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."