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."