International Mobile Banking Updates - Jul 31

Smartphones set to change mobile banking for good
"The way we do banking on our mobile phones is changing rapidly, very rapidly. While most cellphone banking in emerging markets like South Africa is still conducted via text messages, people are increasingly also using phone browsers for their banking. In fact, the latest survey results from tech research company World Wide Worx suggest that more than a third of South Africans now use their browsers for mobile banking. That said, only five percent of cellphone bankers exclusively use phone browsers for the purpose, but a further 36% use their browsers as well as text-based services like USSD and SMS."

Mobile banking has failed to take off in India: RBI
"The Reserve Bank of India (RBI) deputy governor H R Khan has hinted that mobile banking has failed take-off in India and hence has called upon banks and mobile companies to work together for the benefit of their customers. At a seminar in Bhubaneswar, Khan said that the growth rate in the value and the volume of mobile based transaction is much lower compared to the number of bank accounts and number of mobile subscribers."

Digicel, Boom Sign US$17m Mobile Banking Deal
"The deal, completed late last week, is expected to result in products that offer lower transaction fees than remittance services that can cost some 10 per cent on US$100 of transfer. 'Our investment in Boom Financial is a reflection of the strong value of the Boom service and the high-quality company that the team has built. Digicel's customers in the Caribbean and Central America receive more than US$5 billion a year in cash remittances from the US,' said Colm Delves, CEO of Digicel Group, in a release posted on Digicel's website."

Westpac unveils new mobile banking app for iPad
"Westpac has today officially unveiled its new iPad banking application, the Westpac Mobile Banking for iPad app. The bank says the new app focuses entirely on the customer experience and was built using "enormous amounts" of customer feedback. The app was launched in the iOS App Store on Tuesday 10 July but was formally unveiled at a media briefing in Sydney today. Despite the launch of the new app on Apple's iOS platform for iPad, Westpac declined to confirm when a version of the app would be available for Android tablets."

Mobile Banking Services Coming Up In Malaysia
"Malaysian Electronic Clearing Corp Sdn Bhd (MyClear), a wholly-owned subsidiary of Bank Negara, has teamed up with three banks and is working with another three this year to offer mobile banking services. The three banks that it has tied up with to offer mobile banking service, scheduled for the fourth quarter, are: Malayan Banking Bhd, CIMB Bank Bhd and Public Bank Bhd. It, however, did not disclose the names of the other three banks."

20% of European online shoppers already use mobile payments, finds Forrester
"One-fifth of Western European internet users use mobile banking today, according to a new Forrester report based on more than 13,600 consumer surveys. SMS alerts are still the most popular form of mobile banking in most countries, but use of mobile banking apps is growing fastest. As mobile Internet use explodes and mobile banking is displacing use of other channels, Forrester believes that ubiquitous mobile banking will mark a bigger strategic shift for the industry than home-based online banking. Banks need mobile banking to provide a platform for mobile payments and to protect their retail payments businesses from digital disruption."

Mobile Banking Updates - Jul 29

BofA, Wells Fargo rolling out new mobile banking services
"Starting Thursday, Bank of America will allow customers to make deposits by submitting a photo of a check through their smart phones, the bank's online and mobile banking executive, Aditya Bhasin, said on Monday. The No. 2 U.S. bank is also rolling out a service allowing customers to send money to other individuals using their email address or mobile numbers, as well as expanding a coupon service that can be used by mobile customers. Wells Fargo launched its mobile check deposit service earlier this year and will gradually expand it across the United States by the end of the year, said Brian Pearce, head of the retail mobile channel at the bank."

Wells Fargo Mobile® Banking turns 5
"Five years ago, Wells Fargo launched Wells Fargo Mobile® (wf.com), that enables customers to access their Wells Fargo financial relationship on mobile devices. Since then, customers have initiated more than one billion sessions using mobile and text banking."

Checking in on mobile banking
"A year ago I wrote a piece on The Future of Mobile Banking sharing my opinion that financial institutions were well positioned to row their own boats when it came to mobile payments. (By the way, let’s use the word “banks” as a catch-all phrase for every financial institution since it just rolls nicely off of the tongue and keyboard)."

EVB Expands Technology Services
"EVB, an independent, full-service community bank, is making it easier for customers to bank anytime, anywhere with a comprehensive suite of technology services including Online Banking; Mobile Banking; a new, full-featured website; and an official Facebook page."

Mobile Banking Updates - Jul 26

4 Ways Smartphones Will Replace Brick-and-Mortar Banks
"There's an app for just about everything these days, from blowing out your birthday candles to helping UC Berkeley measure earthquake severity. A lot of us have jumped on the smartphone bandwagon. Worldwide, 1.2 billion people regularly access the web from their smartphones. But it's not just mustachioed apps that are drawing us to our phones; we're conducting serious business on-the-go. More than half of U.S. smartphone users are accessing mobile banking features, according to a Digital Trends white paper."

Mobile banking: One channel to rule them all?
"The report, based on more than 13,600 consumer surveys, finds SMS alerts are still the most popular form of mobile banking in most countries, but use of mobile banking apps is growing fast, rapidly displacing other channels. Forrester believes that ubiquitous mobile banking will mark a bigger strategic shift for the industry than the adjustments needed to accommodate home-based online banking."

Community Banks and Credit Unions Work with Malauzai to Enhance Users' Mobile Banking Experience
"When a customer of a bank can register for mobile banking instantly on a Sunday afternoon when the bank is closed, and deposit a check minutes after downloading the SmartApp, that is a great experience. When a credit union member can turn their debit card off and on to stop fraud in its tracks, that credit union is delivering a great member experience. Enabled by a second generation mobile offering that connects directly to the core system, more than 60 community banks and credit unions now leverage solutions from Malauzai Software, Inc. to create a rich user experience."

International Mobile Banking Updates - Jul 25

South Africa: FNB Takes Banking to Facebook 
"South Africa's First National Bank announced on Thursday that its mobile banking customers will now be able to do their banking through social networking site Facebook. It is a first for South Africa, allowing the bank's customers to link their Facebook profiles to their cellphone banking profiles. Once linked, they can access the 'FNB Banking on Facebook' application, which will allow them to check their balances, purchase prepaid products including airtime, SMS and BlackBerry bundles, as well as the option to view Lotto and PowerBall results."

Digicel to expand mobile banking to Caribbean
"Already the fastest growing telecommunications major in the Caribbean, Digicel has recently entered into a financing deal that could see it well positioned to expand mobile banking technology across this region. In an announcement released by the Silicon Valley based M-Via, a mobile banking firm which touts itself as the company that revolutionised how immigrant and unbanked families save and share their wealth, the Digicel Group was identified as the leader of a US$17 million financing round initiated by M-Via."

Banks boost mobile banking
"Agreements signed between telecoms companies and banks look set to shore up a nationwide campaign to boost mobile banking services in the country. While the cash-less initiative poses challenges, such as a lack of infrastructure and connectivity problems in rural areas, industry players are optimistic that mobile money will go a long way in bridging the divide between the banked and unbanked segments of the population."

Rackspace UK Banking Study: Progressive Mobile Computing Strategy Is Key Competitiveness Differentiator
"Investment in mobile computing capabilities by UK banks and financial institutions has become a significant determinant of competitive advantage, according to research revealed today by Rackspace Hosting RAX -2.77% , the service leader in cloud computing. Providing customers with mobile apps is now viewed as being crucial to having a competitive advantage by 63 per cent of financial services organisations."

Mobile Banking Updates - Jul 24

University Federal Credit Union crosses 25pc mobile banking adoption rate
"Financial institution University Federal Credit Union has reached a 25 percent mobile banking adoption rate in nine months, showing how the industry is quickly gaining steam. University Federal Credit Union is using a three-pronged mobile banking strategy that includes an optimized site, applications and SMS. University Federal Credit Union is working with mFoundry."

OCEANSIDE CHRISTOPHER, THE CATHOLIC CREDIT UNION LAUNCHES MOBILE BANKING IPAD SWEEPSTAKES
"Oceanside Christopher, The Catholic Credit Union, today announced that entries are being accepted through July 31 in its First-Ever Mobile Banking Sweepstakes. One Grand Prize Winner will be named in August 2012 and receive The New iPad with Wi-Fi (16GB), a $500 retail value. As the leading provider of electronic banking services to Catholics, Oceanside Christopher has established the following eligibility requirements for this sweepstakes:"

Zions Bank Launches Smartphone App for Businesses
"Zions Bank business clients have a new option for managing their accounts on the go with the Business Mobile Banking smartphone app. The free app, which launched July 12, enables clients to:"

ANB MOBILE BANKING
"You spoke, and we listened! Now Amarillo National Bank is Absolutely Anywhere! ANB's powerful and completely new Mobile Banking app puts the ability to access your account, check balances, pay bills, transfer funds, and find branch and ATM locations as close as your iPhone. It's convenient, secure, and available 24/7."

On the Go
"Considering that banking a generation ago always involved visiting a branch — or at least an ATM — it says something that even logging on to a Web site may be too slow for some customers. But when PeoplesBank added text banking to its growing stable of online and mobile services, it established a new standard for speed."

Navy Federal Takes Mobile Banking To New Heights
"Navy Federal Credit Union’s newly upgraded iPhone® and AndroidTM apps provide a more simplified sign on process, implementing a password-only “Remember Me” feature, mobile deposits, and international availability. From form to function, both the apps are making satisfied members out of their military families for whom convenience and portability is a must."

A Philadelphia startup joins mobile banking trend with app
"East River Bank said it introduced its first-ever mobile banking app. The free download is available in the App Store for iPhones and the Android Market. The startup form Philadelphia’s East Falls section said the app allows account holders, wherever they are, to check account balances, transfer funds between accounts and pay bills."

Texas Trust CU Launches Mobile Banking Solutions
"Accessing financial information has just become infinitely easier for consumers and business owners doing business with Texas Trust Credit Union. With the launch of its convenient Mobile Solutions portfolio, Texas Trust's members will be able to conduct secure financial business remotely through the use of a mobile phone."

Strong Union Technology Brings Mobile Banking to Millions
"Many large banks in China were looking to add new services for their commercial customers. Strong Union Technology developed a mobile banking solution that uses Windows Embedded Standard to create kiosks that introduce customers to mobile banking in a way that simplifies the process and earns their trust."

Mobile Banking Security - Jul 23

How to Make Mobile Banking Safer
"During long trips – or even short ones—it’s nice to keep up with your finances. Or to be able to log in to your bank account to pay a bill you forgot to take care of before leaving. Whatever the reason, if you think you’ll need to conduct mobile banking during your trip, be sure to get set up with your bank’s app before you leave home. That way you’ll be able to set up your account in a secure location – always be wary of shoulder surfers when you’re using a mobile device in public – and get familiar with the app."

Why Banking on Your Smartphone Is Safer Than Using Your PC
"It's easy to feel like mobile banking must be risky: Carrying around all your account information in your smartphone? Couldn't it be hacked? And what if you lose it? The big selling point of mobile banking -- its ease of use from anywhere -- has induced millions of people to overcome those fears. But mobile banking, it turns out, may be doubly blessed: IT security experts say "thumb banking" is actually more secure than online banking from your computer."

Top 5 Mobile Banking Errors by Members
"Call it banking’s Pogo moment: We have met the enemy and he is us. 'The weakest link in the online and mobile banking security chain is the end user,' said Mike Moir, an executive with security firm Entrust. The key insight: as much as credit union IT security personnel need to keep aware of what cyber-crooks are cooking up, they also need to stay well aware of what members may be doing to (unwittingly) undermine their own security and safety."

Mobile Banking: How to Balance Opportunities and Threats
"Whether by smart phone, tablet or laptop, mobile banking is where customers and their institutions are headed - and so are the fraudsters. As banking institutions globally roll out more services through the mobile channel, security leaders are challenged to stay a step ahead of the evolving risks. But what are today's top threats, and what are the emerging security components institutions must put in place to take advantage of new mobile opportunities?"

Smishing for mobile banking details increases - RSA
"Beware of smishing! The practice of sending a text message to a user’s mobile phone in an attempt to get them to divulge mobile banking details is on the rise, warns IT multinational EMC’s security division RSA. Smishing, or SMS phishing, usually involves a call to action for the intended victim that requires an immediate response."

5 Critical Strategies for Mobile Banking Security
"By 2013, one-third of mobile phone users are expected to use mobile banking services. Already, one out of five Americans accesses financial information through a mobile phone, according to March 2012 research conducted by the Federal Reserve Board’s Division of Consumer and Community Affairs.Yet the increasing use of mobile financial services has been accompanied by increased risk."

Mobile Banking Updates - Jul 22

Customers' Banking Satisfaction Infographic

Where Banking Meets Tech: Why Businesses Must Adapt, Or Else
"If your business isn’t relevant, is it outdated, and virtually obsolete? There should be no grey area when it comes to relevance. In my recent review of Brett King’s book, “Branch Today, Gone Tomorrow,” I discuss how important it is for banks to stay relevant in order to survive."

THE FUTURE OF BANKING—PART 2 Tech is key, both for mobile and reg changes
"Looking ahead, mobile banking and other emerging technologies will help reduce the cost and time of product delivery. Could this be the dawn of a banking renaissance? In this second of a two-part series, Tech Topics moderated a panel of bankers and other experts who provided a frank evaluation of potential bank winners and losers."

Mobile banking and tweens
"Tweens – there are nearly 5 million of them in Britain alone. Aged between 10 and 16, they play a significant role in most family financial decisions. They directly influence up to $155 billion in spending annually, and have access to the Internet, money and smartphones."

Bank of America Website Again Leads on Keynote's Banking Scorecard -- Now in Its Thirteenth Year
"Keynote Competitive Research, the industry analysis group of Keynote(R) KEYN -1.20% , today announced the results of the Keynote Q2 2012 Banker Scorecard. Now in its 13th year and covering 23 large and regional banks and more than 300 criteria describing customer experience best practices, the Keynote Banker Scorecard remains the most authoritative study of online customer experience best practices in consumer banking. In other related news issued today (see separate press release), Keynote announced the winners of its new study ranking the fastest and most reliable banking websites in the United States."

Mobile Banking Updates - Jul 19

How to Make Mobile Banking Fun

New E-Banking Trojans Target Android Users
"The security firm Trusteer reports that new Web-based attacks are targeting Android smartphone users in a campaign to circumvent two-factor sign-on features used by many banks to protect account holders. Writing on the Trusteer blog on Tuesday, CTO Amit Klein of Trusteer said that researchers there have identified new attacks against mobile banking customers that use both the SpyEye and Tatanga banking Trojans."

University Federal Credit Union Registers 20,000th Member for Mobile Banking, Reaches 25 Percent Adoption in Nine Months
"mFoundry, North America's largest mobile banking and payments provider, today announced University Federal Credit Union (UFCU) has registered its 20,000th member for mobile banking, achieving 25% adoption in the first nine months. UFCU is also experiencing strong adoption for its mobile deposit offering, an integrated component to its mobile banking applications, processing more than $2MM in mobile deposits per month."

Shady Mobile Banking App Plays Man-in-the-Mobile
"Mobile banking users from Spain, Portugal, the Netherlands and Germany have been hit by a wave of Man-in-the-Mobile attacks that seek to move funds from one account to another. The attack seems based on advanced financial malware such as the notorious SpyEye and Tatanga, two e-threats that can manipulate banking accounts to hijack transactions and hide the missing money from the account holder. This time, the Trojans use web injects to add code in the browsers of Windows users in order to trick them install an alleged mobile banking application. These prompts show up when visiting the financial institution’s web page, so the request to install the mobile app looks legit."

Mobile Banking International Updates

Mobility facilitates MEA distribution of banking services says IDC
"While financial institutions seek to develop alternative channels as a means to drive business efficiency and a better customer experience, an increase in consumer mobility has presented an attractive opportunity. According to a recent study by market research and consulting company IDC, the current penetration rate of banking services in the Middle East and Africa (MEA) is estimated at less than 35 per cent."

Standard Bank quietly releases mobile banking app
"A year after FNB shook up the banking market with their first mobile banking app, Standard Bank has quietly released its own version. LIRON SEGEV assesses the new app. A full 12 month after a mobile banking app was launched by First National Bank, Standard Bank has finally launched its own mobile app. Welcome to the party. There is no indication of why the app was launched so quietly, as it is available across three of the popular South Africa device platforms, namely:"

Lloyds TSB Launches Its 2012 Student Account
"Lloyds TSB today announces the launch of its 2012 Student Current Account. Available to new and existing customers from 5th July 2012, the account includes a number of benefits, including the ability to help students track of their spending and take more control of their money. The account includes:"

BOV now offering a mobile SMS notifications service
"Bank of Valletta is intensifying its efforts to deliver new services to its customers through a mobile platform following the successful launch of the first mobile banking and payments service in Malta earlier this year. With immediate effect, the Bank’s network of Automated Teller Machines (ATMs) has been upgraded to enable BOV customers to enter or confirm their mobile telephone number."

‘Stress is an essential ingredient for growth,’ says mobile money pioneer
"Prior to chatting with Hannes van Rensburg – founder and CEO of Fundamo, a mobile financial services platform provider – I had expected a man who would be eager to impart his business wisdom and tell us exactly how it’s done. I had expected a person who would revel in his achievements. But Van Rensburg is a humble man who I felt didn’t enjoy boasting of his success. In fact he said that Fundamo – a mobile payments company he sold to Visa for US$110 million – 'just happened'."

UK adults distrust mobile banking
"Nearly three-quarters of adults in the U.K. consider mobile banking to be unsafe, said a survey by Wincor-Nixdorf. The study, reported in the U.K.'s SC Magazine, included 2,031 British adults. 'When you look at some technology such as the ATM, this has become a retail banking mainstay,' Ed Brindley, director of marketing at Wincor Nixdorf, said. 'Consumers feel comfortable using it and see that it is of benefit. However, the key here is that it was rolled out gradually and consumers were given the right education in how to use it.'"

Mobile Banking Updates - Jul 17

FUTURE OF BANKING—PART 1: It hinges on ‘intelligent’ use of technology
"How are industry professionals reducing the cost and time of product delivery using emerging technologies? Tech Topics moderated a panel of experts who provided sharp insights into the challenges facing banks and how they are responding. In part one of a two-part series, responses to regulatory pressures, the use of cloud computing, and mobile technology developments figure prominently in the industry’s future."

A Banking Giant Makes a Mobile Payment Bet
"Paying for something from a mobile phone still isn't an option in most U.S. brick-and-mortar stores. But that reality is obscured in San Francisco. The Bay Area has been an early testing ground for a future full of smartphone-based transactions, with all sorts of companies, from Starbucks and PayPal to Google and startups like LevelUp getting involved [see "Battle of the Electronic Wallets"]."

Are Mobile Payments Really as Popular as Studies Suggest?
"For years, we’ve heard that mobile payments will represent the “next big thing” in eCommerce and permanently change the way Americans purchase goods and services. In March, Daily Deal Media covered the freshly published findings of a recent U.S. Federal Reserve survey, which suggested that 20% of Americans used their mobile phones to access bank account, credit card, and other financial account information during the last twelve months."

CUA eyes off mobile payments, but not NFC
"While Credit Union Australia (CUA) might be a late comer to mobile banking apps, it is firmly setting its sights on mobile banking, with its CIO stating it would be "illogical" not to give customers what they want. CUA’s chief information officer (CIO), David Gee, told CIO Australia that the financial services company is currently exploring its options and looking at how to deliver mobile products such as peer-to-peer payments."

Mobile Banking’s Massive Growth Is Supplementary To PC banking
"Mobile banking is on a steep rise in the US. Almost one-third of online bankers currently conduct banking activities through their mobile handsets, and this population is poised to more than double by 2017. As indicated in our recently published Forrester Research Mobile Banking Forecast, 2012 to 2017 (US), younger age groups (Gen Y and Z) and familiarity with PC banking are fueling thisrapid adoption."

A Balanced View
"Viewing a balance is by far the number one transaction conducted in Mobile banking. Eighty per cent of the time it is the only activity done by a customer after they login. That’s right. Eight out of ten times a customer logs in; they view their balance and log right back out. The other 20 per cent of activity is made up of viewing transaction history and making payments or transfers. Why then do banks force customers to jump through so many hoops to just view their balance? Forcing customers to re-use their online banking credentials, card readers and security tokens is just plain lazy. Banks are allowing login procedures to be dictated by a series of transactions most people hardly do."

Mobile Banking Updates - Jul 16

Mobile banking, once a gee whiz feature, is becoming ubiquitous
"Mobile banking, which not long ago was the next new thing, is quickly becoming a must-have service for area banks and credit unions. Just in the past few months, a number of financial institutions with a presence in the Triangle have enabled their smartphone-wielding customers to transfer funds, look up their balances, pay bills and handle other banking chores while on the go."

The Mobile Value Chain Challenge
"When the first mobile banking services launched in the late 90’s, the technology was way ahead of consumers – both their needs and access to the technology. Internet banking was still being established and so banks and consumers were still building confidence in accessing their accounts remotely. More importantly, whilst it was technologically possible to create a WAP banking site, most consumers didn’t have a WAP capable phone, and even those who did, the user experience was very poor."

Mobile Banking Advocates Open North American Unit
"Mobey Forum North America will bring together experts in the industry to resolve issues affecting mobile financial services, the group said Monday. Members will include representatives from American Express (AXP), Bank of America (BAC), Capital One Financial (COF), CIBC (CM), MasterCard (MA), TD Bank Group (TD), U.S. Bancorp (USB) and Visa (NYSE:V)."

Citi's Endorsement Could Be Huge For Facebook's Online Banking Push
"We recently commented on Facebook’s rumored interest in the online social banking space, which seems to be the next logical progression after internet and mobile banking offerings from major banks have firmly taken root. Apparently, Citibank may already be working such a social banking offering on the Facebook platform."

ATM Cash Withdrawals Go Cardless With Mobile Banking App
"Customers of RBS and NatWest, two major UK banks, can ditch their debit cards for their mobile phones. Thanks to a new innovation, customers can use the ‘GetCash’ service to pull cash from ATMs without needing a debit card. GetCash offers customers an easy fix for lost or forgotten cards, a way to get cash quickly to family members or friends in need, or a choice of leaving their wallets at home."

Barclays unveils latest mobile banking application
"Barclays has kicked off a new free mobile banking solution, which facilitates its customers to have simple access and a way of managing their accounts while traveling. The UK based lender said that the mobile banking application is available on its site at no cost, which will enable the bank's personal and small business customers to view their balances and last 30 transactions, make transfers between accounts, pay bills and find branches or Barclays ATMs."

Mobile Banking Updates - Jul 12

Making Up for Lost Ground in Mobile Banking
"Nearly every day, the financial technology press publishes new, eye-popping statistics on the trends in mobile banking and finance. Here are some of the more telling stats that I have seen recently: * By 2015, Forrester predicts that one in five US adults will be using mobile banking. * Mobile customers are the new "sweet spot" segment for the banks. They are younger, they are more affluent, and buy more financial products."

Why is USAA Building Financial Centers?
"USAA has always been known as a forward-thinking institution, especially when it comes to mobile banking - the San Antonio bank's military customer base necessitates a quick move by the institution into all things remote. USAA's efforts to serve a customer base that's always on the move has making it an incubator of sorts for remote access technology."

Area financial institutions roll out latest tech
"North Bay financial institutions are increasingly employing the latest generation of Web and mobile technologies, addressing a wave of consumer demand for conveniences that were once only within reach of large, national banks. Early adopters of these technologies, including Santa Rosa’s Summit State Bank and Community First Credit Union, have seen users readily embrace the new, free services, which allow functions like advanced money management and mobile check capture."

Quarter of mobile internet users 'use mobile banking services'
"Research from YouGov indicates that there is still room for growth in mobile banking. The research, commissioned by mobile web and app vendor Antenna, found that a quarter of UK mobile internet users use mobile banking services. Perhaps unsurprisingly, mobile banking is most popular with the young. 30% of 18-24 year olds and 33% of 24-34 year olds regularly use their mobiles to access their bank account."

Beefing up for mobile banking
"Banks are stepping up initiatives and making key investments in mobile banking in line with the industry's participation in this digital banking channel by the middle of next year. HSBC Bank Malaysia Bhd head of retail banking and wealth management Lim Eng Seong said competition in mobile banking would intensify as customers were getting more demanding."

International Mobile Banking Updates - Jul 11

New Mobile App Tool Encourages Canadians To Make Small Sacrifices For Long-term Savings
"ING DIRECT today announced a new addition to its existing mobile banking app for Apple® and Android™ devices. Called Small Sacrifices, this new tool helps Canadians visualize how foregoing everyday indulgences and redirecting that money through small incremental deposits can lead to big savings over the long term. In a new poll commissioned by ING DIRECT, 52% of Canadians surveyed said that if they could better visualize what foregoing their daily, weekly and monthly spending on non-essential purchases would save them over the short and long term, they would change their spending habits."

Boon to mobile banking in PH
"Mobile banking— one of the key tools rural banks regularly utilize to serve its clientele in the countryside—gets a much-needed shot in the arm after the United States Agency for International Development (Usaid) recently collaborated with Citigroup Inc. to further encourage the use of mobile banking in rural communities in several countries, including the Philippines."

Chart: Transactions Vs Amount Using Mobile Banking In India During Aug 2011-May 2012
"The number of transactions using mobile banking in India have gone up by 68.86% while the amount has increased by 102.65% taking into consideration the period from August 2011 to May 2012. The average amount per transaction stood at Rs 731.83, though we believe that the transaction information shared by the RBI with us includes both payment and non payment related transactions."

CBA launches new mobile banking innovations
"The Commonwealth Bank is making mobile banking more accessible to small businesses, rolling out a number of new innovations to its social payments app CommBank Kaching this week. Since launching Kaching for the iPhone last year, the app has been downloaded over 365,000 times and seen over $1 billion worths of transfer made. Now, the Commonwealth Bank has announced that the ‘peer-to-peer’ mobile payment app is now available for Google Android smartphones."

Use of Mobile Banking Services Expected to Triple in Finland
"According to a survey conducted by TNS Gallup, the use of mobile banking services is expected to triple in Finland. During the last 12 months, 11% of Finns aged between 16 and 60 years have used mobile banking services and 30% would like to use them in the future. Mobile service is seen as a complementary channel and will not, however, replace other service channels in the near future*."

Kenya's mobile payment revolution
"The mobile banking revolution has already happened, but it has nothing to do with Apple, Google, or Microsoft, and isn't in the US, Europe, or Japan. Instead, it started with a service called m-Pesa that launched in Kenya in 2007. Just three years later, the service had been used by more than half the Kenyan population and as of March of this year it had been used by 15 million people in the country."

BDO, Smart bring mobile banking to new heights 
"BDO Unibank Inc. has been making banking more convenient for the public with the use of mobile phone technology. With the mobile phone and a Smart prepaid card, BDO customers can practically do bank transactions anywhere, anytime. With the help of leading telecommunications provider Smart Communications Inc. (Smart), BDO introduced the Smart Money prepaid card that also serves as an automated teller machine (ATM), and a debit card."

Retail Banking in Slumdog City Seen Booming With Wireless
"For a good look at the future of retail banking -- and mobile-phone profits -- in the developing world, consider the competition between corporate giants in Dharavi, the Indian shantytown that was the setting for the film 'Slumdog Millionaire.' And also consider that they are copying a strategy already used, with great success, in Kenya.

Mobile Banking Security - Jul 10

Tackling Emerging Mobile Risks
"The proliferation of mobile, particularly as it applies to mobile banking, has opened new revenue streams and enhanced customer and member experiences and convenience. But it also has opened new doors for fraud, and staying on top of those vulnerabilities is critical. So how are banking institutions addressing mobile security risks? Keith Gordon, who oversees authentication and security strategies for Bank of America's consumer online and mobile banking units, says most institutions are just now forging ahead in the mobile space, and new security gaps are areas for which they all must prepare, proactively."

UK consumers fail to trust security of mobile banking
"A survey of more than 2,000 UK adults has found that three-quarters believe that mobile banking technology is insecure. The study of 2,031 6-64 year olds in Great Britain by retail and banking solutions provider Wincor Nixdorf found that 72 per cent of consumers believe mobile banking services are insecure and unsafe."

Mobile Banking Updates - Jul 7

High-Maintenance Gen Y Bank Customers
"The prevailing preference of Gen Y consumers for digital channels and electronic everything has led to the assumption that this generation is among the easiest for a financial institution to serve. Just give them access to online banking and a decent mobile app and they will serve themselves, right? Not exactly. Gen Y consumers (ages 18-32) can be high maintenance when it comes to their financial management habits."

The Mobile Banking Imperative
"Consumers are increasingly using mobile devices as banking tools — for everything from alerts and payments to budgeting and shopping. Indeed, mobile banking is no longer a value-added point of differentiation for banks and credit unions. It is fast becoming a basic consumer expectation."

SMALL BUSINESS MOBILE New channel could quickly catch on
"While about a third of small businesses currently use mobile banking, that’s likely to increase to 54% by 2015 according to Aite research. Banks need to be ready and able not only to offer the mobile channel to their commercial customers, but to tailor it with added value so that businesses would actually be willing to pay for the product. Tech Topics talks with Christine Barry, the Aite researcher who wrote the report 'Small-Business Mobile Banking: A Promising Opportunity.'"

Wells Fargo testing mobile deposit service in Nebraska
"Customers in Nebraska are among the first to get to test Wells Fargo's new mobile deposit service. The bank, one of the nation's largest, rolled out the service to customers in Nebraska, Kansas and the San Francisco Bay area last week after earlier launching it in Arizona and Washington. Wells Fargo customers can use the service through its mobile banking app. The app is available for Apple and Android-supported devices."

CUA launches mobile app
"CUA has launched a mobile banking platform with a mobile app for iPhones and Androids. The mobile app is part of the financial institution's broader strategy to extend and enhance services for customers. 'CUA Online Banking for Mobile is the first deliverable in a series of service enhancements that we will be rolling out to customers over the coming two years, as part of our core banking transformation program. This program will ultimately deliver a far superior and streamlined online banking experience,' Darrin Northey, CUA’s group general manager, distribution, said in a statement."

Essential Design Patterns For Mobile Banking
"Despite a great deal of mobile innovation, many creators of financial apps still copy their interface patterns from the desktop Web, even though these patterns are not as well suited to the mobile space. Small screens, custom controls, divided attention and fat fingers demand different thinking when designing for mobile."

Mobile Banking Updates - Jul 6

Report: Customers leave FIs for conveniences like mobile banking
"Eleven percent of consumers are likely to switch primary financial institutions in 2012 in a quest for greater convenience and service, according to a new report announced this week by Javelin Strategy & Research. Giant banks face even larger defections, with Citibank and Bank of America at risk of losing twice as many customers. This could mean huge potential losses for FIs; switchers manage $675 billion in deposits, and manage deposits that are 30 percent higher than customers who are unlikely to switch."

Are Cash Withdrawals Without a Debit Card the Future of Personal Banking?
"This month has seen the announcement of ground-breaking mobile banking applications from both the Royal Bank of Scotland (RBS), a group which also includes British bank Natwest, and US-based ATM suppliers NRC Corporation. ‘There’s an app for that…’ Responding to the growing utilisation of smart phones (the market growth of smartphones was 63% last year), RBS is introducing its ‘Getcash’ software to the 2.4 million customers who already use the RBS and Natwest mobile banking application.

Why developing economies are embracing mobile banking
"More than half of the world's adults — 2.5 billion — are unbanked, according to research recently published by the World Bank Development Research Group. The American government, however, estimates that the U.S. is home to only 10 million of them, which means the vast majority of the unbanked live outside the country. And many of them reside in developing areas, such as India, where more than 40 percent of residents are unbanked, and Africa, where that number is at a staggering 80 percent."

CertusBank goes Mobile -- Expanded Online Offering
"CertusBank, N.A. introduces mobile banking for all retail banking customers across its footprint. Banking whenever and wherever you want - CertusBank Mobile Banking customers can reach us via text messaging and browser supported service. Convenient and secure - CertusBank Mobile Banking offers our full range of online banking services, including:"

Mobile Banking Security - Jul 5

Mobile Banking: Emerging Threats, Vulnerabilities and Counter-Measures
"The banking industry has never seen such a fundamental change as mobile banking. Globally, millions of consumers are already using a wide array of mobile devices to conduct banking - and millions more are expected to go mobile in the coming months. But with that growth come a whole new set of threats: mobile malware, third-party apps, unsecured Wi-Fi networks, risky consumer behavior. And it does not matter whether an institution uses a proprietary or third-party mobile banking application - the bank owns the risks."

The Vulnerable Mobile App
"In the first quarter of this year, McAfee Labs found 8,000 samples of mobile malware. The same time last year, this number was in the hundreds. 'A burglar cannot rob 300 homes in one night, but a cybercriminal can attack 300 mobile devices at a time,' pointed out Dr. Markus Jakobsson, principal scientist, consumer security at PayPal, at the Mobile Banking and Commerce Summit in San Francisco last month. Not only are hackers more active and aggressive than ever, but consumers tend to be naive and trusting about applications on their mobile devices. 'Consumers are oblivious to the threat of malware on smartphones,' he says."

Enterprises Need to Review their Mobile Security Policies as Mobile Banking and Payments Increase in Popularity, says IDC Financial Insights
"The popularity and massive growth of smartphones for business use is forcing enterprises to sit up and rethink their security and defense mechanisms. In the report "Enterprise Mobile Device Security: Development Guidance to Tackle the Mobile Security Minefield" (Doc # FIN235403, June 2012), IDC Financial Insights examined the need for enterprise mobile security, especially within the mobile banking and payment arena, and discussed core measures for enterprises to boost mobile security, including mobile device management (MDM) and mobile application management (MAM)."

The Double Edged Sword of Mobile Banking
"The increased customer demand for mobile banking services carries increased fraud threats. FIs must wield this combination carefully to avoid fraud losses if they move too quickly or customer churn if they move too slowly. This white paper highlights:
* Current trends in mobile banking;
* Fraud threats and consumer behavior that result in increased risk;
* Strategies for preventing mobile banking fraud;
* Anomaly detection for mobile banking."

International Mobile Banking Updates - Jul 2

Mobile Banking: Is it a Banking Solution To The Unbanked in Africa?
"Banking the unbanked especially in African countries has for along time been a major predicament. Due to the low level of technology, illiteracy, under development, and lack of proper awareness, the banking sector has been lagging unlike others such as IT and other sectors in the industry."

Emerging economies embrace banking innovations
"When it comes to reaching the unbanked in developing countries, there's room for all players. Worldwide, the unbanked population is estimated at 2.5 billion adults, including 80 percent in Africa, 40 percent in India and 64 percent in rural China. The established means of reaching out to the unbanked in such markets is the ATM. And research indicates that over the next five years, China, India and Africa will be three of four biggest markets for deployment of new or replacement ATMs — with North America rounding out the list."

Connected consumers go where banks haven't
"iWallet, PayPal, apps may grow faster than banking innovation. The banking industry has been given a warning: beware of new competitors stealing traditional financial services via technology. Consumers with mobile devices have the potential to access financial services outside bank offerings, says Bob Hayward, a keynote speaker at the Retail Financial Services Forum in Sydney last week."

Rise of the 'Smartphonatics'
"A recent report by ACI Research and the Aite Group identified a new category of smartphones users, or “Smartphonatics”, who change their financial, payment and shopping behaviour as a result of owning a smartphone. The report is based on a survey of 4 200 consumers, in 14 countries, in the first quarter of this year. The survey was conducted in order to gain insight into the worldwide adoption patterns for mobile banking and payments."

CIBC Continues its Leadership in Mobile Financial Services with the Launch of New Text Message Alerts
"CIBC today announced it has launched powerful new text message (SMS) customer Alerts, continuing its leadership in mobile financial services. The new Alerts bring important financial information to clients at a time and place that's convenient for them through their smartphone, or through email or online banking, to help clients manage their day to day finances. The Alerts range from reminding clients about upcoming credit card payments and due dates so they don't inadvertently miss a payment, to information on future-dated bills or transfers to ensure clients have adequate balances and can avoid late payment fees. Text message Alerts to mobile devices, combined with CIBC's award-winning Mobile Banking, empowers clients to effectively and conveniently manage their finances, wherever they are."

Sungard introduces new ‘solution’ to improve banking services
"As the global financial crisis continues to take its toll on financial institutions and countries worldwide, Sungard introduces its Ambit Core Banking Solution that aims to help banks improve their management processes. Ambit Core Banking Solution “is a universal banking system that provides comprehensive instrument and product coverage for retail deposits and lending, commercial banking, trade finance, and treasury management,” Sungard said in a statement."

Kiwibank’s iPhone App Puts A Service Rep In Everyone’s Pocket
"Kiwibank has released its mobile banking app for iPhones. The app is part of a suite of online innovations pouring from the bank intended to revolutionize how people bank online. Kiwibank’s first iPhone app has been much anticipated. While most of the world’s big financial institutions have had smart phone apps deployed for months, even years, Kiwibank was among the few holdouts. But it was worth the wait."

FNB banking app hits transactions landmark
"Since launching its mobile banking application on the 20th July 2011, FNB has seen over R4 billion in transactions go through the app. This is according to Michael Jordaan, who announced the figures this afternoon (26 June 2012) via his Twitter account."

Mobile Banking Updates - July 1

Microsoft makes a move in mobile payments
"Somewhat sadly, Microsoft has been an afterthought when it comes to the mobile payments battle--until now. With Windows 8, the Redmond, Calif., giant seems bent on taking on Google as an NFC digital wallet provider, a rare chance for it to play the underdog. The company's Windows 8 launch presentation was heavy with plugs for its planned NFC component and it showed off a wide array of features in a bid to offer 'the most complete wallet experience.' That's a big challenge."

Mobile Banking vs. Online Banking
"Tamara here, AllClear ID Investigator. Financial institutions have been working for years to make banking more accessible and convenient for their members. It started with ATMs, then with Internet banking, and now mobile banking. Mobile banking is convenient in that with a phone that has the capabilities, starting with text transaction processing and now moving to online access. Let’s compare mobile banking versus Internet banking."

Big Study Examines Retail Banking Channel Preferences
"Cisco has released findings from a broad, multi-channel study, gauging consumer preferences for branches, mobile, video and social. Released through its Internet Business Solutions Group, Cisco’s survey encompassed some 5,300 consumers across eight developed- and emerging countries: US, UK, Canada, Germany, France, Brazil, China and Mexico."

Tablet Interest Builds in Next Phase of Mobile Usage
"Just as one format for mobile banking enters the mainstream, another form is beginning its stampede across the financial services landscape. The word among some industry leaders is that, suddenly, apps for tablet computers are a must- have. Transformational as mobile phones have proven, the changes now are accelerating with tablet computers such as Apple’s iPad and Amazon’s Kindle Fire."

Banks to invest more in mobile
"With interest growing in mobile banking, retail banks plan to invest more in mobile technologies, according to a new report by Forrester Research. The mobile investments will focus on alerts, remote deposits and person-to-person payments, according to the survey conducted by Forrester Research of members of Consumer Bankers Association. Almost 20 percent of U.S. online adults are active mobile bankers, according to Forrester."