Mobile Banking Updates - July 18

Banks ‘galloping ahead’ to help you manage your money on mobile
"Most of us will not consider our bank to be a hotbed of innovation. But banks are toying with various open-source projects and are rapidly developing ways to help you manage and share money from a smartphone. “For an industry that has been tarred with the brush of being old-fashioned, banks have realized they need to innovate fast and are galloping ahead,” said Mark Curtis, chief client officer for Fjord, onstage today at VentureBeat’s MobileBeat 2013 conference."

Nina the mobile accessibility assistant
"I went to the opera last week with some friends; they bought the tickets and I paid for dinner. At the end of the evening I owed them over a hundred pounds (the opera was excellent but expensive!!). How was I going to pay them? I do not carry that much cash, nor would they want it. I do not carry a cheque book with me, nor would they want the hassle of paying it in. Ringing up the telephone banking service on my mobile would take too long, credit and debit cards could not help. My mobile banking app would do the trick but is fiddly, so I went home, logged on to my online banking system went through the menus and transferred the money."

Banno scores assist on success of New York firm’s first mobile banking app
"When New York-based Generations Bank launched its first mobile banking app in February, Cedar Falls startup Banno was there to help power it. The app, called mygenmobile, has since grown twice as quickly as projected, according to a Banno press release today. Banno partnered with Allen, Texas-based software company ProfitStars on the project—a familiar pairing as the two companies collaborated last year on ProfitStars' iPay Solutions platform."

Big Data Innovation in Banking
"As financial institutions grapple with evolving business landscapes and increased information demand, finding optimal ways to store, organize and monetize the ever-increasing crush of data they possess is of crucial import. How effectively banks can make better business decisions based on the so-called "big data" they process on a daily basis will be crucial for the industry going forward, said Andy Hirst, senior director of Industry Marketing for SAP. Hirst, speaking on big data innovation at the International SAP Conference for Financial Services this week, noted that banks are inundated with new sources of information constantly."