"Brandon McGee, Industry Insider, Mobile Banking Guru...He is not only the real deal, a genuine industry insider, but also knows exactly what's on the minds of financial service pros as they contemplate the various mobile options." - Jim Bruene, Publisher & Founder, Online Financial Innovations

"Going Mobile. Local executive carves niche as national expert on fast-growing banking-industry technology trend" - Scott Olson, Indianapolis Business Journal (IBJ)

"Brandon McGee, the industry's unofficial ambassador for mobile banking" 

Wednesday, October 31, 2012

International Mobile Banking Updates - Oct 31

Ethiopia to Introduce Mobile Banking
"Ethiopia is one of the few remaining African countries to introduce mobile banking. With the booming economy and a population of 80 million this country could be the next gold mine for mobile banking companies. Mobile banking has proved to be a lucrative venture in the developing world, where large parts of the population belong to the so-called "unbanked." In Africa, only Ethiopia and Zimbabwe do not provide mobile money services. That will change soon for Ethiopia."

Why you can bank on mobile banking
"Several banking activities today can be carried out at the tap of the keys on your mobile phone. But for the uninitiated, the multiple ways of using the mobile phone for banking purposes can be difficult to decipher. Is SMS banking synonymous with receiving alerts for transactions? What is the advantage of using a mobile banking application on your phone over other mobile-based banking services? Is an IMPS transfer different from an NEFT transfer? Here’s a low down on the services , their suitability and the costs involved."

Smart, PlaNet Finance bring mobile banking services to Leyte 
"The mobile banking pilot project of Smart Communications Inc. in the province of Leyte has affirmed the Filipinos’ readiness for mobile phone-driven financial services. Dubbed as the Banking the Unbanked (BTU) project, this is the country’s first cohesive attempt to provide branchless, cashless banking services to the countryside, using one of the most ubiquitous tools of today – the mobile phone."

ICICI Bank offers mobile phone recharge via SMS
"After launching its mobile banking app, ICICI Bank has now announced another new service for its m-banking customers which enables them to recharge their mobile phones via SMS. As the internet is not required here, it makes the service relevant for feature phones as well. To avail this service, just send the text message MTOPUP to 9222208888 and you can get recharge of up to Rs 1,500."

EcoCash Mobile Money: Interview with Econet Services CEO
"Last week, after a tour of EcoCash Business (well, EcoCash Commuter mostly), we got the opportunity to interview the Econet Services CEO, Darlington Mandivenga and Econet Wireless Mobile Money Executive, Francis Matseketsa. Econet Services, as we wrote last week, is now managing such strategic services as EcoCash for the entire Econet Wireless group. In the interview, we talked about the uptake of EcoCash services by merchants, Bulk EcoCash transactions, bill payments, the mobile banking services part of the MMT services, the role of traditional banks, the regulation of mobile money services, and also touched on the relationship and role of TN Bank. We post below an edited transcription of the interview."

Tanzania: Amana Introduces Mobile Banking
"Amana Bank, has introduced mobile banking services that would enable customers to carry out banking transactions through mobile phones. 'The service offers convenience of accessing banking services anytime, anywhere. It will enable customers to perform transactions at their fingertips,' says Amana Bank's Head of Business, Mr Sudi Marungu."

Tuesday, October 30, 2012

Mobile Banking Updates - Oct 30

Young adults drive popularity up
"The popularity of mobile banking has increased significantly since 2010, the American Bankers Association (ABA) said in a recent report. According to a recent survey from the ABA – conducted by Ipsos Public Affairs in early August – mobile banking is now the preferred banking method of six percent of banking customers, which represents a 100 percent increase from 2010. In the age group of 18-34 year-olds, 15 percent of banking customers preferred mobile banking."

Legally blind
"Most major banks have treated mobile banking as an enigma wrapped in a paradox over the last two years. They have convinced themselves that the growth of mobile banking was an unpredictable occurrence. In insurance terms they would probably claim it was "an act of God." The real truth is that this so called overnight sensation was at least a decade in the making. Since South African bank Absa launched the first mobile banking solution in 2002, leading experts, analysts and futurists have predicted the mass adoption of mobile banking services."

Google, Apple Expand Micropayment Systems for Web Content and Mobile Purchasing 
"Efforts to monetize web content have largely failed in the past, with users preferring to switch rather than pay for information. Earlier this month, Google Wallet expanded its micropayment capabilities to include web content. Websites can now set up their pages so that users can sample some portion of the web content and then see a banner (bottom figure) that tells them that seeing more of the content will require paying a fee. The system also works for buying other types of products over the web."

Mobility Matters: Tracking the Mobile Banking Revolution in Credit Unions
"What mobile banking users are actually doing – and how much real money they are moving - now is starting to come into focus as more players in the field hike their kimonos, at least a bit. A big data dump from Malauzai, the Austin, Texas, mobile banking apps developer with ties to Catalyst Corporate, has offered many – sometimes surprising – insights into what is happening in the mobile channel."

Global Digital Economy - The E-Commerce and M-Commerce Landscape
"The global e-commerce market has been recently invigorated by the growing use of smart phones leading to a fast growth in mobile commerce. E-Commerce and m-commerce have become very important areas of focus for mobile operators, IT, Internet media players, financial institutions, retail, and payment processing firms alike. With so many interested parties, the sector has become very competitive and created a heady mix of industry activity."

"There's a big opportunity for service providers and application developers in emerging markets. A new report from Berg Insight says that the number of active mobile money users in emerging markets will grow from 61 million last year to 381 million by 2017. That's a compound annual growth rate of 36 percent. Several of the most successful mobile money services today are in Africa, Berg noted, but Asia-Pacific is expected to become the most important regional market, accounting for nearly two-thirds of the active user base in 2017. The total value of mobile money transactions is projected to grow from $44 billion in 2011 to $395 billion in 2017, a CAGR or 44 percent."

Are Americans Ready for Banking via Social Media?
"A bank in South Africa announced this summer that its mobile banking customers will now be able to conduct transactions and monitor their accounts through Facebook. This type of cross-pollination between banks and social media does not yet exist in the United States, but it could be coming."

Retail banking's new threat
"This is an increasingly crucial issue for banks. Mobile banking is a major technological development, and history suggests that incumbents can be reduced to obscurity as new players, or “market disruptors”, use improved technology to upset the old order. For example, companies such as Netflix, which uses postal and later online distribution of rented films, are revolutionising the way consumers access movies. A consequence has been that Blockbuster, a traditional bricks-and-mortar DVD rental company, has lost enormous market share."

Monday, October 29, 2012

Mobile Banking Security - Oct 29

Protecting Yourself from Mobile Banking Attacks
"It’s true – mobile banking is an easy and efficient way to view your account balances, review individual transactions, and send or receive payments while you’re on the go. But its convenience isn’t just attracting smartphone users worldwide – it’s also attracting cybercriminals, and it’s easy to see why. According to a recent report by the Federal Reserve, 42 percent of mobile banking users have transferred money between accounts; meanwhile, 21 percent of mobile payment users have transferred money directly to another users’ bank, credit card or Paypal account."

Mobile Banking's Security Advantages
"As demand for mobile banking and payments transactions grows, banking institutions face increasing pressure to ensure security, says Dennis Simmons of SWACHA, a Texas-based electronic-payments adviser for banks and credit unions. As a result, Simmons says, banks and credit unions must take advantage of mobile device features, such as geo-location, biometrics and device identification, to enhance authentication."

Blackhole Exploit Toolkit 2.0 and Mobile Banking Malware Are Top Trends in AVG's Q3 Threat Report
"AVG Technologies (NYS: AVG) , the provider of Internet and mobile security to 128 million active users, today released its Q3 2012 Community Powered Threat Report. This quarter's report investigates a number of malicious software developments including the newly launched 2.0 version of the Blackhole Exploit Toolkit, the evolution in malware targeting mobile banking services, a surge in malicious ads targeting social network users and a trick to hide malware inside image files."

iovation Presents Mobile Banking Impact on the Financial Services Fraud Landscape
"iovation, the Device Reputation Authority™ protecting online businesses from fraud and abuse, today announced its upcoming panel presentation discussing the increase in mobile service offerings by financial institutions and the impact that increased mobile usage is having on the fraud landscape. John Haney, Sales Executive at iovation, will share recent mobile trends based on iovation’s cybercrime intelligence network, and explain how banks and other financial institutions are detecting mobile fraud early in the process."

Report: Mobile banking could be more secure than online banking
"London-based research and consulting firm Goode Intelligence has released a report and white paper that indicate that the mobile banking channel has the potential to be more secure than online banking. The report, “Mobile Banking Security,” looks at the current security measures of mobile banking and how banks are working with technology companies to create means to prevent fraud and identity theft."

bile banking attacks on Android platforms are here
"The growing popularity of mobile banking and the Android platform for smartphones is combining to make this a fertile area for cyber criminals to target. AVG’s latest Threat Report confirms this trend and believes it will only continue to grow as cyber criminals are increasingly targeting the Android mobile platform with sophisticated social engineering attacks to hack into unsuspecting users’ mobile bank accounts."

Sunday, October 28, 2012

Windows 8

As Windows 8 Launches, Banks Ready Mobile Banking Apps
"Financial institutions are readying apps for Microsoft's new, radically different Windows 8 operating system for desktop, laptop and tablet devices, which officially launches today. Bank of America, the second-largest U.S. bank by assets, is one. 'We're developing an app for Windows 8 that will provide another convenient way for our customers to interact with Bank of America,' said a BofA spokesperson in a statement emailed to BTN. BofA's app is for PCs and tablets."

NEW - Dell Shop Application for Windows 8
Tap into the app to find everything at Dell. With Dell Shop, you can find the perfect new Dell PC or get more from your current PC with custom-recommended electronics and accessories from top manufacturers. Using your System ID, Dell Shop can identify your Dell PC and make compatible suggestions. And even if your PC isn’t a Dell, you can still use Dell Shop to buy those must-have items. You’ll find easy access to the most popular accessories, from monitors, printers, projectors, mice and bags, to wireless routers and external storage. And if you’re looking to outfit a home theater, home office, dorm room or a creative studio, you’ll find complete solutions right here.

Thursday, October 25, 2012

Mobile Banking Updates - Oct 25

Consumers Readily Adopt New Mobile Banking Tools
"As smartphone and tablet penetration continues to rise, so too does the use of mobile banking, bill paying, money transfer, remote check deposit and other personal money-management services, according to a new eMarketer report, “Bigger Money on the Small(er) Screen: How Smartphones and Tablets Change the Way Consumers Manage Their Finances.” On-the-go consumers are turning more frequently to their devices to keep tabs on their money and conduct increasingly complex financial transactions—simply because they can."

  Diebold Aims to Merge Mobile Banking and ATMs
"As mobile banking and payments take off, self-service manufacturers will be increasingly challenged to weave mobility into their ATM and kiosk technology. Diebold (DBD) this week debuted a cloud service that aims to pre-stage and complete ATM transactions without cards. The new tech allows users to scan a Quick Response (QR) code on the ATM and enter an authentication code to initiate withdrawals and deposits. The smartphone is used as an authentication device, which Diebold says reduces security risk related to lost cards, stolen cards and skimming."

Breaking the Glass Ceiling of Mobile Banking Adoption
"Credit unions of every shape, size and type recognize the benefits that mobile banking offers – a lower cost to serve, increased member satisfaction, retention and a higher return on investment. But for many, breaking through the mobile banking adoption glass ceiling has been challenging. The mobile banking glass ceiling lies just beyond the threshold of early adopters, designated as the first 20% of a financial institution’s online banking user base. Many credit unions are on a mobile banking adoption path that attracts the early adopters within a year of offering the service, but the trajectory then stagnates to include just a small additional percentage of adopters over the next two years."

Mobile banking: 9 ways you must protect your account
"If you are among the millions of consumers who have embraced mobile banking, you could be putting your financial life at risk. Many consumers make careless errors with their phones that open the door to having con artists steal from their bank accounts, says Adam Levin, co-founder of Credit.com and IdentityTheft911."

Meriwest Adds Bill Pay to Mobile Offerings
"Meriwest Credit Union announced it has turned on bill pay inside its mobile banking app and, said community relations manager Greg Meyer, adoption has been brisk. Meriwest has promoted the new bill pay feature in an email blast to members. The technology was provided to Meriwest by Access Softek, said Meyer. That company claims some 175 mobile banking customers. Apps for iPhone and Android were released earlier by Meriwest. Meyer indicated that although mobile remote deposit capture is not presently featured, it will be made available to members imminently."

Mobile Banking
"Mukherjee was pacing furiously at the lounge of our building when I arrived after a long day. He generally waited for me there when he wanted to ask me something. He was an impatient man and I knew from experience that I did not have a choice. I will have to answer his questions before I was allowed to proceed to the elevator. Reluctantly, I asked him the reason for his anger. Mukherjee: I had to transfer money to my daughter studying in Delhi for her college fees. It was urgent. I went to the bank so that I could take out cash from my account and deposit it in her account."

Tuesday, October 23, 2012

International Mobile Banking Updates - Oct 23

Aussies way ahead in mobile banking
"Latest research from Google shows Australians are 65 per cent more likely than the British to do banking via their smartphone and 14 per cent more likely than Americans. St George Bank has more than 390,000 mobile banking customers and growing fast, especially in the demographic of those aged up to 35, who make up 75 per cent of the users.St George Banking Group's head of eChannels, Travis Tyler, says the explosion of consumers who have turned to phone apps to do their banking is continuing to skyrocket."

Namibia: Bank Launches Mobile Banking
"In its continuous efforts to improve the service offering to its customers Standard Bank Namibia (SBN) has announced the launch of Mobile Banking to the Namibian market. The service will be available to customers on Friday 12 October 2012. Mobile Banking offers a more flexible way of banking anytime, anywhere. It involves the access to and provision of banking and financial services through mobile devices."

Carfinance247.co.uk reveals how 86% of Brits shun mobile devices when applying for finance
"While mobile banking and contactless payments are hot topics now, surprising data from car finance and dealer specialist carfinance247.co.uk reveals that only 14% of people would actually feel comfortable applying for finance via a mobile device. An independent study asked: 'Would you feel comfortable applying for guaranteed car finance via a mobile device such as an iPad, mobile phone etc?'"

RHB Bank expects 1.5m internet, mobile banking clients by 2013
"RHB Bank Bhd expects to garner 1.5 million internet and mobile banking customers by next year, said its retail banking director Vince Au Yoong. The bank currently has 850,000 customers who use its online and mobile banking services, almost double the 450,000 users last year."

Mobile Phone & Smart Card banking accounts surge
"The Deputy Governor, State Bank of Pakistan (SBP), Kazi Abdul Muktadir, has disclosed that Mobile Phone and Smart Card banking accounts have surged to nearly 1.45 million in the country, which indicates that Pakistan's financial sector is now going through a dynamic transition led by the latest technology solutions. Speaking at the launching ceremony of a new product, `Easy Paisa Khushaal' of Tameer Microfinance Bank (TMFB) and Telenor at a local hotel on Tuesday, he said: `The existing active players- the Tameer Microfinance Bank (Easypaisa) and UBL (Omni), have so far registered more than 1,447,381 mobile wallet accounts (mWallet accounts) of un-banked and under-banked population of the country."

Say goodbye to the branch — the future for banking is upwardly mobile
"In developed countries such as the United States, United Kingdom and Australia, mobile banking — describing the use of mobile phones to make financial transactions — is transforming banking from a physical (requiring visits to a bank branch) to non-physical activity. Visits to banks to deposit cheques, and cheques more generally, appear to be disappearing. A recent report from The Economist cited a finding from JP Morgan that over the past year in the United States, customers deposited 10 million cheques by taking pictures of them rather than visiting a branch. In the Netherlands, only half of all bank customers have stepped inside a branch in the past year."

10-month-old bank launches mobile services
"Customers of the first Tanzania’s fully Sharia compliant bank, Amana Bank, will now be able to use modern technology to access the bank’s products after it launched internet and mobile banking services. Amana Bank’s head of Business, Mr Sudi Marungu, said they have decided to introduce the services to enable their clients to experience maximum enjoyment as they access the bank’s services from wherever they are and in convenience all the time."

Digitization: Banking won’t change until banks do
"Across Asia consumers are becoming increasingly comfortable with technology, with growing numbers using smartphones and tablets to bank on the go. Channels have multiplied, giving customers more choice than ever before. However, for all the innovation in banking in recent years, the drop in loyalty rates across Asia suggests banks are failing to get closer to their customers, or provide them with sufficiently useful and convenient products and services."

Wincor Nixdorf: Cross-Channel Integration Brings Mobile Banking to Customers
"To meet the fast-paced lifestyle of their consumers, banks are increasingly networking their services between the branch, Internet, mobile banking and self-service delivery channels so that customers can manage their transactions on the go. To help financial service providers meet their customer’s needs and be competitive in the marketplace, Wincor Nixdorf showcased its PC/EMobile Cash application as part of Wincor World, Oct. 16 in Germany."

Sunday, October 21, 2012

Mobile Banking Updates - Oct 21

ABA Survey: Popularity of Mobile Banking Jumps
"A new survey by the American Bankers Association shows a sharp increase in the popularity of mobile banking, driven mainly by customers in the 18 to 34-year-old age group. The survey of 1,000 U.S. adults, conducted August 2-6, 2012 by Ipsos Public Affairs, an independent market research firm, revealed that while the Internet remains the most popular banking method, mobile banking is now preferred by six percent of customers, a 100 percent increase from 2010, and by 15 percent of 18-34 year olds, also known as 'millennials.'”

SME Mobile Banking: A Revolution Just Around the Corner
"Small and medium enterprises (SMEs) want mobile-based banking that helps them run their businesses smarter. This spells a new opportunity that can unlock services that generate revenue streams. SMEs are major contributors to a nation’s GDP. In G7 countries, SMEs contribute about 53 percent of the GDP. In spite of the importance of these companies, banks have not focused on the this segment. However banks are increasingly recognizing the potential of the SME market and the need for differentiated servicing for these customers."

At BAI, Mobile Banking Rings the Cash Register: Onsite Coverage
"Mobile banking will save you money. And it will make you money. Those are the two top-line messages from an opening day BAI Retail Delivery session at the Washington Convention Center on Tuesday with Zions Bancorporation senior vice president Matthew Wilcox and Drew Sievers, CEO of mFoundry, a mobile banking apps developer."

Consumers Readily Adopt New Mobile Banking Tools
"As smartphone and tablet penetration continues to rise, so too does the use of mobile banking, bill paying, money transfer, remote check deposit and other personal money-management services, according to a new eMarketer report, “Bigger Money on the Small(er) Screen: How Smartphones and Tablets Change the Way Consumers Manage Their Finances.” On-the-go consumers are turning more frequently to their devices to keep tabs on their money and conduct increasingly complex financial transactions—simply because they can."

Innovation, Revenue Creation and Mobile Solutions Highlight BAI Retail Delivery
"I realized how long I have been in this business as soon as I hit the expo floor. I go back to much simpler days when trade shows were filled with display vendors (brochures and signs, not video), checking account premiums (from teddy bears to pots and pans), newsletter publishers (the paper kind) and cash counting machines."

Malauzai Releases Mobile Banking Research Report Based on Actual Usage Data
"Malauzai, a leading provider of mobile banking SmartApps for community financial institutions, has released Monkey Insights, a monthly research service based on the company’s Real-Time Experience Behavioral Analytics (REBA). Monkey Insights will reports on two indices: The Mobile Engagement Index (MEI) which tracks end-user engagement with mobile banking and the M-Money Index (MMI) that summarizes statistics related to mobile money movement such as transfers, bill payments and deposits."

Thursday, October 18, 2012

Mobile Banking Updates - Oct 18

Blackhawk Network To Offer Gift Cards Through mFoundry’s New Mobile Banking Platform
"Banks and credit unions now have an opportunity to generate a new source of top-line revenue by offering gift cards to their mobile banking customers through a relationship announced today between Blackhawk Network and mFoundry. Blackhawk Network, a leading provider of prepaid and financial payments products for consumers and businesses, has contracted with mFoundry, enabling Blackhawk to offer digital and physical gift cards from hundreds of brand name merchants to smartphone users through Fin.X from mFoundry."

Mobile banking vs. mobile payments - which is bigger?
"The other day, out of sheer curiosity, I Googled the words 'mobile payments.' The search turned up 'About 34,100,000 results.' Wow, I thought. Then I searched the same term in the Google News section. 'About 69,700 results.' Hmmm. Interesting."

Fortune Bank unveils mobile, remote banking services
"Community lender, Fortune Bank has unveiled a suite of mobile banking services, including Business Payment Manager, XPRESS Deposit and Mobile Banking, to boost customer access and convenience. The services are available for free of cost to existing and new customers through smartphones including iPhone, Android, or BlackBerry, the bank said."

Diebold adds RDC, P2P to mobile banking platform
"Diebold is increasing its presence in the growing mobile banking channel with the addition of two new features — remote deposit capture and person-to-person payments — to its MobiTransact mobile banking platform. The RDC application can also be added as a standalone feature to an FI's existing mobile banking app."

River City Credit Union in San Antonio Launches Bilingual Mobile App
"River City Federal Credit Union has announced its launch of a bilingual mobile banking app, rcitymobile, that is available in both the Apple Apps Store and Google’s Play store. The San Antonio credit union – with 15,000 members and $157 million in assets – developed its app in association with Catalyst Corporate and Austin, Texas-based apps developer Malauzai. In a press statement, Kim Heinze, CEO of River City FCU, said: 'The Spanish-language capability also allows us to enhance our service to the local Hispanic market, which is an important part of our growth strategy.'”

Dwolla Partners With mFoundry, Bringing Real-Time P2P Mobile Payment Capabilities To 800+ U.S. Banks
"Online and mobile digital cash network Dwolla is partnering with mobile banking and payments service provider mFoundry, the companies are announcing today at the BAI conference in Washington, D.C. This is Dwolla’s first publicly announced partnership with a financial service provider, and the deal opens its service up to mFoundry’s 800+ banks and credit unions using its cloud banking platform known as Fin.X."

Monitise reveals new record for mobile banking adoption
"Monitise has revealed a new record for the adoption ob mobile banking by Desert Schools Federal Credit Union. Monitise - a leading technology and services company that delivers mobile banking, payments and commerce networks worldwide - said DSFCU reached 30% mobile banking adoption in 90 days."

Wednesday, October 17, 2012

Mobile Banking Security - Oct 17

Is Mobile Banking Safe?
"It goes without saying that whenever you need to make important banking decisions, you should do so in a deliberate and informed manner, gathering financial information and documents and then analysing them in detail. Unfortunately, not everyone has the liberty of making every decision in this way though, and there are times when taking banking decisions on the move may seem necessary. Whether or not this is wise really depends on the financial decision that is being made - and how well informed you are leading up to the banking choices in question."

Mobile banking security a top priority
"It's fair to say that mobile banking is (slowly) taking off. All banks now realize that their consumer product lineup will be incomplete if they don't offer a robust menu of mobile services. As of now, just 21 percent of mobile phone users have used a banking app in the past year, according to a Fed study. The ramp-up is being held back just a bit by security concerns. A new survey by Metaforic has found that nearly 70 percent of smartphone owners who have not yet plunged into mobile banking are 'holding back due to security fears.'"

Fortinet Sees Surge In Android Adware, Evolution To Zitmo Mobile Banking Trojan
"Fortinet® − a world leader in high-performance network security – today released its threat landscape research. During the period beginning July 1, 2012 and ending September 30, 2012, FortiGuard Labs researchers reported a marked increase in Android adware, new evidence suggesting that Zitmo (Zeus-in-the-Mobile) mobile banking Trojan is evolving into a botnet and the detection of Romanian hackers performing large scale scanning for Web vulnerabilities."

nProtect Launches Security for Mobile Banking and Payments
"nProtect Inc., a global leader in Internet security solutions, introduces the nProtect Mobile Security for safe mobile banking and payments. The nProtect Mobile Security provides financial institutions and their users with a safe mobile environment for banking and payments against mobile threats including fake apps and malwares to protect valuable personal information and assets."

Security concerns over NatWest mobile banking app
"NatWest bank has suspended its Get Cash app which allows customers to withdraw money from a cash machine without a debit card, according to a report by the BBC. Customers request the cash on their mobile and a 6 digit pin is generated which they then enter at the cash money to withdraw funds."

Tuesday, October 16, 2012

International Mobile Banking Updates

Dallas Fed economist sees mobile banking as the way to reach the world’s unbanked 
"The fast growth of mobile technology means cell phones maybe the way to reach the unbanked in many parts of the world. That’s the premise of Janet Koech, an assistant economist at the Federal Reserve Bank of Dallas. 'In developing countries with a high mobile-phone penetration rate but a lack of robust financial services, the need for efficient payment methods has contributed to M-banking’s appeal,' Koech wrote in today’s issue of the Dallas Fed’s Economic Letter."

Mobile banking takes a hit on road to broader adoption
"Mobile banking is becoming increasingly popular with consumers and financial services firms alike. A recent UK survey conducted by Fujitsu of 50 CIOs from across the wholesale, investment and retail banking industry found that mobile is now seen as a top business priority. While online banking is commonplace and widely accepted by consumers, mobile banking still retains that touch of uncertainty that only time and education will gradually dispel."

Mexican Bank Expands Mobile Banking Service Following Trial
"Banorte, Mexico's third largest bank, and mobile payments service provider, Rêv Worldwide have announced the expansion of MiFon, a mobile-based financial services program piloted earlier this year, explicitly designed to foster financial inclusion among individuals with limited access to basic financial services."

Karur Vysya Bank looking to offer students fee-payment service via mobile
"Students can soon reduce the drudgery of standing in queues to pay their fees. They can instead use their mobile phone and do it from the comfort of their hostels or homes, a top official of Karur Vysya Bank said. The Tamil Nadu-based bank wants to tap universities and institutes with large student strength to offer mobile banking services. All that the students need is to have an account with the bank, says K.Venkataraman, Managing Director and Chief Executive Officer."

Citigroup Mobile Banking Users Reach 1.1 Million In Asia Pacific
"Citigroup Inc. (C) said Tuesday the number of its clients who use mobile devices to conduct their banking transactions in the Asia Pacific has reached 1.1 million."

Factors affecting mobile banking in SA
"The cost-to-income ratio is arguably one of the most important items in any bank’s annual reports. It shows how much of every rand earned is used to pay for the costs of running the business, and therefore, how efficient the bank is in the process of creating value for shareholders. One of areas that banks are focusing on in their quest to improve the ratio is to reduce customer reliance on branches and to encourage customers to start using cheaper self-service channels. The growth of cellphone ownership and Internet access in South Africa has provided banks with a window of hope to further reduce their costs and improve their cost-to-income ratios."

India: Can mobile phones take the place of banks?
"Getting poor people into the banking system -- which will allow them not only to save money, but also borrow funds to increase their earning power -- has been one of India's biggest challenges. But as a new article from Forbes India points out, an outfit called FINO, which was started by ICICI Bank in 2006, has been quietly making serious progress. When I wrote about mobile banking for Newsweek back in 2007, it was little more than a good idea, though a host of firms were already setting up "banking correspondents" in India's towns and villages. But since then, FINO has flown under the radar to make some pretty big strides, writes Forbes."

Mobile banking - mKesh
"A short video about the daily life of a research project fieldwork in Mobile Banking by NOVAFRICA - Centre for Business and Economic Development from the NOVA School of Business and Economics, Lisbon, Portugal."

Islamic banking industry has bright future in UAE
"The Islamic banking sector has a bright future in the UAE as it has been playing a major role in financing infrastructure projects, residential properties and corporate expansion, a top official of Noor Islamic Bank said. The Islamic lender, which was established with a vision to be recognised as the financial icon from Dubai, is developing its online and mobile banking products and services to expand its reach to the customers. The bank is all set to launch its latest product – A Bank in Your Hand — at Gitex Technology Week next week."

Sunday, October 14, 2012

BAI Mobile Banking Updates - Oct 14

mFoundry Launches New Mobile Banking Platform
"Mobile banking and payments provider mFoundry announced the release of a new mobile banking platform it says will offer banks new ways to capitalize on the continued growth of mobile banking services. mFoundry’s Fin.X product enables financial institutions financial institutions to deliver mobile banking services through an "advanced extensible architecture," said the company. mFoundry also announced a service provider network for Fin.X of 30 companies, including FIS, Diebold, Dwolla, Blackhawk Network and Micronotes."

Breaking the Glass Ceiling of Mobile Banking Adoption
"Credit unions of every shape, size and type recognize the benefits that mobile banking offers – a lower cost to serve, increased member satisfaction, retention and a higher return on investment. But for many, breaking through the mobile banking adoption glass ceiling has been challenging. The mobile banking glass ceiling lies just beyond the threshold of early adopters, designated as the first 20% of a financial institution’s online banking user base. Many credit unions are on a mobile banking adoption path that attracts the early adopters within a year of offering the service, but the trajectory then stagnates to include just a small additional percentage of adopters over the next two years."

Survey: millennials drive rising popularity of mobile banking
"Mobile banking providers like mFoundry are expanding the services available through mobile banking tools, creating a network of providers linked through a financial institutions mobile portal. A new survey by the American Bankers Association shows why that strategy makes sense. The study found a sharp rise in the popularity of mobile banking, driven mainly by customers in the 18 to 34-year-old age group."

BAI Retail Delivery: Branson Wows, but Mobile 2.0 Rules
"Keynotes by Sir Richard Branson, the $4 billion Virgin serial entrepreneur, and global strategist Jonathan Salem Baskin. Panel after panel on mobile banking, peer-to peer-payments and the rules of engagement with social media. A tentative obituary for near field communication, an innovative payments technology around which enthusiasm seems to be crumbling."

American Express and Walmart Team for Consumer Mobile Banking
"For days, speculation has loomed about what the forthcoming partnership between American Express and Walmart would mean. Now we know. On Monday, Walmart and American Express confirmed the launch of Bluebird – an alternative to debit and checking accounts designed to help consumers 'better manage and control their everyday finances.' According to Walmart and American Express, Bluebird has been developed for the tens of millions of Americans who are looking for advanced capabilities such as deposits by smartphone and mobile bill pay. Bluebird will be available next week online at bluebird.com and in more than 4,000 Walmart stores."

Survey: Mobile banking grows in popularity
"Mobile and Internet banking are becoming more popular among bank customers around the country, especially those aged 18 to 34, according to a survey conducted by the American Bankers Association. Mobile banking is the preferred way to conduct business for 6 percent of customers of all ages. But of millennials — the 18 to 34 age group — 15 percent said their favorite method of banking was mobile."

 BAI, Mobile Banking Rings the Cash Register: Onsite Coverage
"Mobile banking will save you money. And it will make you money. Those are the two top-line messages from an opening day BAI Retail Delivery session at the Washington Convention Center on Tuesday with Zions Bancorporation senior vice president Matthew Wilcox and Drew Sievers, CEO of mFoundry, a mobile banking apps developer."

Thursday, October 11, 2012

Mobile Banking Updates - Oct 11

Mobile Banking: what’s the potential of mobile for banks? (part1)
"There is no doubt that the channel of the future, for banking, is the mobile phone. Already an integral part of everyday life for everything from internet access to accessing social networks and sharing holiday photos, the ‘phone’ function is increasingly seen as a peripheral purpose, rather than the device’s raison d’être. According to Cisco, global mobile data use grew 2.3-fold in 2011, more than doubling for the fourth year in a row. This year’s estimate is that global mobile data traffic grew 133 per cent in 2011 [1]."

Award-Winning Chase Mobile® App Now Available for Windows® Phone
"Chase announced today that the Chase Mobile® app, featuring Chase QuickDepositSM and Chase QuickPaySM , is now available for Windows® Phone. The app is fully featured, which allows customers to track their Chase account activity, deposit checks, and pay bills and credit cards virtually whenever and wherever they want."

Wednesday, October 10, 2012

Mobile Banking Security Updates - Oct 10

Mobile Banking: Emerging Threats
"Some of the biggest threats to mobile banking and payments are the ones over which institutions have no direct control. How can they mitigate these risks? Mobile banking expert Tom Wills offers advice. Telecommunications infrastructure. Third-party applications. User behavior. All are among top security challenges for global banking institutions as they expand their mobile banking and payments initiatives. And most challenging of all: These threats fall outside the institutions' direct control. So, how can banks get a handle on emerging mobile risks?"

InAuth launches voice biometrics for mobile banking
"InAuth, a company that provides mobile security software to protect financial institutions and their customers, has announced its Voice Biometrics Authentication Module, an opt-in solution that leverages biometric speaker verification technology to secure financial transactions."

Mobile banking security fears
"A new survey shows why mobile banking may take some time to catch on: Account holders are afraid. A report from California-based software security company Metaforic indicates that 68 percent of smartphone users who do not use financial apps are holding back due to security fears. According to Dan Stickel, CEO, Metaforic, those consumers have every reason to be concerned."

Tuesday, October 9, 2012

International Mobile Banking Updates - Oct 9

Transactional Banking and Mobile Payments in China: An Emerging Opportunity
"When Chinese shoppers flocked to Apple stores for the new iPhone launch earlier this year, news reports highlighted the reaction as another sign of the dynamic and rapidly evolving mobile market in China. Indeed, analysts said, China is now not only largest overall mobile phone market in the world, with more than 900 million subscribers -- it also is the largest smart-phone market in the world, moving past the U.S. Apple itself noted that iPhone sales in Greater China were up fivefold in the firstquarter of 2012, compared with a year ago."

Mobile Money "On the Move" In Africa
"In developing markets like Africa, innovation and ingenuity play an important role in finding solutions to problems that cannot be resolved through traditional approaches. Advancements in technology, and especially in telecommunications, have resulted in access to basic utilities being made available and the enhancement of lives of millions of people globally."

ANZ to Spend $1.53 Billion Upgrading Australia Business
"Australia's third-largest lender by market value said Thursday it would extend refurbishments of its domestic branch network and launch a number of new mobile-banking applications to help increase efficiency."

Cognizant and Monitise Form Mobile Money Alliance to Help Global Financial Institutions Capitalize on the Mobile Money Opportunity
"Cognizant (NASDAQ: CTSH) and Monitise (LSE: MONI) today announced a global alliance that will help financial institutions embrace the mobile channel of interaction, and develop effective and innovative mobile banking, payments, and commerce solutions. Combining Cognizant's extensive financial services and mobility expertise with Monitise's leading mobile money platform, the alliance will help global financial institutions speedily respond to the mobile money opportunity that is gathering significant momentum."

Rwanda: Airtel to Introduce Mobile Money Platform
"Airtel Rwanda is set to launch its mobile banking platform dubbed "Airtel Money" by the end of this year as it steps up efforts to increase market share following the launch of its operations in Rwanda early this year. Marcellin Paluku, Country Manager Airtel Rwanda, said the platform will provide rural tailored innovative mobile financial solutions to both financially excluded and the banked population, a move that is likely to boosting initiatives to promote cashless economy."

Turkcell Launches the Most Advanced Mobile Wallet Solution that Works on all Mobile Phones
"Being a global first with its feature that enables physical or online shopping by just using the mobile phone number, instead of the credit card; Turkcell Wallet is a SIM based application, working on all mobile phones. The transactions can be initiated through the SIM menu on all phones, or with a native application on smartphones, and it supports contactless payment on NFC-enabled phones. This unique service is also available for all Turkcell customers, whether they are bank customers or not."

Money goes mobile
"Bangalore-based network security professional Ashish Rao started using mobile banking earlier this year, and he has largely transacted through the ICICI Bank’s mobile banking application (app) since then. “Be it sending money to parents or to any of my other account(s), I largely transfer funds through the mobile. I also shop on e-commerce sites and book movie tickets through the mobile, as it can be done anywhere, anytime,” explains Dilip."

CARE, Mwanga Community Bank and Vodacom Launch Mobile Banking in Tanzania
"The global poverty fighting organization CARE, Mwanga Community Bank and Vodacom Tanzania have launched a program that will connect remote community savings groups in Mwanga, Tanzania to banks using mobile phones. This innovative partnership is only the second-of-its-kind anywhere in the world. The first was launched in March by CARE and partners in Kenya."

ASB Bank apologises for technical glitch
"ASB Bank has apologised after a technical glitch this morning (Mon) caused headaches for customers using its Eftpos, mobile and online banking services. Customers took to the bank's Facebook page to vent their frustration, with one saying he was unable to pay for parking because his Visa debit card was not working."

1.0m brought under mobile banking: Atiur
"Around 1.0 million subscribers have come under mobile technology-based financial services, said Bangladesh Bank (BB) Governor Dr Atiur Rahman Tuesday, reports UNB. 'Through this service, transaction worth around Tk 10 billion (1000 crore) in each month and around Tk 330 million (33 crore) per day is being settled. Each month, the transaction volume through mobile banking is increasing by 15 per cent,' he said."

Sunday, October 7, 2012

Mobile Banking Update - Oct 7

For Credit Unions, Mobile Deposits Are a Lifeline — But Are They a Fee Generator?
"Mobile remote deposit capture (RDC), or the use of the camera on a mobile device to create an image of a check for deposit, is expanding across financial services. While larger banks offered the service initially, credit unions and community banks are also quickly adopting mobile RDC, a move that can boost overall use of electronic channels. While almost all financial institutions want to boost mobile and web banking, it's vital for smaller institutions to do so to reduce service costs and accommodate the lack of a geographic footprint."

Apple iPhone Users Most Likely To Research Products, Buy And Bank On Their Devices
"People who own iPhones are much more likely to research buying decisions, comparison shop, and actually purchase things on their devices than are mobile users on Android, BlackBerry or Windows Phone devices, according to a new study by Forrester which polled over 50,000 mobile device owners. 85% of iOS device-toting adults 18 or older use their iPhones for shopping-related research, and 69% percent have pulled the trigger and actually bought something."

Sound Bytes from SM2: Marketers Place Their Bets and Dollars in Mobile
"The Mobile Marketing Association (MMA), the leading global trade association for the mobile marketing industry, celebrated its inaugural SM2 conference, Smarter Mobile Marketing, with a stellar line up of speakers including Michelle Peluso, Global Consumer Chief Marketing and Internet Officer, Citigroup, as well as David Kenny, Chairman and CEO, The Weather Channel Company. Sprint also used the SM2 stage to unveil an exclusive mobile announcement."

Customers Increasingly Rely on Mobile Banking
"Smart phone growth has completely remolded the way people manage their accounts and finances day-to-day. The release below reveals powerful numbers reflecting the growth of mobile banking over the past several years, forecasts what's to come as it continues to grow and how Arvest Mobile Banking has become a key product to keep up with customers' needs."

Reader Forum: Top-up, remote payments, mobile banking – not NFC – are the real opportunity for m-commerce
"Most conversations today surrounding mobile payment solutions are overly focused on the opportunities promised by near field communications technology and how this functionality will transform the point-of-sale experience in developed markets. Inevitably, however, these discussions quickly digress into the complexity surrounding handset and chip manufacturing, the security of cardholder data and payment information and the challenges involved in point of sale integration."

Thursday, October 4, 2012

Mobile Banking Updates - Oct 4

Communication Federal Credit Union Selects Tyfone to Power Next Generation Mobile Services
"Communication Federal Credit Union (CFCU), serving more than 50,000 members across Oklahoma and Kansas, will provide its members a comprehensive suite of mobile financial services powered by Tyfone’s next generation mobile banking solution. 'As reliance on PCs continues to diminish, CFCU sees tremendous value in being able to provide 100% of our member base the ability to conduct their banking via mobile without requiring them to have a computer or online banking account,' said Scott Mendenhall, vice president information systems."

Fiserv Sees Growing Demand for Mobile Banking and Payments from Financial Institutions, Consumers
"Fiserv, Inc. (FISV), a leading global provider of financial services technology solutions, today announced that more than 1,100 financial institutions have selected mobile banking solutions from Fiserv. The company’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."

Banking Customers Turn to Online, Mobile for Transactions
"With retail banking customers increasingly turning to online and mobile to get their banking done, financial institutions can bolster customer satisfaction by ensuring that the customer experience in those two channels is solid. A Q1 2012 survey of banking customers in 35 different countries conducted by consulting, technology and outsourcing company Capgemini and retail finance nonprofit Efma found customers wanted increased functionality out of their online banking experience."

Wednesday, October 3, 2012

Mobile Banking Security - Oct 3

Mobile banking trends and hidden risks
"While mobile banking apps are growing quickly in popularity, 68 percent of smartphone owners who have not yet adopted these apps are holding back due to security fears, while only 12 percent believe that the effort of downloading and installing such apps doesn’t justify the convenience, according to Metaforic."

Bank of America Execs Assert Mobile Banking and Security Are Top Priorities
"'Mobile is in our DNA,' explains David Godsman, an online and mobile solutions executive at Bank of America. 'It's how we operate our business.' At a briefing for reporters in Manhattan Tuesday, he said that BofA is constantly evolving and refining the security around its mobile banking application. That could mean different forms of authentication — such as biometric or voice authentication."

Mobile Payments: The Security Challenge
"When it comes to mobile payments, consumers rely on banks and credit unions to be stewards of security. But how can institutions mitigate risk through a payments mechanism they don't solely own? Dennis Simmons, president and CEO of SWACHA, a Dallas-based non-profit payments association, says security success depends on collaboration -- among banking institutions, merchants, mobile carriers, telecommunications companies and consumers."

Hidden Risks in Mobile Banking Raising Concerns
"A new Metaforic survey reveals that while mobile banking apps are growing quickly in popularity, 68 percent of smartphone owners who have not yet adopted these apps are holding back due to security fears, while only 12 percent believe that the effort of downloading and installing such apps doesn’t justify the convenience. By contrast, only 14 percent of those surveyed said that security concerns were preventing them from using PC-based online banking."

Tuesday, October 2, 2012

International Mobile Banking Updates - Oct 2

MOBILE BANKING (First of two parts)
"THE popularity of cell phones in the Philippines is undeniable and palpable. Ask any person on the street if he has a cell phone, and 7 out of 10 would probably say yes. Sadly, while access to mobile phone services has rocketed in recent years, access to financial services remains a major barrier to economic growth. If only banks here were as easily accessible as cell phones, particularly in the rural areas!"

Anytime-anywhere banking, courtesy RBI
"Customers can now pay for their taxi rides, pizzas, kirana store purchases anytime, anywhere with their mobile phones, reports CNBC-TV18's Gopika Gopakumar. Have you run out of cash while shopping? Don't worry! You can pay anyone including your neighbourhood kirana store with your mobile phone. The National Payments Corporation of India (NPCI), the organisation set up by the RBI for all retail payments, has now launched the inter-bank mobile payment service for all merchants. This will allow customers to pay their bills for as little as 25 paise for each transaction."

Mobile banking expands in rural areas 
"In 2011, Philippine rural banks processed over P4.9 billion (roughly $116 million) worth of banking transactions which were enabled by mobile banking. In fact, the former head of the Microentrepreneurs Access to Banking Services (MABS) program John V. Owens said a 58-percent increase in the volume of transactions through mobile banking has been noted in the first four months of 2012. Since mobile banking or access to banking services through the mobile phone technology was introduced in 2006, a total of P16 billion (approximately $363 million) had been processed."

KBank boosts mobile and cyber-banking services
"Art Wichiencharoen, first senior vice president of Kasikornbank, said that the company usually invests about Bt100 million to keep the bank's technologies up to date in order to provide a wide new range of secure cyber-banking and mobile-banking services. Currently, the bank has more than 1.4 million users of its cyber-banking services, with 400,000 active users per month. Meanwhile, it has more than 1.2 million registered users of its mobile-banking service, with about 500,000 active users per month."

SBI, ICICI lead the pack as m-banking gains currency
"Mumbai: Anand Chaturvedi, a 27-year-old analyst with a brokerage firm in Mumbai, started using his mobile phone for banking about six months back “because it is easy to use and accessible from anywhere”. When in office, he does Internet banking, but uses the mobile banking (m-banking) services of ICICI Bank Ltd and HDFC Bank Ltd when travelling. Vinaya Venugopalan, a 26-year-old information technology (IT) manager with an Indian bank, started using m-banking in May. He is comfortable with the service, but limits it mostly to checking his bank balance."

Australians slow to embrace mobile banking
"A cashless future where the bulk of consumers rely on mobile phones for their banking needs may be further away than many in the financial services industry claim. That's because consumers in Australia have not shown wide acceptance of mobile banking at a time when technical barriers persist and the challenge of an ageing demographic looms."

Way to beat a cash economy
"In a predominantly cash-run economy, electronic payment methods that provide convenience to users while lowering the transaction cost of banks make immense sense. Mobile banking, or m-banking, that started with small SMS transactions, is one such mechanism. Today, with more than 900 million cellphone subscribers in the country and hundreds of tablet PCs, there should ideally be many takers. According to a August Reserve Bank of India (RBI) report, in fiscal 2012, however, only 13 million people across 49 banks used m-banking services, and made 25.6 million transactions valued at Rs.1,820 crore."

Capitec mobile banking hits 2 million clients
"South African commercial bank Capitec Bank Holdings reported on Wednesday (26 September), that it had signed up more than two million clients to its mobile banking service. 'Capitec promotes the use of mobile banking, and at the end of August 2012, in excess of 2.0 million clients were registered for this service.'"

Mobile tellers take banking by storm
"Since taking the reins as chief information officer for Westpac, Clive Whincup has presided over the launch of the bank’s first iPad application; a trial to turn Android smartphones into contactless payment devices; the introduction of an iPad app to replace printed board papers; a 1000 iPad pilot for bank executives; and a St George innovation that allows payments to be made from a smartphone using only the recipient’s mobile number."

Mobile devices change the face of banking
"How about taking a picture of a cheque with your smartphone to deposit it? What about getting online advice about your investments when you're on your tablet? And then there's paying for small purchases with smartphones. The use of smartphones and tablets in consumers' everyday lives is helping push changes in how they bank, pay for bills and even how they can get investment advice, say experts."

The rise of mobile money is driven by the poor 
"As Google, Apple, Paypal, Mastercard and the entire banking community fights over mobile money, we decided to look to the power users to find out what the near future of monetary exchange might look like. The World Bank’s treasure trove of open data on mobile banking is a well stocked pantry for the data hungry. Welcome to our first data snack and enjoy the graph we created below."