International Mobile Banking Updates - Aug 23

Banking and mobile money - a powerful convergence
"THE power and versatility of the mobile phone to enable financial transactions is quickly being taken up by financial institutions as they strive to deepen their presence. Mobile money is only about four years old but has attracted close to five million users while less than 15% of the Ugandan population use formal banking services in over 100 years of banking. But the recent decision by dfcu Bank and other institutions to connect their services and clients to the mobile phone will kickstart deeper financial penetration and allow access to more financial services by the backward linkage between the phone and the bank, according to observers."

  Phones ring in banks' future
"THE battle for technology supremacy between Australian banks is accelerating, with the industry preparing for an era in which cash matters less and transactions occur in real time anywhere. Banks are launching smartphone apps aimed at connected customers and retailers, trying to get an advantage over rivals."

ING Direct Mobile App Encourages Savings Through Small Sacrifices
"ING Direct Canada has rolled out a new addition to its existing mobile banking app called Small Sacrifices. The tool helps customers visualize how cutting out everyday indulgences can lead to big savings over the long term. The Small Sacrifices tool is pretty simple. First, users choose what small sacrifice they can make, like passing on a daily coffee purchase. Then users decide which goal to redirect the money to, like their retirement fund or savings account."

The Secret of Africa’s Banking Boom: Mobility
"While U.S. and European banks suffer hangovers from the Great Recession and continued shock waves inside the eurozone, Africa’s top lenders have never looked stronger or been more ambitious. Why is a continent better known for political instability and foreign aid riding a banking boom characterized by aggressive pan-African expansion and swelling balance sheets?"