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."