Mobile Banking Updates - June 9

The Quest for Simplicity in Mobile App Design
"We heard it again and again from Charaka Kithulegoda and other bankers honored in our Mobile Banker of the Year package this year: simplicity and ease of use are the keys to sound mobile banking app design. 'People don't live to bank, financial institutions exist to serve their needs,' observes Hari Gopalkrishnan, a managing director at Bank of America."

You Talking to Me? How Voice Is Revolutionizing Mobile Banking
"Want to race? Pull up your mobile banking app, enter bill pay data, click pay. I'll use my voice to log in - no keying in the password - and simply tell the app whom to pay, how much. Who will be faster? Who will get the job done with less irritation? And with none of the miskeyed entries that turn so much mobile banking into an exercise in angst."

The 5 Biggest Pain Points for Mobile Banking
"I just attended and presented at the Mobile Banking and Conference Summit in Miami. Now in its seventh year (mobile banking existed in 2006?!?), the conference was an exploration of how financial institutions are being influenced by, and taking advantage of, the mobile channel and mobile technology. A few hundred attendees, including mostly high-level executive, product, technology and marketing folks were there."

Finance on the fly with convenience of mobile banking
"'App. Snap. Deposit.' Sound easy? It is. Banking has become as simple as one, two, three. Manage your money on-the-go, anywhere, anytime, in the click of a button. Check account balances, recent transaction history, transfer funds and locate nearby branches and ATMs – all on your mobile device for free. The way of the future is now."

U.S. Bank's Badarinath Isn't Shy About Testing the Mobile Waters
"'In banking, there are few sustainable sources of competitive advantage,' says Niti Badarinath, senior vice president and head of mobile banking at U.S. Bank, Minneapolis. 'Product innovation is probably not a place where banks can truly distinguish themselves, especially in consumer banking. Pricing is also not a source of sustainable competitive advantage: you can change some rates here and there, but it's not something you can keep differentiating yourself on. Then it comes down to, how easy are you going to make it for your customers to access and manage their finances?'"

The ROI of Mobile Banking
"Today, the general consensus is that mobile banking capabilities are table stakes for financial institutions. While it's certainly true that consumers are coming to expect mobile banking, it should not be regarded as just another cost of doing business. Mobile banking actually delivers a compelling return on investment. Once a bank or credit union has the foundation of mobile banking in place, the addition of services like person-to-person payments and remote deposit capture can provide new revenue sources, as research indicates consumers will pay for such convenience-enhancing features."

BBVA Compass adds picture bill pay capabilities to its iPhone mobile banking app
"BBVA Compass today expanded its iPhone app with Picture Bill Pay, allowing customers to pay bills and add payees by taking pictures of their paper bills with their iPhones. 'We wanted our app to be as robust as possible since nearly 35 percent of those who take advantage of mobile banking manage their finances exclusively through their apps,' said Alejandro Carriles, director of self-service channels at BBVA Compass. 'Innovative and fun features like this allow us to improve and simplify those customers' experiences.'"