Mobile Banking Updates - Mar 24

Mobile Banking Innovations
"In 2006 Muhammad Yunus received the Nobel Peace Prize for his achievement with Grameen Bank. It gives microcredits to people too poor to qualify for traditional bank loans and the bank made a signficant profit with this business model. If the Nobel Committee was composed of international CEOs you can be sure Mr. Yunus would probably have received the Nobel Prize for Economics as well. He was able to create business opportunity where it was mostly overlooked or deemed impossible. He did that by offering new services and out-of-the-box thinking."

Loyalty To Mobile Banking Kept Some From Switching To CUs
"Credit unions could have gained even more members than the 2.2 million members they added in the weeks surrounding Bank Transfer Day, if they had made it easier for consumers to transfer their mobile accounts, according to Jim Van Dyke , CEO of Javelin Strategy & Research."

City National Bank aims mobile banking suite at small and mid-sized businesses
"Banks big and small are scrambling to "mobilize" their offerings, including those aimed at business clients. Today, City National Bank, a financial institution with $28.6 billion in assets, announced that it's offering a new online and mobile business banking solution called Book2Bank. The new suite of services includes connections to accounting software such as QuickBooks, as well as the ability to automate payment activities."

Infographic: What’s Really Going On in Mobile Banking
"By 2017, an estimated one billion people will use mobile banking. Even today, mobile banking has become an accepted – if not routine – part of daily life. But according to the data presented in a new infographic from FICO, there’s often a gap between what mobile services customers want and what their banks offer."

Check depositing via mobile banking reaches $40B threshold
"According to findings from mobile document capture software firm Mitek, Americans 'are increasingly comfortable with depositing money into their accounts simply by taking a photo of a check.' Sure, this survey came from a vendor who found that people just love what they do, but there is some interesting data nonetheless. The findings state that more than 12 million have deposited funds via check capture software. So far, this translates into more than $40 billion into accounts."

Future of Mobile Banking: Fewer Banks, More Apps
"Mobile banking is increasingly popular, according to a report from consulting firm Bain & Company, offering banks a chance to cut costs but also increase customer loyalty. The December 2012 report from Bain found that 20 percent of mobile users in the U.S. had accessed a mobile banking app in the past 12 months, with 64 percent performing a simple balance inquiry. Forty-one percent used a remote deposit capture system on their phone, while 26 percent paid bills with a mobile device."