"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" 

Thursday, February 28, 2013

International Mobile Banking Updates - Feb 28

Benefits of bringing mobile banking to the unbanked
"There is no doubting the growth in popularity of mobile banking. According to Juniper Research, the market for mobile payments is expected to reach more than $600bn (£393bn) globally this year – double the figure of February 2011. And many development organisations are riding that telecom wave to reach people who don't have access to financial institutions."

Over 30 Million Sign Up for Mobile Banking
"The number of people using mobile banking services surpassed 30 million last year for the first time as smartphone use grew explosively. The Bank of Korea on Thursday said a total of 37.05 million people had signed up for mobile banking services as of the end of last year, an increase of 13.3 million people from the previous year. Two thirds of them were smartphone users."

Research and Markets: Mobile Money: Mobile Payments, Mobile Remittance, Mobile Banking & Mobile Commerce Market - Advanced Technologies, Value Chain, Worldwide Market Forecasts; Analysis (2013 - 2018)
"The growth in mobile telecommunication services and ubiquitous availability of mobile phones are creating unexplored business opportunities not only for the mobile operators, but to a range of other industry participants. Mobile phones are known to transfer information, where as Mobile money enables it to transfer cash from one entity to another, it acts as an alternate payment method to transfer cash/ credit/ check and make financial transactions with the mobile phone. The success of M-PESA, which was launched in 2007 in Kenya and other African regions, has made the operators to focus on this market."

Kenya’s M-Shwari crosses Ksh1 billion in mobile banking transactions a month
"Recent estimates put adoption for M-Pesa, Kenya’s wildly successul mobile payment service for the unbanked, at 17 million users. The service that allows users without bank accounts to complete simple financial transactions, received a boost through M-Shwari, a bolt-on service that allows M-Pesa users access to savings accounts and loans, in late 2012."

‘Mobile banking will see explosive growth in emerging markets’
"Mobile banking will be the front runner among various trends and technologies in the emerging markets banking landscape. Justice M.N. Venkatachaliah, former Chief Justice of India, expressed this view while delivering the Karnataka Bank Founders’ Day lecture here on Monday. Stating that the country has around 675 million active mobile telephone connections, he said mobile banking will witness explosive growth and change the entire banking scenario. Because of their reach, ease and capabilities, mobile devices have recorded penetration of more than 50 per cent in countries with per capita GDP as low as $500. A majority of mobile subscribers around the globe are located in emerging markets, he said."

Tuesday, February 26, 2013

Mobile Banking Updates - Feb 26

If This Is Mobile Banking
"Many banks tend to view Mobile Banking as a truncated version of Internet Banking and most of them offer mobile banking only to their existing Internet Banking users. This approach completely negates the true potential of mobile - after all, if I check my account balance once a week, make one or two fund transfers per month and don't buy more than 10 banking products all my life, I don't need a mobile phone to carry out these infrequent banking activities "here and now". No wonder adoption rates of Mobile Banking are nothing to write home about and, according to the recently published World Retail Banking Report 2012, Branch and Internet Banking continue to remain the two most important channels for retail banking."

Mobile Banking Now Vital To Customer Acquisition
"Since the third quarter of 2010, interest in mobile banking as a “must have” feature among those consumers actively shopping for new checking accounts has grown by a whopping 63%. In January 2013, over 18% of all shoppers that used the comparison tool on FindABetterBank.com indicated mobile banking is a “must have” feature. A survey recently fielded on FindABetterBank uncovered that 88% of shoppers who said mobile banking is a “must have” feature are already mobile banking users. Therefore, as more consumers download their bank’s mobile apps and begin using them, you can expect the number of consumers demanding mobile banking when they’re shopping for a new institution to increase steadily. Few people, however, defect from an institution simply because mobile banking isn’t offered."

RBS and NatWest banking apps arrive on Windows Phone
"Windows Phone users will now be able to move their money on the go far easier thanks to Royal Bank of Scotland (RBS) and NatWest Mobile Banking apps arriving on the Windows Phone OS. Enabling customers to check their balance and transaction history with ease, the RBS and NatWest mobile banking apps are available now from the Windows Phone store for Windows Phone handsets such as the Windows Phone 8X by HTC and Nokia Lumia 920."

Mobile banking revolution renewed by Samsung boom
"The internet conspired to close branches across the country, and now the smartphone is wreaking a banking revolution of its own as Samsung-wielding consumers drive a renewed charge to mobile banking. Roy Morgan’s ‘Mobile Phone Monitor’ found the number of Australians banking on their smartphones grew from 17.1% at the start of the year to 20.3% in December, driving a downturn in banking online via computers, which dropped from 55.2% to 49.3% over the same period."

Mobile banking: How to be safe
"Instead, she whips out her tablet or smart phone and logs on to her bank's app. 'I use it for everything,' she said. 'It sends me text messages to tell me my account balance and how much I spent in certain categories for my budget.' By the end of this year, an estimated 43 percent of bank customers will be using mobile devices to bank on the go."

Sunday, February 24, 2013

Mobile Banking Updates - Feb 24

Imaging Brings Coveted Ease of Use to Mobile Banking: Study
"A re-evaluation of mobile banking services is going on at many banks, and much of it revolves around the use of imaging to deposit checks, pay bills and make credit card payments. 'Mobile banking is driving a difference in consumer behavior,' says Mary Monahan, executive vice president and research director, mobile, at Javelin Strategy & Research."

CUs' Mobile Banking Enters Second Generation: Special Report
"Mobile banking is here to stay at credit unions. Today, about one-third of all credit unions offer mobile banking. The rest are likely to roll it out within the next 48 months. By comparison, online banking took about twice as long to reach similar numbers. So says Robb Gaynor, chief product officer of Malauzai Software Inc., a provider of mobile banking applications for community financial institutions, including credit unions, for News Now's special report."

Mobile Banking: The Future of Finances
"Mobile banking gives you instant access to the financial information and services that you need on a daily basis. More secure than online banking, mobile banking allows you to bring your credit union with you. To learn more about the features, check out this infographic from GCS Credit Union."

Are Mobile Banking Apps Safe?
"Mobile banking apps are architected to be secure and transactions are channeled through encrypted tunnels, but these measures are not enough to safeguard users if the mobile operating system is inherently vulnerable or if the handset is already compromised by malware. The risks related to the mobile operating system's vulnerabilities and the wireless network can provide a way in for attackers to either intercept or spy on the user's banking transactions. These risks are increased when users jailbreak their devices, regardless if it is Apple's iOS or Google's Android powering the handset."

Thursday, February 21, 2013

Mobile Banking Updates - Feb 21

Banks to spend $118B on tech, mobile banking in 2013
"Retail banks worldwide will increase their IT spending by 3.4 percent this year — to a total of $118.6 billion. Industry analysts at Ovum predict that spending in Asia will rise 5.1 percent, followed by North America at 3.3 percent, and Europe at 1.8 percent. In a new business trends report, Ovum said that mobile banking would be a 'clear IT investment priority in 2013.' The company suggested that total spending for online channels — including online and mobile browser-based services — will grow by 6.2 percent in 2013."

Banks responding to mobile banking expectations
"Smartphones and even tablets are becoming increasingly ubiquitous in the U.S., and as a result, it’s no surprise that expectations for the ways in which people can use their mobile devices for day-to-day tasks are rising. An October 2012 survey conducted by Performics, a global performance marketing agency, reported that 71 percent of U.S. smartphone and tablet users expect to be able to conduct their banking via their mobile devices."

Mobile Banking, not my cup of tea...
"At a Finserv conference this week, it emerged that compared to their early adopter counterparts in the US, UK consumers are seriously lagging behind in the adoption of mobile banking services. In fact, the UK is also behind many developing countries in the take up of m-banking. This is borne out when you look at the success of mobile banking applications on the market. Of all the Lloyds customers who use online banking, only a small percentage has embraced mobile banking. Ping It, Barclays toe dipping exercise in the m-banking space hasn’t really delivered – reports of uptake amongst Barclays’ customers have been pretty poor."

With 590M Mobile Banking Users Expected in 2013, New Insights From 41st Parameter Warn of Growing Fraud Threat
"41st Parameter, the global leader in fraud detection and prevention, warns that financial institutions are facing serious vulnerabilities as the usage of mobile banking skyrockets. To educate the industry, 41st Parameter has published a whitepaper that looks at adoption trends, threats and potential solutions to help mitigate the mobile risk to consumers and institutions alike. Mobile banking and m-commerce have gained massive global traction over the past three years, with almost 600M people expected to use mobile banking services in 2013, up from 185M in 2011. With so many devices from smartphones to tablets to PCs, so many transactions and growing consumer demand for mobile banking, it's easy to understand why this is a major focus for many financial institutions."

Mobile Payments & Banking Market: mCommerce Analysis, 2018 Forecasts in New Research Report at RnRMarketResearch.com
"The growth in mobile telecommunication services and ubiquitous availability of mobile phones are creating unexplored business opportunities not only for the mobile operators, but to a range of other industry participants. Mobile phones are known to transfer information, whereas mobile money enables it to transfer cash from one entity to another; it acts as an alternate payment method to transfer cash/credit/check and make financial transactions with the mobile phone. The success of M-PESA, which was launched in 2007 in Kenya and other African regions, has made the operators focus on this market."

Wednesday, February 20, 2013

Mobile Banking Updates - Feb 20

How to Keep Mobile Banking from Becoming a Bust
"The establishment of mobile banking gained momentum in 2012 thanks to two major factors: Smartphones have become the norm, and it's easier than ever to develop more powerful and more secure apps. As customers continue embracing banking from their phones and tablets, retail bankers should keep the following points in their mind to truly maximize the benefits of mobile banking."

Consumers Expect More From Mobile Banking Apps Than They’re Getting
"Mobile banking apps fall short of consumer expectations, with nearly half admitting they’ve thought about deleting the app they downloaded from their bank or credit union. A national survey of more than 600 U.S. adults across revealed a surprising disparity in what consumers want in a mobile banking app versus what they actually get from their banking provider. Americans increasingly want… nay, expect to be able to deposit checks and receive real-time notifications on account activity from their mobile banking apps. And yet that’s not what most get."

Your Customers Are More Ready for Mobile Banking Than You Are
"That is a bold statement, but – with a few noteworthy exceptions – it’s true. For evidence, just look at the report yesterday in Retail Banker International that 20,000 Bank of Ireland customers signed up in advance for the bank’s new Pay to Mobile service. People are not just ready for standard mobile banking, they’re ready for an expanded version. They’re ready for you to text them when fraud is suspected, send them automated reminders to pay overdue bills and allow them to do more self-service banking on their phone."

Today In APIs: Rise of Mobile Banking, Backplane Protocol and 13 New APIs
"Most consumers are comfortable downloading a variety of applications on their Smartphones. But when it comes to conducting financial transactions on their phones, a large number of us are not that comfortable and still prefer old-fashioned ways of completing the transaction. A report in WSJ indicates that the trend is slowly but surely changing, thereby making it a challenge for financial institutions to cater to an increasing segment of users who prefer to do the transactions via their mobile application."

Moven gives sneak peek of new mobile banking app
"At Finovate in London tomorrow, banking and budgeting startup Moven will give people a glimpse at what its app and Web products look like as it gears up for a February 25 closed beta release."

Tuesday, February 19, 2013

International Mobile Banking Updates - Feb 19

Al Salam Bank Bahrain launches 'Mobile' banking service
"Al Salam Bank-Bahrain, one of the leading Islamic banks in the Kingdom of Bahrain, announces the launch of its new mobile banking service "mobile", adding another unique feature to its bouquet of products and services. "Mobile" will enhance your banking experience by providing many convenient features at your fingertips."

Mobile banking helps Monitise
"TECHNOLOGY firm Monitise said people using its mobile phones to do their banking on the move had helped first-half revenues rise 63 per cent to £27.8million.It said its recent £108million acquisition of US rival Clairmail, now called Monitise America, had helped drive up demand but the cost of the deal had left it in the red at £24.4million compared with a £1.1million profit last time."

UCPB launches new mobile banking service
"The United Coconut Planters Bank reaffirmed its commitment to provide excellent customer service and further enhance day-to-day banking transactions through UCPB Connect, an online facility meant to provide banking flexibility and convenience to clients. UCPB Connect is a state-of-the-art technology that allows clients to access the bank’s services 24 hours a day for seven days a week and perform essential banking transactions such as paying bills, transferring funds, viewing balances or ordering checks even at the comfort of their own homes, offices or anywhere else that has access to the Internet."

Standard Bank and SAP Bring Mobile Banking to Over Half a Million "Flip-Phone" Customers in South Africa via SAP® Mobile Platform PR Newswire
"SAP AG (NYSE: SAP) today announced that Standard Bank has been successful in introducing its new AccessBanking offering in South Africa, aimed at meeting the banking needs of the previously "unbanked." This includes the AccessAccount, a transactional banking account based on SAP® Mobile Platform. SAP Mobile Platform integrates SAP and third-party back-end systems, which allows users to create visually rich mobile apps to extend the information from enterprise systems straight onto mobile devices. Since its inception in March 2012, the model has attracted more than 550,000 new customers onto the AccessAccount."

Why mobile banking’s not too big
"If data were to be believed, a lot of you would have graduated from using Internet banking to mobile banking already but a lot of us have still not made the leap. Reserve Bank of India (RBI), 67% of overall banking transactions still happen through cash, according to a 2011 Deloitte-Assocham study."

Sunday, February 17, 2013

Mobile Banking Updates - Feb 17

Startup Prepares Alternative to Online, Mobile Banking Passwords
"As banks struggle to move past passwords, a Silicon Valley startup is taking a stab at a fingerprint and facial recognition standard backed by some heavy hitters — PayPal and Lenovo among them. Nok Nok Labs, which was created a year ago by the founder of the data security vendor PGP, says it will eventually sell server software that will make the process of verifying the identity of online and mobile bank customers easier and more effective. The company plans to release its developer tool kit in March."

Is Mobile Banking Ready For Business?
"Though mobile has become an indispensable channel in banking, it hasn't quite become a "must-have" among corporate customers. Part of that is because of the limited screen size of most smartphones; corporate treasurers need to access large amounts of information, which could prove inconvenient and awkward to display on such a small device."

What’s holding us back from using mobile banking?
"If data were to be believed, a lot of you would have graduated from using Internet banking to mobile banking already but a lot of us have still not made the leap. Though the number of transactions through mobile banking increased by 64% in the April-December 2012 period, according to data from the Reserve Bank of India (RBI), 67% of overall banking transactions still happens through cash, according to a 2011 Deloitte-Assocham study."

Banks boost mobile banking efforts
"More financial institutions are promoting their mobile banking offerings as a way to attract customers and also reduce expenses related to customer service calls and branch visits. While mobile banking has been around for five or six years now, The Wall Street Journal said banks are boosting their efforts to add new features, such as bill-paying capabilities, as customers become more comfortable using their mobile phones to conduct basic financial transactions."

Mobile Banking by Voice Next Up? Print Preview
"The question is fundamental: which is faster, and easier? Inputting commands into a smartphone by typing on glass or by talking them into the device? The fact is these are phones that were developed so that users could talk into them. Other features such as data input via typing, for instance, got added on later."

Thursday, February 14, 2013

Mobile Banking Updates - Feb 14

Four Ways the FTC's New Privacy Rules Affect Mobile Banking Apps
"The Federal Trade Commission has been toughening its stance on consumer privacy protection, and this directly affects the mobile applications banks offer their customers. On Saturday the agency issued a report, Mobile Privacy Disclosures: Building Trust Through Transparency, that offers advice on keeping using consumers' data private. It offers recommendations to four sets of stakeholders: operating system providers (like Apple and Google), app providers, advertising networks, and app developer trade associations. Banks that provide mobile banking, PFM, trading or wallet apps fit in the app provider category."

Consumers Ready for Mobile Banking, but Banks Aren't
"It's no secret that financial consumers are warming up to mobile banking, largely for reasons of convenience. According to Juniper Research's report, Mobile Banking: Handset & Tablet Market Strategies 2013-2017, more than $1 billion cellphone owners will use their devices for banking purposes by 2017, up from 590 million this year. To provide some context, total world population growth by 2017 is 7.6 billion."

Mobile Banking and Change is Coming
"I am reading the book Bank 3.0 by Brett King. In this book he writes about the monumental changes taking place in the banking industry due first to the Internet and now mobile. Here is an excerpt, 'The average individual is spending 94 minutes or so a day using apps, checking emails and texting up to 100 times per day. We're logging on to mobile banking 20-30 times per month and Internet banking around 7-10 times per month, but visiting a branch (of a bank) only a few times a year.'"

Will You Be Ready When Mobile Wallets Turn Banking Upside Down?
"Financial marketers had better wrap their heads around the impending mobile-dominant landscape, and fast. Mobile devices will soon be the central tool consumers use to manage banking relationships. When consumers start embracing mobile wallets and making digital transactions, banking will never be the same again. Are you ready? Around every 10 or 20 years, something big comes along that completely transforms the world of banking — ATMs, debit cards, the internet. Unquestionably, the next big thing to rock banking will be mobile wallets."

Jack Henry adds remote deposit capture to mobile banking app
"Jack Henry & Associates, Inc. (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. It announced today that the app-based iPhone and Android versions of the goDough mobile banking solution have been enhanced with the remote deposit capabilities provided by its Remote Deposit Anywhere (RDA) solution. goDough is the state-of-the-art WAP, SMS, or app-based mobile banking solution that approximately 610 banks and credit unions have selected. It is currently supporting 99 mobile service carriers. It supports traditional in-branch and online transactions such as balance inquiries, funds transfers between accounts, and transaction viewing; and accommodates all account types, including checking, certificates-of-deposit, money markets, loans, and lines-of-credit."

Wednesday, February 13, 2013

International Mobile Banking Updates - Feb 13

Mobile banking helps to empower Tanzanian women
"The ability to exchange money and make payments with smartphones is placing power in the hands of women. The GSMA mWomen Programme is working in combination with Bankable Frontier Associates (BFA) and Visa Inc. in five different countries in order to help to better use mobile banking to reach women who are underserved and whose needs can be directly met by this technology and its associated products."

Aircel, ICICI Bank launch mobile banking service
"Aircel and ICICI Bank have jointly launched a mobile banking service. Called Mobile Money, the service will be run on Visa’s mobile managed service. Mobile Money has been launched with a range of financial services on a mobile phone such as cash deposits, cash withdrawals and money transfer to third parties."

Leverage on developments in mobile banking — Gono
"THE Reserve Bank of Zimbabwe governor Gideon Gono has urged the banking sector to leverage on the current developments in mobile banking as an effective distribution network for financial products to various segments of society. Mobile banking is a system that allows customers of a financial institution to conduct a number of transactions through a mobile device such as a mobile phone or personal digital assistant."

Rakbank launches new services on Mobile Banking platform
"Rakbank, the leading retail and small business bank in the UAE, announced the launch of new services on its Mobile Banking platform that allow customers to conduct a wider range of banking transactions on the go via their handset. By introducing added services on its Mobile Banking Application and Service, customers can now use their mobile phones to order new cheque books, transfer balances, apply for supplementary cards, and even report a lost or stolen credit card. Rakbank Mobile Banking saves time when seeking investment details and when applying for an advance against salary."

HSBC enhances its mobile banking offering in its continued commitment
"HSBC has enhanced its mobile banking offering in its continued commitment to helping businesses streamline their banking needs. The new offering will allow customers to initiate payments to existing beneficiaries across the world. The facility adds to the extended suite of mobile solutions the Bank already offers its customers."

Standard Chartered kicks off 2013 Mobile Ventures Fellowship programme
"Standard Chartered Bank today signaled its ongoing commitment to talent development in financial services technology by announcing the 2013 Mobile Ventures Fellowship (MoVe) programme. Now in its second year, the MoVe programme was initiated as a part of the Infocomm Development Authority of Singapore's (IDA) Company-Led Training Programme (CLT). It aims to train new infocomm graduates and professionals in emerging and critical technologies. In calling for new applicants today, Standard Chartered announced another 10 traineeships for young Singaporean technopreneurs (MoVeRs) in mobile banking technology."

Aussie smartphone owners gravitating toward mobile banking
"An Australian study has found that the proportion of that nation's smartphone users who conduct banking transactions on their phones is now greater than 20 percent. Meanwhile, the percentage of smartphone users who bank online has dropped: Fewer than half of smartphone owners now use a computer for banking transactions, said the study from Roy Morgan Research."

Tuesday, February 12, 2013

Mobile Banking Updates - Feb 12

Mobile Banking's Privacy Problem
"The FTC issued a report Saturday calling for better privacy protection for mobile device users. Financial data is a primary focus."

Will Tablets Be the Key for Corporate Mobile Banking?
"In February's Bank Systems & Technology digital issue, we looked at the current state of mobile banking for corporate customers, and examined some of the reasons why it hasn't been as quickly adopted as on the consumer side. We also talked to several industry experts about what could change that. One of those people, Patricia McGinnis, director of the commercial and enterprise payments solution at Mercator Advisory Group, believes tablets will be the driving force behind the eventual widespread adoption of mobile banking by commercial customers."

70pc of consumers want mobile banking app to avoid financial problems: study
"Consumers have high expectations with mobile banking, but many financial institutions are not following through, according to a report from Varolii Corp. In Varolii Corporation’s “Can you Bank on your Banking App?” study, the company takes a look at the gap between what consumers are asking for from their mobile banking and how financial institutions are delivering on their needs. The report outlines specific use cases when consumers want to be notified from their bank about their accounts."

Mobile Banking Blossoms on Smartphones
"mobilesecurity.com [Mountain View, CA] With internet access present in almost every home in the country, online banking has never been more convenient. New research shows that people are no longer tied to their PC or laptop when they want to check their statements or make transfers."

With 590M Mobile Banking Users Expected in 2013, New Insights From 41st Parameter Warn of Growing Fraud Threat
"41st Parameter, the global leader in fraud detection and prevention, warns that financial institutions are facing serious vulnerabilities as the usage of mobile banking skyrockets. To educate the industry, 41st Parameter has published a whitepaper that looks at adoption trends, threats and potential solutions to help mitigate the mobile risk to consumers and institutions alike."

Sunday, February 10, 2013

Mobile Banking Updates - Feb10

What's Next For Mobile Banking?
"Juniper Research estimates that by 2017 more than 1 billion mobile phone users will have used their mobile devices for banking purposes, compared with slightly more than 590 million users this year. As with any positive development, however, there are some potential downsides to this fantastic growth. Will banks be able to profit from the growth of mobile banking, or will it become a commoditized loss leader?"

"We’ve all had this happen to us at least once: you’re out and about, doing your shopping or hanging with friends, and you realize you have no cash. The place you’re at/going doesn’t accept debit or credit cards, and the nearest ATM that you can use without a ridiculous surcharge from the machine (and your bank) is ten blocks away. So what do you do? Normally, you’re forced to trek to the nearest ATM, eat the exorbitant surcharge, or have one of your friends spot you (if you’re not by yourself). There has to be a better way, and apparently Apple’s working on one."

'Me Too' Rules in Mobile Banking
"Ask Anthony Genovese, a vice president at payments company Compass Plus in St. Louis, to assess the current state of mobile banking apps and his verdict is bluntly unenthusiastic.'There’s a lot of ‘me-too’ apps,' said Genovese, who spoke in connection with the release of a new Compass Plus white paper, 'Mobile Banking: One Size Doesn’t Fit All.' (A free download is here.) 'I do not see very many truly empowering apps. Financial institutions are not signing up new customers because of their mobile apps,' said Genovese."

Mobile banking - safe as well as convenient?
"Mobile technology is all about portability, of course. But more than that, it's about the convenience and accessibility that this portability brings. Equal to the convenience of instant communication is the ability to perform tasks which once took time - and possibly required taking to the high street and joining the back of a queue. One way that mobile technology puts this power of accessibility in your pocket - and more in charge of your financial life - is with mobile banking services."

National Banking Survey: Mobile Apps Fall Short of Consumer Expectations
"Varolii Corporation, a market leader in customer interaction management, today announced the results of a national survey of more than 600 consumer adults across the United States about mobile banking applications. The survey revealed a surprising disparity in what consumers want in a mobile banking app and what they actually get from their banking institution. Americans increasingly want, and expect, to be able to conduct more advanced functions like depositing checks and receiving real-time notifications on account activity from their mobile banking apps."

Mobile banking the main IT investment priority for banks in 2013, research shows
"IT service analysts Ovum said that banks' "clear IT investment priority in 2013" would be mobile banking. It said that European banks would spend approximately 4% more on mobile banking and 'other channels' for services than they did last year. 'Other channels' also refers to TV banking and banking through independent financial advisors or other third-party providers."

Thursday, February 7, 2013

Mobile Banking Updates - Feb 7

Mobile Banking Trends To Watch Out For In 2013
"Mobile banking has evolved tremendously over the past years. As we move into 2013, there are a few key trends that we will see emerge and gain momentum. We believe that voice will be part of all enterprise class mobile applications in the next 3 to 5 years and will do more than just replace typing. Apple’s personal voice assistant Siri is just the beginning, and soon we will see a number of new speech-enabled uses and applications for the banking industry. Voice provides a much deeper interaction mechanism than just typing or going to a particular screen on your phone app or online. Humans use voice to communicate much more naturally than typing and have been doing so for several millenniums."

Compass Plus Releases White Paper on Mobile Banking
"Compass Plus, an international provider of retail banking software and electronic payments systems to financial institutions, has released a white paper, Mobile Banking: One Size Doesn’t Fit All, which examines why mobile banking should be a fundamental part of a financial institution’s a long term strategy to encourage customer acquisition and retention. According to the paper, financial institutions’ success hinges on staying relevant to consumers by adding value to the banking relationship and adapting to fulfil changing needs, such as the ever-growing demand for mobile banking services. Although innovation has been focused on the mobile banking channel in recent years, research shows that mobile banking still offers the least positive customer experience. Financial institutions must work to close the gap between the expectation and the experience."

Online Banking Design Succeeds or Fails on Feedback, Details: Citi's Weber
"After Forrester Research dubbed Citi's online banking site the best in the U.S. last week, we spoke with Tracey Weber, Citigroup's head of internet and mobile banking and Bank Technology News' Mobile Banker of the Year for 2012, about the bank's latest initiatives. 'We're feeling good, but there's always more to do,' she says. 'We did a big redesign in October 2011 and then did a lot of field work last year. We've evolved the design a lot this year in places, especially where we had customer feedback about things that could be played up and optimized.'"

Going Mobile and Your SAP Investment, Advantages - Risks
"If I was a Financial Director of a medium to large sized business there should be some alarm bells going off right now concerning moving to mobile devices. Especially if you have invested a huge sum of money on SAP, looking beyond FI/CO modules, any mobile initiative by the company could make large parts of the SAP system redundant for hours on end to users if you are not careful as users have the wrong technology in their hands. So let's look at the concerns;"

IIICTECH Develops Wink Mobile Banking App For Real-Time Overdraft Monitoring
"In the past 2 years alone, Americans spent nearly $70 billion in overdraft fees – no, that’s not a typo. How is this even remotely possible? It’s simple. It’s cumbersome to check your account balance while in the checkout line with your hands full. It’s a nuisance, at times, to have to log in to your banking app and navigate to your account balance every time you walk into a retail store. Every time. This is where IIICTECH’s (read: 3 C Tech) patent-pending app for iOS comes into play. WINK is expected to be a mobile app that delivers your account balance info once you walk into a retail shop. It seeks to eliminate having to repeatedly login with your password the next time you decide to grab a cup of coffee at your local java house. In essence, you get what you need, when you need it and helps in becoming a more conscious consumer."

Juniper: Banking is now mobile and branchless
"Mobile banking forms an essential component of the overall mobile commerce industry, wherein the two are closely interrelated. Empowering users to make account transactions whilst on the move, mobile banking enables supplementary mobile commerce actions to be undertaken as a function of a mobile wallet. Equally, a consumer adopting the mobile phone to make payments reinforces a mutual mentality in which individuals increasingly consider the device as a comprehensive financial tool, and subsequently naturalizes its use for ancillary payment actions such as banking. For example, although making a contactless NFC payment for a train or metro ticket is not mobile banking, the recurrent act of paying with a mobile device allows the customer to become more comfortable, and to then find related and additional transactions a more efficient undertaking via their mobile."

Tuesday, February 5, 2013

International Mobile Banking Updates - Feb 5

Mobile banking market in China growing rapidly, report finds
"There are 150 million Chinese using mobile banking services, transacting more than US$550 billion a year through their mobile devices, according to a Celent report published yesterday. China thus accounts for 40% of mobile banking users worldwide. By 2014, the Mobile Banking Trends in China report estimates the number of users to reach nearly 500 million and transaction volume to exceed US$1.8 trillion."

Mobile banking sees a surge of new entrants
"During the quarter ending September 2012, the branchless banking segment saw more than 31.4 million transactions and Rs139 billion was managed through branchless banking channels, according to the State Bank of Pakistan. In an analysis of this fast growing segment, the SBP reports that branchless banking players registered a growth of 25% in mobile wallets; 7% in number of agents; 11% in number of transactions and 21% in value transacted during the July-September 2012 quarter."

Mobile banking rings up net victory
"THE number of Australians now using mobile banking has exceeded 6 million, with the pace of take-up coming at a faster rate than internet banking. While it took nearly four years for the 6 million figure to be reached for internet banking users, mobile banking hit this number in a little over three years, according to new figures released by financial services consultancy the Market Intelligence Strategy Centre."

Vipera in mobile banking project with Italian retail bank
"Vipera said it has been awarded a mobile banking project with an Italian retail bank, in conjunction with leading professional services firm. Vipera did not name the Italian retail bank, the company it has co-operated with to win the deal, or the value of the contract. The project would allow the bank to offer its customers full access to their bank account details enabling them to make credit card and utility bill payments and to instantly transfer funds anywhere in the world, it said."

QIB unveils its new look Mobile Banking application
"QIB - the leading Islamic bank in Qatar - has unveiled its new look Mobile Banking application which enables customers to access a wide range of services via their smartphones. QIB Mobile Banking is available on the iPhone, BlackBerry and smartphones using the 'Android' operating system. QIB Customers now have access to an extensive array of services that can be accessed anytime, anywhere."

Sunday, February 3, 2013

Mobile Banking Updates - Feb 3

Mobile Banking And Payment Startup mFoundry Sold To FIS For $120M On $165M Valuation
"Some consolidation in the world of mobile payments and mobile banking: mFoundry is getting acquired by FIS for $120 million. FIS — a banking and payment provider that works with some 14,000 banks worldwide — already had a 22% stake in the company; today’s deal will see it paying for the remaining 78% in cash, for a total valuation of $162-$165 million. mFoundry provides mobile banking and mobile payment solutions to some 850 banks and retailers, including Bank of America and Starbucks, which uses some of mFoundry’s technology to enable mobile payments, which complements the partnership that Starbucks has with Square."

Apple Patents Crowdsourced, Peer-To-Peer Mobile Banking That Could Use iTunes To Provide Cash On Demand
"Today the USPTO published an Apple patent application (spotted by UnwiredView) that ventures a little farther afield than most, and describes a mobile banking concept that is truly innovative, which could essentially turn iTunes into a micro-lending bank. The patent outlines a system whereby a user would post requests for small amounts of cash using their iPhone, which other nearby users could respond to to provide some quick funds when there’s no ATM nearby."

"When we look at our Technographics data on mobile banking adoption by bank, it’s clear that some banks are doing much better than others. Why? Some banks are lucky. Some banks have distinctive brands or propositions that have earned them a customer base that is younger, better educated and higher income than the population as a whole. These customers are more likely to own smartphones, more like to use the mobile Internet, and more likely to be technology optimists. That makes them pre-disposed towards using mobile banking and so relatively easier to persuade to adopt mobile banking. Others have just worked hard. The rising tide of mobile Internet adoption is not raising all boats at equal speed. Some banks have persuaded far more of their customers to use mobile banking than others. The secret of their success? The digital banking teams at the most successful banks have worked long and hard to design, build and promote mobile banking services that meet their customers’ needs."

Mobile banking focuses on customer convenience
"Mobile banking is all about convenience. 'Customers don’t go anywhere without their phones anymore. With mobile, it’s all right there,' said Brad Larson, Great Western Bank operations manager. Great Western Bank launched mobile services last year, with text banking, a mobile website and applications for Apple, Blackberry and Android mobile devices."