Mobile Banking Updates - Mar 18

The Future of Mobile Banking
"Mobile banking apps make banking and managing finances more convenient and less time consuming. They also reduce the need for working with loads upon loads of paper, like all those forms you need to fill out in brick-and-mortar banks. The most common activities performed by mobile banking app users include scanning and depositing checks, monitoring account balances and, for some, managing travel or hotel bookings. Many banks also offer online banking options for those who want an easier way to control their cash flow, pay their bills, and locate ATM stations."

For Students, Banking 2.0 Involves Social Media (and the Ads That Go With It)
"Let’s say you’re in college. You’re taking a full load of courses, balancing classes with a work-study job that pays minimum wage, and whether you eat or not depends entirely on the credit still left on your weekly meal plan. Money’s tight and you’re caught in between independence and still having to rely on your parents’ generosity."

Banks must adapt to Hispanics' mobile banking needs, study says
"A recent study has found that as Hispanics across the country embrace mobile technologies, banks hoping to attract Hispanic customers must change their marketing tactics to be more mobile. The “Hispanic Mobile Banking Trends Study” — which was conducted by Zpryme Research and Consulting LLC, an Austin-based research advisory firm, and ThinkNow Research, a California-based Hispanic consumer research firm — found that 69 percent of Hispanics use their smartphone for mobile banking and 49 percent use their tablet for mobile banking."

Mobile Banking Will Help the Poor Prosper
"When it comes to strengthening our financial security, Americans' relative wealth means more access to banking and the kinds of innovative technologies that put financial management and security at our fingertips. In the U.S. and much of Europe, smartphone use is becoming ubiquitous, and virtually every major bank offers app-based banking services. Even in the U. S., however, access to basic banking services isn't as widespread as it may seem. One in 12 American households lacks any kind of deposit account, according to a recent report by the Federal Deposit Insurance Corporation. In much of the rest of the world, access to formal financial services of any kind is even harder to come by. An estimated 2.5 billion adults lack consistent, reliable financial services, according to data from the World Bank. For three out of four of the world's poorest individuals – those who live on less than $2 per day – access to basic financial tools is nearly non-existent. But there is hope."

Mobile Banking Fees: Money Maker Or Momentum-Killer?
"Will charging for mobile banking apps slow their rate of adoption? We could see an interesting case study in that debate soon, as PNC bank is reportedly considering charging for its mobile check depositing service. PNC’s mBanking features are, as they are for most major banks, currently free for customers. But according to this recent Mobile Commerce Daily piece, the potential to add revenue may be too great a temptation for banks to resist: even if it means fewer people us their services."

Next in Mobile Banking: Photo Bill Payments
"Now that many banking customers are used to depositing paper checks by snapping a photo with their cellphones, some banks are adding another feature: photo bill pay. U.S. Bank this week introduced a mobile “photo bill pay” service, which allows its online and mobile banking customers to snap a photo of a paper bill with their phone and have the information automatically loaded into their account. Then, they can pay the bill electronically. First Financial Bank in Abilene, Tex., began offering the service earlier this year, too. A hat tip to Netbanker for bringing that bank to our attention."

Report: Tablet boost to mobile banking
"A quarter of tablet PC users will use their device to pay bills by 2017. That is one of the headline findings of a new report by Juniper Research. Because of a sharp rise in tablet adoption, Juniper calculates that users of transactional tablet banking services will number almost 200 million in 2017. The research firm says this will account for around 19 per cent of total mobile banking customers in 2017, up from 9 per cent this year."