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."