Mobile Banking Updates - Sept 30

Keeping pace with technology, customers
"Back in the day, innovation to a bank meant a new toaster for customers opening an account. These days, it’s high-tech or die, as banks give customers up-to-the-nanosecond ways of checking on their money, transferring it around, paying bills and more, all from the comfort of their home or more likely, the palm of their hand."

Mobility - A New Way for Banking
"We often talk about mobile banking from a technological point of view, about the fancy new tools which allow customers to view the status of their accounts or execute simple transactions. Many have the view that mobile banking is a simply new channel for online banking, bringing the functionality available on the desktop to the mobile phone. I would contend that for mobile banking to be truly successful, it needs to be much more; it needs to be a new way to do banking, a permanent space for the bank and its customers to interact."

Mobile, P2P and New Competitors: Navigating the Transformation of Payments
"The growth of digital channels – from mobile banking and P2P networks to mobile deposit – is transforming the payments industry. Financial institutions with large IT budgets and vast geographical reach are rolling out new capabilities and services to attract consumers, while new, non-banking competitors are aggressively offering alternative payment methods. These competitors are positioned to circumvent the relationship members have with their credit unions by fragmenting their payments behaviors."

Companies partner to offer rapid deployment of mobile RDC
"Bluepoint Solutions announced a partnership with Malauzai Software to provide community financial institutions with a rapidly deployable mobile deposit offering. Through the partnership, Bluepoint's mobile deposit solution QwikDeposit ToGo will be bundled with Malauzai's SmartApps mobile banking application to provide institutions with an integrated, end-to-end mobile banking and mobile deposit product."

iovation Reports 12% of Financial Services Transactions Originate From Mobile Devices
"iovation, the Device Reputation Authority™ protecting online businesses from fraud and abuse, today announced that 12 percent of all financial services transactions it protects originate from mobile devices, such as iPhones, iPads, Android and BlackBerry devices. Compared to the same period in 2011, where only 2 percent of financial transactions were from mobile devices, it is clear that consumers are adapting quickly to mobile banking technology."

Chase Mobile goes Lumia
"As one of the biggest banking institutions in the United States, JP Morgan Chase carries a lot of weight. This is why it’s exciting to see Chase Mobile coming to Windows Phone and the Nokia Lumia line of phones. Mobile banking is growing in popularity, especially in the US. TechCrunch reports that more than 46% of Americans will use mobile banking by 2017. With Chase Mobile for Nokia Lumia, you’re able to monitor your account, perform transactions, find locations and find out how to contact Chase if you need to."

Mobile Banking Updates - Sept 27

M&T adds to customer app
"M and T Bank’s mobile banking app now offers customizable alerts for customers who want to stay up-to-date on account information and check card activity. The Buffalo bank announced the new alerts Sept. 17. Customers, who can receive text messages, emails and notifications through the app regarding account balances, withdrawals and deposits, cleared checks and M&T Visa check card transactions, can sign up for the alerts through M&T’s web banking site, through the bank’s customer service phone line or at a local branch."

Bank of America's wild patents on live-video analysis could reinvent mobile banking, shopping and more
"A bunch of new patent applications from Bank of America reveal that the company's R&D lab has been working on new mobile technologies that would enable smartphone users to analyze their environment with their smartphone's video camera; recognize the objects around them, including those with embedded sensors; and generate automatic budgeting and wish lists."

Regions Bank Upgrades Mobile Apps and Adds Mobile Access to Regions Cashback Rewards®
"Regions Bank (NYS: RF) is bringing a simpler and improved way of managing your finances to its Mobile Banking platform. With the introduction of new apps for iPhone, Android and BlackBerry, Regions is upgrading its mobile experience with faster products and a streamlined user experience. In addition to the enhancements, Regions is also rolling out a new, retina display optimized iPad app."

Banks deploy Fiserv mobile apps
"Fiserv Inc., a global provider of financial services technology solutions, announced that more than 1,100 financial institutions have selected mobile banking solutions from the company. Fiserv's flagship mobile banking and payment platform, Mobiliti, currently powers mobile financial services for millions of consumers at banks and credit unions on five continents across the globe. The number of accounts supported by the platform is growing an average of 10 percent each month, reflecting the growing consumer demand for mobile banking and payments technology."

Mobile Banking Security - Sept 26

The rise of mobile banking and security concerns in the US 
"The Infographic from CreditScore.Net charts US consumer attitude to mobile banking. The stats are mostly from a Survey of Consumer Research Section of the Federal Reserve of around 2,000 consumers earlier this year (you should read this research). The infographic’s assertions that mobile banking is more secure than people anticipate and/or than PC banking are based on comments in articles from Business Week and Daily Finance. There are some interesting arguments in these articles why mobile banking is safer than perceived, but these (to mobiThinking’s mind) are countered by the fact that too few smartphone users have third-party security software on their phones (See this Guilde to mobile security for more info)."

Mitigating the risk in mobile banking
"Consumer adoption of mobile devices such as smartphones and tablets represents a tantalizing opportunity for banks to lure customers through mobile-banking applications. However, before offering these services, executives should conduct a thorough risk assessment of the technology involved. By taking a comprehensive approach to managing the risks of mobile banking, banks not only can safeguard their operations but also can pursue new customer segments without exposing themselves to unnecessary risk."

Oklahoma Bankers Association Warns All Consumers to be Careful with Mobile Banking
"The Oklahoma Bankers Association warns consumers to be cautious when using mobile devices to do their banking. The OBA recommends all consumers to treat their smartphones just like their checkbooks. Elaine Dodd, Vice President of Fraud at the OBA said in a press release, smartphones give consumers easy access to their accounts, which allows them to stop suspicious activity before it becomes a problem. At the same time, Dodd emphasizes potential fraudsters could also get access to all your important information."

International Mobile Banking Updates - Sept 25

Over 200 Attendees and 20 Speakers Confirmed for the 4th Annual Mobile Money Canada Conference
"The 4th Annual Mobile Money Canada Conference is this year‘s must attend event for mobile and financial sector professionals interested in learning from and networking with the leading mobile banking, mobile payments, and mobile money transfer pioneers from Canada and around the word. Mobile Money Canada 2012 is Canada‘s largest conference focused exclusively on showcasing and fostering the growth of the Mobile Money industry in Canada. The conference is almost sold out and occurs on September 25th, 2012 at the Metro Toronto Convention Centre."

Banks develop more services for mobile market
"Banks in Viet Nam are vying with each other to diversify their internet banking services in order to take advantage of people's increasing reliance on mobile electronic devices. According to data collected in a survey on internet usage in Viet Nam made in 2011 by Cimigo Viet Nam, which specialises in marketing and brand research, 60 per cent of the 5,800 people polled used mobile devices such as mobile phones and tablet PCs to connect to the Internet."

Mobile Banking And Payment Innovation In France
"France has been quick to embrace mobile banking. Banks like BNP Paribas and Société Générale were among the pioneers of mobile banking in Europe and since 2009, all of the big French banks have launched iPhone mobile banking apps, so most French banks now offer several forms of mobile banking. The first wave of mobile banking was about getting the basics down and offering customers functionality like balances, transaction histories and SMS alerts. The second wave now focuses on money transfers and payments."

Indigenous and ingenious: The roots of mobile banking in Africa
"In Ghana, it’s popularly known as susu. In Cameroon, tontines or chilembe. And in South Africa, stokfel. Today, you’d most likely call it plain-old microfinance, the nearest term we have for it. Age-old indigenous credit schemes have run perfectly well without much outside intervention for generations. Although, in our excitement to implement new technologies and solutions, we sometimes fail to recognise them. Innovations such as mobile banking – great as they may be – are hailed as revolutionary without much consideration for what may have come before, or who the original innovators may have been."

Now, you can buy gold, silver on mobile phone
"After enabling purchase of books and clothes among items, as well as internet banking and share market dealings, new mobile applications have been developed to allow consumers buy precious metals like gold and silver. With nearly 15 million mobile subscribers being added every month in the country, the mobile application market has emerged as a major growth area for developers and there are estimated to be about 2.5 lakh app developers in India alone."

RBI’s Dep Governor: Mobile Banking Has Great Potential, India is Moving Towards ‘Less-Cash’ Society
"Technology has played in important role in the evolution of banking in India. First there was ATMs then internet banking thus noting that local geographical bank branches are not as important when it comes to doing transactions. The question right now for banks is not about whether mobile banking is good for business but how to take advantage of this new trend in the banking industry. It is going to be about the evolution of better customer service, expanded product range, reducing operating expenses while enhancing revenue through mobile banking."

Celpay to invest $10mn in Africa
"Mobile banking and payment solution service provider, Celpay, plans to invest $10 million over the next five years to expand its operations in the southern African region. The company, which already has operations in Zambia, Zimbabwe, and the Democratic Republic of Congo, said the investment would increase its footprint in the fastest growing economies in southern Africa."

Mobile Remittances May Boost World’s CUs
"A new partnership between the World Council of Credit Unions and Boom Financial, a Palo Alto, Calif.-based company that provides mobile banking and money transfer services to immigrant and unbanked families, could pump new life into credit unions in developing countries. Founded four years ago, Boom gives underbanked and unbanked consumers the ability to activate a Boom bank account, receive a prepaid card and transfer money to anyone in the world via a mobile transaction."

Jobs boom for mobile banking
"New jobs in mobile banking are expected to overtake those in internet banking for the first time this year, according to research from specialist financial services recruitment company BrightPool. In addition, the biggest growth in new jobs is expected to come in retail banking."

Mobile Phones Can Alleviate Global Poverty, But it Will Not Be Easy
"Despite the proven effectiveness of mobile banking in integrating significant portions of populations in developing countries to the financial system, two New America Foundation partners, Sascha Meinrath and Jamie M. Zimmerman, argue that this strategy is still an imperfect solution to financially include the poorest of the poor. M-PESA in Kenya, for example, has been heralded as an immense success with nearly 70% of the adult population using its e-transaction services, which has lead to positive results in related income generation."

The M-Banking Leader
"Would you believe a public sector bank is the leader in mobile banking? FY12 saw 25 million mobile transactions valued at over Rs 1,820 crore. Of these, State Bank of India (SBI) accounted for 81% by volume and 50% by value, while private sector ICICI Bank was a distant second accounting for 8.4% by volume and 33% by value. The balance, however, is proof of the wide gulf between private and public sector banks. There’s Central Bank of India with just 42 m-banking transactions, Dena Bank’s 481 and Allahabad Bank’s 782. In contrast, Citibank, HDFC and Axis Bank all clocked over 220,000 transactions."

For Text-Savvy Filipinos, Mobile Banking Is a Crucial Bridge
"For a long time, Lolita Singahan greeted paydays with a mix of relief and anxiety—relief, because it meant receiving money to cover her family’s expenses, and anxiety, because it meant she would need to spend an entire day traveling to the bank to get her paycheck. Although she makes about $800 a month, which is way above the minimum pay in the Zamboanga Peninsula region in Mindanao, Singahan still needs additional funds to support her children’s education. She has found refuge in the loan program of 1st Valley Bank for almost six years now."

Mobile Banking Updates - Sept 23

Mobile Banking Crosses the 300 Million Users Mark Worldwide as Financial Institutions Seek to Capture Developing Markets
"'Business case or not, financial institutions broadly know that mobile is no longer optional,' says a recent article in ABA Banking Journal. Mobile networks now cover between 85-90% of the world's population. The number of mobile phones in use around the world in 2011 reached six billion while the number of mobile banking users worldwide reached 300 million with adoption of the service in developed countries growing significantly."

Pew Report Finds Smartphone Users Eschewing Apps
"A new report from the Pew Research Center’s Internet & American Life project may bolster the conventional wisdom in the credit union industry that security concerns could be impacting mobile banking adoption. A survey conducted among 2,254 adults this spring found that 54% of smartphone app users chose not to install an app when they discovered how much personal information was needed in order to use it, Pew researchers said."

Banks begin to mobilise the forces
"When St George’s head of eChannels Travis Tyler told the bank’s technology chief that he wanted to let people apply for credit cards through their mobile phone, the first reaction was disbelief. 'I told Travis ‘no one will want to do that’,' says St George chief information officer Dhiren Kulkarni."

Missouri Credit Union Survey Finds Nearly 40% Mobile
"Nearly 40% of 2,084 people who participated in an online survey said they are using mobile banking, according to a Consumer Attitude Report released by the Missouri Credit Union Association in St. Louis. The non-scientific, statewide survey also found that across all age groups (18 to 65+), Missouri consumers use mobile banking primarily for confirming payments, balancing checking accounts, transferring money, account alerts and paying bills."

10 Best Apps for Mobile Banking and Finance
"The major banks and brokerage firms are making mobile banking and trading easier than ever with apps on the iPhone, iPad and Android platforms. This way, you can be in control of your money even when you leave the bank’s branch or are not by your computer. From checking account balances to cautiously monitoring your 401(k) returns, we uncover the benefits of the major banking and stock apps…and they’re all free."

Wells Fargo, SunTrust Add Mobile Check Deposit To Banking Apps
"When it comes to personal banking, the smartphone can now accomplish most of what a bank teller or an ATM can do, aside from actually dispensing cash (iPhone 6 feature, perhaps?). Two more big banks, including Wells Fargo and Sun Trust, have revamped their banking apps to allow customers to make deposits on the go by snapping a photo of a paper check using a smartphone's built-in camera."

Branchless banking soaring high
"The growth momentum of the branchless banking sector - still in its early stages - ceases to amaze. The sector is leapfrogging ahead despite inherent sectoral difficulties and overall challenging macro conditions. The recently released fourth quarterly issue of the SBPs BB newsletter series shows yet another period of impressive all-round gains in the sector. To start with, the BB services penetration increased by a handsome 37 percent between April and June, for the registered number of mobile banking accounts is said to have reached 1.45 million as of June end. The push came from a 3.7 times quarterly increase in Level 0 (basic) accounts that now represent 25 percent of total accounts. "

Mobile Banking Updates - Sept 20

SunTrust Enhances Mobile App with Mobile Deposit Capability
"SunTrust Banks, Inc. (NYSE: STI) recently enhanced its Mobile App with "SunTrust Mobile Deposit" for clients with iPhone or Android devices. The added service provides clients with the ability to take photos of checks and deposit them remotely. In addition to the convenience provided by SunTrust Mobile Deposit, other key features of the service include:"

Banno Unveils New Features for Grip, Strengthens the Mobile Banking Standard with Pre-Transaction Insights
"Banno (formerly T8 Webware), the provider of progressive, custom-branded mobile applications, websites and personalized payment card services, introduced new enhancements to Grip, its financial decision support tool, at FinovateFall. With Grip, financial institutions can brand and offer an app that provides comprehensive mobile support for purchase decisions. Its new features are designed to bridge the gap in mobile information, from the traditional balances and statements, to real purchasing ability."

CapTech Develops Navy Federal's Updated Mobile Banking Applications
"CapTech is pleased to announce the release of Navy Federal Credit Union's updated mobile banking apps for iPhone and Android. CapTech architected, developed and project managed the mobile apps and service tier based on business requirements and designs created by Navy Federal. The updated mobile apps provide Navy Federal members with a beautiful and simple native experience to deposit checks, transfer funds and pay their credit card from anywhere in the world using an iPhone or Android mobile phone. CapTech worked with Navy Federal's design team to implement a new native app experience that as a result has nearly doubled the average user rating for both apps."

CREALOGIX announces new product for mobile authentication, mobile banking
"Switzerland-based supplier of e-banking solutions, CREALOGIX, has announced its latest product for secure authentication on smart phones. CLX.MobileSecurity, will enable access using the audio interface of a mobile device’s NFC functionality, without losing any of the required security."

International Mobile Banking Updates - Sept 18

Seven ways mobile phones have changed lives in Africa
"A little over a decade ago there were about 100,000 phone lines in Nigeria, mostly landlines run by the state-owned telecoms behemoth, NITEL. Today NITEL is dead, and Nigeria has close to 100 million mobile phone lines, making it Africa's largest telecoms market, according to statistics by the Nigerian Communications Commission. Across the rest of the continent the trends are similar: between 2000 and 2010, Kenyan mobile phone firm Safaricom saw its subscriber base increase in excess of 500-fold. In 2010 alone the number of mobile phone users in Rwanda grew by 50%, figures from the country's regulatory agency show."

Mobile banking accounts registered 37% increase
"The country’s number of mobile banking accounts has reached at 1.45 million, experiencing a remarkable growth of 37 per cent during the quarter ending June 30,2012,a state bank official has said. The official said the accounts? activity level has also improved substantially during the second quarter (April-June) 2012 as the number of active accounts increased by 66 per cent."

Banking reinvented
"Mobile technology is forcing a complete reinvention of the banking world, with demand for new services through a more interconnected community of users, businesses and services. The mobile generation has profound implications for South African banks, and banking users. South African banks have historically enjoyed a reputation for pioneering online and electronic banking services. The rate of innovation appeared to be stagnating in recent years, but the last 12 months have seen major developments in online banking, and set the scene for another renaissance in electronic banking."

Chinese Banks Need to Focus More on Mobile Banking - Executives
"Chinese banks need to focus on leveraging technologies such as mobile services as they shift more toward consumption-based lending, said banking executives at the World Economic Forum in Tianjin Tuesday. Such a shift is important for Chinese banks which have relied heavily on VIP or high net worth clients, said Ma Weihua, chief executive officer of China Merchants Bank Co. (3968.HK). "I.T. is like ..."

USAID prods mobile money use
"THE US, through the United States Agency for International Development (USAID), and the country’s mobile money service providers aim to increase the number of mobile money users in the country by 1 million when they launched a new partnership dubbed 'Scaling Innovations in Mobile Money' yesterday."

Mobile payment to improve banking services
"The Bank of Zambia (BoZ) says there is need to ensure that anti-money laundering and counter-terrorism financing regulations are in place in the advent of mobile payment systems in the country. BoZ deputy governor for administration Tukiya Kankasa-Mabula says with mobile payment solutions being on an increase, vices that can jeopardise the process are likely to occur."

M-banking poised for explosive growth in UK
"One-third of UK consumers expect to be using smartphones to do all their banking by 2020, while two-thirds of banks expect everyone to be using mobile banking in some capacity by 2017, according to a report released by business technology provider Avanade this week."

St George launches latest mobile, online banking services
"The St George Banking Group has unveiled its latest innovations in mobile banking services with the launch of new features to its mobile banking app and online banking services which it says now allows customers to open a savings or transaction account via their smartphone in just 60 seconds and start using the account immediately."

Mobile Banking Updates - Sept 16

Mobile Banking: An Overview of 15 Banks and Credit Unions
"Listening to music? Reading? Hurling revenge-crazed suicidal birds at egg-napping pigs? Banking? There’s an app for that. Mobile banking is all the rage nowadays, but not all mobile banking apps are created equal. NerdWallet examines the mobile banking apps at 15 of the largest financial institutions. A few of the largest institutions, including HSBC and SECU, do not have an app, although they both offer mobile websites."

The Mobile Banking Infographic
"More and more people are using mobile banking services. In fact, now that 87% of the U.S. population has a mobile phone, half of which are smartphones, the trend will undoubtedly continue its upward trajectory. According to some estimates, 20% of mobile subscribers use their phone to access mobile banking services, with 80% saying it’s more convenient than an ATM machine."

Mobile banking becoming more common, Andera says
"American consumers are becoming more comfortable conducting banking business on mobile devices, according to a new report from financial software company Andera Inc. The 30-month study of application traffic sources showed that consumers in the U.S. are becoming more comfortable conducting more complex banking functions and transactions on smartphones and tablets."

Citizens Bank Launches Mobile Banking
"Today, Citizens Bank introduced Citizens Bank Mobile Banking featuring Xpress Deposit. Now Citizens Bank consumer clients can enjoy the convenience and security of depositing checks, viewing balances, transferring funds, paying bills and locating a Citizens Bank branch or ATM using their mobile phone. Citizens Bank Mobile Banking works with smartphones, mobile phones with Web access and standard cell phones that have a text package."

Banks Close Branches, Raise Account Costs
"Banks are squeezing out customers with higher costs and fewer locations. Several large midwestern banks are scaling down the number of branches they operate and adding sophisticated ATMs that can replace tellers, according to banking leaders who spoke at a financial services conference on Monday, American Banker reported. The latest wave of banks closing locations included Akron, Ohio-based First Merit; Pittsburgh's PNC bank and Key Bank, based in Cleveland. Bank of America, based in Charlotte, NC, has also scaled back its number of branches and ATMs throughout the country in order to cut costs. Earlier this year, First Niagara closed a number of HSBC bank branches in New York after it took over the bank's upstate operations."

World Council Partners With Mobile Banking, Transfer Service
"The World Council of Credit Unions has teamed up with Palo Alto, Calif.-based Boom Financial, a company providing mobile banking and money transfer services to immigrant and unbanked families, in order to bring more business to credit unions in developing countries, Boom Financial announced. The World Council, the global trade association and development agency for 51,000 credit unions that serve 196 million people around the world, will act as a broker and technical consultant solution for Boom, enabling the company to expand its reach into new countries, Boom said."

Union First Market Bank launches tablet banking for iPad
"Union First Market Bank, a provider of community banking and mortgage loan services, has launched tablet banking for the iPad powered by Intuit Financial Services. Customers can now access mobile banking functions directly from their iPad like viewing account balances and account transaction history, transfering funds between eligible accounts, paying bills on the spot, locating nearby ATMs and branches and accessing their financial institution's mobile website, the company said."

Mobile Baking Updates - Sept 13

FIS Drives 150 Percent Growth in Mobile Clients as Bank Customers Go Mobile in Record Numbers
"Eager to transact banking around the clock and around the world, consumers are adopting mobile phone and other Web-connected devices in record numbers. The Federal Reserve reports 1 in 5 customers of financial institutions are already using mobile banking services, and 1 by the end of 2013, roughly 43 percent of bank customers are expected to be using their smartphone for banking on the go."

Mobile banking becoming more common, Andera says
"American consumers are becoming more comfortable conducting banking business on mobile devices, according to a new report from financial software company Andera Inc. The 30-month study of application traffic sources showed that consumers in the U.S. are becoming more comfortable conducting more complex banking functions and transactions on smartphones and tablets."

International Mobile Banking Updates - Sept 11

European Mobile Banking Users Get Smarter
"In the EU5 (France, Germany, Italy, Spain and the UK) 30 million people accessed a bank accounts via their smartphone in July 2012, an increase of 85 percent compared to a year ago. The UK had the largest user base with 7.3 million smartphone owners accessing bank accounts in the month, nearly twice as many as just one year ago. Spain showed an even stronger increase with 113 percent more users making use of service compared to last year."

RBI cold to mobile wallet
"Reserve Bank of India deputy governor H R Khan on Wednesday said mobile telephone operators cannot be permitted to provide a cash-out facility from virtual wallets to customers, as such an activity would amount to ‘bypass banking’. However, they could do so if they acted as a business correspondent (BC) to a bank, he added. Recently, Airtel had launched m-wallet services that enable a customer to make utility payments and transfer money from one user to another. By the norms, mobile transactions are permitted only if attached to a specific use, such as paying electricity bills or shopping at retail establishments that accept mobile payments."

Getting mobile banking right
"M-PESA, Kenya’s popular mobile money transfer system via mobile phones, has inspired several similar models all over the world. Kenya’s mobile penetration plus the simplicity and effectiveness of M-PESA are reasons for its popularity – 68 percent of Kenyans use their mobile phones to transfer money. Soon, remittances from the UK to a dozen African countries should be possible via Barclays Bank’s pingit, a money transfer app. First made for BlackBerrys and Barclays’ customers, the app can now be downloaded by non-customers of Barclays with smartphones to send and receive money. UK residents will be able to beam money first to Kenya, then Botswana, South Africa, Zambia, Tanzania, Ghana, Nigeria, Egypt, Zimbabwe, Uganda, Seychelles and Mauritius."

Keeping mobile banking secure in an unsecure world
"MOBILE phones today are multipurpose, so it is no surprise that the number of mobile banking users has doubled over the past three years. Most banks have worked to make it easy by optimising their websites for mobile devices, allowing you to check your account and make payments and transfers on the go. But while a number of mobile users find this incredibly convenient, they are still in the minority, representing about 12% of online adults."

Absa mobile banking a hit
"Banking group Absa says it has 3.6 million customers registered for mobile banking. The group says that growth patterns in the use of its mobile website have exceeded expectations seeing over 1.3 million page views each month. The bank has also seen year-on-year growth of 450% in mobile traffic, largely due to the portal’s redefined user experience, optimised for mobile visitors, it said."

USAID-backed mobile banking project to be launched in PH
"An officer of the United States Agency for International Development (US AID) will be in the country to launch a mobile banking project aimed at expanding Filipinos’ access to financial services. In a statement, the US Embassy in Manila said that USAID Chief Innovation Officer and Senior Counselor to the Administrator Maura O’Neill would be in the Philippines from September 9 to 12. 'O’Neill will lead the launch of USAID’s Scaling Innovations in Mobile Money (SIMM) project, which aims to give Filipinos easier and more efficient access to banking and payment services through mobile phones,' it said."

Mobile Banking Updates - Sept 9

Don't Be Afraid of Mobile Banking Apps
"In today's world, people can do almost anything with their smartphones or tablet devices. From checking email, to staying connected via social media, to turning off the lights in the house while out on the town, people rely heavily on their handheld devices. There's one trend, however, that has many smartphone owners worried: mobile banking. According to the Federal Reserve, only 21 percent of mobile phone users have used mobile banking applications in the past year. Yet most major financial institutions have mobile applications available for popular mobile phones. So why is only one in every five smartphone users utilizing those apps? Fear."

One-touch access to mobile account information
"Malauzai launched SmarText capability that provides registered users with access to account balances and recent transaction history without having to perform a traditional login on the mobile application. The functionality is in use by Lubbock, Texas-based City Bank Texas."

Study: Use of Mobile Banking Channel Exploding
"New numbers released by Providence, R.I.-based Andera highlight dramatic increases in use of mobile banking channels over the past 30 months. Andera, a financial software company that provides many credit unions with online account opening technologies, noted that while mobile has primarily been used for simple tasks such as balance checking, 'that is changing,' per Andera founder Charles Kroll."

Explore banking options beyond the community
"Here’s how I selected my first bank, the one I’ve now been with for decades. A branch was a few blocks from where I had my first job after college and on the way to the bus stop. Over the years, I’ve gotten frustrated with the customer service and the fees that kept adding up. I’ve threatened on numerous occasions to kick this big bank to the curb. But I haven’t yet (service got better, fees dropped because of how my husband and I bank). But if I ever do feel we need to change, it won’t be because I was put off by the inconvenience of switching banks."

Mobile Banking Updates - Sept 6

CapTech Develops Navy Federal's Updated Mobile Banking Applications
"CapTech is pleased to announce the release of Navy Federal Credit Union's updated mobile banking apps for iPhone and Android. CapTech architected, developed and project managed the mobile apps and service tier based on business requirements and designs created by Navy Federal. The updated mobile apps provide Navy Federal members with a beautiful and simple native experience to deposit checks, transfer funds and pay their credit card from anywhere in the world using an iPhone or Android mobile phone. CapTech worked with Navy Federal's design team to implement a new native app experience that as a result has nearly doubled the average user rating for both apps."

Branch Banking Is Still a Moneymaker for Banks
"With the proliferation of Internet and mobile banking, you might think the old-fashioned branch bank may be falling out of favor. While it's true that some banks have closed branch locations to save money, evidence abounds that bank branches are still popular with customers -- and lucrative for banks."

How to manage your company’s cash flow through online and mobile banking
"Is cash more important than profits? It actually may be, as profitable companies fail every year simply because owners don’t have enough cash to pay their bills. The problem is so pervasive that the U.S. Small Business Administration cites insufficient capital as the No. 2 reason that small businesses fail. And insufficient cash flow may keep owners from making advantageous hires or acquisitions, or even from receiving a paycheck."

Mobile Banking Security - Sept 5

Mobile, Cloud Security Guidance Needed
"Last year, federal regulators issued FFIEC authentication guidance for online transactions. But, unfortunately, regulators apparently don't plan to issue additional guidance on the security issues involved in mobile banking and cloud computing. Larger institutions don't really need guidance on these topics. Most are addressing risks out of necessity. Higher transaction volumes expose them to more fraud. Besides, they have the staff and budgets in place to help mitigate risks."

The liability question in electronic banking fraud
"Who is liable for the lost funds when fraud happens in a customer’s bank account through the illegitimate access/use of ATM or internet banking or mobile banking? Answer to the question depends on the country in which the account is being operated. Currently, in India, the liability equation is completely skewed in favor of the bank. Customer is responsible for the safe keeping of his/her ATM card, pin, internet banking and mobile banking credentials. When a customer discovers and reports fraud in his account through the use of ATM, Internet Banking or Mobile Banking, customer is liable for the full funds lost. Not to forget, the bank has to face the consequence of reputation loss in the market."

Banks turn their eyes to mobile failings: McAfee
"Financial institutions want customers to do more mobile banking, but they don't have the mechanisms to ascertain whether the mobile devices used to access financial information have been compromised, according to McAfee CTO of cloud and datacentre solutions, Greg Brown, speaking at the Intel Cloud Summit in Bangkok, Thailand, on Tuesday. Financial institutions having been working to revamp their online banking portals and releasing new mobile apps to make personal banking convenient for customers. As such, online and mobile banking adoption have skyrocketed in recent years."

Mobile banking foils theft
"Batman has his batarang, Dirty Harry his .44 magnum and Brooklynite Dina Wohlhendler has her … mobile banking text alerts? In what might be the first case of mobile-banking vigilantism, Wohlhendler was shopping in Manhattan when she noticed her wallet was missing from her purse. Then, text alerts from her bank started hitting her phone, letting her know that someone was racking up sizable purchases at nearby retailers on her debit card."

International Mobile Banking Updates - Sept 4

Nimbus‚ Finaccess join hands to offer mobile financial services to unbanked
"Nimbus Holdings and Finaccess entered into an agreement today to enable various businesses of Nimbus with a ubiquitous distribution network throughout the country — specifically in the rural parts and comprising over 500 dealers and sub dealers — to offer an end to end mobile financial service provided through the Hello Paisa Network."

Mobile Banking and Payments for Emerging Asia Summit 2012
"Bringing Senior Mobile Banking & Payments Stakeholders Together to Reach Commercialization. Clariden Global will be hosting a 2-day summit, Mobile Banking & Payments for Emerging Asia Summit 2012 - themed "Unleashing the Potential of Mobile Channels to Penetrate Emerging Markets in Asia,, on 8 to 9 October, at Conrad Bali."

DBBL launches Mobile Banking in partnership with Airtel 
"Dutch-Bangla Bank Ltd Saturday formally launched mobile banking in partnership with Airtel Bangladesh Ltd, said a press release. As per the permission of the Bangladesh Bank, only a commercial bank can launch mobile banking services in Bangladesh. Under this initiative, Airtel subscribes will enjoy mobile banking services such as, cash-in, cash-out, remittance collection, salary disbursement, mobile top-up facility and person to person money transfer using DBBL mobile banking account."

Middle East consumers embrace mobile wallet services
"Mobile wallet services, which enable payments via mobile devices, are a potential growth industry in the Middle East, according to experts. While Asian markets look to be ahead of the pack, with a quarter of Japanese mobile users already managing their finances and paying for products via a mobile wallet, there is good potential for increased adoption in the coming year in the Middle East region, according to a study on mobile device usage by TNS, a technology and business strategy firm."

Nedbank app hits Play Store
"Nedbank has finally launched its mobile banking application, although only on Android-powered smartphones for now. The app, known as the Nedbank App Suite, has been available to the bank’s staff since the end of June and can now be downloaded from Google’s Play Store. The Nedbank App Suite includes online share trading as well as the ability to do corporate batch authorisations, reset business banking passwords, check balance enquiries and make payments."

Bank offers remote sign up
"Consumers sitting at home in their pyjamas can sign up to a bank without having to go near a physical main street branch. BNZ's upgraded iPhone app, launched today, allows anyone to join the bank using just an internet connection and a camera phone. The development follows the lead of TSB Bank, which pioneered a similar sign-up system in April with its [my]bank app. Would-be customers take a photograph of their passport or driver's licence, a recent bill or statement, and a self-portrait holding their ID."

Kwame Pianim calls for stronger regulations of mobile money and banking services
"Economist, Kwame Pianim is calling for stronger regulation of mobile money and mobile banking services in the country. This follows what he describes as a worrying trend of unfair competition posed by Telcos to other service providers. Mr. Pianim who is also the Board Chairman of Electronic payment Provider, E-Transact explains to JOY BUSINESS, mobile financial service-delivery is being unduly affected by the dual role of Telco’s."

Tagit helps MayBank Singapore offer mobile banking
"Since going mobile is the hottest trend, Maybank Singapore followed suit by offering mobile banking services Maybank mBanking App using Tagit’s proprietary Mobeix platform. The mobile banking service from Maybank is unique because of the level of personalisation it offers, and allows the users to connect to social media platforms for better service. This is possible because Mobeix works on a new design approach to mobile banking. Maybank’s mobile banking app is available for download in the Apple App Store starting August 24."

SA’s FNB Expands Mobile Services Through Cell C
"FNB and Cell C have announced that FNB Cellphone Banking customers are now able to buy Cell C SMS and Data bundles on the channel. Until now, the only Cell C product that was offered was prepaid airtime. FNB is the first and currently the only bank to enter into a partnership with Cell C to enable its customers to purchase SMS and Data Bundles. Shadrack Palmer CCO, of FNB Cellphone Banking says, 'This is an opportunity for us to increase our product and service offering to meet the needs of all our customers, especially on products that are currently in demand in the market. It is also an opportunity for us to attract new customers.'”

Mobile banking set to become user-friendly
"Banking transactions on mobile phones are set to become easier in a few days time. You will just need to key in the service code ‘*99#’ in your mobile to initiate funds transfer and check the balance in your bank account. To begin with, about 20 banks will offer the service code based mobile banking facility to customers who are subscribers of Mahanagar Telephone Nigam Ltd and Bharat Sanchar Nigam Ltd. State Bank of India, Bank of India, Bank of Baroda, Canara Bank and Union Bank of India will be part of the initial roll-out."

Mobile Wallet awareness is on the rise in Canada, but security is still a concern
"Canadian smartphone users, specifically those who access the various mobile banking apps, have reached a “critical mass” when it comes to being aware of the ability to pay for products and services at the point of purchase via their device. According to SRG’s Digital Life Canada Survey this key demographic represents about 4 million Canadians. Their study was conducted of 1,000 Canadians sometime in the spring of 2012."

Did you know you have five ways to bank with your mobile?
"Variety’s the very spice of life, that gives it all it’s flavor —English poet William Cowper Spoilt for choice: This is how you would feel when you think of making a mobile banking transaction. There are five options you can choose from. If you are not sure which mobile banking option you should choose, the following are a few simple ways to help you decide which option suits you better."

Mobile Banking Updates - Sept 4

Fast-Growing Companies in 2012: Technology
"Mobile banking technology developer mFoundry has announced a number of notable additions to its list of clients this year, following an $18 million infusion of growth capital in late 2011. The Larkspur-based firm, launched in 2004, currently provides cloud-based mobile banking and payments to over 700 banks and credit unions nationwide and one-third of the top 50 financial institutions in the United States. The company reports 10 million users, and also operates the Starbucks Card Mobile platform for Starbucks Coffee Company."

For Popular of Illinois, Small-Business Mobile Banking Is All About Entitlements
"To provide mobile banking for their small-business clients, some banks recast and remarket their consumer mobile banking programs rather than create something new. The critical piece that such an approach lacks is entitlements — giving the small-business owner a say in who can do what in the business account, says Javier Reyes, vice president, manager of cash management services for Popular Community Bank, Chicago. The bank last week launched a homegrown small-business banking application."

Want banking innovation? Stop hiring bankers!
"The shifting landscape of providers offering banking services is likely to force the (till date) in-bred banking sector to make acquisitions outside, bringing in leaders with techno-business backgrounds at the helm of bread-and-butter businesses divisions rather than just at the fringes (e.g. "Head of Mobile Banking") as has been the case so far. From being the "electronic data processing" department, technology in banks has come a long way."

How Mobile Is Changing Community Banks
"Some community banks are quickly leveling the playing field with larger ones in the mobile channel, introducing services like mobile remote deposit capture and mobile P2P almost immediately after (or sometimes even before) the bigger banks get around to it. But mobile is also changing the traditional value proposition of a community bank where you walk through the branch door and everyone knows you. Instead of going to the branch, people are using their mobile devices for simple transactions, potentially making it more difficult for community banks to deliver the personal touch that is at the heart of their value to the customer."

Numbers: Sunny Outlook for Mobile Banking (U.S.)
"ComScore's latest mobile usage numbers provide useful context as you head in to the 2013 business planning cycle. With 42 million monthly smartphone users, mobile banking penetration (38%) is similar to other specialized information services such as sports (39%), news (49%), and movie info (30%)."

SunTrust updates smartphone app to accept mobile deposits
"In keeping step with banking giants Bank of America, Wells Fargo and First Tennessee, SunTrust Banks Inc. has released an update to its mobile banking smartphone app to include mobile deposits. Using their smartphone’s camera, SunTrust (NYSE: STI) customers can now take a picture of the front and back of their checks to submit them for deposit."

Do Banks Really Need To "Own" Mobile Banking?
"Australian Banks have often been at the forefront of global banking trends, or at the very least, fast followers that learn quickly from the mistakes of others. In Australia, mobile banking has quickly become a "war" amongst the majors with a range of different banking services and approaches - from basic access to transactional histories, transfers, payments, integrated retail services, and even near-field-communications-based micro-payments systems. But how much of the mobile banking channel do banks really need to own? Most banks no longer own or operate their own ATM networks. They control the flow of transactions through that channel, but they generally have little to no interest in owning the assets or operating ATM cash management processes."