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."