International Mobile Banking Updates - June 11

ING Direct Canada Tests Low- and High-Tech Touches
"ING Direct Canada is testing an onboarding process that will reduce by 80% the number of questions that new customers have to answer. Charaka Kithulegoda, chief information officer of ING Direct Canada, said during his keynote address at the Mobile Banking and Commerce Summit that the bank aims to halve what has been a five-minute process. ING Direct is also running authentication pilot programs of voice and facial recognition biometrics with an aim to enhance security and customer trust. It plans to start offering mobile remote deposit capture to its customers this month."

NEW PARTNERSHIP IN SPAIN MAY BOOST MOBILE COMMERCE
"Telefonica, a leading Spanish telecommunications company, has announced a new partnership with CaixaBank and Santander in order to create a joint venture that aims to develop a new mobile banking solution that include launching a mobile wallet service for consumers. Mobile commerce has been showing strong growth throughout Europe, leading many telecommunications companies to make their way into this space in order to meet the changing needs of consumers. Banks have also been taking note of this trend and have been following in the footsteps of telecommunications companies."

NerdWallet: Will Mobile Banking Change The Way We Bank?
"In the past year, banks and credit unions across the country have rolled out mobile banking services for smartphones and tablets to meet a rapidly rising demand. The ease and efficiency of mobile banking is its greatest advantage, allowing consumers to make payments, check balances, transfer funds, speak with bank or credit union representatives, and quite often, deposit checks, without ever entering a branch."

Banks battle mobile networks for hidden cash in townships
"Standard Bank Group (JSE:SBK) hired Itumeleng Heymann to persuade her neighbors that for about $6 a month, their cash would be better off with Africa’s largest lender than in its current hiding place: under the bed. For millions of Africans, a simple Nokia mobile phone acts as a bank account, allowing them to transfer funds with services like M-Pesa, run by Vodacom Group (JSE:VOD) and Safaricom. Now Standard Bank is turning to an army of 1,000 township residents such as Heymann as it tries to block Vodacom, South Africa’s largest wireless operator, and companies like it from muscling in on the nation’s expanding banking market as they have in Kenya, Tanzania and elsewhere. So far, the banks are winning."

Mobile Security: Lessons from Asia
"When it comes to mobile banking and payments, security risks are similar globally. But Western institutions can learn from innovative solutions now offered in the East, says fraud expert Tom Wills. Wills says banking institutions in some of Asia's most developed markets, including Singapore, are more willing than their U.S. counterparts to involve consumers in security measures. 'I've found that financial institutions here are very willing to embrace security and to get their consumers involved in securing their own financial assets,' he says during an interview with Information Security Media Group."

Diamond Bank to power branchless banking with new technology
"IN recognition of the huge role technology plays in service delivery, Diamond Bank is to deploy BankOne mobile application to boost its branchless banking strategy in the country. BankOne, a mobile banking application, allows instant account opening and registration. The application is designed and developed by AppZone, a fast-growing technology company. The integration of the branchless banking on the BankOne platform will allow Diamond Bank acquire and easily migrate all mass market accounts and ensure customers get quality service."

Tech-no thanks: Payment phobia more common than fear of spiders
"Fear of mobile banking and contactless cards affects 26% of us – that’s more than the number who are scared of spiders at 25%, according to PayYourWay.org.uk the Payment Council's education campaign. This phobia is costing us time and money as more than a fifth have wasted time queuing to check a bank balance and one in seven has incurred a late fee because they missed a payment. It is the risk of thieves gaining access to bank accounts and personal information that holds many of us back. The Payments Council says there is no need for these fears because the latest ways to pay are safe and easy to use and banks have ­measures to protect customers such as encrypted websites, security software, deactivation of login details if a number of incorrect attempts are made and varying types of authentication processes."

Comparing American and British Consumer Mobile Banking Habits
"In late May, United Kingdom payment-network operator VocaLink released survey results from British consumers about mobile banking and payments use. The results reinforced the trend mobile payments are gaining traction with consumers as 50 percent of respondents stated they are either already or interested in using mobile payments in the near future."

Banks need to improve their digital offerings
"Banks can enhance customer experience and enable sales at the same time by creating more personal interactions through their mobile offerings. The latest World Retail Banking Report by Capgemini and Efma showed that the quality of a bank’s mobile service can significantly influence a young customer’s decision to choose or switch banks. Older customers, in contrast, tend to rely more on traditional banking channels. 'As early and adept users of mobile, young customers are more likely to choose or leave a bank because of the quality of mobile services it offers,' the report said."

Online banking: "Act quickly after transfer mistakes"
"People who enter incorrect bank details when transferring money online are being urged to act quickly after making a mistake. The Financial Ombudsman Service says the money is easier to get back if an early warning flag is raised. But delays or grey areas of the law can make retrieving the money awkward over time. And those who are credited with the money by accident are being encouraged to own up."

Consumers slow to embrace mobile banking
"Mobile banking still accounts for less than 10 per cent of the value of digital transactions, despite the rapid growth in customers managing their finances on the go. As consumers embrace smart phones, the number of Australians with mobile banking has rapidly increased. The number of mobile banking customers surged to 6 million earlier this year, and is tipped by banks to overtake banking through traditional websites in years to come."