Mobile Banking Updates - June 2

New Mobile Banking Intensity Index Monitors Apps and Adoption
"American Banker has launched the Mobile Banking Intensity Index, a monthly gauge of mobile banking deployment and adoption in the U.S. The initial reading of the index confirms what many bankers know from their own experience: adoption of mobile banking is expanding at a fierce clip. The MBI is a diffusion index, and its initial reading of 70.4 indicates strong expansion of mobile banking activity. For context, readings above 50 in a diffusion index indicate expansion and readings below 50 point to contraction. The further from 50 a reading is, the stronger the indicated change. A reading of 50 suggests that activity was unchanged month to month."

GeoPay turns to decades-old technology to create mobile-banking platform
"Reston-based GeoPay, which provides cellphone-based banking services for people who might not otherwise have accounts at financial institutions, has turned to decades-old technology to create a mobile banking platform, according to The Washington Post. 'It’s essentially like text-messaging the transaction to a merchant or to a peer,' said Darren Feeley, founder and chief executive of GeoPay. 'The beauty of this is that it provides lightweight, basic financial services for those who ordinarily would not have them.'”

No surprise here, right? Mobile banking is on the rise, according to new survey "These days, we conduct our daily lives on our smart phones or tablets. So it’s not entirely surprising that more consumers are becoming comfortable banking on their phones or tablets. A survey released today by Dallas-based SWACHA, an electronics payments industry group, found that 33 percent of consumers use mobile banking applications on a cell phone or tablet. That’s up from 20 percent in 2011 and just 7 percent in 2009. Dig a little deeper, and the survey found that 20 percent use a mobile bank app daily while 45 percent use one at least once a week."

Texans Take to Mobile Banking, Survey Finds
"Mobile banking is burgeoning in the Lone Star State. Thirty-three percent of Texans say they use mobile banking applications on a smartphone or tablet, up from 20% who said they used such applications in 2011, according to a survey released Thursday by SWACHA, a nonprofit payments association that serves financial institutions in Texas, New Mexico and Louisiana."

Survey shows online banking getting a boost from mobile technology
"A new study shows people are increasingly using mobile banking applications as they adapt to new technologies. A 2013 survey by SWACHA, a non-profit electronic payments association based in Dallas, found that 33 percent of respondents now use mobile banking applications on a cell phone or tablet. That is up from 20 percent in a survey from 2011 and just seven percent in 2009."