobile Banking
"Mainstreet Bank Limited and five other banks have sealed up a partnership with Glo to lend greater depth to the on-going campaign for a cashless society through the provision of seamless mobile banking services to their customers. The six banks banded with telecoms giants, Glo, to roll out the Quick Teller Mobile Banking product (QTM) last Thursday, at the corporate head office of Glo in Victoria Island, Lagos."

US Bank extends mobile strategy
"In its latest move to leverage mobile to enable customers to access and manage their finances whenever and wherever they choose, US Bank has released a new mobile banking application designed specifically for iPad users, reports Mobile Commerce Daily. The US Bank app for iPad comes with all of the mobile banking features found in the bank's smartphone apps. However, the experience has been optimised for the tablet's larger screen and offers a more interactive user experience."

Breaking the Mobile Banking Glass Ceiling
"Financial institutions recognize the benefits the mobile channel offers – a lower cost to serve, increased customer satisfaction, retention and a higher return on investment – but for many, breaking through the mobile banking adoption glass ceiling has been challenging. This paper discusses how financial institutions can move beyond the initial wave of early adopters and reach more customers by promoting mainstream consumer acceptance of mobile banking. It also highlights the five key success factors financial institutions need to address in order to accelerate mobile banking adoption."

KPMG Survey: Banking Execs Focused on Increasing Operational Efficiency as Regulatory Reform Continues to Hamper Growth
"Platform simplification (IT infrastructure, applications) was identified by 58 percent of the banking executives as the most important IT-related project for their bank in the next year, followed by mobile payments (39 percent), leveraging data more effectively for regulatory requirements (38 percent), and creating an integrated view of customer accounts (37 percent). When asked to identify the channels commanding the most capital investment from their bank, KPMG survey respondents cited investing in mobile banking / payment platforms for mobile devices (38 percent), purchasing more branches (24 percent), and investing in online banking platforms for laptops / desktops (23 percent)."