Banking Malware Dominates New Mobile Security Threats: McAfee
"Banking malware and "backdoor" Trojans, which steal data from a computer without the victim realizing it, were the most popular mobile threats unleashed during the second quarter, according to a report released this week by McAfee Labs. The company found more than 17,000 new strains of malware targeting Android devices during the three-month period — a 35% growth rate, higher than any the company has seen since 2010. All told, McAfee now counts 147 million types of malware in its database."
Mobile Malware Rebounds and Keeps Growing, Report Says
"After decreasing slightly in the first three months of this year, mobile malware has rebounded, with 17,000 new Android malware species detected in the second quarter of 2013, according to a new report by security firm McAfee.
This rise indicates that cyber criminals are focusing their efforts on infecting smartphones rather than computers, as people are using their phones more frequently — particularly for activities that were traditionally done with a computer, such as online banking."
Ransomware and Android become tastiest targets for cyber crooks
"Ransomware and banking-focused mobile malware are cyber criminals' new must-have items, according to security provider McAfee. McAfee reported seeing a marked spike in the number of ransomware and mobile banking attacks active in the wild in its Second Quarter Threat Report [PDF]. The McAfee report highlighted ransomware as the fastest-growing attack type, revealing that the number of computer-hijacking malware detected has more than doubled in the last four months."
Mobile Banking Now 20% Of All Online Financial Transactions
"iovation, stopping Internet fraud and identifying good online customers with the world's most comprehensive device reputation database, today announced that it and CEB TowerGroup will detail the unique security risks that accompany the rapid adoption of mobile banking in an upcoming webinar. Max Anhoury, iovation's Vice President of Global Sales, and Jason Malo, Research Director at CEB TowerGroup, will host the webinar entitled "Mobile Banking Security: Risks and Consequences" on Wednesday, August 21, 2013, at 10 a.m. Pacific Daylight Time."
IT security experts identify growing threat of fake mobile banking apps
"In its second quarterly threats report for 2013 (38-page / 2.61MB PDF), McAfee said that hackers are using "banking malware" that allows them to access text messages sent by banks to their customers that ask for extra security details to be entered before giving access to accounts. The malicious software sends hackers a copy of the text messages issued by the banks, it said."
Risks of Online Banking
"With just a quick snap of a picture or a few taps on you cell phone, you can transfer money, cash a check, and do practically all of your banking online.
But you could be jeopardizing not only your banking and savings accounts, but your online security. If you think twice before accessing banking information on your cell phone, you're not alone. Even though smart phone use has sky rocketed over the years, the more mobile banking capabilities that are available to you has had a big down side. Having this technology right at your finger tips has made consumers more concerned about sharing their personal financial information over the phone."
Thursday, August 29, 2013
Wednesday, August 28, 2013
Mobile Banking Updates - Aug 28
Payment innovations: Are you in?
"Like most banks, Home Federal Savings Bank, a $1 billion-assets institution in Sioux Falls, S.D., is wary of nonbank competitors in payments. Says Natalie Sundvold, senior vice-president, service and support, “From my seat in a financial services company, the thought of an outsider coming into payments is frightening. It doesn’t feel good, especially because consumers may not understand how payment security works.” When evaluating payments players and planning their own strategy, banks would be wise to keep the words of the Chinese general and military strategist Sun-tzu in mind: 'Keep your friends close, and your enemies closer.'”
Does Your Financial Institution’s Digital Strategy Pass the ROI Test?
"Large investments in emerging services like mobile and online do not always translate into higher customer satisfaction or even high financial performance. Javelin Strategy & Research, a leading financial services analyst firm, is releasing the company’s new competitive benchmark service, Outperform, which is a result of analyzing over 20 leading financial institutions and provides insights to improve each banks’ return on investment on emerging bank services—mobile and online banking services."
The globalisation of immediate payments – rolling out faster transactions
"The proliferation of smartphones, for example, has created a society that is locked into the internet whenever and wherever, with constant and immediate access to a huge array of services and 24/7 communication. The subsequent demand for immediacy and convenience has fundamentally changed the expectations customers have of service providers – and this extends to banking and payments. The growth of online and mobile banking has seen reliance on traditional bank branches fall dramatically, with customers instead choosing to conduct their financial affairs on the move and at their own convenience."
Study: Hard Numbers Reveal Growing Mobile Usage
"The latest data dump from Malauzai Software – which now provides mobile banking apps to 108 credit unions and banks – reveals continued, strong growth in mobile banking usage. The just-released July numbers show that among financial institutions that have offered mobile banking for at least one year, 'the average month-over-month (member usage) growth rate is 4.19%. The best-in-class number is 11.56% with several banks and (credit unions) topping 10%,' according to Malauzai in Austin, Texas."
Sonoma Bank Launches Mobile Banking Solutions
"Sterling Financial Corporation (NASDAQ:STSA), whose principal operating subsidiary does business in California as Sonoma Bank and Borrego Springs Bank, today announced that Sonoma Bank is launching a robust mobile banking suite for consumer customers. Now, Sonoma Bank customers can manage accounts with a mobile phone or a tablet using the Sonoma Bank Mobile App, which is available for iPhone, iPad and AndroidTM devices. Customers can also access accounts with Mobile Web or enroll in Text Banking and text the bank to receive account balance and recent transactions."
Mobile Banking Getting Easier And Faster
"No question banking on-the-go is easier than ever thanks to our smartphones. And now many banks are offering more services than just paying bills and depositing a check with your phone. Want to split the check for dinner with your friends, pay the babysitter on-the-spot, or the neighborhood kid to mow your lawn? Now you can use your phone for that too. No cash, no checks required."
Microfinance Institutions Benefit Most from Mobile Banking in Mature Markets
"New research from the Consultative Group to Assist the Poor (CGAP) finds that microfinance institutions (MFIs) and their customers can derive clear benefits from integrating with mobile banking services. However, MFIs are not yet playing a driving role in the adoption of mobile banking. Instead, MFIs successful in using mobile banking are located in mature markets where mobile and agent infrastructures are already established and where customers are experienced with viable mobile payments solutions. The benefits of mobile banking services to MFIs largely depend on the success of the existing mobile banking service itself: in markets where mobile banking is strong, MFIs and their customers can more easily benefit."
Ameriana Bank unveils Allied Payment’s mobile bill pay platform "Ameriana Bank has implemented Allied’s Picture Pay mobile bill pay, which allows its customers to pay any bill easily and securely by capturing a photo of the bill with their mobile devices. The lender, which combined the Picture Pay into its existing mobile banking application, said that the deployment of the new technology will reduce the complexities during the bill pay process."
'Lines Are for Losers': The Mobile Banking Mantra
"Just maybe Albuquerque media expert Casey Echternacht has the slogan for today's mobile banking generation: "Lines are for losers," he said when asked why he is a self-professed fanboy for mobile banking. He's a new convert - 'I just signed up a few weeks ago,' he said, after discovering his credit union offered a mobile banking app. 'They won't be seeing me in branches much anymore.'"
Banks target larger companies for mobile services
"Many U.S. banks have been quicker to offer mobile banking services to their consumer and small-business clients than to larger middle-market and corporate customers. But with customer demand rising significantly, the race is now on among the top 50 U.S. banks to roll out corporate mobile banking, according to a recent Aite Group report. For the company's "Corporate Mobile: Gaining Momentum" study, Christine Barry, Aite Group's wholesale banking research director, surveyed 32 U.S. banks with more than $14 billion in assets, representing approximately the top 50 U.S. banks ranked by total assets. The survey, conducted in June, excluded small-business mobile banking and focused solely on middle-market and corporate mobile banking."
The promise of NFC: Mobile payments and mobile advertising will make life better for all of us "Mobile payments have remained a small but fast-growing part of the explosion of smartphone usage in America. According to a study by Creditdonkey.com, 87 percent of Americans have a mobile phone but only 21 percent of mobile phone users have taken advantage of mobile banking in the past year. Mobile payment products like Visa's payWave or Paypal's apps for iOS and Android may be the way all of us buy goods in the future, but a number of consumers are resisting the technology. According to CreditDonkey's survey, 68 percent of respondents said that they would not like to replace cash with a mobile payment product. It is going to take time for the mobile phone to replace the wallet."
"Like most banks, Home Federal Savings Bank, a $1 billion-assets institution in Sioux Falls, S.D., is wary of nonbank competitors in payments. Says Natalie Sundvold, senior vice-president, service and support, “From my seat in a financial services company, the thought of an outsider coming into payments is frightening. It doesn’t feel good, especially because consumers may not understand how payment security works.” When evaluating payments players and planning their own strategy, banks would be wise to keep the words of the Chinese general and military strategist Sun-tzu in mind: 'Keep your friends close, and your enemies closer.'”
Does Your Financial Institution’s Digital Strategy Pass the ROI Test?
"Large investments in emerging services like mobile and online do not always translate into higher customer satisfaction or even high financial performance. Javelin Strategy & Research, a leading financial services analyst firm, is releasing the company’s new competitive benchmark service, Outperform, which is a result of analyzing over 20 leading financial institutions and provides insights to improve each banks’ return on investment on emerging bank services—mobile and online banking services."
The globalisation of immediate payments – rolling out faster transactions
"The proliferation of smartphones, for example, has created a society that is locked into the internet whenever and wherever, with constant and immediate access to a huge array of services and 24/7 communication. The subsequent demand for immediacy and convenience has fundamentally changed the expectations customers have of service providers – and this extends to banking and payments. The growth of online and mobile banking has seen reliance on traditional bank branches fall dramatically, with customers instead choosing to conduct their financial affairs on the move and at their own convenience."
Study: Hard Numbers Reveal Growing Mobile Usage
"The latest data dump from Malauzai Software – which now provides mobile banking apps to 108 credit unions and banks – reveals continued, strong growth in mobile banking usage. The just-released July numbers show that among financial institutions that have offered mobile banking for at least one year, 'the average month-over-month (member usage) growth rate is 4.19%. The best-in-class number is 11.56% with several banks and (credit unions) topping 10%,' according to Malauzai in Austin, Texas."
Sonoma Bank Launches Mobile Banking Solutions
"Sterling Financial Corporation (NASDAQ:STSA), whose principal operating subsidiary does business in California as Sonoma Bank and Borrego Springs Bank, today announced that Sonoma Bank is launching a robust mobile banking suite for consumer customers. Now, Sonoma Bank customers can manage accounts with a mobile phone or a tablet using the Sonoma Bank Mobile App, which is available for iPhone, iPad and AndroidTM devices. Customers can also access accounts with Mobile Web or enroll in Text Banking and text the bank to receive account balance and recent transactions."
Mobile Banking Getting Easier And Faster
"No question banking on-the-go is easier than ever thanks to our smartphones. And now many banks are offering more services than just paying bills and depositing a check with your phone. Want to split the check for dinner with your friends, pay the babysitter on-the-spot, or the neighborhood kid to mow your lawn? Now you can use your phone for that too. No cash, no checks required."
Microfinance Institutions Benefit Most from Mobile Banking in Mature Markets
"New research from the Consultative Group to Assist the Poor (CGAP) finds that microfinance institutions (MFIs) and their customers can derive clear benefits from integrating with mobile banking services. However, MFIs are not yet playing a driving role in the adoption of mobile banking. Instead, MFIs successful in using mobile banking are located in mature markets where mobile and agent infrastructures are already established and where customers are experienced with viable mobile payments solutions. The benefits of mobile banking services to MFIs largely depend on the success of the existing mobile banking service itself: in markets where mobile banking is strong, MFIs and their customers can more easily benefit."
Ameriana Bank unveils Allied Payment’s mobile bill pay platform "Ameriana Bank has implemented Allied’s Picture Pay mobile bill pay, which allows its customers to pay any bill easily and securely by capturing a photo of the bill with their mobile devices. The lender, which combined the Picture Pay into its existing mobile banking application, said that the deployment of the new technology will reduce the complexities during the bill pay process."
'Lines Are for Losers': The Mobile Banking Mantra
"Just maybe Albuquerque media expert Casey Echternacht has the slogan for today's mobile banking generation: "Lines are for losers," he said when asked why he is a self-professed fanboy for mobile banking. He's a new convert - 'I just signed up a few weeks ago,' he said, after discovering his credit union offered a mobile banking app. 'They won't be seeing me in branches much anymore.'"
Banks target larger companies for mobile services
"Many U.S. banks have been quicker to offer mobile banking services to their consumer and small-business clients than to larger middle-market and corporate customers. But with customer demand rising significantly, the race is now on among the top 50 U.S. banks to roll out corporate mobile banking, according to a recent Aite Group report. For the company's "Corporate Mobile: Gaining Momentum" study, Christine Barry, Aite Group's wholesale banking research director, surveyed 32 U.S. banks with more than $14 billion in assets, representing approximately the top 50 U.S. banks ranked by total assets. The survey, conducted in June, excluded small-business mobile banking and focused solely on middle-market and corporate mobile banking."
The promise of NFC: Mobile payments and mobile advertising will make life better for all of us "Mobile payments have remained a small but fast-growing part of the explosion of smartphone usage in America. According to a study by Creditdonkey.com, 87 percent of Americans have a mobile phone but only 21 percent of mobile phone users have taken advantage of mobile banking in the past year. Mobile payment products like Visa's payWave or Paypal's apps for iOS and Android may be the way all of us buy goods in the future, but a number of consumers are resisting the technology. According to CreditDonkey's survey, 68 percent of respondents said that they would not like to replace cash with a mobile payment product. It is going to take time for the mobile phone to replace the wallet."
Tuesday, August 27, 2013
International Mobile Banking Updates - Aug 27
Consider Kenya’s Mobile Banking Model, CBN Told
"In order for mobile banking services to achieve a higher success rate in Nigeria, the Central Bank of Nigeria (CBN) has been advised to consider the Kenyan model. A report, which gave this recommendation, pointed out that Kenya’s mobile banking model seems to have defeated the vast difficulties associated with the cashless transaction platforms, saying that if employed by the CBN, this form of money transfer would cause the cashless policy to reach an unprecedented percentage of the unbanked population."
Mahindra Comviva's mobiquity mPayments Declared Best Mobile Banking Technology in Asia & Africa
"Mahindra Comviva, the global leader in providing mobile financial and VAS solutions, today announced its mobiquity mobile financial services platform has been awarded the best Mobile Banking Technology award by World Finance Technology Awards 2013, declared recently in London. Mahindra Comviva was recognized for its work in delivering relevant technology solutions for accelerating financial services growth in Asia and Africa."
SinoPac is first to launch mobile banking services
"Bank SinoPac (永豐銀行), the banking arm of SinoPac Financial Holding Co (永豐金控), yesterday launched mobile debit and credit card services, making it the first lender in Taiwan to tap the emerging mobile payment market. The new service, currently limited to 1,000 customers, allows them to pay for goods and services via their smartphones and tablets as mobile devices gain popularity."
Standard Bank’s mobile growth revealed
"Standard Bank says its mobile banking customers as at July 2013 have swelled to 3 million, representing a 58% increase from the same period last year. On Thursday (15 August) the group reported a 10% rise in headline earnings per share in the half-year to June period to 506 cents, and a dividend per share of 233 cents was declared. 'Sharply increased activity occurred through the mobile banking channels in South Africa offset by slightly lower activity through the group’s ATM network,' it said in its results presentation."
CIBC Mobile Banking app updated for Android and iOS
"CIBC has pushed out an update to their mobile banking app today for both Android and iOS. iOS (iPhone, iPod touch and iPad) is updated to version 4.5 and now supports multitasking for iPhone users, but the most notable change is on Android, now at version 2.0, as it bring a completely redesigned UI and optimized for devices (smartphone and tablets) running Ice Cream Sandwich or higher. Apart from the usual checking your account balance, transfer funds, finding branches and ATMs, the app allows CIBC customers to load up multiple cards, add an avatar to make the experience more personal, plus offers a ‘slide-out’ menu for easier navigation."
Financial inclusion and mobile banking
"The usual path of development has been one of developing countries catching up to their more prosperous brethren. From governance to technology, developing countries follow the lead of the developed world. Catching up is easier, being on the cutting edge infinitesimally harder. The advent of branchless banking has been contrary to the above mentioned trend, with developing countries such as Pakistan and Kenya taking the lead in the development of and innovation in the field."
ING Direct Australia develops new mobile app following complaints
"Complaints about its mobile banking app led ING Direct Australia to develop a new version which offered improved features with good security. Speaking at the Gartner Security & Risk Management Summit in Sydney, ING Direct Australia solution architect Johnathan Sharratt told delegates that its old app had a limited set of features."
Airtel Launches Mobile Banking with Equatorial Commercial Bank in Kenya
"Just after the signing of mobile banking agreement with Equity Bank, the ink has not dried and Airtel has partnered with Equatorial Commercial Bank with the same product. 'Mobile banking is a fast and growing phenomenon,' Airtel Kenya MD, Mr. Shivan Bhargava said at the launch event. 'With mobile banking business people can analyze their business transaction better thatn the cash transaction.'”
Consumers Rate the Best and Worst U.K Mobile Banking Apps in New Report from Xtreme Labs
"Xtreme Labs, the leader in mobile strategy and product development, today released a new report on the best and worst mobile banking apps in the U.K. as rated by customers themselves. The U.K. Banking Apps Report: Customer Reviews by Xtreme Labs analyzed customer reviews from the Apple App Store and the Google Play Store between May 18 and June 11, 2013 for the top 12 banks as ranked by total assets in the U.K."
Mobile, Internet banking to drive decline in cash use
"The UK Payments Council's latest report forecasts what the payments industry will look like in 10 years time. Overall, it predicts that card use by consumers will hit 17 billion in 2022, up 75% on last year's 10 billion. Meanwhile, the number of cash transactions is forecast to fall from 21 billion to 14 billion in 2022, with use of cards and mobile payments on the rise."
Banco de Venezuela launches m-banking initiative
"Venezuelan state-owned bank Banco de Venezuela (BDV) has launched a mobile banking initiative which will allow its clients to make transfers using smartphones and tablets, the company said in a release. BDV has launched the m-banking app, which can be downloaded for free or accessed via a URL, for Blackberry (Nasdaq: BBRY) and Android, and will soon provide a version for iOS."
"In order for mobile banking services to achieve a higher success rate in Nigeria, the Central Bank of Nigeria (CBN) has been advised to consider the Kenyan model. A report, which gave this recommendation, pointed out that Kenya’s mobile banking model seems to have defeated the vast difficulties associated with the cashless transaction platforms, saying that if employed by the CBN, this form of money transfer would cause the cashless policy to reach an unprecedented percentage of the unbanked population."
Mahindra Comviva's mobiquity mPayments Declared Best Mobile Banking Technology in Asia & Africa
"Mahindra Comviva, the global leader in providing mobile financial and VAS solutions, today announced its mobiquity mobile financial services platform has been awarded the best Mobile Banking Technology award by World Finance Technology Awards 2013, declared recently in London. Mahindra Comviva was recognized for its work in delivering relevant technology solutions for accelerating financial services growth in Asia and Africa."
SinoPac is first to launch mobile banking services
"Bank SinoPac (永豐銀行), the banking arm of SinoPac Financial Holding Co (永豐金控), yesterday launched mobile debit and credit card services, making it the first lender in Taiwan to tap the emerging mobile payment market. The new service, currently limited to 1,000 customers, allows them to pay for goods and services via their smartphones and tablets as mobile devices gain popularity."
Standard Bank’s mobile growth revealed
"Standard Bank says its mobile banking customers as at July 2013 have swelled to 3 million, representing a 58% increase from the same period last year. On Thursday (15 August) the group reported a 10% rise in headline earnings per share in the half-year to June period to 506 cents, and a dividend per share of 233 cents was declared. 'Sharply increased activity occurred through the mobile banking channels in South Africa offset by slightly lower activity through the group’s ATM network,' it said in its results presentation."
CIBC Mobile Banking app updated for Android and iOS
"CIBC has pushed out an update to their mobile banking app today for both Android and iOS. iOS (iPhone, iPod touch and iPad) is updated to version 4.5 and now supports multitasking for iPhone users, but the most notable change is on Android, now at version 2.0, as it bring a completely redesigned UI and optimized for devices (smartphone and tablets) running Ice Cream Sandwich or higher. Apart from the usual checking your account balance, transfer funds, finding branches and ATMs, the app allows CIBC customers to load up multiple cards, add an avatar to make the experience more personal, plus offers a ‘slide-out’ menu for easier navigation."
Financial inclusion and mobile banking
"The usual path of development has been one of developing countries catching up to their more prosperous brethren. From governance to technology, developing countries follow the lead of the developed world. Catching up is easier, being on the cutting edge infinitesimally harder. The advent of branchless banking has been contrary to the above mentioned trend, with developing countries such as Pakistan and Kenya taking the lead in the development of and innovation in the field."
ING Direct Australia develops new mobile app following complaints
"Complaints about its mobile banking app led ING Direct Australia to develop a new version which offered improved features with good security. Speaking at the Gartner Security & Risk Management Summit in Sydney, ING Direct Australia solution architect Johnathan Sharratt told delegates that its old app had a limited set of features."
Airtel Launches Mobile Banking with Equatorial Commercial Bank in Kenya
"Just after the signing of mobile banking agreement with Equity Bank, the ink has not dried and Airtel has partnered with Equatorial Commercial Bank with the same product. 'Mobile banking is a fast and growing phenomenon,' Airtel Kenya MD, Mr. Shivan Bhargava said at the launch event. 'With mobile banking business people can analyze their business transaction better thatn the cash transaction.'”
Consumers Rate the Best and Worst U.K Mobile Banking Apps in New Report from Xtreme Labs
"Xtreme Labs, the leader in mobile strategy and product development, today released a new report on the best and worst mobile banking apps in the U.K. as rated by customers themselves. The U.K. Banking Apps Report: Customer Reviews by Xtreme Labs analyzed customer reviews from the Apple App Store and the Google Play Store between May 18 and June 11, 2013 for the top 12 banks as ranked by total assets in the U.K."
Mobile, Internet banking to drive decline in cash use
"The UK Payments Council's latest report forecasts what the payments industry will look like in 10 years time. Overall, it predicts that card use by consumers will hit 17 billion in 2022, up 75% on last year's 10 billion. Meanwhile, the number of cash transactions is forecast to fall from 21 billion to 14 billion in 2022, with use of cards and mobile payments on the rise."
Banco de Venezuela launches m-banking initiative
"Venezuelan state-owned bank Banco de Venezuela (BDV) has launched a mobile banking initiative which will allow its clients to make transfers using smartphones and tablets, the company said in a release. BDV has launched the m-banking app, which can be downloaded for free or accessed via a URL, for Blackberry (Nasdaq: BBRY) and Android, and will soon provide a version for iOS."
Sunday, August 25, 2013
Mobile Banking Updates - Aug 25
Mobile Banking Continued Steady Growth in July
"Consumers' use of mobile banking apps continued to grow at roughly the same rate in July as the previous month, resulting in a reading for American Banker's Mobile Banking Intensity Index of 71.8. The biggest change during the month was in mobile check deposit: the index value for the average transaction value of checks deposited via mobile device dropped more than 10 points. However, check sizes are still growing, just not quite as much as they were in June. In July, 52% of bankers said the average value of checks deposited by consumers using a smartphone camera was higher than in in June. Almost half (47%) said the average value was about the same; less than 1% said these checks had gotten smaller."
Americans Rank the Top 10 Best and Worst Mobile Banking Apps
"Why did U.S. consumers rank Citizen’s Bank highest? And what three critical areas do several banks need to improve in? What do consumers think of banks’ mobile banking apps? It’s easy enough to find out. Just pop on the Apple App Store and the Google Play Store, where you can look at customer ratings and reviews."
Bank of America Tops 1 Million Small Business Mobile Banking Users
"More than one million Bank of America small business clients are now using mobile banking, according to a statement today by the bank. The milestone in adoption can be credited to the flexibility that mobile banking affords small business owners, Mary Bintz, a small business sales executive said in the statement. 'Today’s small business owners… are in their cars and trucks, on factory floors, shopping for supplies and visiting clients on-site.'"
Sterling Bank Launches Mobile Banking Solutions
"Sterling Financial Corporation (NASDAQ:STSA), whose principal operating subsidiary does business in Washington, Oregon and Idaho as Sterling Bank, today announced that it is launching a robust mobile banking suite for consumer customers. Now, Sterling Bank customers can manage accounts with a mobile phone or a tablet using the Sterling Bank Mobile App, which is available for iPhone(R), iPad(R) and Android(TM) devices. Customers can also access accounts with Mobile Web or enroll in Text Banking and text the bank to receive account balance and recent transactions."
Top 10 Mobile Banking Mistakes
"There’s plenty of great information out there for consumers about the dos and don’ts of mobile banking—password protect your device, use caution with what apps you install on your phone—but there are also plenty of mistakes financial institutions make when it comes to mobile. Let’s look at what may be considered to be the top ten."
Demystifying m-commerce
"Smartphones are already more popular globally than desktop PCs and of the 1.875 billion phones to be sold in 2013, a staggering 1 billion will be smartphones. In Europe, revenue from mobile commerce is predicted to rise from €1.7 billion in 2011 to €19.2 billion in 2017, according to Forrester (EU Mobile Commerce Forecast, 2012 to 2017; July 2012). This presents a huge revenue opportunity in the face of declining high street sales, and companies that fail to adapt their online strategy may be left behind as a result. In a recent study, Chase Paymentech found that only 40% of merchants have a mobile commerce site in place to provide a seamless multi-channel shopping experience."
Mobile banking hype ahead of reality
"When it comes to mobile banking, the hype can get out of hand quickly. We tend to note new gee-whiz trends, such as the rise of remote deposit, and conclude that mobile banking is making great leaps forward. It's refreshing to hear a voice of dissent. "Mobile banking is great if I am sitting at an airport and feel the urge to make a payment or check up on something. It has been equally terrific when I have needed to get to my bank accounts and do not have access to my computer to do an online banking session. But mobile banking, at least with my primary bank, has proven itself unreliable, and too limited on too many occasions that my first preference for now remains online banking," says one consultant."
ICYMI podcasts: Software defined networks now, mobile banking of the future
"This week’s guest on the GigaOM Structure Show, certainly isn’t shy with his opinions. Tune in to hear North Bridge Venture Partners partner Paul Santinelli offer his take on the software-defined networking segment to Derrick Harris and Barb Darrow. The GigaOM Weekly Wrapup show recaps the highs and lows of BlackBerry’s history, as well as some positive analyst updates for Sprint and T-Mobile: Should Verizon and AT&T be worried?"
"Consumers' use of mobile banking apps continued to grow at roughly the same rate in July as the previous month, resulting in a reading for American Banker's Mobile Banking Intensity Index of 71.8. The biggest change during the month was in mobile check deposit: the index value for the average transaction value of checks deposited via mobile device dropped more than 10 points. However, check sizes are still growing, just not quite as much as they were in June. In July, 52% of bankers said the average value of checks deposited by consumers using a smartphone camera was higher than in in June. Almost half (47%) said the average value was about the same; less than 1% said these checks had gotten smaller."
Americans Rank the Top 10 Best and Worst Mobile Banking Apps
"Why did U.S. consumers rank Citizen’s Bank highest? And what three critical areas do several banks need to improve in? What do consumers think of banks’ mobile banking apps? It’s easy enough to find out. Just pop on the Apple App Store and the Google Play Store, where you can look at customer ratings and reviews."
Bank of America Tops 1 Million Small Business Mobile Banking Users
"More than one million Bank of America small business clients are now using mobile banking, according to a statement today by the bank. The milestone in adoption can be credited to the flexibility that mobile banking affords small business owners, Mary Bintz, a small business sales executive said in the statement. 'Today’s small business owners… are in their cars and trucks, on factory floors, shopping for supplies and visiting clients on-site.'"
Sterling Bank Launches Mobile Banking Solutions
"Sterling Financial Corporation (NASDAQ:STSA), whose principal operating subsidiary does business in Washington, Oregon and Idaho as Sterling Bank, today announced that it is launching a robust mobile banking suite for consumer customers. Now, Sterling Bank customers can manage accounts with a mobile phone or a tablet using the Sterling Bank Mobile App, which is available for iPhone(R), iPad(R) and Android(TM) devices. Customers can also access accounts with Mobile Web or enroll in Text Banking and text the bank to receive account balance and recent transactions."
Top 10 Mobile Banking Mistakes
"There’s plenty of great information out there for consumers about the dos and don’ts of mobile banking—password protect your device, use caution with what apps you install on your phone—but there are also plenty of mistakes financial institutions make when it comes to mobile. Let’s look at what may be considered to be the top ten."
Demystifying m-commerce
"Smartphones are already more popular globally than desktop PCs and of the 1.875 billion phones to be sold in 2013, a staggering 1 billion will be smartphones. In Europe, revenue from mobile commerce is predicted to rise from €1.7 billion in 2011 to €19.2 billion in 2017, according to Forrester (EU Mobile Commerce Forecast, 2012 to 2017; July 2012). This presents a huge revenue opportunity in the face of declining high street sales, and companies that fail to adapt their online strategy may be left behind as a result. In a recent study, Chase Paymentech found that only 40% of merchants have a mobile commerce site in place to provide a seamless multi-channel shopping experience."
Mobile banking hype ahead of reality
"When it comes to mobile banking, the hype can get out of hand quickly. We tend to note new gee-whiz trends, such as the rise of remote deposit, and conclude that mobile banking is making great leaps forward. It's refreshing to hear a voice of dissent. "Mobile banking is great if I am sitting at an airport and feel the urge to make a payment or check up on something. It has been equally terrific when I have needed to get to my bank accounts and do not have access to my computer to do an online banking session. But mobile banking, at least with my primary bank, has proven itself unreliable, and too limited on too many occasions that my first preference for now remains online banking," says one consultant."
ICYMI podcasts: Software defined networks now, mobile banking of the future
"This week’s guest on the GigaOM Structure Show, certainly isn’t shy with his opinions. Tune in to hear North Bridge Venture Partners partner Paul Santinelli offer his take on the software-defined networking segment to Derrick Harris and Barb Darrow. The GigaOM Weekly Wrapup show recaps the highs and lows of BlackBerry’s history, as well as some positive analyst updates for Sprint and T-Mobile: Should Verizon and AT&T be worried?"
Thursday, August 22, 2013
Mobile Banking Updates - Aug 22
Gilt’s new chief operating officer ran mobile banking at Citibank
"Gilt Groupe Inc., No. 54 in the Internet Retailer Top 500 Guide, has hired web banking executive and former Barnes & Noble Inc. vice president Tracey Weber as chief operating officer. Her responsibilities include Gilt City, which sells discounted tickets and services in several major cities, along with customer service, merchandise planning and other areas, including what the e-retailer calls “several new strategic initiatives.” She reports to CEO Michelle Peluso, who took over as chief executive late last year."
Mobile Devices Burying Banks in Data
"Banks have long struggled to make sense of the reams of customer data they collect across product lines. The rise of mobile banking is making this task even harder. The industry now has a litany of new data points to process. How many customers interact with their bank via the web browser on the mobile devices compared to those who use an app? How frequently do customers log into a bank account through their smartphones? How much time do they spend there? Are consumers completing the tasks they set out to do on their mobile phones or tablets, or are they giving up in frustration?"
Today's Mobile Banking Apps: Table Stakes or Cutting Edge
"There is no disputing that the U.S. mobile banking landscape is changing rapidly. Larger banks are setting the stage for broader market trends, while smaller banks (and even some regional players) play catch up in the development of new functionality. What are some of the top U.S. banks doing that is innovative and what has quickly become table stakes in a game of mobile app one-upsmanship? And is mobile banking innovation becoming a value-added differentiator that can drive new revenues?"
iovation and CEB TowerGroup to Detail Security Implications Around the Rapid Rise in Mobile Banking
"iovation, stopping Internet fraud and identifying good online customers with the world's most comprehensive device reputation database, today announced that it and CEB TowerGroup will detail the unique security risks that accompany the rapid adoption of mobile banking in an upcoming webinar. Max Anhoury, iovation's Vice President of Global Sales, and Jason Malo, Research Director at CEB TowerGroup, will host the webinar entitled "Mobile Banking Security: Risks and Consequences" on Wednesday, August 21, 2013, at 10 a.m. Pacific Daylight Time."
Fulda Area Credit Union Expands Relationship with Harland Financial Solutions to Include Core and Integrated Channel Solutions
"Harland Financial Solutions announced today that Fulda Area Credit Union has chosen its UltraData® Enterprise Core solution, along with additional integrated solutions from the company, including Cavion® Internet Banking, Cavion Voice Banking, Cavion Mobile Banking and the Servicing Director® loan servicing system. Fulda Area Credit Union, based in Fulda, Minn., selected Harland Financial Solutions to provide its members with high-touch service and to increase efficiency within the institution. The credit union currently utilizes Harland Financial Solutions' widely-used LaserPro® and DepositPro® compliant loan and deposit origination, account opening and documentation systems. By leveraging the integration among the existing and new solutions, Fulda will benefit from consolidated vendor management, a streamlined member experience across channels, and the opportunity to provide its members with new self-service options."
Brick-and-mortar branches still main source of business: bankers
"Brick-and-mortar branches are still the main source of business for banks and will continue to service a bulk of their customers, despite the emergence of alternative channels such as the Internet and mobile banking, bankers said. Banks have quickened expansion in the last few years, opening 6,300 branches in 2012-13, up more than fivefold from 1,200 in 2005-2006, according to a study by Boston Consulting Group (BCG) released at the banking conference in Mumbai organized by the Federation of Indian Chamber of Commerce and Industry (Ficci) and the Indian Banks’ Association (IBA)."
"Gilt Groupe Inc., No. 54 in the Internet Retailer Top 500 Guide, has hired web banking executive and former Barnes & Noble Inc. vice president Tracey Weber as chief operating officer. Her responsibilities include Gilt City, which sells discounted tickets and services in several major cities, along with customer service, merchandise planning and other areas, including what the e-retailer calls “several new strategic initiatives.” She reports to CEO Michelle Peluso, who took over as chief executive late last year."
Mobile Devices Burying Banks in Data
"Banks have long struggled to make sense of the reams of customer data they collect across product lines. The rise of mobile banking is making this task even harder. The industry now has a litany of new data points to process. How many customers interact with their bank via the web browser on the mobile devices compared to those who use an app? How frequently do customers log into a bank account through their smartphones? How much time do they spend there? Are consumers completing the tasks they set out to do on their mobile phones or tablets, or are they giving up in frustration?"
Today's Mobile Banking Apps: Table Stakes or Cutting Edge
"There is no disputing that the U.S. mobile banking landscape is changing rapidly. Larger banks are setting the stage for broader market trends, while smaller banks (and even some regional players) play catch up in the development of new functionality. What are some of the top U.S. banks doing that is innovative and what has quickly become table stakes in a game of mobile app one-upsmanship? And is mobile banking innovation becoming a value-added differentiator that can drive new revenues?"
iovation and CEB TowerGroup to Detail Security Implications Around the Rapid Rise in Mobile Banking
"iovation, stopping Internet fraud and identifying good online customers with the world's most comprehensive device reputation database, today announced that it and CEB TowerGroup will detail the unique security risks that accompany the rapid adoption of mobile banking in an upcoming webinar. Max Anhoury, iovation's Vice President of Global Sales, and Jason Malo, Research Director at CEB TowerGroup, will host the webinar entitled "Mobile Banking Security: Risks and Consequences" on Wednesday, August 21, 2013, at 10 a.m. Pacific Daylight Time."
Fulda Area Credit Union Expands Relationship with Harland Financial Solutions to Include Core and Integrated Channel Solutions
"Harland Financial Solutions announced today that Fulda Area Credit Union has chosen its UltraData® Enterprise Core solution, along with additional integrated solutions from the company, including Cavion® Internet Banking, Cavion Voice Banking, Cavion Mobile Banking and the Servicing Director® loan servicing system. Fulda Area Credit Union, based in Fulda, Minn., selected Harland Financial Solutions to provide its members with high-touch service and to increase efficiency within the institution. The credit union currently utilizes Harland Financial Solutions' widely-used LaserPro® and DepositPro® compliant loan and deposit origination, account opening and documentation systems. By leveraging the integration among the existing and new solutions, Fulda will benefit from consolidated vendor management, a streamlined member experience across channels, and the opportunity to provide its members with new self-service options."
Brick-and-mortar branches still main source of business: bankers
"Brick-and-mortar branches are still the main source of business for banks and will continue to service a bulk of their customers, despite the emergence of alternative channels such as the Internet and mobile banking, bankers said. Banks have quickened expansion in the last few years, opening 6,300 branches in 2012-13, up more than fivefold from 1,200 in 2005-2006, according to a study by Boston Consulting Group (BCG) released at the banking conference in Mumbai organized by the Federation of Indian Chamber of Commerce and Industry (Ficci) and the Indian Banks’ Association (IBA)."
Wednesday, August 21, 2013
Mobile Banking Security - Aug 21
Solution protects smartphones from mobile banking fraud
"Easy Solutions released Detect Safe Browsing (DSB) version 4.0, allowing financial institutions to provide an additional layer of fraud prevention to end users by protecting against malware and other sophisticated threats such as, pharming, man-in-the-middle and man-in-the browser attacks. With DSB 4.0, Easy Solutions now extends this support to the two most popular mobile platforms: Android and iOS, ensuring that over 90% of mobile users can securely access their mobile banking accounts."
Surge in Mobile Banking Creates a Security Gap That's a 'Wild West' for Fraudsters
"Think about it. Do you know anyone who writes checks anymore? Online banking has become ubiquitous as more people turn to their smartphones to carry out daily tasks. Still, while it may be more efficient, using your phone to make financial transactions could raise security risks. Portland, Ore.-based online fraud detection company iovation tracked online financial transactions across 1.5 billion devices in July and found that 20 percent were done through a mobile device or tablet. That's an increase over the 18 percent of online financial transactions done on a mobile device between January and July of this year, and 11 percent last year, according to a statement the company released today."
Why Online Banking Is Safer on a Mobile Phone
"A few years ago, security experts thought you'd be crazy to access an online bank account from a mobile phone. Mobile Web browsers hid URLs, making it easy for cybercriminals to impersonate banking sites. The Wireless Application Protocol mobile-Web standard offered limited security. Even after the introduction of smartphones, banks' stand-alone apps were often poorly designed. "We've seen a few examples where it became clear the mobile finance apps didn't quite receive the same level of security scrutiny as their traditional counterparts," Roel Schouwenberg, a senior researcher at Kaspersky Lab, stated in a TechNewsDaily article as recently as May 2012."
Squashing the Bugs in Mobile Banking
"As mobile banking and commerce have taken off, so too have the number of bugs in wireless systems. Here's a look at how some industry leaders are exterminating them and what it means for banks."
IBM to Buy Trusteer for Mobile Security and Fraud Protection
"With rumors swirling the deal is in the US$ 1 billion range, this represents an enormous investment in cloud based security software, and specifically, in mobile, application, malware, counter fraud, financial crimes and advanced threat security. Trusteer apparently has the abiltiy to identify security threats that other systems tend to miss, according to an IBM statement, and seven of the top 10 US banks use its software to secure customer accounts. That Trusteer offers a Saas model for securiy delivery, it should be able to provide PC, desktop, smartphone and tablet security updates in as close to real time as possible."
FOR FINANCES, BANK ON YOUR SMARTPHONE
"Here’s something that surprised me: Experts are saying that banking on a smartphone is safer than banking on your PC. I know, right? It seems to go against all logic, but the pro-smartphone people have some very good points. People always know where their phone is. I know I have forgotten my iPhone at home or work twice since I bought my first one in 2007, and I have never left it behind at a store or restaurant. That’s typical. Ninety-one percent of Americans have their phone at arm’s length 24 hours a day, according to a Morgan Stanley study."
"Easy Solutions released Detect Safe Browsing (DSB) version 4.0, allowing financial institutions to provide an additional layer of fraud prevention to end users by protecting against malware and other sophisticated threats such as, pharming, man-in-the-middle and man-in-the browser attacks. With DSB 4.0, Easy Solutions now extends this support to the two most popular mobile platforms: Android and iOS, ensuring that over 90% of mobile users can securely access their mobile banking accounts."
Surge in Mobile Banking Creates a Security Gap That's a 'Wild West' for Fraudsters
"Think about it. Do you know anyone who writes checks anymore? Online banking has become ubiquitous as more people turn to their smartphones to carry out daily tasks. Still, while it may be more efficient, using your phone to make financial transactions could raise security risks. Portland, Ore.-based online fraud detection company iovation tracked online financial transactions across 1.5 billion devices in July and found that 20 percent were done through a mobile device or tablet. That's an increase over the 18 percent of online financial transactions done on a mobile device between January and July of this year, and 11 percent last year, according to a statement the company released today."
Why Online Banking Is Safer on a Mobile Phone
"A few years ago, security experts thought you'd be crazy to access an online bank account from a mobile phone. Mobile Web browsers hid URLs, making it easy for cybercriminals to impersonate banking sites. The Wireless Application Protocol mobile-Web standard offered limited security. Even after the introduction of smartphones, banks' stand-alone apps were often poorly designed. "We've seen a few examples where it became clear the mobile finance apps didn't quite receive the same level of security scrutiny as their traditional counterparts," Roel Schouwenberg, a senior researcher at Kaspersky Lab, stated in a TechNewsDaily article as recently as May 2012."
Squashing the Bugs in Mobile Banking
"As mobile banking and commerce have taken off, so too have the number of bugs in wireless systems. Here's a look at how some industry leaders are exterminating them and what it means for banks."
IBM to Buy Trusteer for Mobile Security and Fraud Protection
"With rumors swirling the deal is in the US$ 1 billion range, this represents an enormous investment in cloud based security software, and specifically, in mobile, application, malware, counter fraud, financial crimes and advanced threat security. Trusteer apparently has the abiltiy to identify security threats that other systems tend to miss, according to an IBM statement, and seven of the top 10 US banks use its software to secure customer accounts. That Trusteer offers a Saas model for securiy delivery, it should be able to provide PC, desktop, smartphone and tablet security updates in as close to real time as possible."
FOR FINANCES, BANK ON YOUR SMARTPHONE
"Here’s something that surprised me: Experts are saying that banking on a smartphone is safer than banking on your PC. I know, right? It seems to go against all logic, but the pro-smartphone people have some very good points. People always know where their phone is. I know I have forgotten my iPhone at home or work twice since I bought my first one in 2007, and I have never left it behind at a store or restaurant. That’s typical. Ninety-one percent of Americans have their phone at arm’s length 24 hours a day, according to a Morgan Stanley study."
Tuesday, August 20, 2013
International Mobile Banking Updates - Aug 20
Western Union expands mobile banking in Africa
"Western Union is growing its mobile banking function in Africa, aiming to complement the 27,000 physical agent locations spread across 50 countries. The company’s main focus is now on expanding its digital transaction channels, a good example being integrating with additional mobile networks and increasing the use of prepaid cards when customers receive money."
Cabinet directs on regulation of mobile money transactions
"The Cabinet has directed the Ministry of Finance to amend the law regulating the financial institutions with the view of including regulations that govern Islamic banking and mobile money transactions. The regulation if passed will hold those responsible for money transfer businesses in cases of breach of contract or any dubious transaction. The new law will also regulate Islamic banking, thus widening the scope of customer choices in terms of banking."
ENTREVESTOR: Dal team to unveil banking app for teens
"After a long and hectic summer, a group of entrepreneurs from Dalhousie University will unveil their financial app Purchext to angel investors in Toronto Tuesday as the final segment of the gruelling Next 36 course. Purchext is a company formed at Dalhousie last spring and its founders — Cam McDonald, Zachary Levy, and Daniel Bartek — took the project to the Next 36 program, a three-month academic/mentoring program for undergraduate entrepreneurs. The graduation from the program includes pitches to angel investors."
Canada’s Desjardins financial cooperative pushes NFC offering
"Canada is seeing a fresh push to promote near field communication (NFC) services after Canadian cooperative financial group Desjardin signed a deal with mobile money solutions provider Monitise and a joint venture with the nation’s three largest mobile operators. Under the terms of the partnership, Monitise will provide the NFC-enabled mobile payment application; the technology will allow Desjardins members and clients to make purchases at Canadian retailers using their smartphone."
Monitise sees revenues surge as mobile banking takes off
"In our technology focussed world the mobile phone has become like an extra super-sensory organ to most of us, and nowadays that usually means a smartphone. Smartphone penetration is around 55% of the market and is expected to reach 80% by the end of 2015. We play games on them, read the news, catch up with friends and tweet our latest thoughts to all who care to listen. And now growing numbers of us are using them to pay our bills, shift money between our accounts and take advantage of vouchers and customer offers."
Bank Millennium SA : Best Internet Bank in Poland according to Global Finance magazine
"Bank Millennium has yet again scored first in the category "Best Consumer Internet Bank in Poland". Also the mobile banking app for companies was recognised. The awards were given by Global Finance independent financial magazine. According to the jury's verdict Bank Millennium is the Best Consumer Internet Bank in Poland and is also Best in Mobile Banking for Corporate/Institutional in CEE. The competition organisers i.a. appreciated the product offering available online, the functionality and design of the new website as well as growth of the number of online banking customers."
Global Differences in the Mobile Web: Emerging Markets Lead the Way in M-Commerce, Mobile Banking and New Technologies
"Netbiscuits, the global leader in software solutions for adaptive web experiences, today published additional findings from its study into consumer behavior on the mobile web. The latest data, extracted from the Netbiscuits People's Web Report and featuring responses from 5,000 consumers, found that the starkest differences in mobile usage were between developed and emerging markets. Deep-diving into the differences between consumer expectations around the world, the new evaluation of the People's Web Report findings gives a more detailed insight into how our lives are shaped by mobile."
Online banking security company Entersekt, wins Frost and Sullivan Award
"Online banking security company Entersekt, has today been awarded the 2013 South African Frost and Sullivan Award for Technology Leadership for its innovations in providing easy-to-use and secure mobile banking solutions. Transakt, as its app is called, offers an alternative method to online banking that claims to eliminate fraud and enhance transaction convenience of both the bank and customer. Frost & Sullivan Research Analyst Lehlohonolo Mokenela notes that Entersekt has received accreditation from the world’s largest payments networks American Express, MasterCard, and Visa and is the first and only company in Africa to earn all three of these certifications."
Daily use of mobile banking in Korea up 10.2 pct in Q2
"The daily use of mobile banking in South Korea rose 10.2 percent in the second quarter from three months earlier on the back of the growing popularity of smartphones, the central bank said Thursday. Transactions by mobile banking or banking services accessed via wireless handsets were valued at 1.39 trillion won (US$1.24 billion) per day in the April-June period, compared with 1.26 trillion won three months earlier, according to the Bank of Korea (BOK)."
Half of UK bank branches could close by 2020
"The increased use of online and mobile banking means that half of the UK’s building society and bank branches could close by 2020, a new report predicts. The Global Retail Banking report from Jones Lang LaSalle adds that the closures will be spurred on by increased use of debit and credit cards."
"Western Union is growing its mobile banking function in Africa, aiming to complement the 27,000 physical agent locations spread across 50 countries. The company’s main focus is now on expanding its digital transaction channels, a good example being integrating with additional mobile networks and increasing the use of prepaid cards when customers receive money."
Cabinet directs on regulation of mobile money transactions
"The Cabinet has directed the Ministry of Finance to amend the law regulating the financial institutions with the view of including regulations that govern Islamic banking and mobile money transactions. The regulation if passed will hold those responsible for money transfer businesses in cases of breach of contract or any dubious transaction. The new law will also regulate Islamic banking, thus widening the scope of customer choices in terms of banking."
ENTREVESTOR: Dal team to unveil banking app for teens
"After a long and hectic summer, a group of entrepreneurs from Dalhousie University will unveil their financial app Purchext to angel investors in Toronto Tuesday as the final segment of the gruelling Next 36 course. Purchext is a company formed at Dalhousie last spring and its founders — Cam McDonald, Zachary Levy, and Daniel Bartek — took the project to the Next 36 program, a three-month academic/mentoring program for undergraduate entrepreneurs. The graduation from the program includes pitches to angel investors."
Canada’s Desjardins financial cooperative pushes NFC offering
"Canada is seeing a fresh push to promote near field communication (NFC) services after Canadian cooperative financial group Desjardin signed a deal with mobile money solutions provider Monitise and a joint venture with the nation’s three largest mobile operators. Under the terms of the partnership, Monitise will provide the NFC-enabled mobile payment application; the technology will allow Desjardins members and clients to make purchases at Canadian retailers using their smartphone."
Monitise sees revenues surge as mobile banking takes off
"In our technology focussed world the mobile phone has become like an extra super-sensory organ to most of us, and nowadays that usually means a smartphone. Smartphone penetration is around 55% of the market and is expected to reach 80% by the end of 2015. We play games on them, read the news, catch up with friends and tweet our latest thoughts to all who care to listen. And now growing numbers of us are using them to pay our bills, shift money between our accounts and take advantage of vouchers and customer offers."
Bank Millennium SA : Best Internet Bank in Poland according to Global Finance magazine
"Bank Millennium has yet again scored first in the category "Best Consumer Internet Bank in Poland". Also the mobile banking app for companies was recognised. The awards were given by Global Finance independent financial magazine. According to the jury's verdict Bank Millennium is the Best Consumer Internet Bank in Poland and is also Best in Mobile Banking for Corporate/Institutional in CEE. The competition organisers i.a. appreciated the product offering available online, the functionality and design of the new website as well as growth of the number of online banking customers."
Global Differences in the Mobile Web: Emerging Markets Lead the Way in M-Commerce, Mobile Banking and New Technologies
"Netbiscuits, the global leader in software solutions for adaptive web experiences, today published additional findings from its study into consumer behavior on the mobile web. The latest data, extracted from the Netbiscuits People's Web Report and featuring responses from 5,000 consumers, found that the starkest differences in mobile usage were between developed and emerging markets. Deep-diving into the differences between consumer expectations around the world, the new evaluation of the People's Web Report findings gives a more detailed insight into how our lives are shaped by mobile."
Online banking security company Entersekt, wins Frost and Sullivan Award
"Online banking security company Entersekt, has today been awarded the 2013 South African Frost and Sullivan Award for Technology Leadership for its innovations in providing easy-to-use and secure mobile banking solutions. Transakt, as its app is called, offers an alternative method to online banking that claims to eliminate fraud and enhance transaction convenience of both the bank and customer. Frost & Sullivan Research Analyst Lehlohonolo Mokenela notes that Entersekt has received accreditation from the world’s largest payments networks American Express, MasterCard, and Visa and is the first and only company in Africa to earn all three of these certifications."
Daily use of mobile banking in Korea up 10.2 pct in Q2
"The daily use of mobile banking in South Korea rose 10.2 percent in the second quarter from three months earlier on the back of the growing popularity of smartphones, the central bank said Thursday. Transactions by mobile banking or banking services accessed via wireless handsets were valued at 1.39 trillion won (US$1.24 billion) per day in the April-June period, compared with 1.26 trillion won three months earlier, according to the Bank of Korea (BOK)."
Half of UK bank branches could close by 2020
"The increased use of online and mobile banking means that half of the UK’s building society and bank branches could close by 2020, a new report predicts. The Global Retail Banking report from Jones Lang LaSalle adds that the closures will be spurred on by increased use of debit and credit cards."
Sunday, August 18, 2013
Mobile Banking Updates - Aug 18
Ten-Hut! Presenting Defense Mobile, a mobile carrier for U.S. soldiers
"Anyone who has ever spent time in a military town knows there is a whole network of services, ranging from medical and dental care to banking and department stores, provided specifically for members of the U.S. Armed Forces. One of those services, however, isn’t mobile. That’s changing this coming Veterans Day. November 11, a company called Defense Mobile Corporation is launching a new mobile virtual network operator (MVNO), offering inexpensive mobile phone plans for active-duty military and their families as well as for veterans, members of the reserves and even cadets and midshipman in the military academies. Combined those groups encompass 51.6 million people, DMC estimates."
Value-add mobile features offer potential revenue play
"Retail banks can realize the full potential of mobile banking by offering segmented consumer experiences and advanced digital wallet capabilities, according to a study by Cognizant and Monitise. Consumers are increasingly expecting banks to help improve their mobile lifestyles by providing anytime, anywhere capabilities; customized user experiences; shopping and social features, and value-added services. This, the study states, represents a new opportunity for retail banks to drive customer loyalty, attract new business, and generate more revenue."
More than 50 percent of U.S. adults bank online
"Digital banking is on the rise with more adults using the Internet and their mobile phones to handle their financial transactions, according to a new survey released by the Pew Research Center. Fifty-one percent of U.S. adults, or 61percent of Internet users, currently bank online, up from 46 percent of adults, or 58 percent of Internet users in 2010, according to the results of the survey. Also, 35 percent of cell phone owners use their mobile phones to check their balance or transact business with a bank, up from 18 percent in 2011, it said."
BBVA Compass targets small biz with mobile payment tool
"The smallest of small businesses are the target of a technology innovation rolled out by BBVA Compass. The bank’s “business mobility bundle” includes an e-business checking account, online and mobile banking, and a merchant “mobility pack,” with a secured card reader for processing debit and credit card transactions on a smartphone or tablet, a statement from the bank said. The card reader is the bank’s way of competing directly with Square, the mobile payment processor that allows some merchants to ditch their cash registers, Lonnie Hayes, small business segment director at BBVA Compass, told the trade journal American Banker."
The $1.5 Billion Opportunity In Mobile Banking
"If banks want to add another $1.5 billion to their collective bottom line, they should work on promoting mobile banking opportunities and, in particular, mobile deposits. That's according to a July report from Javelin Strategy & Research, which found that banks could see significant savings if they did more to leverage mobile banking. The report notes that not only do mobile transactions cost less to process, but that mobile customers tend to be younger and more affluent -- two traits that make them desirable targets for banks."
Why you may soon be talking to your ATM
"The world of banking has come a long way since the original days of brick-and-mortar establishments. It’s now possible to do your banking from the comfort of your home, potentially without ever stepping foot into a bank. Although it seems as if banking technology couldn’t evolve any farther than ATMs, online banking, and mobile banking apps, it has and will probably continue to. Soon, the entire banking world will be rocked with the introduction of the newest in ATM technology: teller-assisted ATMs."
Mobile Banking Is More Common Among Blacks and Hispanics
"Two independent studies have discovered that mobile banking use is disproportionately higher among blacks and Hispanics than whites. This is contrary to the conventional wisdom which presupposes that minorities lag behind white Americans in technology use. A study by the Pew Center on the Internet and American Life Project, published August 7, found that "Blacks and Hispanics" had a "statistically significant difference compared with others of the same group" for use of a cell phone for mobile banking. 34% of Black cell phone users and 35% of Hispanic cell phone users accessed mobile banking while only 26% of Whites did."
"Anyone who has ever spent time in a military town knows there is a whole network of services, ranging from medical and dental care to banking and department stores, provided specifically for members of the U.S. Armed Forces. One of those services, however, isn’t mobile. That’s changing this coming Veterans Day. November 11, a company called Defense Mobile Corporation is launching a new mobile virtual network operator (MVNO), offering inexpensive mobile phone plans for active-duty military and their families as well as for veterans, members of the reserves and even cadets and midshipman in the military academies. Combined those groups encompass 51.6 million people, DMC estimates."
Value-add mobile features offer potential revenue play
"Retail banks can realize the full potential of mobile banking by offering segmented consumer experiences and advanced digital wallet capabilities, according to a study by Cognizant and Monitise. Consumers are increasingly expecting banks to help improve their mobile lifestyles by providing anytime, anywhere capabilities; customized user experiences; shopping and social features, and value-added services. This, the study states, represents a new opportunity for retail banks to drive customer loyalty, attract new business, and generate more revenue."
More than 50 percent of U.S. adults bank online
"Digital banking is on the rise with more adults using the Internet and their mobile phones to handle their financial transactions, according to a new survey released by the Pew Research Center. Fifty-one percent of U.S. adults, or 61percent of Internet users, currently bank online, up from 46 percent of adults, or 58 percent of Internet users in 2010, according to the results of the survey. Also, 35 percent of cell phone owners use their mobile phones to check their balance or transact business with a bank, up from 18 percent in 2011, it said."
BBVA Compass targets small biz with mobile payment tool
"The smallest of small businesses are the target of a technology innovation rolled out by BBVA Compass. The bank’s “business mobility bundle” includes an e-business checking account, online and mobile banking, and a merchant “mobility pack,” with a secured card reader for processing debit and credit card transactions on a smartphone or tablet, a statement from the bank said. The card reader is the bank’s way of competing directly with Square, the mobile payment processor that allows some merchants to ditch their cash registers, Lonnie Hayes, small business segment director at BBVA Compass, told the trade journal American Banker."
The $1.5 Billion Opportunity In Mobile Banking
"If banks want to add another $1.5 billion to their collective bottom line, they should work on promoting mobile banking opportunities and, in particular, mobile deposits. That's according to a July report from Javelin Strategy & Research, which found that banks could see significant savings if they did more to leverage mobile banking. The report notes that not only do mobile transactions cost less to process, but that mobile customers tend to be younger and more affluent -- two traits that make them desirable targets for banks."
Why you may soon be talking to your ATM
"The world of banking has come a long way since the original days of brick-and-mortar establishments. It’s now possible to do your banking from the comfort of your home, potentially without ever stepping foot into a bank. Although it seems as if banking technology couldn’t evolve any farther than ATMs, online banking, and mobile banking apps, it has and will probably continue to. Soon, the entire banking world will be rocked with the introduction of the newest in ATM technology: teller-assisted ATMs."
Mobile Banking Is More Common Among Blacks and Hispanics
"Two independent studies have discovered that mobile banking use is disproportionately higher among blacks and Hispanics than whites. This is contrary to the conventional wisdom which presupposes that minorities lag behind white Americans in technology use. A study by the Pew Center on the Internet and American Life Project, published August 7, found that "Blacks and Hispanics" had a "statistically significant difference compared with others of the same group" for use of a cell phone for mobile banking. 34% of Black cell phone users and 35% of Hispanic cell phone users accessed mobile banking while only 26% of Whites did."
Thursday, August 15, 2013
Mobile Banking Updates - Aug 15
BBCN Bank Experiences Strong Mobile Growth Through Malauzai Software SmartApp
"Malauzai, a leading provider of mobile banking SmartApps for community financial institutions, announced that Los Angeles-based BBCN Bank has leveraged the company’s mobile banking solutions to meet the multi-lingual needs of its customer base."
HID Global Fuels Adoption of Layered Authentication Solutions to Protect Online and Mobile Banking Transactions
"HID Global, a worldwide leader in secure identity solutions, continues its drive to help financial institutions secure online banking services that nearly half of all their customers prefer for convenient account access. Through its forward-looking Identity Assurance portfolio and channel partnership initiatives, the company is fuelling adoption of layered authentication as part of a cost-effective security strategy for protecting online and mobile transactions from anywhere, and from any device, more frequently than ever before."
M&T, First Niagara mobile apps criticized
"The mobile banking applications available at two of the region’s largest local banks scored poorly on a new report gauging user friendliness and customer satisfaction. Apps available at M&T Bank (NYSE: MTB) and First Niagara Bank N.A. (NASDAQ: FNFG) are among the lowest rated in Xtreme Labs’ “U.S. Banking Apps Report.” Xtreme Labs based the rankings on publicly available customer comments on the Apple iTunes store and the Google Play store."
Is Mobile Banking the New Banking Reality? | Sherpas in Blue Shirts
"Move over, Angry Birds. Your standing as “the largest mobile app success the world has seen so far,” (as stated on February, 18, 2011 in MIT’s Entrepreneurship Review) is giving way to mobile banking apps. Indeed, apps from American Express, Bank of America, Capital One, Wells Fargo, Westpac, and others rank among the top apps on iTunes and the Android play store, with tens of millions of downloads already under their belt! And there’s little surprise about that…photograph your check and then have it deposited directly into whatever account you want, or send money to people via their email addresses or mobile phone numbers. Isn’t that cool?"
Mobile and Online Banking Cannot Replace Branches
"I recently read an article in one of Dubai’s local English-language news outlets touting a multinational bank’s regional launch of a new mobile banking app that promised to serve as a “virtual” branch for its customers. Shortly after, I read a separate article on The Motley Fool’s website titled “This Technology Will Save Banks a Bundle,” in which the author said, “As banks like PNC and Bank of America close branch locations, mobile banking may help them hang on to customers.”
Bank Via Smartphone? Simple Tips Can Protect Your Data
"More and more Americans are embracing digital banking – online and mobile. New numbers from The Pew Research Center’s Internet & American Life Project show 51 percent of adult Americans now bank online – up from 46 percent in 2010. When it comes to mobile banking, 35 percent of cell phone owners admit they bank online – up from 18 percent in 2011."
Apps from RBS Citizens, USAA Garner Best Customer Reviews
"Mobile strategy company Xtreme Labs has analyzed customer reviews from the Apple App Store and the Google Play Store and found RBS Citizens and USAA to have the highest-rated apps. The company looked at app reviews between May 18 and June 25 for the top 53 U.S. banks, as ranked by total assets."
Consumers want customized service in mobile banking "Retail banks can realize the full potential of mobile banking by offering segmented consumer experiences and advanced digital wallet capabilities. According to the study by Cognizant and Monitise plc , consumers are increasingly expecting banks to help improve their mobile lifestyles by providing anytime, anywhere capabilities, customized user experiences, shopping and social features, and value-added services. This, the study states, represents a new opportunity for retail banks to drive customer loyalty, attract new business, and generate more revenue."
"Malauzai, a leading provider of mobile banking SmartApps for community financial institutions, announced that Los Angeles-based BBCN Bank has leveraged the company’s mobile banking solutions to meet the multi-lingual needs of its customer base."
HID Global Fuels Adoption of Layered Authentication Solutions to Protect Online and Mobile Banking Transactions
"HID Global, a worldwide leader in secure identity solutions, continues its drive to help financial institutions secure online banking services that nearly half of all their customers prefer for convenient account access. Through its forward-looking Identity Assurance portfolio and channel partnership initiatives, the company is fuelling adoption of layered authentication as part of a cost-effective security strategy for protecting online and mobile transactions from anywhere, and from any device, more frequently than ever before."
M&T, First Niagara mobile apps criticized
"The mobile banking applications available at two of the region’s largest local banks scored poorly on a new report gauging user friendliness and customer satisfaction. Apps available at M&T Bank (NYSE: MTB) and First Niagara Bank N.A. (NASDAQ: FNFG) are among the lowest rated in Xtreme Labs’ “U.S. Banking Apps Report.” Xtreme Labs based the rankings on publicly available customer comments on the Apple iTunes store and the Google Play store."
Is Mobile Banking the New Banking Reality? | Sherpas in Blue Shirts
"Move over, Angry Birds. Your standing as “the largest mobile app success the world has seen so far,” (as stated on February, 18, 2011 in MIT’s Entrepreneurship Review) is giving way to mobile banking apps. Indeed, apps from American Express, Bank of America, Capital One, Wells Fargo, Westpac, and others rank among the top apps on iTunes and the Android play store, with tens of millions of downloads already under their belt! And there’s little surprise about that…photograph your check and then have it deposited directly into whatever account you want, or send money to people via their email addresses or mobile phone numbers. Isn’t that cool?"
Mobile and Online Banking Cannot Replace Branches
"I recently read an article in one of Dubai’s local English-language news outlets touting a multinational bank’s regional launch of a new mobile banking app that promised to serve as a “virtual” branch for its customers. Shortly after, I read a separate article on The Motley Fool’s website titled “This Technology Will Save Banks a Bundle,” in which the author said, “As banks like PNC and Bank of America close branch locations, mobile banking may help them hang on to customers.”
Bank Via Smartphone? Simple Tips Can Protect Your Data
"More and more Americans are embracing digital banking – online and mobile. New numbers from The Pew Research Center’s Internet & American Life Project show 51 percent of adult Americans now bank online – up from 46 percent in 2010. When it comes to mobile banking, 35 percent of cell phone owners admit they bank online – up from 18 percent in 2011."
Apps from RBS Citizens, USAA Garner Best Customer Reviews
"Mobile strategy company Xtreme Labs has analyzed customer reviews from the Apple App Store and the Google Play Store and found RBS Citizens and USAA to have the highest-rated apps. The company looked at app reviews between May 18 and June 25 for the top 53 U.S. banks, as ranked by total assets."
Consumers want customized service in mobile banking "Retail banks can realize the full potential of mobile banking by offering segmented consumer experiences and advanced digital wallet capabilities. According to the study by Cognizant and Monitise plc , consumers are increasingly expecting banks to help improve their mobile lifestyles by providing anytime, anywhere capabilities, customized user experiences, shopping and social features, and value-added services. This, the study states, represents a new opportunity for retail banks to drive customer loyalty, attract new business, and generate more revenue."
Wednesday, August 14, 2013
Mobile Banking Updates - Aug 14
Aite Group says the race to deploy corporate mobile banking technology is on
"Despite the initial slow speed of banks to deploy corporate mobile technology, the race has now started for the top 50 US banks to plan rollout of corporate mobile banking technologies in response to a significant rise in demand from their customer base. Technology rollouts over the next year are expected to generate revenue for their institutions, demonstrating a shift in bank mindset, according to a new Impact Note, Corporate Mobile: Gaining Momentum, from Aite Group."
Redwood CU Adds Mobile RDC
"Members of the $2.2 billion Redwood Credit Union in Santa Rosa, Calif., are now being offered remote deposit checking. RCU said it is using Mitek software to add mobile RDC to its mobile banking apps for Android and Apple devices."
3 Fixes for Common Mobile Banking Performance Problems
"In their relatively new role as mobile app and mobile web developers, banks are hitting many speed bumps — glitches, 404 errors, slow response times, and crashes that drive customers to frustration and sometimes to the apps of competitors. Resolving these is important as mobile banking usage continues to rise."
Banks Explore Voice Recognition To Further Mobile Banking
"Banking sector is witnessing some of the most prolific adoption of technology to expand the scope. The latest to join the Banking world is the use of Voice Recognition. While many would speculate the use at ATMs or online banking, the technology is envisaged to simplify mobile banking ventures."
Mobile bankers feel more in control of their money
"The survey of almost 12,000 consumers across 12 European countries found that over a third (37%) of Internet users already use a mobile device for banking purposes. "Financial Empowerment in the Digital Age" also reveals, somewhat expectedly, that it is the younger generation who are taking to mobile banking in greater numbers. Among 25 to 34 year olds, half now use mobile banking."
"Despite the initial slow speed of banks to deploy corporate mobile technology, the race has now started for the top 50 US banks to plan rollout of corporate mobile banking technologies in response to a significant rise in demand from their customer base. Technology rollouts over the next year are expected to generate revenue for their institutions, demonstrating a shift in bank mindset, according to a new Impact Note, Corporate Mobile: Gaining Momentum, from Aite Group."
Redwood CU Adds Mobile RDC
"Members of the $2.2 billion Redwood Credit Union in Santa Rosa, Calif., are now being offered remote deposit checking. RCU said it is using Mitek software to add mobile RDC to its mobile banking apps for Android and Apple devices."
3 Fixes for Common Mobile Banking Performance Problems
"In their relatively new role as mobile app and mobile web developers, banks are hitting many speed bumps — glitches, 404 errors, slow response times, and crashes that drive customers to frustration and sometimes to the apps of competitors. Resolving these is important as mobile banking usage continues to rise."
Banks Explore Voice Recognition To Further Mobile Banking
"Banking sector is witnessing some of the most prolific adoption of technology to expand the scope. The latest to join the Banking world is the use of Voice Recognition. While many would speculate the use at ATMs or online banking, the technology is envisaged to simplify mobile banking ventures."
Mobile bankers feel more in control of their money
"The survey of almost 12,000 consumers across 12 European countries found that over a third (37%) of Internet users already use a mobile device for banking purposes. "Financial Empowerment in the Digital Age" also reveals, somewhat expectedly, that it is the younger generation who are taking to mobile banking in greater numbers. Among 25 to 34 year olds, half now use mobile banking."
Tuesday, August 13, 2013
International Mobile Banking Updates - Aug 13
Western Union Gets Into Nigeria's Mobile Money Game, Partnering With eTranzact
"Banking systems are changing rapidly in the digital age, and nowhere is this clearer than in Africa, where the vast majority of people save, spend and exchange money without using any formal banking institution. For them, mobile phones can be a lifeline. Most Africans own one, and at least 55 million people -- and counting -- use a system called mobile money to manage their finances. Customers can pay bills, transfer money and withdraw or deposit funds using only their cell phone."
Azerbaijan mobile wallet makes debut
"Azerbaijan card processing company AzeriCard has partnered with software firm OpenWay to create a mobile wallet that helps Azerbaijanis to withdraw cash from ATMs using a mobile phone and transfer money without using a bank card. The service uses Way4 Cash By Code technology to generate a code on the mobile which can then be used by the customer to withdraw cash. AzeriCard says that 14 partner banks are using the service. The Cash by Code option was added to the menu of 1,300 ATMs in Azerbaijan, and works on iPhone, Android and BlackBerry smartphones as well as Java-enabled feature phones. AzeriCard supports MasterCard, Visa and American Express."
Study: Fiserv looks at mobile and tablet banking trends
"Consumers are increasingly banking through mobile and tablet devices, but this is only the tip of the iceberg when it comes to changes in how consumers use these channels, according to Daniel Steere, director of product management for mobile payments at Fiserv. To illustrate the trend, Steere rounded up some of the most compelling mobile and tablet statistics from the 2012 Fiserv Consumer Trends Survey."
Mobile banking fraud
"A number of recent news reports have chronicled the use of mobile money transfer services by miscreants to carry out extortionist activities. Fraudulent activities, in whatever form or shape, are bad. At the same time, we need to take things into perspective. Not doing so may result in raising an alarm in people’s minds. That would be harmful for any product or service, but especially for a service that has the potential for broader socio-economic benefits while it is in the infant stage of development."
Uganda: Banks Stretch Hours As Mobile Competition Bites
"You have an emergency late in the night. Your bank is miles away from your residence, so you can't access any money. Ah, someone offers to send you money through mobile money and you get it right away, because there are telecom shops scattered all over the suburbs and operating 24/7. 'They (banks) either have to work 24 hours or they will run out of business,' says a source in one of the telecoms."
Zain Group to offer eServGlobal mobile money solution
"Kuwaiti telecoms group Zain has entered into a partnership with Paris-based software vendor eServGlobal to provide its customers across Africa and the Middle East with end-to-end mobile money transfer services. According to a press release, the solution encompasses a complete mobile money platform, and will enable Zain Group subsidiaries to offer services such as electronic top-ups , mobile banking, online payments, salary disbursements, money transfers, micro-financing, airtime top-ups and bill payments."
We Will Focus on Smart Mobile Banking: Preeti Malhotra
"Technology will be the differentiator for us and we will focus on smart mobile banking. It is the most cost-effective solution. The cost of one physical transaction is Rs 40-60, and through a mobile is Rs 1-1.5. An ATM transaction costs Rs 15-20. Of our six lakh villages, only 5 percent are covered by commercial bank branches. Forty-six per cent of the population is still unbanked. At the same time, almost everyone has mobile phones. They access the internet through the mobile phone."
India banks explore voice biometrics for added security
"For banks in India, voice authentication is increasingly an important part of their implmemenation of biometric security features such as fingerprint or iris recognition. Introducing voice biometrics would further prevent fraudulent use when using telephone banking."
"Banking systems are changing rapidly in the digital age, and nowhere is this clearer than in Africa, where the vast majority of people save, spend and exchange money without using any formal banking institution. For them, mobile phones can be a lifeline. Most Africans own one, and at least 55 million people -- and counting -- use a system called mobile money to manage their finances. Customers can pay bills, transfer money and withdraw or deposit funds using only their cell phone."
Azerbaijan mobile wallet makes debut
"Azerbaijan card processing company AzeriCard has partnered with software firm OpenWay to create a mobile wallet that helps Azerbaijanis to withdraw cash from ATMs using a mobile phone and transfer money without using a bank card. The service uses Way4 Cash By Code technology to generate a code on the mobile which can then be used by the customer to withdraw cash. AzeriCard says that 14 partner banks are using the service. The Cash by Code option was added to the menu of 1,300 ATMs in Azerbaijan, and works on iPhone, Android and BlackBerry smartphones as well as Java-enabled feature phones. AzeriCard supports MasterCard, Visa and American Express."
Study: Fiserv looks at mobile and tablet banking trends
"Consumers are increasingly banking through mobile and tablet devices, but this is only the tip of the iceberg when it comes to changes in how consumers use these channels, according to Daniel Steere, director of product management for mobile payments at Fiserv. To illustrate the trend, Steere rounded up some of the most compelling mobile and tablet statistics from the 2012 Fiserv Consumer Trends Survey."
Mobile banking fraud
"A number of recent news reports have chronicled the use of mobile money transfer services by miscreants to carry out extortionist activities. Fraudulent activities, in whatever form or shape, are bad. At the same time, we need to take things into perspective. Not doing so may result in raising an alarm in people’s minds. That would be harmful for any product or service, but especially for a service that has the potential for broader socio-economic benefits while it is in the infant stage of development."
Uganda: Banks Stretch Hours As Mobile Competition Bites
"You have an emergency late in the night. Your bank is miles away from your residence, so you can't access any money. Ah, someone offers to send you money through mobile money and you get it right away, because there are telecom shops scattered all over the suburbs and operating 24/7. 'They (banks) either have to work 24 hours or they will run out of business,' says a source in one of the telecoms."
Zain Group to offer eServGlobal mobile money solution
"Kuwaiti telecoms group Zain has entered into a partnership with Paris-based software vendor eServGlobal to provide its customers across Africa and the Middle East with end-to-end mobile money transfer services. According to a press release, the solution encompasses a complete mobile money platform, and will enable Zain Group subsidiaries to offer services such as electronic top-ups , mobile banking, online payments, salary disbursements, money transfers, micro-financing, airtime top-ups and bill payments."
We Will Focus on Smart Mobile Banking: Preeti Malhotra
"Technology will be the differentiator for us and we will focus on smart mobile banking. It is the most cost-effective solution. The cost of one physical transaction is Rs 40-60, and through a mobile is Rs 1-1.5. An ATM transaction costs Rs 15-20. Of our six lakh villages, only 5 percent are covered by commercial bank branches. Forty-six per cent of the population is still unbanked. At the same time, almost everyone has mobile phones. They access the internet through the mobile phone."
India banks explore voice biometrics for added security
"For banks in India, voice authentication is increasingly an important part of their implmemenation of biometric security features such as fingerprint or iris recognition. Introducing voice biometrics would further prevent fraudulent use when using telephone banking."
Sunday, August 11, 2013
Mobile Banking Updates - Aug 11
Hope Credit Union rolls out Bluepoint mobile remote depost capture tech
"Bluepoint Solutions today announced Jackson, Miss.-based Hope Credit Union (HOPE) has implemented its mobile remote deposit capture (RDC) solution QwikDeposit ToGo as part of the credit union's mobile banking app powered by Malauzai Software."
Constant Access To Online Banking Solutions Driving Increased Uptake Of Mobile Platforms
"ABI Research forecasts that cumulative online ID and authentication shipments into the banking market vertical will total 1.6 billion in 2018; an increase of 945 percent when compared to 2012. Cumulative shipments include secure USB tokens, standalone OTP generators, portable smart card readers, and mobile device software applications. Of the 2018 shipment total ABI Research forecasts that mobile software applications will account for 81 percent of the total 2018, which only accounted for a mere 22 percent in 2012."
Citizens Bank Recognized for Industry-Leading Customer Satisfaction in Mobile Banking for Android™ and iPhone®
"Citizens Bank’s Mobile Banking apps for Android and iPhone are generating the most-positive customer feedback in the industry, according to a new report issued by Xtreme Labs. In announcing its findings of the Top Three mobile banking apps, Xtreme Labs noted that 'Citizens Bank is the only bank with the highest rated apps on both Android (4.5 stars) and iOS (4.5 stars) platforms.'”
51% of U.S. Adults Bank Online
"Fifty-one percent of U.S. adults, or 61% of internet users, bank online. Thirty-two percent of U.S. adults, or 35% of cell phone owners, bank using their mobile phones. Both types of digital banking are on the rise. In 2010, 46% of U.S. adults, or 58% of internet users, said they bank online. In 2011, 18% of cell phone owners said they have used their phone to check their balance or transact business with a bank."
Mobile banking update allows BBVA Compass customers to pay people using text, email
"BBVA Compass enhanced its mobile banking capabilities by adding the Pay People with Popmoney service to its iPhone and Android apps, allowing customers to send money to anyone in the U.S. using just the recipient's email address or mobile phone number."
The Fine Line: collaboration vs. competition in mobile payments
"Following the news that Polish banks will work together on establishing a common mobile payment infrastructure, European banks should learn from the Polish market, writes Philippe Eschenmoser, head of business consulting at SIX Payment Services. Last month came the announcement that in Poland rival banks are coming together on a collaborative project to encourage mobile payments. Alior Bank, Bank Millennium, Bank Zachodni WBK, BRE Bank, ING Bank and PKO Bank Polski intend to build a common infrastructure which is open to all market participants, including other banks. Comprising of standard authorisation and settlement, the system will support abilities such as 4G mobile banking and mobile shopping."
Five Ways You Can Combine Banking and Mobile
"With everything becoming more mobile, many traditional industries are undergoing fundamental changes. The financial sector is one of them. Banking and mobile now seem to go hand in hand, with more people and businesses relying on apps and payment systems like PayPal to check their balances, transfer funds and even process transactions. Customers still have to step into a branch on occasion, but mobile tech can make it quick and painless. That said, here are five ways banks are using mobile to their advantage:"
Kearny Federal Savings Bank Selects Premier from Fiserv for Account Processing as Part of an Integrated, Enterprise-wide Banking Solution
"Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced that Kearny Federal Savings Bank, headquartered in Fairfield, N.J., has chosen the Premier® bank platform for account processing, along with additional Fiserv solutions for mobile banking, person-to-person payments, check capture, online banking and bill pay. The $3.1 billion bank cited Fiserv integration, innovation and scalability as factors that will help the bank increase efficiencies and attract new accounts."
Non-compliance creates significant risk with mobile banking products
"Regulations on mobile-banking products, services, and practices continue to evolve alongside the technology that supports these next-generation solutions. Keeping up to date on the rules and requirements is imperative for financial institutions that are entering the brave new world of mobile."
"Bluepoint Solutions today announced Jackson, Miss.-based Hope Credit Union (HOPE) has implemented its mobile remote deposit capture (RDC) solution QwikDeposit ToGo as part of the credit union's mobile banking app powered by Malauzai Software."
Constant Access To Online Banking Solutions Driving Increased Uptake Of Mobile Platforms
"ABI Research forecasts that cumulative online ID and authentication shipments into the banking market vertical will total 1.6 billion in 2018; an increase of 945 percent when compared to 2012. Cumulative shipments include secure USB tokens, standalone OTP generators, portable smart card readers, and mobile device software applications. Of the 2018 shipment total ABI Research forecasts that mobile software applications will account for 81 percent of the total 2018, which only accounted for a mere 22 percent in 2012."
Citizens Bank Recognized for Industry-Leading Customer Satisfaction in Mobile Banking for Android™ and iPhone®
"Citizens Bank’s Mobile Banking apps for Android and iPhone are generating the most-positive customer feedback in the industry, according to a new report issued by Xtreme Labs. In announcing its findings of the Top Three mobile banking apps, Xtreme Labs noted that 'Citizens Bank is the only bank with the highest rated apps on both Android (4.5 stars) and iOS (4.5 stars) platforms.'”
51% of U.S. Adults Bank Online
"Fifty-one percent of U.S. adults, or 61% of internet users, bank online. Thirty-two percent of U.S. adults, or 35% of cell phone owners, bank using their mobile phones. Both types of digital banking are on the rise. In 2010, 46% of U.S. adults, or 58% of internet users, said they bank online. In 2011, 18% of cell phone owners said they have used their phone to check their balance or transact business with a bank."
Mobile banking update allows BBVA Compass customers to pay people using text, email
"BBVA Compass enhanced its mobile banking capabilities by adding the Pay People with Popmoney service to its iPhone and Android apps, allowing customers to send money to anyone in the U.S. using just the recipient's email address or mobile phone number."
The Fine Line: collaboration vs. competition in mobile payments
"Following the news that Polish banks will work together on establishing a common mobile payment infrastructure, European banks should learn from the Polish market, writes Philippe Eschenmoser, head of business consulting at SIX Payment Services. Last month came the announcement that in Poland rival banks are coming together on a collaborative project to encourage mobile payments. Alior Bank, Bank Millennium, Bank Zachodni WBK, BRE Bank, ING Bank and PKO Bank Polski intend to build a common infrastructure which is open to all market participants, including other banks. Comprising of standard authorisation and settlement, the system will support abilities such as 4G mobile banking and mobile shopping."
Five Ways You Can Combine Banking and Mobile
"With everything becoming more mobile, many traditional industries are undergoing fundamental changes. The financial sector is one of them. Banking and mobile now seem to go hand in hand, with more people and businesses relying on apps and payment systems like PayPal to check their balances, transfer funds and even process transactions. Customers still have to step into a branch on occasion, but mobile tech can make it quick and painless. That said, here are five ways banks are using mobile to their advantage:"
Kearny Federal Savings Bank Selects Premier from Fiserv for Account Processing as Part of an Integrated, Enterprise-wide Banking Solution
"Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced that Kearny Federal Savings Bank, headquartered in Fairfield, N.J., has chosen the Premier® bank platform for account processing, along with additional Fiserv solutions for mobile banking, person-to-person payments, check capture, online banking and bill pay. The $3.1 billion bank cited Fiserv integration, innovation and scalability as factors that will help the bank increase efficiencies and attract new accounts."
Non-compliance creates significant risk with mobile banking products
"Regulations on mobile-banking products, services, and practices continue to evolve alongside the technology that supports these next-generation solutions. Keeping up to date on the rules and requirements is imperative for financial institutions that are entering the brave new world of mobile."
Thursday, August 8, 2013
Mobile Banking Updates - Aug 8
Mobile Banking, Payment, Core Sales Drive Fiserv Profits
"Fiserv shared solid results for the second quarter Tuesday night, including revenue of $1.1 billion and an 18% increase in adjusted earnings per share to $1.50. Revenue came from three main sources: mobile banking software and services, payment services and core banking software sales (the latter mainly through Fiserv's acquisition in Open Solutions earlier this year)."
Podcast: Mobile Banking Threats
"Kaspersky Lab expert Denis Maslennikov explains the vulnerabilities and possible threats of mobile banking apps."
Sterling Bank Expands Its Digital Capabilities through Retail and Business Digital Solutions from FIS
"Engaging customers on their own terms is the future of banking, and Spokane, Wash., based Sterling Bank, the principal operating subsidiary of Sterling Financial Corporation (NASDAQ:STSA), is meeting those needs with the help of FIS™ (NYSE:FIS). FIS, the world’s largest provider of banking and payments technology, today announced that the $9.94 billion bank signed a multi-year agreement to deploy FIS’ Business eBanking and Mobile Banking solutions – creating new and easier ways for customers to manage their money, while also supporting the bank’s plans for growth."
Q2 Ties Banking Software With Geezeo
"Austin-based mobile banking software developer Q2 (formerly Q2ebanking), said today that it has partnred with financial technology firm Geezeo. Geezeo is a developer of personal finance management software, aimed at consumers."
Thoma Bravo Completes Acquisition of Intuit Financial Services; Newly Launched as Digital Insight
"Thoma Bravo, a leading middle-market private equity firm, announced today it completed the previously announced acquisition of Intuit Financial Services, a division of Intuit, Inc., to form a stand-alone company that provides digital banking and payments capabilities to financial institutions. The transaction, valued at $1.025 billion, establishes a new company with a familiar name in banking, Digital Insight."
Mobile Payment Startup Secures Head Honcho & New ‘Dream Team'
"Zapp, which enables real-time payments on people’s mobiles through their mobile banking application, allowing secure payments between consumers and merchants, is set to hit the market in 2014. Ahead of its debut the company, which is part of the VocaLink group, has today announced key founder members of a senior management ‘dream team’ – who are responsible for launching the new mobile payments system."
Mobile banking innovations
"As you're standing in line at your local grocery store waiting to checkout, you quietly observe the people in front of you. They pull out a checkbook and begin to write a check. You silently sigh and roll your head because you now have to wait for this ancient process to finish- when they could have just slid a debit card and be done."
Shop Smart: Banking services you can bank on
"In recent years, banks have introduced new products and services that have significantly enhanced consumer convenience, notes Consumer Reports Money Adviser. For example, rising consumer preference for paying by debit card at the cash register has reduced the need to find automated teller machines. With smartphone banking apps, you almost never have to set foot inside a bank branch."
"Fiserv shared solid results for the second quarter Tuesday night, including revenue of $1.1 billion and an 18% increase in adjusted earnings per share to $1.50. Revenue came from three main sources: mobile banking software and services, payment services and core banking software sales (the latter mainly through Fiserv's acquisition in Open Solutions earlier this year)."
Podcast: Mobile Banking Threats
"Kaspersky Lab expert Denis Maslennikov explains the vulnerabilities and possible threats of mobile banking apps."
Sterling Bank Expands Its Digital Capabilities through Retail and Business Digital Solutions from FIS
"Engaging customers on their own terms is the future of banking, and Spokane, Wash., based Sterling Bank, the principal operating subsidiary of Sterling Financial Corporation (NASDAQ:STSA), is meeting those needs with the help of FIS™ (NYSE:FIS). FIS, the world’s largest provider of banking and payments technology, today announced that the $9.94 billion bank signed a multi-year agreement to deploy FIS’ Business eBanking and Mobile Banking solutions – creating new and easier ways for customers to manage their money, while also supporting the bank’s plans for growth."
Q2 Ties Banking Software With Geezeo
"Austin-based mobile banking software developer Q2 (formerly Q2ebanking), said today that it has partnred with financial technology firm Geezeo. Geezeo is a developer of personal finance management software, aimed at consumers."
Thoma Bravo Completes Acquisition of Intuit Financial Services; Newly Launched as Digital Insight
"Thoma Bravo, a leading middle-market private equity firm, announced today it completed the previously announced acquisition of Intuit Financial Services, a division of Intuit, Inc., to form a stand-alone company that provides digital banking and payments capabilities to financial institutions. The transaction, valued at $1.025 billion, establishes a new company with a familiar name in banking, Digital Insight."
Mobile Payment Startup Secures Head Honcho & New ‘Dream Team'
"Zapp, which enables real-time payments on people’s mobiles through their mobile banking application, allowing secure payments between consumers and merchants, is set to hit the market in 2014. Ahead of its debut the company, which is part of the VocaLink group, has today announced key founder members of a senior management ‘dream team’ – who are responsible for launching the new mobile payments system."
Mobile banking innovations
"As you're standing in line at your local grocery store waiting to checkout, you quietly observe the people in front of you. They pull out a checkbook and begin to write a check. You silently sigh and roll your head because you now have to wait for this ancient process to finish- when they could have just slid a debit card and be done."
Shop Smart: Banking services you can bank on
"In recent years, banks have introduced new products and services that have significantly enhanced consumer convenience, notes Consumer Reports Money Adviser. For example, rising consumer preference for paying by debit card at the cash register has reduced the need to find automated teller machines. With smartphone banking apps, you almost never have to set foot inside a bank branch."
Wednesday, August 7, 2013
Mobile Banking Updates - Aug 7
Too Many Banks Still Treat Mobile Banking as an Afterthought
"I have spent a fair amount of the past three years or so researching, writing about, consulting and presenting on mobile banking. I think about the channel a lot and instinctively look out for new developments in the space on news sites or when I attend conferences. As an advocate of mobile banking, I feel that I should be entirely sold on making it my channel of choice with my bank. But I'm not. At least, not yet."
Segmented consumer experience key to mobile banking future - study
"A new study conducted by Cognizant (NASDAQ: CTSH) and Monitise plc (LSE: MONI) finds that retail banks can realize the full potential of mobile banking by offering segmented consumer experiences and advanced digital wallet capabilities."
Mobile is the new table stakes for banks
"As smartphone and tablet use accelerate in the United States, consumer expectations are growing as well. Banking customers, for example, now expect their financial institutions to offer mobile applications, and U.S. banks are responding, according to a report from Aite Group. And mobile banking apps are a particularly important way to reach younger consumers, because many of them bypass PCs completely in favor of smartphones."
Banks, Mobile Technologies and SMAC, Part 1
"The mega-trends of SMAC (social, mobile, analytics and cloud) plus IoT (Internet of Things/Connected devices/M2M) are changing entire industries. I am being asked frequently now to meet with IT and business teams to review how SMAC and related trends are impacting various industries so companies can better plan to meet these transformations. My colleague at Cognizant, Peter Abatan, is both a banking expert and a mobile technologies expert. Recently Peter has been sharing his thoughts with me on the topic of how SMAC (social, mobile analytics and cloud) trends are impacting the banking industry. Here are some excerpts from our exchanges:"
Banking Industry Predictions: 4 Trends to Expect Over the Next 10 Years
"Considering the staggering changes in banking we’ve experienced over the last decade, it’s safe to say predicting what will happen next is like trying to guess who is going to win the World Series. We can make some educated guesses, but — to really hammer the metaphor — there’s always a chance a curve ball is thrown our way. That said, a number of trends have emerged that say a lot about where the industry is going. And understanding where it’s headed can help better shape your finances today."
Mobile Banking Activity Continued to Grow in June
"Banks continued to report increases in mobile banking usage in June, according to the latest Mobile Banking Intensity Index. The overall value of the index, 72.5, was roughly in line with the intense growth of last month's reading of 73.8. Almost all the 336 bankers who shared information about their mobile banking offerings and adoption for the month of June reported steady growth in the service, which for many is relatively new. The overarching theme was fast adoption and growth with fluctuations and the occasional small hiccup."
Mobility Matters: At The Mobile Banking Tipping Point
"In Sweden, already mobile banking is at a tipping point with several financial institutions reporting that, out of nowhere, usage has surged beyond the online channel. Ditto for New Zealand where mobile access now outstrips online. Word in the United Kingdom also is that mobile banking has reached a tipping point."
Banks can gain by turning digital-savvy: A study
"A new study conducted by Cognizant and Monitise plc finds that retail banks can realize the full potential of mobile banking by offering segmented consumer experiences and advanced digital wallet capabilities. According to the study, consumers are increasingly expecting banks to help improve their mobile lifestyles by providing anytime, anywhere capabilities, customized user experiences, shopping and social features, and value-added services. This, the study states, represents a new opportunity for retail banks to drive customer loyalty, attract new business, and generate more revenue."
Study: Enhanced mobile payment options will drive customer loyalty for banks
"Retail banks that offer segmented consumer experiences and advanced digital wallet capabilities are likely to realize a good return on investment, according to a new study from Cognizant and Monitise plc. The study surveyed a diverse group of more than 700 consumers to understand their mobile banking expectations, emerging trends, and current and future needs. Increasingly, the study found, consumers expect banks to provide anytime, anywhere mobile capabilities, including customized user experiences, shopping and social features, and value-added services, and that represents a new opportunity for retail banks to drive customer loyalty, attract new business and generate more revenue."
"I have spent a fair amount of the past three years or so researching, writing about, consulting and presenting on mobile banking. I think about the channel a lot and instinctively look out for new developments in the space on news sites or when I attend conferences. As an advocate of mobile banking, I feel that I should be entirely sold on making it my channel of choice with my bank. But I'm not. At least, not yet."
Segmented consumer experience key to mobile banking future - study
"A new study conducted by Cognizant (NASDAQ: CTSH) and Monitise plc (LSE: MONI) finds that retail banks can realize the full potential of mobile banking by offering segmented consumer experiences and advanced digital wallet capabilities."
Mobile is the new table stakes for banks
"As smartphone and tablet use accelerate in the United States, consumer expectations are growing as well. Banking customers, for example, now expect their financial institutions to offer mobile applications, and U.S. banks are responding, according to a report from Aite Group. And mobile banking apps are a particularly important way to reach younger consumers, because many of them bypass PCs completely in favor of smartphones."
Banks, Mobile Technologies and SMAC, Part 1
"The mega-trends of SMAC (social, mobile, analytics and cloud) plus IoT (Internet of Things/Connected devices/M2M) are changing entire industries. I am being asked frequently now to meet with IT and business teams to review how SMAC and related trends are impacting various industries so companies can better plan to meet these transformations. My colleague at Cognizant, Peter Abatan, is both a banking expert and a mobile technologies expert. Recently Peter has been sharing his thoughts with me on the topic of how SMAC (social, mobile analytics and cloud) trends are impacting the banking industry. Here are some excerpts from our exchanges:"
Banking Industry Predictions: 4 Trends to Expect Over the Next 10 Years
"Considering the staggering changes in banking we’ve experienced over the last decade, it’s safe to say predicting what will happen next is like trying to guess who is going to win the World Series. We can make some educated guesses, but — to really hammer the metaphor — there’s always a chance a curve ball is thrown our way. That said, a number of trends have emerged that say a lot about where the industry is going. And understanding where it’s headed can help better shape your finances today."
Mobile Banking Activity Continued to Grow in June
"Banks continued to report increases in mobile banking usage in June, according to the latest Mobile Banking Intensity Index. The overall value of the index, 72.5, was roughly in line with the intense growth of last month's reading of 73.8. Almost all the 336 bankers who shared information about their mobile banking offerings and adoption for the month of June reported steady growth in the service, which for many is relatively new. The overarching theme was fast adoption and growth with fluctuations and the occasional small hiccup."
Mobility Matters: At The Mobile Banking Tipping Point
"In Sweden, already mobile banking is at a tipping point with several financial institutions reporting that, out of nowhere, usage has surged beyond the online channel. Ditto for New Zealand where mobile access now outstrips online. Word in the United Kingdom also is that mobile banking has reached a tipping point."
Banks can gain by turning digital-savvy: A study
"A new study conducted by Cognizant and Monitise plc finds that retail banks can realize the full potential of mobile banking by offering segmented consumer experiences and advanced digital wallet capabilities. According to the study, consumers are increasingly expecting banks to help improve their mobile lifestyles by providing anytime, anywhere capabilities, customized user experiences, shopping and social features, and value-added services. This, the study states, represents a new opportunity for retail banks to drive customer loyalty, attract new business, and generate more revenue."
Study: Enhanced mobile payment options will drive customer loyalty for banks
"Retail banks that offer segmented consumer experiences and advanced digital wallet capabilities are likely to realize a good return on investment, according to a new study from Cognizant and Monitise plc. The study surveyed a diverse group of more than 700 consumers to understand their mobile banking expectations, emerging trends, and current and future needs. Increasingly, the study found, consumers expect banks to provide anytime, anywhere mobile capabilities, including customized user experiences, shopping and social features, and value-added services, and that represents a new opportunity for retail banks to drive customer loyalty, attract new business and generate more revenue."
Tuesday, August 6, 2013
International Mobile Banking Updates - Aug 6
More payments via mobile devices in 2015: report
"Online payment transactions handled by Chinese mobile payment service providers will exceed 9 trillion yuan in 2015, according to an industry report published on Monday. In 2012, the country's mobile banking sector handled 800 billion yuan in online payment transactions, an increase of 265.3 percent from a year earlier, according to a report published by the Internet Society of China, Xinhua news agency reports."
VIPERA PLC : Vipera – KPMG Commercial Partnership Agreement
"Vipera announces today that it has concluded an agreement with KPMG Advisory Spa ("KPMG"), a leading consulting and IT services company in Italy. Under this agreement KPMG, who are looking to expand their business in the area of mobile services and mobile financial services, have become a commercial partner and system integrator of Vipera's mobile financial services and solutions based on Motif."
Knocking on the M-commerce Door
"The past few months have seen more telcos inserting themselves into the mobile money and mobile commerce value chains. In Spain, Telefónica SA announced partnerships with financial institutions CaixaBank and Santander to create a new business in mobile banking, including a mobile wallet. (See Telefónica Brokers Mobile Money Alliance.)"
Surprising FNB mobile device stats
"FNB recently revealed that 76% of their clients visiting their online banking services are using an iPhone or iPad – much higher than all other brands put together. FNB launched its new website on Sunday 14 July, aimed at creating a consistent experience across all devices. The focus on a mobile friendly experience is very evident in the new design. Around 10% of FNB’s banking clients are currently accessing the website via a mobile device – up from 4% a year ago."
Software quality problems show need to “shift left”
"In the private sector, software errors are causing both financial and reputational damage. A study by software quality specialist SQS identified private sector businesses in the banking, retail and mobile sectors, more likely to suffer software malfunctions than public sector organisations."
Bank of Kigali launches mVISA-Rwanda
"The Bank of Kigali, in partnership with Visa, has launched a new mobile banking platform, mVISA, an interoperable mobile branchless banking solution. BK mVISA is a digital wallet that targets 55 per cent of the country’s population of 10.5 million that currently have mobile phones."
ANZ Extends Mobile Financial Services to Unbanked and Underbanked Consumers with Mobiliti Reach from Fiserv
"Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced that Australia and New Zealand Banking Group (ANZ), a $642.12 billion asset banking group, has launched an extensive mobile banking and payment service in several nations in the Pacific."
Aussie Bank Crowdsources Product Ideas in Mobile App Challenge
"Westpac will invest $50,000 to develop two concept apps from the public. The bank already has an aggressive mobile strategy, and is threatening to shake things up further with more bold moves like this before year’s end."
Kenya: Press Releases: Barclays Bank Offers Bulk Mobile Payment Solution
"Barclays Bank has partnered with mobile telephony service provider Safaricom to offer a mobile banking service that enables corporate clients to disburse bulk payments such as salaries, dividend payments, per diem allowances and pension payments to various beneficiaries through their mobile phones."
Canadians growing increasingly comfortable with mobile payments
"Mobile payments have gone mainstream in Canada. According to a report a by Technology Strategies International, more than half of smartphone owners in the country have used their phones to make payments this year. The bad news, according to the report titled "Canadian Payments Forecast — 2013," is that most of these mobile payment transactions have been for e-commerce purchases or bill payments via mobile banking apps and mobile banking websites. In other words, they're not happening in brick-and-mortar stores."
Updated: Westpac Australia online, mobile banking services still down
"Westpac Australia has confirmed that its online and mobile banking services are experiencing intermittent issues today. Westpac said its services were restored at 7pm Australian Eastern Standard Time (AEST) on Thursday night after being down for most of yesterday."
"Online payment transactions handled by Chinese mobile payment service providers will exceed 9 trillion yuan in 2015, according to an industry report published on Monday. In 2012, the country's mobile banking sector handled 800 billion yuan in online payment transactions, an increase of 265.3 percent from a year earlier, according to a report published by the Internet Society of China, Xinhua news agency reports."
VIPERA PLC : Vipera – KPMG Commercial Partnership Agreement
"Vipera announces today that it has concluded an agreement with KPMG Advisory Spa ("KPMG"), a leading consulting and IT services company in Italy. Under this agreement KPMG, who are looking to expand their business in the area of mobile services and mobile financial services, have become a commercial partner and system integrator of Vipera's mobile financial services and solutions based on Motif."
Knocking on the M-commerce Door
"The past few months have seen more telcos inserting themselves into the mobile money and mobile commerce value chains. In Spain, Telefónica SA announced partnerships with financial institutions CaixaBank and Santander to create a new business in mobile banking, including a mobile wallet. (See Telefónica Brokers Mobile Money Alliance.)"
Surprising FNB mobile device stats
"FNB recently revealed that 76% of their clients visiting their online banking services are using an iPhone or iPad – much higher than all other brands put together. FNB launched its new website on Sunday 14 July, aimed at creating a consistent experience across all devices. The focus on a mobile friendly experience is very evident in the new design. Around 10% of FNB’s banking clients are currently accessing the website via a mobile device – up from 4% a year ago."
Software quality problems show need to “shift left”
"In the private sector, software errors are causing both financial and reputational damage. A study by software quality specialist SQS identified private sector businesses in the banking, retail and mobile sectors, more likely to suffer software malfunctions than public sector organisations."
Bank of Kigali launches mVISA-Rwanda
"The Bank of Kigali, in partnership with Visa, has launched a new mobile banking platform, mVISA, an interoperable mobile branchless banking solution. BK mVISA is a digital wallet that targets 55 per cent of the country’s population of 10.5 million that currently have mobile phones."
ANZ Extends Mobile Financial Services to Unbanked and Underbanked Consumers with Mobiliti Reach from Fiserv
"Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced that Australia and New Zealand Banking Group (ANZ), a $642.12 billion asset banking group, has launched an extensive mobile banking and payment service in several nations in the Pacific."
Aussie Bank Crowdsources Product Ideas in Mobile App Challenge
"Westpac will invest $50,000 to develop two concept apps from the public. The bank already has an aggressive mobile strategy, and is threatening to shake things up further with more bold moves like this before year’s end."
Kenya: Press Releases: Barclays Bank Offers Bulk Mobile Payment Solution
"Barclays Bank has partnered with mobile telephony service provider Safaricom to offer a mobile banking service that enables corporate clients to disburse bulk payments such as salaries, dividend payments, per diem allowances and pension payments to various beneficiaries through their mobile phones."
Canadians growing increasingly comfortable with mobile payments
"Mobile payments have gone mainstream in Canada. According to a report a by Technology Strategies International, more than half of smartphone owners in the country have used their phones to make payments this year. The bad news, according to the report titled "Canadian Payments Forecast — 2013," is that most of these mobile payment transactions have been for e-commerce purchases or bill payments via mobile banking apps and mobile banking websites. In other words, they're not happening in brick-and-mortar stores."
Updated: Westpac Australia online, mobile banking services still down
"Westpac Australia has confirmed that its online and mobile banking services are experiencing intermittent issues today. Westpac said its services were restored at 7pm Australian Eastern Standard Time (AEST) on Thursday night after being down for most of yesterday."
Sunday, August 4, 2013
Mobile Banking Updates - Aug 4
Americans Rate the Best and Worst U.S. Mobile Banking Apps in New Report From Xtreme Labs
"Xtreme Labs, the leader in mobile strategy and product development, today released a new report on the best and worst mobile banking apps in the U.S. as rated by customers themselves. The U.S. Banking Apps Report: Customer Reviews by Xtreme Labs analyzed customer reviews from the Apple App Store and the Google Play Store between May 18 and June 25, 2013 for the top 53 U.S. banks (as ranked by total assets)."
The Circuit: Innovating Incrementally in Mobile Banking
"So many banking conferences reinforce the same idea: banks must think differently about their businesses to stay on the industry's leading edge. That certainly was one of the takeaways from a recent conference on mobile banking. But so was this: in the near future, if not already, banks will have to think differently just to keep pace with the world around them."
MOBILE SAVINGS Big potential savings from switching branch transactions to mobile
"Mobile bankers are valuable bank customers; rich, young, and flush with profitable bank products and services. And the service is saving institutions money; as the number of mobile bankers has grown, branch visitation has decreased considerably, says a report by Javelin Strategy and Research."
Innovations continue to change banking industry
"In June 1978 when Jerry Jacobson started working at Northwestern Bank in Chippewa Falls, the paperwork for most loans consisted of just one piece of paper. Now, a loan for a home mortgage frequently runs 30 or 40 pages."
Marketing Strategies To Shatter The Mobile Banking ‘Glass Ceiling’
"At most financial institutions, mobile banking adoption rates typically hit a 'glass ceiling' of 15 to 20 percent of all online banking customers. But you don’t have to settle for that as the maximum cap. Here’s what you need to send adoption rates through the roof."
BBVA Compass courts micro-businesses with new mobile banking solution
"BBVA Compass today introduced its Business Mobility Bundle, designed to provide micro-businesses — the smallest of small businesses — everything needed to manage their finances on the go. Representing about 95 percent of all small businesses, micro-businesses are extremely mobile, with many of their financial transactions occurring away from owners' homes or offices. Micro-businesses typically generate less than $500,000 in annual revenue."
Mobile and Beyond: How Banks Are Catering to Tech-Savvy Customers
"Technology has become an integral part of daily life for most people. And with greater technological capabilities comes steeper demands from users. With a dramatic shift in customer preferences, banks are trying to keep up with that demand -- and some are falling short. Though some are slow to catch up, there are plenty of options for banks with vision to give customers what they want."
"Xtreme Labs, the leader in mobile strategy and product development, today released a new report on the best and worst mobile banking apps in the U.S. as rated by customers themselves. The U.S. Banking Apps Report: Customer Reviews by Xtreme Labs analyzed customer reviews from the Apple App Store and the Google Play Store between May 18 and June 25, 2013 for the top 53 U.S. banks (as ranked by total assets)."
The Circuit: Innovating Incrementally in Mobile Banking
"So many banking conferences reinforce the same idea: banks must think differently about their businesses to stay on the industry's leading edge. That certainly was one of the takeaways from a recent conference on mobile banking. But so was this: in the near future, if not already, banks will have to think differently just to keep pace with the world around them."
MOBILE SAVINGS Big potential savings from switching branch transactions to mobile
"Mobile bankers are valuable bank customers; rich, young, and flush with profitable bank products and services. And the service is saving institutions money; as the number of mobile bankers has grown, branch visitation has decreased considerably, says a report by Javelin Strategy and Research."
Innovations continue to change banking industry
"In June 1978 when Jerry Jacobson started working at Northwestern Bank in Chippewa Falls, the paperwork for most loans consisted of just one piece of paper. Now, a loan for a home mortgage frequently runs 30 or 40 pages."
Marketing Strategies To Shatter The Mobile Banking ‘Glass Ceiling’
"At most financial institutions, mobile banking adoption rates typically hit a 'glass ceiling' of 15 to 20 percent of all online banking customers. But you don’t have to settle for that as the maximum cap. Here’s what you need to send adoption rates through the roof."
BBVA Compass courts micro-businesses with new mobile banking solution
"BBVA Compass today introduced its Business Mobility Bundle, designed to provide micro-businesses — the smallest of small businesses — everything needed to manage their finances on the go. Representing about 95 percent of all small businesses, micro-businesses are extremely mobile, with many of their financial transactions occurring away from owners' homes or offices. Micro-businesses typically generate less than $500,000 in annual revenue."
Mobile and Beyond: How Banks Are Catering to Tech-Savvy Customers
"Technology has become an integral part of daily life for most people. And with greater technological capabilities comes steeper demands from users. With a dramatic shift in customer preferences, banks are trying to keep up with that demand -- and some are falling short. Though some are slow to catch up, there are plenty of options for banks with vision to give customers what they want."
Thursday, August 1, 2013
Mobile Banking Updates - Aug 1
What Are the Best and Worst Mobile Banking Apps?
"There’s something perversely satisfying about depositing a check in bed. While in a recumbent position, I’ve been known to whip out my iPhone, launch my bank’s app, snap a photo of the check’s back and front, type in the amount, and boom. My money wings its way into my account while I return to reading Entertainment Weekly on my iPad. Alas, not all mobile banking apps make it that easy. And a new report from Xtreme Labs, entitled the “U.S. Banking Apps Report: Customer Reviews,” shows that some banks are doing are a better job than others with their mobile apps."
FFIEC may be prepping guidance for mobile banking
"The word going around is that the Federal Financial Institutions Examination Council could introduce guidelines on mobile banking security within the next 12 months. But while that particular aspect of mobile payments may be in the regulatory eye, experts do not expect strictures to be more broadly applied."
Mobile Banking Trends: Find Out What is Hot and How to Stay Protected
"The security precautions for smartphone and tablet banking are the same as those for your PC. Smartphones are not inherently more risky, except for one important thing: It’s a heck of a lot easier to lose a phone than a computer. The likeliest way for a hacker to access your bank account information is if they have your phone in their hands. To guard against this, always maintain a password protected system, and if you have to, use security software to wipe the phone clean so valuable data can’t be stolen."
Is Technology Making an Impact in the Banking Industry?
"With TV, music and shopping available with the merest swipe of a screen, it's vital that the banking industry adapts to meet the needs of tech-savvy customers. Considering the focus on the banking industry of late, and the much-talked-about state of the economy, the banking industry's ability to adapt to changing technology could be vital to its recovery from the economic downturn."
More from F.N.B.: mobile banking update
"Earlier this month, I wrote about how F.N.B. Corp.’s online banking tools played into its acquisition strategy. F.N.B. (NYSE:FNB) upgraded its offerings late last year, adding bill payment and remote deposits to its mobile-banking capabilities. Executives talked strategy but were holding off on numbers: I figure CEO Vince Delie might give a progress report during the second-quarter earnings call Wednesday and I was right."
Anywhere/Anytime Access to Online Banking Solutions Driving Increased Uptake of Mobile Platforms, Says ABI Research
"ABI Research forecasts that cumulative online ID and authentication shipments into the banking market vertical will total 1.6 billion in 2018; an increase of 945% when compared to 2012. Cumulative shipments include secure USB tokens, standalone OTP generators, portable smart card readers, and mobile device software applications. Of the 2018 shipment total ABI Research forecasts that mobile software applications will account for 81% of the total 2018, which only accounted for a mere 22% in 2012."
Founders Federal Credit Union Enhances Online, Mobile Banking with Fiserv Solutions
"Fiserv, Inc. (FISV), a leading global provider of financial services technology solutions, today announced that Founders Federal Credit Union (Founders), a $1.6 billion credit union headquartered in Lancaster, S.C., has expanded its relationship with Fiserv in order to enhance its members' digital banking experience. Founders has deployed Corillian Online and Mobiliti from Fiserv to deliver feature-rich online, mobile and tablet banking services."
"There’s something perversely satisfying about depositing a check in bed. While in a recumbent position, I’ve been known to whip out my iPhone, launch my bank’s app, snap a photo of the check’s back and front, type in the amount, and boom. My money wings its way into my account while I return to reading Entertainment Weekly on my iPad. Alas, not all mobile banking apps make it that easy. And a new report from Xtreme Labs, entitled the “U.S. Banking Apps Report: Customer Reviews,” shows that some banks are doing are a better job than others with their mobile apps."
FFIEC may be prepping guidance for mobile banking
"The word going around is that the Federal Financial Institutions Examination Council could introduce guidelines on mobile banking security within the next 12 months. But while that particular aspect of mobile payments may be in the regulatory eye, experts do not expect strictures to be more broadly applied."
Mobile Banking Trends: Find Out What is Hot and How to Stay Protected
"The security precautions for smartphone and tablet banking are the same as those for your PC. Smartphones are not inherently more risky, except for one important thing: It’s a heck of a lot easier to lose a phone than a computer. The likeliest way for a hacker to access your bank account information is if they have your phone in their hands. To guard against this, always maintain a password protected system, and if you have to, use security software to wipe the phone clean so valuable data can’t be stolen."
Is Technology Making an Impact in the Banking Industry?
"With TV, music and shopping available with the merest swipe of a screen, it's vital that the banking industry adapts to meet the needs of tech-savvy customers. Considering the focus on the banking industry of late, and the much-talked-about state of the economy, the banking industry's ability to adapt to changing technology could be vital to its recovery from the economic downturn."
More from F.N.B.: mobile banking update
"Earlier this month, I wrote about how F.N.B. Corp.’s online banking tools played into its acquisition strategy. F.N.B. (NYSE:FNB) upgraded its offerings late last year, adding bill payment and remote deposits to its mobile-banking capabilities. Executives talked strategy but were holding off on numbers: I figure CEO Vince Delie might give a progress report during the second-quarter earnings call Wednesday and I was right."
Anywhere/Anytime Access to Online Banking Solutions Driving Increased Uptake of Mobile Platforms, Says ABI Research
"ABI Research forecasts that cumulative online ID and authentication shipments into the banking market vertical will total 1.6 billion in 2018; an increase of 945% when compared to 2012. Cumulative shipments include secure USB tokens, standalone OTP generators, portable smart card readers, and mobile device software applications. Of the 2018 shipment total ABI Research forecasts that mobile software applications will account for 81% of the total 2018, which only accounted for a mere 22% in 2012."
Founders Federal Credit Union Enhances Online, Mobile Banking with Fiserv Solutions
"Fiserv, Inc. (FISV), a leading global provider of financial services technology solutions, today announced that Founders Federal Credit Union (Founders), a $1.6 billion credit union headquartered in Lancaster, S.C., has expanded its relationship with Fiserv in order to enhance its members' digital banking experience. Founders has deployed Corillian Online and Mobiliti from Fiserv to deliver feature-rich online, mobile and tablet banking services."
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