Mobile Banking Updates - July 11

Mobile Banking? There’s an App for That — and Often a Sizable Fee Too
"Banking with your smartphone? There’s an app for that. But some customers are finding there’s a fee for it as well. Mobile banking has grown significantly in the past couple of years. The Pew Research Center says more than half of Americans now have smartphones. Consultants at the Aite Group said in a report last year that the number of people banking on their phones will triple by 2016."

BBVA Compass economists examine mobile banking, crowdfunding, other trends in latest quarterly report
"The financial industry faces its most dramatic transformation in modern history because of increased online and mobile device usage, which will make banks more productive but also boost competition from nonbanks, BBVA Compass economists say in their latest report. This "transformation will result in a more efficient financial system that will be in a stronger position to support economic growth and wealth creation," the economists say. Every quarter, the bank's economic research team publishes its Economic Outlook, a report focused on a variety of issues that affect the U.S. as a whole as well as the Sunbelt states where BBVA Compass operates."

Key Considerations for Testing Voice Recognition in Mobile Banking Applications
"Traditionally, banks have been burdened with high regulations and slow processes. Mobile is completely changing all of that. Mobile has quickly forced banks to catch up with their customers and embrace mobile apps. According to an inforgraphic produced by analytics solutions provider FICO, one billion people are projected to use mobile banking by 2017. Banks are continually innovating and improving their mobile services and even incorporating voice recognition."

New Access publishes a white paper on mobile banking apps
"New Access SA, a leading provider of front office solutions to banks and financial institutions, announces the publication of a white paper on Mobile Banking Apps by David Sikorsky, Head of Market Research. Tablet apps offered to wealth management advisors are in a transition phase right now. While all research points to the fact that it will become a transformational technology for the sector, very few software solutions vendors seem to take it seriously and very few banks, outside of the US, have a clearly defined strategy. Larger IT vendors are not yet very well organized and many banks are still defining their strategies. In terms of functionality, research shows that the tablet apps will initially be used to create a better client experience and facilitate interaction between client-adviser, during account opening and account review processes.

Virtual Piggy Hires Creative Director with Mobile Banking Chops
"Virtual Piggy, the parent-controlled money management platform for children, added an experienced mobile banking designer as its new creative director of mobile design. Ivo Weevers will lead and manage the mobile consumer experience team for Virtual Piggy, a company that enables young people to make purchases under the supervision of their parents. His past work includes leading mobile design at Royal Bank of Scotland and he is a recipient of the British Interactive Media Association's Innovation Award for his work developing mobile payments technology."

Pay-What-You-Want GoBank Puts Mobile Users First
"A new player has emerged at the forefront of mobile banking with the hopes of capturing the nation's youngest banking audience and setting the tone for what it means to bank virtually. Launched to the public [recently], GoBank is the first bank designed specifically for mobile use. All functionality is available through its app, everything from opening your account to paying bills to managing your budget."

Intuit Pares Back, Refocuses with Financial Services Sale
"Intuit is selling a division that provides software to financial institutions in a deal worth about $1.03 billion as it focuses on products for consumers and small businesses. Intuit Inc., based in Mountain View, California, makes TurboTax, QuickBooks and other personal finance software. The company is still paring back its business. It also said Monday that it wants to sell a division that serves the health care industry."