Mobile Banking Updates - June 13

Wolberg-Stok at Citi Aims for a Single, Globetrotting Mobile App
"Andres Wolberg-Stok was promoted about a year ago to global mobile and tablet banking director at Citigroup. 'It's a bigger field in which to inflict damage,' he jokes. So far this year, he's traveled to Singapore, Mexico, London and Brussels. 'It keeps us true to the old motto, the Citi never sleeps. Having a global team in with members in the US, Europe and Asia is extraordinary because the sun never sets on the team, people are always working. You can get a lot done.'"

Mobile Banking Seen Needing Improved Authentication, ID Verification
"Financial institutions need to step up the security they provide for mobile banking, experts on a panel at the Mobile Banking Summit agreed today. 'Facebook, Gmail, Twitter, and World of Warcraft all have multi-factor authentication,' says Robert E. Lee, business analyst at Intuit. 'If you're a bank and still using challenge questions, I have to ask you, why is your security worse than an online video?'"

Riding the Wave of Mobile Banking
"Smartphones have created a consumer demand for all lifestyle tools to be packaged in one neat space that we keep in our pocket and can access on the go, from any location. Improvements in security and performance have resulted in an increasingly confident consumer that is more open to banking through their phones. Mobile dominates our social and business lives – and this is just the start of it. To that effect, over the last few months there has been a noticeable spike in the number of financial institutions who integrate mobile into their banking offering, perhaps as part of wider projects to revamp legacy systems."

Mobile Bankers Applaud Obama Plan to Crack Down on Patent Trolls
"The plan President Obama announced Tuesday to crack down on patent assertion entities or "patent trolls" — companies that buy up patents to extract licensing fees — was met with approval by attendees at the Mobile Banking Summit in Miami. Obama's plan would require patentees to file updated ownership information when filing a claim. It would let courts award attorneys' fees as a sanction for abusive court filings. It would permit a wider range of challengers to petition for review of issued patents before the Patent Trials and Appeals Board. It would protect consumers and businesses from legal liability when they use a product off the shelf and solely for its intended use."

Should A Bank Outsource Its Mobile Strategy?
"Now more than ever before, banks need to be able to offer their customers innovative digital services, and bank IT spending trends point to this conclusion. According to U.K. analyst group Ovum, mobile banking is the clear IT investment priority in 2013 among the digital channels, as retail banks attempt to capitalize on the features unique to mobile, such as location-based services. According to a report from the firm released earlier this year, spending on digital channels, which includes mobile, will grow 6.7% in North America in 2013 and rise at a compound annual growth rate of 8.2% between 2013 and 2017."