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."