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."