2014 is the tipping point year of mobile malware: RSA chief Art Coviello

"RSA executive chairman Art Coviello sees 2014 as the tipping point year of mobile malware, as businesses continue to provide greater mobile access to critical business applications and sensitive data, and consumers increasingly adopt mobile banking.

Amidst this backdrop, “it is easy to see that mobile malware will rapidly grow in sophistication and ubiquity in 2014,” says Coviello as he releases his top security predictions for the upcoming year." Continue Reading

Corporate Mobile Banking? Not So Fast

"The treasury services space continues to become more competitive as banks strive to develop profitable services and offerings that can help them differentiate. But as they seek to strengthen relationships with corporate customers, they should bear in mind that these clients are not reflexively investing in "the next big thing."

They are interested in support for commercial cards activities, as well as solutions that enhance security and self-service capabilities. But mobile corporate banking? Maybe not so much." Continue Reading

Javelin Announces 2013 Mobile Banking Vendor Award Winners

"The results of Javelin Strategy Research's annual Mobile Banking Vendor Scorecard show that FIS, Monitise and Fiserv are outperforming all competitors with mobile banking solutions. Javelin's fourth annual Mobile Banking Vendor Scorecard evaluates vendors' solutions--standard out-of-the-box and customizable--to assess critical categories of features and functionality that will drive mobile banking adoption among consumers." Continue Reading

Monitise launches white paper on next-generation mobile banking

"Global Mobile Money specialist Monitise has released recently a ‘Pathway Paper’ on where the next generation mobile banking opportunity lies in 2014 and the key considerations for banks when developing their mobile strategies.

Entitled: ‘Innovate to win: From mobile banking to Mobile Money’, the Paper explores how innovations in mobile can support banks in becoming a lifestyle enabler, transforming their customer relationships. Techniques and technologies covered include customer segmentation, contextual interactions powered by data analytics, m-commerce and improved user experiences." Continue Reading

For Millenials, Banking is a Multi-Channel Affair: TD Bank Checking Experience

"It isn’t hard to run into any number of news articles or editorials announcing millenials as the tech generation: they follow each new advancement, buy the most recent products and drive services away from the physical and towards the digital. A new TD Bank study that examined American’s banking behaviors related to their checking accounts both confirms this notion and complicates it." Continue Reading

Mobile Design Patterns: Push, Don’t Pull (Part 1)

"Designers of enterprise mobile apps have the opportunity and responsibility to think differently about application design, particularly when compared to their traditional web application counterparts. Few examples illustrate this better than the debate over push versus pull.

Should we wait for users to request, or “pull,” the content they need, or should we “push” content updates when we think that users need them?" Continue Reading

Bank execs express many concerns about emerging payments

"What worries financial institution executives most about providing mobile payments to their customers? That’s a question Vantiv asked a score of bank leaders in a series of interviews. The answer in a nutshell:" Continue Reading

Ongoing, "fit-to-win" mobile strategy needed to succeed

"Consumers expect increasingly sophisticated mobile banking capabilities, and delivering these capabilities requires financial institutions to move beyond short-term tactical thinking in favor of a continuous commitment to the channel. In short, mobile banking should be treated as a marathon, not a sprint, according to research by Fiserv Inc." Continue Reading

2013: Year of the Mobile Must Have and Have Not

"Call 2013 the breakthrough year where, suddenly, a mobile banking feature leaped into must- have status, as another feature – once much hyped – continued to fail to win significant adoption. As for the must have, the name is awkward, but in 2013 mobile remote deposit capture emerged as an essential as credit unions raced to add it to their mobile menu, said Doug Brown, a senior vice president at financial tech giant FIS." Continue Reading

Omnichannel key to NCR deals

"When NCR Corp. agreed to purchase Digital Insight Corp. for $1.65 billion, and also acquired Alaric Systems Limited for approximately $84 million, it was taking the latest steps in the transformation of its business. NCR, of course, is a company well acquainted with transformations having shifted decades ago away from its legacy cash register business." Continue Reading

Bank of America's Plan to Invade Your Smartphone

"Just this week, Bank of America CEO Brian Moynihan said, 'If you have a smartphone in your pocket, you have a bank in your pocket.' While that may sound a touch terrifying, it is a good thing for both consumers and the biggest banks." Continue Reading

9 Strategies for Building a Great Mobile Banking App

"There is no doubt that strategies around mobile banking are in the top five priorities for any financial institution. Even with this focus, many bankers have a difficult time making the paradigm shift that is required to build a great mobile banking application.

As a result, I asked Scott Bales, who is currently working on a new book entitled 'Mobile Ready' to share his thoughts on the keys to mobile app development success." Continue Reading

Will smart devices become "geniuses"?

"Smartphones will soon be able to predict a consumer’s next move or next purchase, according to Gartner, Inc. research that should be of interest to any financial institution focused on mobile banking and payments. This insight will be performed based on an individual’s data gathered using cognizant computing—the next step in personal cloud computing." Continue Reading

User Experience Top Priority, Says Bank of the West's Krogstad

"Simplifying mobile banking is top of mind for Bank of the West's head of mobile, Mathieu Krogstad.'To focus on experience and design…is absolutely key,' Krogstad says. The San Francisco bank revealed some ways it aims to improve ease of use with its newly updated apps." Continue Reading

7 Ways Financial Marketers Can Boost Mobile Banking Adoption Rates

"'If you build it, they will come.' This line from Field of Dreams may have worked for Kevin Costner, but in real life it’s usually the exact opposite. It certainly isn’t the case when trying to increase adoption and usage of mobile banking services." Continue Reading

5 Bold Mobile Banking Predictions for 2014 From Mitek

"Mitek Systems has seen incredible customer and revenue growth this year, and the company expects this growth to accelerate during 2014. Mitek is the leading developer of smartphone camera-based mobile banking applications designed to make it easy for consumers to use mobile banking applications with as little data entry as possible.

The company this year added to its Mobile Deposit application by rolling out Mobile Photo Billpay, which was adopted by U.S. Bancorp's (USB_) main subsidiary U.S. Bank, NA in March." Continue Reading

Banno Adds Director of Product Strategy, Derik Sutton

"Banno (@BannoHQ) a provider of data-enriched Web and transaction marketing services for financial institutions, has introduced Derik Sutton as director of product strategy. His rich core banking experience will help Banno realize the full potential of its products in emerging markets.

Reporting directly to Ben Metz, Banno’s CTO, Sutton’s focus will span channel integration, consumer experience and data analytics." Continue Reading

Websites that adapt on the fly

"The days of online banking being limited to desktop computers are over. Modern consumers are increasingly interacting with their banks using mobile devices such as tablets and smartphones.

Understanding the popularity and value of on-the-go banking services, a handful of financial companies are beginning to introduce websites with “responsive design” to optimize their digital resources across the online and mobile channels." Continue Reading

Research Shows 8 out of 10 Mobile Banking Apps Contain Security Weaknesses

"Praetorian, a leading information security provider, today released a study that explores challenges faced by today's megabanks, regional banks, and credit unions whilebuilding and maintaining secure mobile banking apps. Praetorian has identified build and configuration weaknesses in the overwhelming majority of mobile banking apps available on the App Store and Google Marketplace.

While cursory, the results of the analysis indicate a need for continued improvement in mobile application security as the critical underpinnings of society become increasingly dependent on mobile technology." Continue Reading

Mitek and Kony Collaborate to Deliver Mobile Photo Bill Pay With Mitek MiSnap(TM), Automatic Image Capture

"Mitek, the leading innovator of mobile imaging for financial transactions, and Kony, Inc., a leading enterprise mobility company, today announced a collaborative agreement to deliver Mitek's Mobile Photo Bill Pay solution.

The agreement includes Mitek MiSnap™, a touch-free mobile capture experience that provides real-time feedback to users until a suitable image is detected, and then automatically captures the image." Continue Reading

5 Innovative Ideas for Mobile Banking Log-Ins

"Birthdays. Pet names. No matter how often banks preach the importance of online security, some consumers still insist on using passwords that are as easy to hack as they are to remember. With mobile apps, fraud risk is often accompanied by frustration among users who are forever fat-fingering data on tiny alpha-numeric keyboards. Following are five ways that banks are aiming to make the mobile log-in experience safer and more user-friendly." Continue Reading

Global Mobile Payment Methods 2013

"Hamburg-based secondary market research company yStats.com has released a new report titled "Global Mobile Payment Methods 2013". The report indicates that the practice of using mobile devices such as smartphones and tablets in online as well as traditional retail commerce continues to see growing acceptance around the world." Continue Reading

Voice-based passwords are next for U.S. Bank's mobile push

"U.S. Bank bet big on mobile banking in recent years and plans to up the ante in 2014 with features like voice-based passwords. The Minneapolis-based financial institution is testing technology that will allow customers to access their mobile account by speaking a phrase rather than typing in a password, said Dominic Venturo, the bank's chief innovation officer for payments." Continue Reading

Hackers target banking apps on Apple and Google platforms

"We act as if are phones and tablets are safe. They’re not. According to security company Arxan Technologies, all of the top 100 paid Android apps have been hacked. (Yes, all, as in 100 percent.) Apple’s doing better, with only 56 percent of their top paid iOS apps hacked." Continue Reading

Weak Security In Most Mobile Banking Apps

"Most mobile banking apps -- including those of major financial institutions -- contain configuration and design weaknesses that leave them with weakened security.Security experts this month tested 275 Apple iOS- and Android-based mobile banking apps from 50 major financial institutions, 50 large regional banks, and 50 large U.S. credit unions.

Overall, they found that eight out of 10 apps were improperly configured and not built using best practices software development." Continue Reading

Report: Financial malware targeting Android users, defeats SMS authentication

"'Do not rely on SMS based authentication; it has been thoroughly compromised,' warns NSS Labs in a new report. Titled "View from the Precipice: Mobile Financial Malware," the report outlines how the popularity of mobile banking has led cybercriminals to target this group of users.

As a result, specialized malware now exists that specifically targets smartphones to steal the requisite two-factor passcodes that banks deliver by means of text messages." Continue Reading

Mobile banks gain traction with young customers

"Mobile banks are growing in popularity with young people who are worried about paying fees on traditional banking, according to The New York Times. While mobile banking isn't new, younger people with tighter budgets do not want to pay traditional monthly fees, overdraft frees or have a minimum balance requirement." Continue Reading

Electronic payments are paying off for Mexico

"Advocates of electronic payments – everything from direct deposits to mobile banking – have argued that moving away from cash and checking for disbursing payrolls and even social welfare payments will produce much-needed cost savings to companies and governments by reducing paperwork, costly bank transfers and other inefficiencies. Turns out the pro-digital crowd is right, to the tune of billions of dollars." Continue Reading

SunTrust Launches New Tablet App for iPad, Offers Clients Twice-a-Day Chance to Win a New Tablet

"SunTrust Banks, Inc. STI +1.20% announced today that it is giving away two tablets every day from now through the end of January to promote the use of Online Banking and Mobile Banking, including the new SunTrust Tablet App for iPad.

These digital tools will allow consumers the flexibility they're seeking by giving them access to SunTrust banking solutions whenever and wherever they choose." Continue Reading

Are Branches Doomed By Mobile Banking?

"Many banks and credit unions are winding down branch network size and downsizing existing branches while expanding digital service channels to support customers. This makes sense: Nearly three-quarters of bank shoppers believe they’ll do all their banking virtually in the future." Continue Reading

Changing the balance

"In what is undoubtedly a positive move for consumer safety, the European Central Bank has issued a set of draft recommendations for mobile banking and payments security. However, while agreed standards in an industry that suffered £40m in online fraud losses last year can only be seen as a good thing, mobile banking doesn’t just need to be robust; it needs to be user-friendly.

Security and usability however, can prove a tricky match. So, what can banks do to ensure they strike the right balance?" Continue Reading

Huntington making mortgages easier for mobile and online customers

"Huntington National Bank has moved its mortgage banking division within its technology and operations group, rather than its wealth group, to make mortgage products and services more accessible.

The bank will roll out new mortgage origination software next year as well, making applying for mortgages faster and easier for customers online, as well as for bankers assisting in person, spokeswoman Maureen Brown told me." Continue Reading

CTIA-The Wireless Association' Looks at the Mobile Wallet & How to Secure Your Information

"Connecting to banking information and credit cards through wireless devices allows consumers to access their financial information and make payments quickly and easily. While it's convenient for users, it's also alluring for thieves to steal personal information from your mobile devices.

That's why CTIA-The Wireless Association(R) looks at the benefits and how consumers can secure their data in this month's Wonder of Wireless and blog." Continue Reading

Can mobile banking drive revenue?

"For the first time since its inception, mobile banking outranked telephones and snail mail in popularity, according to an annual ABA survey. Of all the methods of banking, 8 percent of customers most frequently bank with mobile devices--a 30 percent increase from 2012--compared to 7 percent each using telephone and mail services." Continue Reading

NCR makes “fundamental” changes to financial services business

"NCR is to pay $1.65 billion for Digital Insight Corporation, a Californian on-line and mobile banking solutions provider primarily focussed on mid-market retail banking. It has also bought UK-based fraud prevention company Alaric Systems for $84 million." Continue Reading

SA mobile users shift from voice to data

"South African mobile phone networks are seeing call revenues declining for the first time in their histories as the younger generation leads the consumer charge into a "new data economy", according to a new study from research company World Wide Worx." Continue Reading

Security and BYOD policy management key barriers to corporate mobile banking

"Corporate treasurers cite security challenges and bring-your-own-device business policies as the key obstacles to wider uptake of mobile banking platforms for treasury activities. Of 135 finance and treasury professionals collared by Capital One at the annual Association for Finance Professionals (AFP) gathering, barely one-in-three used a corporate mobile banking platform." Continue Reading

Mobile Banking -- Take Two

"Banks are in a second, or perhaps third, generation of mobile banking. First efforts added mobile access to existing online banking, but that meant banks were not going to attract the mobile-only user, and they were missing some of the advanced capabilities of mobile, such as remote check deposit and using QR or visible bar codes." Continue Reading

Half of All Consumers Feel Undervalued by Their Bank

"Almost half of consumers in the US, Great Britain, Germany and France feel their bank does not value them as a customer, according to research from Ipsos MORI commissioned by GMC Software Technology. The research of 4,032 consumers across the four countries looked at what consumers really think about their banks’ customer experience and how they are valued." Continue Reading

Consumer: Mobile banking fees likely here to stay

"More Americans are turning to mobile banking as they see it as faster, more convenient and (for the time being) free, said Bill Hardekopf , CEO of LowCards.com . Customers can now manage their accounts directly from smart phones for either deposits or transfers. But what will happen when they discover this convenience is no longer free?" Continue Reading

Bank of Africa, Safaricom roll out M-Chama mobile banking

"The Bank of Africa (BOA) Kenya, in partnership with Safaricom, has rolled out a mobile banking service for investment groups, allowing members to use their mobile devices to carry out money transactions. The new product by the bank is dubbed M-Chama and will seek to take advantage of the wide reach mobile phones have in the country to improve access to financial services for savings groups." Continue Reading

Mobile Banking Late Bloomer First Niagara Sees Quick Adoption

"First Niagara was a latecomer to mobile banking, but the upstate New York bank seems to making up for lost time with quick customer adoption. More than 25 percent of the bank's online banking customers signed up for mobile banking within six months of the service's launch in late January, surpassing the bank's initial year-long adoption estimates." Continue Reading

Study: Online Banking and Mobile Apps Do Not Reduce Importance of the Branch Network

"CFI Group, a global leader in providing customer feedback insights through analytics, released its inaugural Bank Satisfaction Barometer (BSB) today, finding that the number one reason consumers choose their banking institution is access to a convenient branch location. A recommendation from friends comes in as the second reason at 21 percent, while web and mobile banking capabilities come in dead last at two percent." Continue Reading

New CEO will help prepare Royal Bank for future, as divisions feel the pressure

"As Dave McKay prepares to take over the helm at Royal Bank next summer, he will be looking to ready the country's largest bank for the future, particularly in the area of mobile banking." Continue Reading

“All Things Must Pass”*

"As I mentioned in my previous blog, the 25th Annual ABA/ABA Money Laundering Enforcement Conference did some “lookbacks” at what had occurred and still resonated for the AML community. It should be noted, though, that there were plenty of forward-looking sessions." Continue Reading

Mobile Banks Gaining Popularity With Young Consumers

"TURIYA GOETZE, a 23-year-old teaching assistant in Kansas City, Kan., found herself looking for a new bank this summer. Her student checking account at a large national bank had expired, and she was worried about paying lots of fees on a traditional account." Continue Reading

Google Glass Half-Empty for Wells Fargo Beta Testers

"A mobile banking application created by Wells Fargo Co. for Google Inc.’s wearable Google Glass computing device isn’t gaining much traction among internal testers, according to Miranda Hill, vice president and product management manager for Wells Fargo Labs. The app is part of the bank’s efforts to focus on applications for mobile devices." Continue Reading

Money: Black Monday ... the day cash stopped working: Banking: In the wake of the RBS/NatWest meltdown, will customers be compensated? asks Hilary Osborne

"Troubled bank RBS suffered a computer glitch earlier this week, leaving customers unable to use their debit cards or log on to internet or mobile banking. The problems happened on what was expected to be the busiest online shopping day in the run-up to Christmas, dubbed Cyber Monday." Continue Reading

Payment via mobile phones gains ground in Latin America

"The new “Latin America Online Payment Methods 2013 – Second Half 2013“ by Hamburg-based secondary market research company yStats.com indicates that online payment continues its growth in the emerging markets of this dynamic region." Continue Reading

Family Bank launches PESAMOB virtual bank

"Primarily targeting to foster financial inclusivity to more than 5 million small and medium traders alongside unbanked mobile subscribers, the new PESAMOB virtual bank is expected to revolutionalise the local banking sector by bridging conventional banking barriers." Continue Reading

Commercial Bank's Mobile Banking app is Qatar's number one financial app

"Since the launch of its new Mobile Banking app last month, customers were quick to embrace the improved digital banking experience and its cutting edge design with approaching 40,000 downloads to date.

The new app offers convenient everyday banking solutions to support day-to-day transactions online including local and international money transfers, Ooredoo and Kahramaa bill payments as well as credit card payments." Continue Reading

4 Reasons Your Business Needs A Mobile Development Platform

"Mobile technology is revolutionizing the way businesses interact with end-users, whether the end-user is a customer, employee, business partner, or even a service or smart device like an IP-enabled refrigerator, thermostat, or car.

In order to rapidly innovate and remain competitive in a mobile society, an organization must have a comprehensive mobile app development platform. Here are four reasons:" Continue Reading

Community Banking Executives Optimistic About Growth Prospects Despite Regulatory and Economic Environment: KPMG Survey

"In the 2013 KPMG Community Banking Outlook Survey, 85 percent of respondents said their bank's revenue will increase a year from now. Fifteen percent expect revenue to increase 11 to 20 percent, while 70 percent expect it to increase 1 to 10 percent.

Regulatory and legislative pressures were deemed by 42 percent of respondents as the most significant barrier to growth over the next year, down from 47 percent in last year's survey." Continue Reading

Pacific central banks win praise for their approach to mobile banking

"Branchless banking in the Pacific is allowing thousands of people to have a bank account for the first time. Experts say the Pacific is leading the world in its approach to mobile banking, with many people now able to get access to a bank account for the first time." Continue Reading

The Human Toll of Digital Banking

"Last week, Barclays announced the layoffs of 1,700 branch employees and blamed the rise of mobile banking. Cashiers, personal bankers, operations specialists, branch managers and assistant managers will all lose their jobs throughout 2014, the U.K. bank said." Continue Reading

How your bank could look in five years' time

"Intelligent machines could replace human bank staff in high street branches within five years, the Telegraph has learnt. Several major banks are understood to be in talks to introduce "express" branches, which would be similar to self-service checkouts in supermarkets. These smaller outlets would be almost completely devoid of human interaction." Continue Reading

Mobile banking and content of text messages ranked ahead of app and internet usage as top mobile data privacy concerns for UK smartphone owners

"New research shows that when it comes to attitudes to mobile data privacy, smartphone owners in the UK are most concerned about companies having access to banking activities and content of texts and emails, while data collected around apps and web surfing on mobiles is of least concern.

The findings come from a report published by the Internet Advertising Bureau ( IAB) UK , supported by Weve." Continue Reading

Malware stealing Chinese mobile banking data

"A Trojan virus in China is striking mobile phone users by intercepting inbound messages and lifting sensitive financial data, according to a story by Want China Times. In particular the malware is impacting third-party payment accounts." Continue Reading

Ally Adds Popmoney, Recurring Funds Transfers to its Mobile App

"Utah-based Ally Bank has expanded its use of Fiserv's Popmoney person-to-person payments service. It now lets consumers send and receive funds from within the bank's mobile banking app. Ally Bank, the direct banking unit of Ally Financial Inc., has offered Popmoney since 2011." Continue Reading

Zimbabwe: Telecoms and Banks lock horns over mobile banking

"The Bankers Association of Zimbabwe (BAZ) and the country's mobile telecommunication firms offering mobile banking services are headed for a clash as bankers say there is no legal framework regulating the practice. BAZ urgues that doing so is tantamount to 'opening up the sector to unacceptable practices' and the services should be stopped." Continue Reading

Globetrotting Mobile Banking Trojans Show Off Their Tricks

"There’s no doubting it. Mobile threats around the globe are evolving. Korea was recently targeted by an Android trojan masquerading as the Google Play app that overwrites legitimate banking apps with malicious fakes poised to steal the user’s banking credentials.

Over in Spain, an Android trojan has stepped in, trying to pass itself off as an official mobile app from the Spanish bank, Banca March." Continue Reading

This One Stat Will Convince You Mobile Banking Matters

"In case there was any question, recent research confirms mobile isn't going anywhere anytime soon: By 2017, smartphones are predicted to account for a whopping 82 percent of the cell phone market, up from the 50 percent today.

For banks and FIs, this growing smartphone user base means consumers are going to increasingly expect not only mobile banking services, but mobile banking services that go the extra mile, offering features and functionality that enable them to navigate their financial lives with the same ease as their smartphone itself." Continue Reading

ANZ developing voice recognition for mobile banking

"ANZ Bank plans to use voice recognition technology when authorising large cash transfers to external accounts via mobile banking, a move it says will enhance security.

Under the plan, which is still being tested, mobile banking customers would no longer be prevented from ‘‘paying anyone’’ $1000 or more through the bank’s smart phone application." Continue Reading

Innovative mobile payments technology once again comes from Africa

"A lot has been said about creating innovative strategies for targeting unbanked citizens in Africa using mobile phones. But what about the banked? How can mobile phones reduce the costs and hassle of payments and transactions for businesses and consumers with bank accounts?

One company that believes it has an innovation that will change the way we shop and make payments is Oltio, a South African-based mobile banking, transactions and payments solution company that rolled out MTN Mobile Money in Africa." Continue Reading

To Succeed in Mobile Banking, Avoid Either/Or Mindset

"Conversations about banking bring to mind William Faulkner's famously complex run-on sentences: "It's not this … or this … but that … and this."

While such wordplay is frustrating to those who prefer their banking simpler than their literature, it's sometimes necessary in a world where technology changes rapidly but old habits die hard." Continue Reading

IND Group introduces new mobile banking app Essence

"IND Group has launched its state-of-the-art, revolutionary mobile banking app, Essence. Focusing on the most frequent mobile banking activities - balance enquiry, transaction history and money transfer - Essence enables fast and easy transactions via mobile anytime, anywhere." Continue Reading

Research and Markets: Global M-Banking Market 2012-2016: Challenges Explained

"The analysts forecast the Global Mobile Banking market to grow at a CAGR of 22.47 percent over the period 2012-2016. Mobile phones have become an integral part of people's life. Most of their behavioral aspects and needs can be mapped with the help of their mobile related activities." Continue Reading

Mobile Internet in SA 2014: Time of the App

"The Mobility 2014 research study, conducted by World Wide Worx with the backing of First National Bank, has shown that a growing number of South Africans are making use of mobile apps - in particular messaging apps like WhatsApp.

The app has become the single most significant tool driving the mobile economy in South Africa. The use of apps on phones has shot up from 24% of adult cellphone users in cities and towns in mid-2012 to 43% in late 2013." Continue Reading

Mobile banking success requires marathon mindset, says Fiserv

"Consumers are expecting increasingly sophisticated mobile banking capabilities, and delivering these capabilities requires financial institutions to move beyond short-term tactical thinking in favor of a continuous commitment to the channel. In short, mobile banking should be treated as a marathon, not a sprint, says a recent report published by Fiserv." Continue Reading

The companies are bringing their experience and technology together to target several new markets.

"HP has now announced that it is taking greater steps into the mobile payments and banking industry, through its latest partnership which includes a global agreement with Accumulate. This partnership is meant to considerably broaden the potential and capabilities of both companies." Continue Reading

Mobile Banking: Convenient, Efficient, Preferred

"As expected, mobile financial transactions are fast becoming ubiquitous. In fact, mobile banking has now hit Facebook. ING Canada has pioneered a system that allows customers to log into their bank accounts through the social network. Consumers can check balances, view pending transactions and get account updates." Continue Reading

Trai prescribes ceiling tariff at Rs 1.50 for USSD-based mobile banking services

"To facilitate mobile banking for financial inclusion, the telecom watchdog TRAI has prescribed ceiling tariff for use of USSD for USSD-based mobile banking service. It aims at establishing a framework to facilitate the agents of the banks to interface with the access service providers for use of SMS, USSD and IVR channels to provide mobile banking services.

TRAI has prescribed that ceiling tariff for an outgoing USSD-based mobile banking service shall be Rs 1.50 per USSD session." Continue Reading

FNB takes mobile banking to Africa

"FNB has expanded its digital banking services into Africa by launching and integrating its banking app and online banking services into its subsidiaries on the continent. Outside South Africa, FNB currently has operations in Zambia, Namibia, Botswana, Swaziland, Lesotho, Tanzania and Mozambique." Continue Reading

Is a Digital Wallet Essential for You This Holiday Season?

"Although digital wallet technology is a relatively new perk, not having it can be a deal-breaker for millions of banking customers. According to a recent study conducted by Cognizant Business Consulting, the expansion of mobile banking options will be a key determining factor in customer loyalty going forward.

The study, which surveyed 2,100 banking users, revealed that a large share of customers consider improved functionality and more options for mobile banking to be high priorities when considering whether or not to join a bank." Continue Reading

Mobile Banking Likely to Cost Consumers

"More Americans are turning to mobile banking because it is fast, convenient and free. You can manage your accounts directly from your smartphone, whether it be deposits or transfers. What would happen if you suddenly had to pay for this service? Would you still us it? Sadly, that could be something to watch for in the future." Continue Reading

The Internet of everything and payment by things

"At the present moment, mobile payments are thought of as mostly a payment system through the use of mobile phones. These phones allow us access to our online accounts through websites and apps, and even mobile banking can allow for a "pay by phone" at point of sale if you've forgotten your wallet. However, in the not-too-distant future, wearable technologies such as Google Glass may supplant your phone. A "Glass payment" does sound a bit odd, doesn't it?" Continue Reading

Moven, Green Dot Bank Aim to Make Slow Payment Process Transparent

"Two leading alternative providers in the banking industry, Alex Sion, president of Moven, and Lewis Goodwin, president and CEO of Green Dot Bank, say they are poised to take market share away from traditional banks. Two-year-old Moven launched a mobile banking app in May that markets itself as a simple alternative to banking.

When Sion, a former Citibanker who once built a digital brokerage platform, took the job at Moven, he told American Banker, 'We're heads down and hell bent on changing the world of banking.'" Continue Reading

Mobile delivers 'halo effect' for banks seeking to sell more products - Bain

"JPMorgan Chase posted the biggest loyalty gains in 2013 among US national banks thanks to selective investments in mobile technology and more effective marketing, according to research by consultancy house Bain. Using data from a survey of almost 200,000 consumers in 27 countries, Bain finds that most banks are missing prime opportunities to deepen their existing customer relationships and are ceding new product sales to competitors." Continue Reading

Mobile Banking In India: Transactions Vs Amount Transacted In Sep 2013

"The Reserve Bank of India has reported that the number of mobile banking transactions in India has increased by 6.01% to 7.1 million transactions (7,169,429 transaction) for the month of September 2013, up from 6.76 million transactions (6,762,969 transactions) reported in August 2013. The total amount transacted for the month has also increased by 10.85% to Rs 1.57 crore (Rs 1,56,59,947.20) from Rs 1.41 crore (1,41,27,755.94) in August 2013." Continue Reading

Online/mobile could put a third of banks’ market share up for grabs

"Thirty-five percent of banks’ market share in North America could be at risk by 2020, as traditional branch banking gives way to digital banking and as new competition emerges, according to new research by Accenture. Accenture’s market-analysis indicates that by 2020 an estimated 15% of traditional banks’ revenues could shift to online-only players, including branchless banks and new technology entrants." Continue Reading

When a telco turns to banking

"Rogers Communications, Canada's largest telco, has moved into banking and plans to issue credit cards — both a plastic version and a mobile version that will be stored on Rogers smartphones. The mobile carrier received the go-ahead in September from the Office of the Superintendent of Financial Institutions to launch the credit card business.

It's the first Canadian telco to enter the credit card market, and the move could have a profoundly disruptive effect on the country's banking industry." Continue Reading

Could Banking from your Wrist be the Future of Mobile Banking?

"Over 35 million people in the UK have at least one digital bank account, with eight in 10 (81 percent) using digital banking to get instant visibility of their finances, according to Intelligent Environments’ research, but what if we had the convenience of mobile banking without the use of a phone? What if we could check out balances at the touch of a button?" Continue Reading

Mobile banking growth drives reduction in banks’ physical presence

"As mobile banking is gaining traction, traditional banks are struggling to adapt to the new reality where physical in-store interactions are no longer the status quo. With Barclay’s reportedly laying off 1,700 of its retail employees in response to the rise in mobile banking, the traditional teller may be nearing extinction." Continue Reading

Is there any surprise mobile banking is the future?

"Banks are scaling back its traditional branch network as consumers increasingly turn to their smart phones and tablets to bank. In a recent report, consulting firm Accenture says 35 percent of banks’ market share in North America could be “up for grabs” by 2020." Continue Reading

Mobile Money Fails the Mom Test

"A few weeks ago, my mother, seemingly at random, decided to extol the virtues of a bank innovation circa 1970. 'I love having a debit card,' she said, while getting ready to leave the house. 'Really, mom, a debit card?' I replied. 'Yes,' she said. I turned to see she was holding a deposit envelope. 'I use the ATM for everything. I never have to go into a bank.'" Continue Reading

U.S. Bank's mobile initiative wins Banking Business Review award

"The bank was selected from four nominations shortlisted for the award. The award recognizes the bank's efforts to take mobile banking services to the next level. Consumers are increasingly relying on their mobile device for everyday activities, from listening to music and communicating with friends, to taking and sharing pictures, and shopping. This is only getting more popular as smartphones get smarter - with their ability to know where we are, to hear, and to see." Continue Reading

Would you pay the plumber by text? You'll soon be able to pay bills with a mobile, but one slip and your cash could vanish

"It's that annoying moment we all hate. Perhaps the window cleaner has popped by and you’re keen to get them to clean the dirty glass upstairs. Or, you’re at a café splitting the bill with friends. Maybe a son or daughter is about to go out and is begging for cash. But then when you open your purse or wallet you realise that it’s empty — and there is no cash machine nearby." Continue Reading

Ellen DeGeneres Stands Up For Mobile Banking

"Comedian Ellen DeGeneres remembers a time when depositing a check presented a daunting task.‘You had to sign the back of the check, then you had to fill out one of those deposit slips,' she recalled in a recent monologue on her talk show Ellen.

'Then you had to add up all the numbers in your head, then you had to wait in line. Then you got to the front of the line and you had to make small talk with the bank teller, Barbara, about her daughter who’s in beauty school, which is really great but then you start thinking, ‘Well, how come your hair looks like that?’” Continue Reading

Connect Financial Software Solutions Partners With CU Wallet on Credit Union Mobile Wallet Initiative

"CU Wallet a collaborative credit union owned and directed mobile payments technology provider, and Connect Financial Software Solutions, an online and mobile solution provider for credit unions, announced they have formed a strategic alliance to enable and equip credit unions with the necessary tools to succeed in an increasingly competitive mobile payments market." Continue Reading

Mobile banking boosts control of finances

"The rise of mobile banking has provided a range of benefits to customers since its launch, with convenience a major plus point. However, the Westpac NZ Mobile banking Report, which surveyed consumers in New Zealand, found that the use of internet-enabled mobile devices for banking purposes means that they have more control of their finances. Respondents also revealed that the use of mobile banking has raised their awareness of their financial situation." Continue Reading

Announcing Javelin's 2013 Mobile Banking Financial Institution Award Winners

"The results of Javelin Strategy & Research's annual Mobile Banking Financial Institution study show that Bank of America, Citizens Bank, USAA, BBVA Compass, Wells Fargo, Chase and others banks are topping all competitors in mobile banking.

Javelin's sixth annual Mobile Banking Financial Institution study evaluates the abilities of financial institutions (FIs) to meet consumers' growing mobile banking needs as they evolve from mobile account monitoring to mobile money movement and beyond." Continue Reading

Is mobile RDC fraud on the rise?

"Mobile remote deposit capture has become one of the most sought-after mobile banking app features. Celent research found that financial institutions are answering consumer demand by adding MRDC to their product offerings: In 2009, 72 percent of FIs surveyed did not plan to offer MRDC. By 2012, 82 percent did intend to provide MRDC service." Continue Reading

Banco Bilbao Vizcaya Argentaria S.A. : BBVA Compass wins Best in Mobile Functionality Award from Javelin Strategy & Research

"BBVA Compass won the 2013 Best in MobileFunctionality Award in Javelin Strategy & Research's sixth annual MobileBanking Financial Institution Scorecard, which was released Thursday. The recognition is the latest endorsement of the bank'smobile banking offerings as one of the most comprehensive available today. Earlierthis year, American Banker listed the bank's app among the top 10 in the marketbased on its features, design and ease of use." Continue Reading

Complex scams target mobile banking customers

"Just in time for the shopping season, there’s a new online scam targeting people who do their banking from a computer or a mobile device. It’s convenient, it’s easy and about 300 million people do their banking online every year. Most mobile devices and banks offer apps to help make the banking experience more convenient. But the online banking experience is now facing a new threat. And the bad guys are getting creative." Continue Reading

Mozido Partners with Investor Adolfo Salume to Launch Mobile Banking, Payment and Marketing Services in Latin America

"Mozido an Austin-based mobile financial services provider, today announced an investment from Latin American business leader Adolfo Salume to implement an innovative mobile EcoSystem in El Salvador that will provide a range of marketing, retail, and banking opportunities for the unbanked and under-banked population.

Salumes investment and his local staff will help support adoption of Mozidos mobile applications providing users with services such as financial management with Constelacion Bank, loyalty programs, analytics-based offers, shopping, and payment services in retail stores such as Mr. Donut, and mobile cash logistic automation, lending, and marketing services with one of the leading consumer packaged goods distributors in El Salvador." Continue Reading

FIS: making a mark in mobile

"The mobile financial services revolution has been going on for quite a while, with different players forming and breaking alliances over the years. In recent months, however, there has been a growing sense that companies are starting to understand the different roles they will play in the new mobile economy.

Doug Brown, senior vice president, eBanking, at FIS agrees, but simplifies the picture at a stroke: 'The only people that really matter to us are the banks, the card issuers, the retailers and the customers – other models with multiple third parties involved don’t seem to have any merit or value to them and I don’t really see any reason for them.'” Continue Reading

New RBS boss hints at move away from branch banking

"Transactions at RBS branches are down almost 30% since 2010 and the bank needs to offer "smarter solutions" for its customers, Ross McEwan said. In one of his first speeches in the role, Mr McEwan said RBS has to confront "seismic shifts" in banking. The use of mobile apps and "self-service centres" can increasingly meet the needs of customers, he said in an address to delegates at a business conference at the Scottish Parliament." Continue Reading

How Your Bank Branches Are Changing

"Many American consumers know what to expect when they see a bank branch. Typically, the front lobby has a few ATMs, followed by bankers sitting at their desks and tellers standing behind the counters. However, the advent of online and mobile banking has transformed the way we perform financial transactions, and visits to the branch are less frequent." Continue Reading

Capital One Uses Swipe Passwords To Make Mobile Banking A Snap

"Being able to bank from your smartphone is one of those activities that we’re sure many of you who lived in the time prior to smartphones, or cellphones for that matter, truly appreciate. These days, you can transfer money to different accounts, deposit checks and pay credit card bills all from your phone without having to go to a bank center or send off a check in an envelope.

One downside is that in order to be secure with private banking information, bank applications require an online banking password which needs to be typed on your smartphone. Capital One is announcing a new feature of its mobile banking application that makes it easier to log into your account." Continue Reading

The Case for Keeping Mobile and Online Banking Separate

"Requiring customers to sign up for online banking before they can enroll in mobile could deter would-be digital customers from some transactions. 'To tether or not to tether mobile to online will become a bigger issue,' said Teresa Epperson, managing director of AlixPartners, during a panel at BAI's Retail Delivery conference. 'Younger consumers aren't interested in online payments.'" Continue Reading

Sub-Saharan Africa teeming with banking potential

"International banks' exposure to Sub-Saharan Africa stands at a paltry USD 210 billion, according to the Institute of International Finance. British banks have traditionally had the largest exposure to the region, with Eurozone banks a distant second, but Asian banks are increasingly taking a bigger bite of that market share. Chinese banks' presence in the region has reportedly risen, with China Development Bank lending USD 67 billion to the region during the past decade, compared to USD 55 billion lent by the World Bank." Continue Reading

Mobile Banking Threat on the Rise as Hackers 'Refine' Techniques

"The malicious software used by bad guys to steal banking data is on the rise. While the crackdown on digital currencies has helped thwart some operations used by cyber criminals to launder money, crime through Trojans to nab critical banking data nevertheless remains a problem.

In the third quarter, online banking Trojans, which are used to steal banking information from the user, soared to a record high with more than 200,000 infections, the highest since 2002, according to new data from TrendLabs." Continue Reading

Telecoms firms pin hopes on mobile banking

"Cellular operators want to open up their networks for more banking transactions as they have pinned their hopes on mobile money to grow revenues in the future. According to Fredrik Jejdling, Ericsson’s sub-Saharan African regional head, the most downloaded mobile apps in Africa now were banking apps.

Social networks were the second most downloaded. Discussing the source of their revenue growth in the next decade at the Africa Com telecoms conference yesterday, the operators said that as their traditional voice revenue had come under pressure, data revenues had exploded over the past two years." Continue Reading

Daily use of mobile banking in Korea up 1.8 pct in Q3

"The daily use of mobile banking in South Korea rose 1.8 percent in the third quarter from three months earlier on the back of the growing popularity of smartphones, the central bank said Wednesday. Transactions by mobile banking or banking services accessed via wireless handsets were valued at 1.42 trillion won (US$1.32 billion) per day in the July-September period, compared with 1.39 trillion won three months earlier, according to the Bank of Korea (BOK)." Continue Reading

Despite mobile options, bank customers still want branches

"Though banks may be closing branches at a rapid pace, many customers say they still want bank locations open. According to Reuters, 32 percent of U.S. bank customers use mobile banking at least once a month but even with that new banking option, nearly four of five customers say they will visit bank branch offices just as frequently five years from now." Continue Reading

Moving Beyond Branch Banking To Smart Banking

"For past generations, the word bank meant stately buildings, mahogany walls and plush leather chairs, a critical destination for people seeking loans, safeguarding their savings and planning their or their company’s financial futures. Client needed to physically show up at their bank to conduct any business.

Today, many hold their banks in the palm of their hand with technology radically altering the way consumers take care of their financial needs and the way bankers conduct business. The digital revolution has redefined the world for those on both sides of what used to be the teller’s window." Continue Reading

New report says bank branches are shrinking as mobile banking takes hold

"Bank customers are turning to online and mobile banking while shunning bank branches, according to a new report. 'U.S. banks continued to shutter more branches than they opened in the third quarter, extending a multiquarter trend, as customers do more routine banking business online and reduce the relevance of traditional branches,' said a report by SNL Financial." Continue Reading

Wells Fargo has over a million iPad app customers for online banking

"In a keynote address kicking off the TabletBiz conference here, Wells Fargo Executive VP Steve Ellis said tablets, particularly the iPad, have led the bank to think differently about how it provides financial services. Today Wells Fargo has over 12 million mobile customers and Ellis sees a rapid migration from PCs." Continue Reading

Alipay 'mobile wallet' app users have almost reached 100 million

"China's largest e-payment company Alibaba Group Holding Ltd's Alipay Wednesday said that users of its "mobile wallet" app have reached nearly 100 million across the nation so far, while the number of Alipay users via mobile phone has also breached 100 million.

According to Alipay, about one-third of transactions are from mobile phones, eight times that of the same period last year. On Singles' Day this year, the transactions done via mobile phone reached 45.18 million, with a value of more than 11.3 -billion yuan ($1.85 billion)." Continue Reading

Banks Don't Have Much Time To Embrace Digital Model

"It's no secret that a new generation of technology-enabled competitors -- both new companies such as Square or Dwolla and familiar players such as Google, PayPal and Walmart -- are shaking up the financial services business and attracting customers who aren't finding what they need from traditional banks.

But new research from Accenture suggests this upheaval is more extensive and happening more rapidly than many in banking may have thought. And the efforts banks are putting into efficiency, productivity and stronger financial performance, while essential, are not enough to stem the tide." Continue Reading

IND Group Debuts Essence Mobile Banking

"How they describe their product/innovation: To adapt to younger generations' requirements, IND Group delivers a best-in-class banking app with an innovative drive. With IND's next generation mobile banking, Essence, all services are only a few taps away - anytime, anywhere. Mobile banking has never been so comfortable and easy, yet secure." Continue Reading

4 Changes to Bank Branches Brought on By Your Smartphone

"With 56% of U.S. adults owning a smartphone and another 35% of Americans 16 and older owning a tablet computer, according to data from the Pew Internet Project, the traditional bank branch system is bound to change. In fact there's been a 50% rise in mobile banking use over the past year, according to Accenture and its Retail Banking Survey." Continue Reading

CO-OP Financial Services Readying Mobile Card Controls Technology for Credit Union Members

"Once used primarily for balance inquiries, mobile banking and payments now encompass an ever-growing variety of financial transactions. Consumers today have the ability to make direct person-to-person payments and conveniently access all their accounts via a smartphone. The ever-expanding use and feature set of mobile devices presents financial institutions with challenges to keep up with consumer demands, particularly for greater individual control of services." Continue Reading

Global M-Banking Market Is Expected to Reach USD 1.08 Billion by 2016: ResearchMoz.us

"Mobile banking, or m-banking, is considered a revolution in the Banking and Payments industry. The incremental increase in the penetration of mobile phones was instrumental to the growth of the Global Mobile Banking market in the last decade. Before the influx of smartphones, people used simple Java-enabled and WAP-based phones.

Moreover, carrier charges were quite expensive ten years ago, thereby limiting their usage. However, growing competition in the Telecom industry, and the increasing usage of smartphones and value-added services have contributed to the growth of the Global M-banking market and, consequently, the Retail sector via m-commerce." Continue Reading

Online banking can simplify senior life

"Julianne Wishrad doesn’t worry about paying her bills on time. M and T Bank takes care of that for her. 'I can pay my bills automatically,' she said. Wishrad, 63, has been using M and T Bank’s online services for the past 13 or 14 years and likes that the bank’s bill pay service allows her to have recurring bills automatically paid for as they’re due, especially since she has two homes to account for; her primary residence in Fishkill and a second place upstate." Continue Reading

Mobile banking use increased 50% in 2013

"Mobile banking is becoming an increasingly prominent element of the way people manage their finances. A new study conducted by Accenture has revealed that mobile banking activity in the US has increased by almost 50 per cent since 2012.

The report went on to note that almost a third of customer utilise mobile banking features and tools at least once a month. Consumers questioned by the company also believes that online banking is the single most important area for financial institutions to invest in and develop in the short and long-term." Continue Reading

Jack Henry & Associates announces iPad compatible banking

"Jack Henry & Associates, Inc. (NASDAQ:JKHY), a leading provider of technology solutions and payment processing services primarily for the financial services industry, announced today the formal launch of PointMobility(SM), the real-time retail and commercial banking iPad App that provides anywhere, anytime functionality. PointMobility leverages capabilities available with the company's goDough(®) mobile banking solution and introduces new commercial banking capabilities." Continue Reading

Barclays blames rise of mobile banking for 1700 branch job cuts

"Barclays is set to axe 1700 customer-facing jobs from its branch network over the next year, citing the rise of new customer channels, particularly mobile banking. The bank told staff yesterday that cashiers, personal bankers, operational specialists, branch managers and assistant manager roles will all be cut throughout 2014.

Explaining the move, a bank spokesperson says: 'More and more people are choosing to use smart phones and technology for everyday transactions – using branches only when they need access to expertise. We are responding by investing in the channels that customers are increasingly using, whilst improving customer service.'” Continue Reading

Wells Fargo sees big uptick in mobile banking users (Video)

"Wells Fargo & Co. (NYSE: WFC), Colorado’s largest bank, has seen significant growth in its mobile banking users in the last couple of years, which has meant the bank has had to work hard to keep up the latest mobile technologies and security procedures. In a nutshell for banks, that means always making sure the technology works and provides a safe and seamless experience for its customers, said Armin Ajami, vice president and senior product manager for Wells Fargo." Continue Reading

Mobile banking on the rise despite security concerns

"Kendra Fryer relies on her smartphone to handle any kind of banking activity she needs done during her busy schedule. Time is of the essence for Fryer, a hairstylist at a downtown Augusta salon, and her Samsung Galaxy Note II serves as the perfect device to ensure her banking needs are met in a convenient and quick fashion, she said." Continue Reading