Mobile Banking Updates - Jun 24

Bank of America fights to keep top spot in mobile banking
"Bank of America Corp.’s Aditya Bhasin has 10 million reasons to celebrate the Charlotte-based company’s leading position in mobile banking. But industry analysts say the online- and mobile-banking exec also has a growing number of reasons to watch his back. That’s because an arms race is under way in mobile banking."

Mobile Banking Spend on the Rise
"Retail banks are planning to invest heavily in mobile due to increasing customer demand, according to a new report from Cambridge, Mass.-based Forrester Research. Forrester surveyed members of the Consumer Bankers Association (CBA), who reported that they will spend one-third of their total digital budget on the mobile channel this year. The joint research project with the CBA's emerging channels committee surveyed digital executives at 19 leading U.S. and Canadian banks. The findings were summarized in a two-part report, "The State Of North American Retail Banking eBusiness 2012."

Small Business and Mobile Banking: A Growing Imperative?
"Aite Group said its research finds that increasing their business with small businesses is critical to their overall success, in the opinion of 80% of American banks. Reaching a lot of them also will require including mobile banking as offerings to small and medium enterprises, the Boston-based think firm said in a new report. While not yet the preferred banking channel, Aite Group said, its research shows that currently 33% of small businesses currently bank with a mobile device. Another 31% express an interest in doing so, the research and advisory firm said, and 54% will by 2015."

Citi Adds Trade Services to Corporate Mobile Banking
"Trade Advisor is an online banking tool that lets companies conduct crossborder trade transactions, including updates on letters of credit, trade finance loans and documentary collection for import and export. CitiDirect BE Mobile, launched in August as part of Citi's Global Transaction Services, lets corporate treasurers receive alerts and authorize payments pending approvals, release payments for straight-through processing, and check balances and payment statuses, among other things."

Banks layer up on security to protect customers
"What are the odds that the head of a company that tracks financial fraud would have his own bank account breached? James Van Dyke, president of Javelin, certainly found it ironic when Wells Fargo alerted him to a fraudulent transaction six months ago. He was also glad he had signed up for a service that notifies him every time there’s a credit card transaction that occurs in his California business’s name."

Should you fear mobile banking on your cell phone?
"Do you like the ease of banking over the phone? Or do you fear something happening to your personal information? ABC 4 got the results of a recent experiment involving smart phones, and what happens when they are lost, then found by a stranger. But what can you do to protect yourself if you loose your phone? It’s happened to April Tucker a lot."