Mobile Banking Updates - Aug 5

MOBILE 2.0 BBVA Compass develops own apps
"Mobile banking today is where online banking was about ten years ago, but its development is accelerating rapidly. Following a lukewarm start with software vendors three years ago, BBVA Compass bit the bullet and brought its mobile banking entirely in-house. Now it's rolled out updated apps for Android, iPhone, iPad, and Blackberry and has plans to steadily increase functionality. The bank estimates that 20% of its customers use its mobile apps."

New Mobile App Leads to New Core
"With six total branches, of which five are located inside the walls of the manufacturing facilities and corporate offices of Indianapolis-based pharmaceutical giant Eli Lilly and Co., executives at Eli Lilly Federal Credit Union know how important it is to make access to services quick and easy for members who reside in every state and 37 foreign countries."

Simple Money Handling App For iPhone
"Mobile banking has seen progress in recent years, but it has mostly been based on the networks’ accessibility and willingness to provide the service. However, the flexibility of the iOS has given banks a new way to promote their services wirelessly through applications. Developing applications for Apple’s platforms has become the top priority for most banks while some of the bigger ones such as Citibank and Chase already have functioning applications that let you handle your transactions from your phone. Some pure payment companies such as PayPal have even developed apps that enable you to scan the credit card with the camera and use it to transfer money."

Digital Money, Mobile Wallets and Latin America
"A recent wave of global and regional announcements regarding mobile wallets and payment systems has casual and close followers alike asking some the same questions. What exactly are they talking about? Whether the statements are promoting digital money, mobile payments, mobile banking, prepaid or a mobile wallet, one thing is certain: the lack of consistency in terminology and the vagueness typical of early product releases has made the task of distinguishing all the more difficult with each new announcement, confusing would-be industry participants and potential end-users. So, it would seem that some demystifying is in order:"

Mobile Payments: Can Banks Seize the Moment to Transform Consumer Finance?
"Although payments have existed in some form since the dawn of civilization, there probably never has been as much innovation, uncertainty and activity in the payments space as there is now. Much of that uncertainty has to do with the role -- today and in the future -- of banks in payments. Banks and financial services firms, including the major card companies, continue to provide much of the infrastructure that processes, supports and maintains payments. But it often seems as if most of the innovation around payments that is capturing the hearts and minds of customers (consumers and corporates) is coming from non-bank players, ranging from Internet behemoth Google to a host of much smaller and less-well-known technology firms."