FNB takes mobile banking to Africa

"FNB has expanded its digital banking services into Africa by launching and integrating its banking app and online banking services into its subsidiaries on the continent. Outside South Africa, FNB currently has operations in Zambia, Namibia, Botswana, Swaziland, Lesotho, Tanzania and Mozambique." Continue Reading

Is a Digital Wallet Essential for You This Holiday Season?

"Although digital wallet technology is a relatively new perk, not having it can be a deal-breaker for millions of banking customers. According to a recent study conducted by Cognizant Business Consulting, the expansion of mobile banking options will be a key determining factor in customer loyalty going forward.

The study, which surveyed 2,100 banking users, revealed that a large share of customers consider improved functionality and more options for mobile banking to be high priorities when considering whether or not to join a bank." Continue Reading

Mobile Banking Likely to Cost Consumers

"More Americans are turning to mobile banking because it is fast, convenient and free. You can manage your accounts directly from your smartphone, whether it be deposits or transfers. What would happen if you suddenly had to pay for this service? Would you still us it? Sadly, that could be something to watch for in the future." Continue Reading

The Internet of everything and payment by things

"At the present moment, mobile payments are thought of as mostly a payment system through the use of mobile phones. These phones allow us access to our online accounts through websites and apps, and even mobile banking can allow for a "pay by phone" at point of sale if you've forgotten your wallet. However, in the not-too-distant future, wearable technologies such as Google Glass may supplant your phone. A "Glass payment" does sound a bit odd, doesn't it?" Continue Reading

Moven, Green Dot Bank Aim to Make Slow Payment Process Transparent

"Two leading alternative providers in the banking industry, Alex Sion, president of Moven, and Lewis Goodwin, president and CEO of Green Dot Bank, say they are poised to take market share away from traditional banks. Two-year-old Moven launched a mobile banking app in May that markets itself as a simple alternative to banking.

When Sion, a former Citibanker who once built a digital brokerage platform, took the job at Moven, he told American Banker, 'We're heads down and hell bent on changing the world of banking.'" Continue Reading

Mobile delivers 'halo effect' for banks seeking to sell more products - Bain

"JPMorgan Chase posted the biggest loyalty gains in 2013 among US national banks thanks to selective investments in mobile technology and more effective marketing, according to research by consultancy house Bain. Using data from a survey of almost 200,000 consumers in 27 countries, Bain finds that most banks are missing prime opportunities to deepen their existing customer relationships and are ceding new product sales to competitors." Continue Reading

Mobile Banking In India: Transactions Vs Amount Transacted In Sep 2013

"The Reserve Bank of India has reported that the number of mobile banking transactions in India has increased by 6.01% to 7.1 million transactions (7,169,429 transaction) for the month of September 2013, up from 6.76 million transactions (6,762,969 transactions) reported in August 2013. The total amount transacted for the month has also increased by 10.85% to Rs 1.57 crore (Rs 1,56,59,947.20) from Rs 1.41 crore (1,41,27,755.94) in August 2013." Continue Reading

Online/mobile could put a third of banks’ market share up for grabs

"Thirty-five percent of banks’ market share in North America could be at risk by 2020, as traditional branch banking gives way to digital banking and as new competition emerges, according to new research by Accenture. Accenture’s market-analysis indicates that by 2020 an estimated 15% of traditional banks’ revenues could shift to online-only players, including branchless banks and new technology entrants." Continue Reading

When a telco turns to banking

"Rogers Communications, Canada's largest telco, has moved into banking and plans to issue credit cards — both a plastic version and a mobile version that will be stored on Rogers smartphones. The mobile carrier received the go-ahead in September from the Office of the Superintendent of Financial Institutions to launch the credit card business.

It's the first Canadian telco to enter the credit card market, and the move could have a profoundly disruptive effect on the country's banking industry." Continue Reading

Could Banking from your Wrist be the Future of Mobile Banking?

"Over 35 million people in the UK have at least one digital bank account, with eight in 10 (81 percent) using digital banking to get instant visibility of their finances, according to Intelligent Environments’ research, but what if we had the convenience of mobile banking without the use of a phone? What if we could check out balances at the touch of a button?" Continue Reading

Mobile banking growth drives reduction in banks’ physical presence

"As mobile banking is gaining traction, traditional banks are struggling to adapt to the new reality where physical in-store interactions are no longer the status quo. With Barclay’s reportedly laying off 1,700 of its retail employees in response to the rise in mobile banking, the traditional teller may be nearing extinction." Continue Reading

Is there any surprise mobile banking is the future?

"Banks are scaling back its traditional branch network as consumers increasingly turn to their smart phones and tablets to bank. In a recent report, consulting firm Accenture says 35 percent of banks’ market share in North America could be “up for grabs” by 2020." Continue Reading

Mobile Money Fails the Mom Test

"A few weeks ago, my mother, seemingly at random, decided to extol the virtues of a bank innovation circa 1970. 'I love having a debit card,' she said, while getting ready to leave the house. 'Really, mom, a debit card?' I replied. 'Yes,' she said. I turned to see she was holding a deposit envelope. 'I use the ATM for everything. I never have to go into a bank.'" Continue Reading

U.S. Bank's mobile initiative wins Banking Business Review award

"The bank was selected from four nominations shortlisted for the award. The award recognizes the bank's efforts to take mobile banking services to the next level. Consumers are increasingly relying on their mobile device for everyday activities, from listening to music and communicating with friends, to taking and sharing pictures, and shopping. This is only getting more popular as smartphones get smarter - with their ability to know where we are, to hear, and to see." Continue Reading

Would you pay the plumber by text? You'll soon be able to pay bills with a mobile, but one slip and your cash could vanish

"It's that annoying moment we all hate. Perhaps the window cleaner has popped by and you’re keen to get them to clean the dirty glass upstairs. Or, you’re at a café splitting the bill with friends. Maybe a son or daughter is about to go out and is begging for cash. But then when you open your purse or wallet you realise that it’s empty — and there is no cash machine nearby." Continue Reading

Ellen DeGeneres Stands Up For Mobile Banking

"Comedian Ellen DeGeneres remembers a time when depositing a check presented a daunting task.‘You had to sign the back of the check, then you had to fill out one of those deposit slips,' she recalled in a recent monologue on her talk show Ellen.

'Then you had to add up all the numbers in your head, then you had to wait in line. Then you got to the front of the line and you had to make small talk with the bank teller, Barbara, about her daughter who’s in beauty school, which is really great but then you start thinking, ‘Well, how come your hair looks like that?’” Continue Reading

Connect Financial Software Solutions Partners With CU Wallet on Credit Union Mobile Wallet Initiative

"CU Wallet a collaborative credit union owned and directed mobile payments technology provider, and Connect Financial Software Solutions, an online and mobile solution provider for credit unions, announced they have formed a strategic alliance to enable and equip credit unions with the necessary tools to succeed in an increasingly competitive mobile payments market." Continue Reading

Mobile banking boosts control of finances

"The rise of mobile banking has provided a range of benefits to customers since its launch, with convenience a major plus point. However, the Westpac NZ Mobile banking Report, which surveyed consumers in New Zealand, found that the use of internet-enabled mobile devices for banking purposes means that they have more control of their finances. Respondents also revealed that the use of mobile banking has raised their awareness of their financial situation." Continue Reading

Announcing Javelin's 2013 Mobile Banking Financial Institution Award Winners

"The results of Javelin Strategy & Research's annual Mobile Banking Financial Institution study show that Bank of America, Citizens Bank, USAA, BBVA Compass, Wells Fargo, Chase and others banks are topping all competitors in mobile banking.

Javelin's sixth annual Mobile Banking Financial Institution study evaluates the abilities of financial institutions (FIs) to meet consumers' growing mobile banking needs as they evolve from mobile account monitoring to mobile money movement and beyond." Continue Reading

Is mobile RDC fraud on the rise?

"Mobile remote deposit capture has become one of the most sought-after mobile banking app features. Celent research found that financial institutions are answering consumer demand by adding MRDC to their product offerings: In 2009, 72 percent of FIs surveyed did not plan to offer MRDC. By 2012, 82 percent did intend to provide MRDC service." Continue Reading

Banco Bilbao Vizcaya Argentaria S.A. : BBVA Compass wins Best in Mobile Functionality Award from Javelin Strategy & Research

"BBVA Compass won the 2013 Best in MobileFunctionality Award in Javelin Strategy & Research's sixth annual MobileBanking Financial Institution Scorecard, which was released Thursday. The recognition is the latest endorsement of the bank'smobile banking offerings as one of the most comprehensive available today. Earlierthis year, American Banker listed the bank's app among the top 10 in the marketbased on its features, design and ease of use." Continue Reading

Complex scams target mobile banking customers

"Just in time for the shopping season, there’s a new online scam targeting people who do their banking from a computer or a mobile device. It’s convenient, it’s easy and about 300 million people do their banking online every year. Most mobile devices and banks offer apps to help make the banking experience more convenient. But the online banking experience is now facing a new threat. And the bad guys are getting creative." Continue Reading

Mozido Partners with Investor Adolfo Salume to Launch Mobile Banking, Payment and Marketing Services in Latin America

"Mozido an Austin-based mobile financial services provider, today announced an investment from Latin American business leader Adolfo Salume to implement an innovative mobile EcoSystem in El Salvador that will provide a range of marketing, retail, and banking opportunities for the unbanked and under-banked population.

Salumes investment and his local staff will help support adoption of Mozidos mobile applications providing users with services such as financial management with Constelacion Bank, loyalty programs, analytics-based offers, shopping, and payment services in retail stores such as Mr. Donut, and mobile cash logistic automation, lending, and marketing services with one of the leading consumer packaged goods distributors in El Salvador." Continue Reading

FIS: making a mark in mobile

"The mobile financial services revolution has been going on for quite a while, with different players forming and breaking alliances over the years. In recent months, however, there has been a growing sense that companies are starting to understand the different roles they will play in the new mobile economy.

Doug Brown, senior vice president, eBanking, at FIS agrees, but simplifies the picture at a stroke: 'The only people that really matter to us are the banks, the card issuers, the retailers and the customers – other models with multiple third parties involved don’t seem to have any merit or value to them and I don’t really see any reason for them.'” Continue Reading

New RBS boss hints at move away from branch banking

"Transactions at RBS branches are down almost 30% since 2010 and the bank needs to offer "smarter solutions" for its customers, Ross McEwan said. In one of his first speeches in the role, Mr McEwan said RBS has to confront "seismic shifts" in banking. The use of mobile apps and "self-service centres" can increasingly meet the needs of customers, he said in an address to delegates at a business conference at the Scottish Parliament." Continue Reading

How Your Bank Branches Are Changing

"Many American consumers know what to expect when they see a bank branch. Typically, the front lobby has a few ATMs, followed by bankers sitting at their desks and tellers standing behind the counters. However, the advent of online and mobile banking has transformed the way we perform financial transactions, and visits to the branch are less frequent." Continue Reading

Capital One Uses Swipe Passwords To Make Mobile Banking A Snap

"Being able to bank from your smartphone is one of those activities that we’re sure many of you who lived in the time prior to smartphones, or cellphones for that matter, truly appreciate. These days, you can transfer money to different accounts, deposit checks and pay credit card bills all from your phone without having to go to a bank center or send off a check in an envelope.

One downside is that in order to be secure with private banking information, bank applications require an online banking password which needs to be typed on your smartphone. Capital One is announcing a new feature of its mobile banking application that makes it easier to log into your account." Continue Reading

The Case for Keeping Mobile and Online Banking Separate

"Requiring customers to sign up for online banking before they can enroll in mobile could deter would-be digital customers from some transactions. 'To tether or not to tether mobile to online will become a bigger issue,' said Teresa Epperson, managing director of AlixPartners, during a panel at BAI's Retail Delivery conference. 'Younger consumers aren't interested in online payments.'" Continue Reading

Sub-Saharan Africa teeming with banking potential

"International banks' exposure to Sub-Saharan Africa stands at a paltry USD 210 billion, according to the Institute of International Finance. British banks have traditionally had the largest exposure to the region, with Eurozone banks a distant second, but Asian banks are increasingly taking a bigger bite of that market share. Chinese banks' presence in the region has reportedly risen, with China Development Bank lending USD 67 billion to the region during the past decade, compared to USD 55 billion lent by the World Bank." Continue Reading

Mobile Banking Threat on the Rise as Hackers 'Refine' Techniques

"The malicious software used by bad guys to steal banking data is on the rise. While the crackdown on digital currencies has helped thwart some operations used by cyber criminals to launder money, crime through Trojans to nab critical banking data nevertheless remains a problem.

In the third quarter, online banking Trojans, which are used to steal banking information from the user, soared to a record high with more than 200,000 infections, the highest since 2002, according to new data from TrendLabs." Continue Reading

Telecoms firms pin hopes on mobile banking

"Cellular operators want to open up their networks for more banking transactions as they have pinned their hopes on mobile money to grow revenues in the future. According to Fredrik Jejdling, Ericsson’s sub-Saharan African regional head, the most downloaded mobile apps in Africa now were banking apps.

Social networks were the second most downloaded. Discussing the source of their revenue growth in the next decade at the Africa Com telecoms conference yesterday, the operators said that as their traditional voice revenue had come under pressure, data revenues had exploded over the past two years." Continue Reading

Daily use of mobile banking in Korea up 1.8 pct in Q3

"The daily use of mobile banking in South Korea rose 1.8 percent in the third quarter from three months earlier on the back of the growing popularity of smartphones, the central bank said Wednesday. Transactions by mobile banking or banking services accessed via wireless handsets were valued at 1.42 trillion won (US$1.32 billion) per day in the July-September period, compared with 1.39 trillion won three months earlier, according to the Bank of Korea (BOK)." Continue Reading

Despite mobile options, bank customers still want branches

"Though banks may be closing branches at a rapid pace, many customers say they still want bank locations open. According to Reuters, 32 percent of U.S. bank customers use mobile banking at least once a month but even with that new banking option, nearly four of five customers say they will visit bank branch offices just as frequently five years from now." Continue Reading

Moving Beyond Branch Banking To Smart Banking

"For past generations, the word bank meant stately buildings, mahogany walls and plush leather chairs, a critical destination for people seeking loans, safeguarding their savings and planning their or their company’s financial futures. Client needed to physically show up at their bank to conduct any business.

Today, many hold their banks in the palm of their hand with technology radically altering the way consumers take care of their financial needs and the way bankers conduct business. The digital revolution has redefined the world for those on both sides of what used to be the teller’s window." Continue Reading

New report says bank branches are shrinking as mobile banking takes hold

"Bank customers are turning to online and mobile banking while shunning bank branches, according to a new report. 'U.S. banks continued to shutter more branches than they opened in the third quarter, extending a multiquarter trend, as customers do more routine banking business online and reduce the relevance of traditional branches,' said a report by SNL Financial." Continue Reading

Wells Fargo has over a million iPad app customers for online banking

"In a keynote address kicking off the TabletBiz conference here, Wells Fargo Executive VP Steve Ellis said tablets, particularly the iPad, have led the bank to think differently about how it provides financial services. Today Wells Fargo has over 12 million mobile customers and Ellis sees a rapid migration from PCs." Continue Reading

Alipay 'mobile wallet' app users have almost reached 100 million

"China's largest e-payment company Alibaba Group Holding Ltd's Alipay Wednesday said that users of its "mobile wallet" app have reached nearly 100 million across the nation so far, while the number of Alipay users via mobile phone has also breached 100 million.

According to Alipay, about one-third of transactions are from mobile phones, eight times that of the same period last year. On Singles' Day this year, the transactions done via mobile phone reached 45.18 million, with a value of more than 11.3 -billion yuan ($1.85 billion)." Continue Reading

Banks Don't Have Much Time To Embrace Digital Model

"It's no secret that a new generation of technology-enabled competitors -- both new companies such as Square or Dwolla and familiar players such as Google, PayPal and Walmart -- are shaking up the financial services business and attracting customers who aren't finding what they need from traditional banks.

But new research from Accenture suggests this upheaval is more extensive and happening more rapidly than many in banking may have thought. And the efforts banks are putting into efficiency, productivity and stronger financial performance, while essential, are not enough to stem the tide." Continue Reading

IND Group Debuts Essence Mobile Banking

"How they describe their product/innovation: To adapt to younger generations' requirements, IND Group delivers a best-in-class banking app with an innovative drive. With IND's next generation mobile banking, Essence, all services are only a few taps away - anytime, anywhere. Mobile banking has never been so comfortable and easy, yet secure." Continue Reading

4 Changes to Bank Branches Brought on By Your Smartphone

"With 56% of U.S. adults owning a smartphone and another 35% of Americans 16 and older owning a tablet computer, according to data from the Pew Internet Project, the traditional bank branch system is bound to change. In fact there's been a 50% rise in mobile banking use over the past year, according to Accenture and its Retail Banking Survey." Continue Reading

CO-OP Financial Services Readying Mobile Card Controls Technology for Credit Union Members

"Once used primarily for balance inquiries, mobile banking and payments now encompass an ever-growing variety of financial transactions. Consumers today have the ability to make direct person-to-person payments and conveniently access all their accounts via a smartphone. The ever-expanding use and feature set of mobile devices presents financial institutions with challenges to keep up with consumer demands, particularly for greater individual control of services." Continue Reading

Global M-Banking Market Is Expected to Reach USD 1.08 Billion by 2016: ResearchMoz.us

"Mobile banking, or m-banking, is considered a revolution in the Banking and Payments industry. The incremental increase in the penetration of mobile phones was instrumental to the growth of the Global Mobile Banking market in the last decade. Before the influx of smartphones, people used simple Java-enabled and WAP-based phones.

Moreover, carrier charges were quite expensive ten years ago, thereby limiting their usage. However, growing competition in the Telecom industry, and the increasing usage of smartphones and value-added services have contributed to the growth of the Global M-banking market and, consequently, the Retail sector via m-commerce." Continue Reading

Online banking can simplify senior life

"Julianne Wishrad doesn’t worry about paying her bills on time. M and T Bank takes care of that for her. 'I can pay my bills automatically,' she said. Wishrad, 63, has been using M and T Bank’s online services for the past 13 or 14 years and likes that the bank’s bill pay service allows her to have recurring bills automatically paid for as they’re due, especially since she has two homes to account for; her primary residence in Fishkill and a second place upstate." Continue Reading

Mobile banking use increased 50% in 2013

"Mobile banking is becoming an increasingly prominent element of the way people manage their finances. A new study conducted by Accenture has revealed that mobile banking activity in the US has increased by almost 50 per cent since 2012.

The report went on to note that almost a third of customer utilise mobile banking features and tools at least once a month. Consumers questioned by the company also believes that online banking is the single most important area for financial institutions to invest in and develop in the short and long-term." Continue Reading

Jack Henry & Associates announces iPad compatible banking

"Jack Henry & Associates, Inc. (NASDAQ:JKHY), a leading provider of technology solutions and payment processing services primarily for the financial services industry, announced today the formal launch of PointMobility(SM), the real-time retail and commercial banking iPad App that provides anywhere, anytime functionality. PointMobility leverages capabilities available with the company's goDough(®) mobile banking solution and introduces new commercial banking capabilities." Continue Reading

Barclays blames rise of mobile banking for 1700 branch job cuts

"Barclays is set to axe 1700 customer-facing jobs from its branch network over the next year, citing the rise of new customer channels, particularly mobile banking. The bank told staff yesterday that cashiers, personal bankers, operational specialists, branch managers and assistant manager roles will all be cut throughout 2014.

Explaining the move, a bank spokesperson says: 'More and more people are choosing to use smart phones and technology for everyday transactions – using branches only when they need access to expertise. We are responding by investing in the channels that customers are increasingly using, whilst improving customer service.'” Continue Reading

Wells Fargo sees big uptick in mobile banking users (Video)

"Wells Fargo & Co. (NYSE: WFC), Colorado’s largest bank, has seen significant growth in its mobile banking users in the last couple of years, which has meant the bank has had to work hard to keep up the latest mobile technologies and security procedures. In a nutshell for banks, that means always making sure the technology works and provides a safe and seamless experience for its customers, said Armin Ajami, vice president and senior product manager for Wells Fargo." Continue Reading

Mobile banking on the rise despite security concerns

"Kendra Fryer relies on her smartphone to handle any kind of banking activity she needs done during her busy schedule. Time is of the essence for Fryer, a hairstylist at a downtown Augusta salon, and her Samsung Galaxy Note II serves as the perfect device to ensure her banking needs are met in a convenient and quick fashion, she said." Continue Reading

Mobile malware on the rise in Q3, 97% targets Android

"As Android continues to rise in popularity, so do, unfortunately, some of the seedier elements that are invariable associated with emerging software technologies. The latest Mobile Threat Report from F-Secure shows some startling statistics, especially when it comes to Android.

In Q3 2013, some 259 total mobile threat families and variants have been detected across the popular mobile OS's, with a shocking 252 of them being found on Android. The remaining 7 are found on Nokia's aging Symbian OS, while equally as shocking, no threats have been reported for iOS, BlackBerry, or Windows Phone." Continue Reading

Banking security needn't be at the expense of convenience

"How do you get the balance right between customer service and security? The battle between banks and fraudsters is ongoing, with banks losing millions each year through fraud. In addition, the rise of digital and mobile banking over the past few years has led to banks investing heavily in their fraud and security measures. These authentication devices alongside integrated malware detection and fraud monitoring systems can be a barrier to a satisfying, simple customer experience. How do banks protect their customers’ assets and data, without compromising service levels and writing off millions of pounds to ‘acceptable fraud losses’ every year?" Continue Reading

Smartphone banking opens door to ill-doers

"Matt Certo jumped at the chance to use his smartphone for banking as soon as his bank offered the service a few years back. The Orlando, Fla., high-tech entrepreneur understood the technology and knew the benefits. But he also was aware of the risks." Continue Reading

Westpac Smart Watch app goes live

"Westpac New Zealand has released the first integrated mobile banking app for a SmartWatch device, available exclusively on the Sony SmartWatch.

The Cash Tank app was used nearly 40 million times over the last year, with this development designed to offer convenience for customers and help answer the most frequently asked question in banking, “What’s my balance?” at the touch of their wrist. Westpac Head of Digital Simon Pomeroy says smart watches are the next frontier of app development as customers continue their uptake of mobile devices." Continue Reading

Apps Boost Auto & Biz Lending

"From shopping for a car to offering small businesses the capability to accept payments on the go, credit unions and CUSOs continue to try and stay a step ahead in the mobile sector to keep up with members who value around-the-clock convenience.

From all indications, smartphone usage won’t slow down any time soon. In 2008, there were 7.4 million mobile banking users, according to the Forrester Research Mobile Banking Forecast, 2012-2017. That figure has soared to 61.1 million this year." Continue Reading

Banking's evolution in the age of the internet

"As consumers turn to smartphones, tablets and computers for transactions, lenders have to rethink how their branches will meet the changing needs of both rich and ordinary customers In the UAE and many countries, online and mobile banking are finally coming into their own.

Some 15 per cent of UAE consumers said they used smartphones, tablets and computers for their daily banking transactions, a Bain & Company survey shows. Although mobile penetration and usage in the UAE are among the highest in the world, there remains significant room for growth. In the same survey, 40 per cent of respondents said online and mobile banking would become their preferred way to bank." Continue Reading

3 Hong Kong and Citibank Jointly Launch '3 Citi Wallet' New Mobile Payment Technology

"3 Hong Kong, the mobile operation of Hutchison Telecommunications Hong Kong Holdings Limited (SEHK: 215), and Citibank Hong Kong jointly announce the launch of ‘3 Citi Wallet’ – the mobile wallet service exclusively tailored for people who are both 3 Hong Kong mobile subscribers and designated Citibank Visa credit card1 users.

Using Near Field Communication (NFC) technology, the ‘3 Citi Wallet’ is a multi-purpose mobile wallet service that includes mobile payment, transaction history, a location-based special offer service and a search function that directs customers to the best deals within their vicinity. Marking a new chapter in the history of mobile payment, the ‘3 Citi Wallet’ turns mobile phones into digital wallets that offer consumers speed, convenience and benefits when they spend." Continue Reading

Electronic banking frauds halve since toughened rules: watchdog

"Electronic banking frauds in South Korea have more than halved in the past month since the financial regulators implemented stiffer measures to curb the illegal activities, the financial regulator's data showed Tuesday.

The number of electronic banking frauds reported since Sept. 26 when the new rules kicked in came to 749 cases, down 51.5 percent from 1,545 cases reported to the regulator in the previous month, according to the Financial Services Commission (FSC). The damage is valued at some 1.3 billion won (US$1.22 million), compared with 3.2 billion won tallied over the cited period, the FSC added." Continue Reading

Study Finds People are Frustrated With Digital Experiences, Walk Away With Negative Brand Perception

'Only 15 percent of people think technology -- including mobile devices, smartphones, tablets, etc. -- has made their life more complicated, according to a study conducted by Harris Interactive among more than 2,000 U.S. adults in October and commissioned by EffectiveUI.

But while technology and quick access to information is making life easier, people also say that the digital experience is becoming more frustrating. -- 93 percent of people have found themselves frustrated with the usability of a website, and, on average, are frustrated with websites 23 percent of the time." Continue Reading

Top 8 Workplace Trends In The Financial Services Industry

"The financial services industry is comprised of the banking, securities and commodities, insurance and real estate sectors. Over the next few years, you will see significant changes in this industry with the rise of mobile banking, social networking, the millennial generation and the talent gap. Below, I’ve captured eight of the biggest workplace trends that executives and HR leaders should pay attention to if they want to succeed now and in the future." Continue Reading

Compute: Smartphones touch future with fingerprint scans

"Smartphones let us bring our photos, email and social media everywhere we go. Many of us use smartphones for mobile banking, shopping and storing important, private information. In spite of that wealth of stored data, Apple reports that half of all iPhone users ignore the passcode lock feature. Many users say it's just too cumbersome to tap in a passcode every time they need their phones. But that leaves information vulnerable if their phones are lost or stolen.

So Apple's iPhone 5S includes fingerprint-scanning technology called Touch ID to unlock the phone and make iTunes purchases. Some are calling it a key development: a more secure way to authenticate mobile transactions and protect your data. Others are concerned about privacy, worried that users' fingerprints will be kept on record at Apple or made available to third-party software developers." Continue Reading

Mitek Granted Second Mobile Photo Bill Pay(R) Patent

"Mitek Systems (Nasdaq:MITK) (www.miteksystems.com), the leading innovator of mobile imaging for financial transactions, today announced that it has been issued U.S. Patent No. 8,577,118. "Systems and Methods for Mobile Image Capture and Remittance Processing," by the U.S. Patent and Trademark Office. This is the second patent related to the use of Mitek's mobile imaging technology for the purpose of paying a bill. Mitek now has 17 patents issued and 22 patent applications pending." Continue Reading

CIBC adds mobile payments solution for business banking clients

"Canadian payments provider Payfirma has signed an agreement with CIBC, one of the country's largest banks, to offer a mobile payments solution for CIBC business banking clients. Payfirma offers a range of hardware and software solutions on a single platform to help businesses accept debit and credit card payments in stores, online through their company website or remotely using smartphones and tablets as mobile terminals, according to a news release.

Leveraging existing assets such as smartphones and tablets lowers the cost of entry for small businesses seeking to expand the payment options available to their clients, Payfirma said, while enabling businesses to collect payments anywhere with cellular service." Continue Reading

Small business owners turn to mobile banking apps for convenience

"When it launches a mobile banking app by the end of the year, West Michigan Community Bank will become one of the smallest players to join one of the banking industry’s largest trends. The app will enable West Michigan Community Bank’s retail customers to deposit a check, check account balances and transaction histories, transfer funds, and pay bills through their smartphones or tablets that use either the Apple iOS or Android platforms.

To Phil Koning, a banker for nearly 40 years, offering a mobile app for customers to do their banking is a must. He cites American Banking Association research that shows 8 percent of customers select mobile banking as their preferred method to do their personal banking. While not a large number, that 8 percent “is enough to get everybody’s attention” and will only grow." Continue Reading

U.S. Bank Partners with Mitek to Launch Mobile Photo Balance Transfer™ to Customers in November

"U.S. Bank, the fifth-largest bank in the United States and lead bank of U.S. Bancorp (NYSE:USB), and Mitek Systems (NASDAQ:MITK), the leading innovator of mobile imaging for financial transactions, have made an agreement in which U.S. Bank will offer Mitek's Mobile Photo Balance Transfer™ to U.S. Bank mobile banking customers.

Mobile Photo Balance Transfer will allow U.S. Bank customers to easily take advantage of credit card balance transfer offers from U.S. Bank by snapping a photo of a credit card payment coupon using their mobile device and sending it to U.S. Bank to apply for a balance transfer to a U.S. Bank credit card. Standard eligibility criteria and credit approval processes apply." Continue Reading

Sri Lanka moving towards a cashless society, says HNB

"Hatton National Bank, a premier private sector commercial bank in Sri Lanka, hopes to pioneer next generation banking through a number of technology related initiatives. The bank has identified information and communication technology (ICT) as a key driver in the bank’s progress and will take a number of steps to position itself as the leader in Tech-Banking in Sri Lanka in the years to come.

In this light one of the key areas of focus is multichannel banking through the use of technology which is going to make innovative changes in the banking landscape in Sri Lanka. As a first, the bank recently introduced a mobile banking platform that can be assessed by four different channels namely Mobile App, Mobile Web, USSD and SMS. This gives the customer a range of applications to engage in mobile phone banking using a smart phone to a basic mobile phone." Continue Reading

Mobile banking is on the verge of cashing in!

"Amongst working adults 26% are using their phones for some form of financial or banking transaction, with 16% intending to try mobile banking. But it is those without bank accounts, ironically, that are fuelling the growth of mobile payments – a higher percentage than those with bank accounts, according to BuzzCity research.

Of those who are already mobile banking, balance enquiries, bank transfers and cash withdrawals, are the top three most-used banking features. When it comes to non-banking activities, 13 per cent now use their phones to receive their salaries, and 12 per cent pay for goods via their phones." Continue Reading

Bank branch “not dead” says report – but banks must be more mobile

"Mobile banking may be on the rise around the world but the bank branch is not dead, according to new research by IT firm GFT Technologies. The study gathered responses from 894 individuals in Brazil, Germany, Spain, the UK and US and asked questions about how they used mobile banking, bank branches and how they imagined the future of banking.

The results showed stark differences between countries. The biggest users of mobile banking were in Spain and Brazil, where 63% and 62% respectively said they would use it. Germany was the most cautious about the new technology, where only 26% of respondents would use it. 58% of Germans responded ‘no’ to mobile banking, while only 11% of people in Spain thought the same." Continue Reading

Ringing the changes with mobile technology

"Every morning I park at the train station and, like many people, pay the parking tariff by mobile phone rather than search through my wallet hoping that I have enough spare change, which usually is not the case. Mobile banking and payment services have grown considerably in the UK and are becoming part of our everyday lives.

Research has shown that one in five adults in the UK have already made a payment using their mobile phone, more than a quarter of us use our mobile phones to check our bank balance and more than half of us would pay with our mobile phone if it were an option at the local supermarket." Continue Reading

Standard Chartered Hong Kong rolls out digital branch

"Standard Chartered Hong Kong has opened its first ‘digital’ branch, in which customers are greeted by giant screen TVs, the bank’s mobile apps in a special experience zone, and QR code scanning on an iWall, as well as e-signature pads and virtual queuing.

The idea behind the concept branch, on Des Voeux Road in Hong Kong’s Central district, is to take advantage of “major lifestyle changes” in Hong Kong as customers adopt mobile technology. The branch is a centre in which customers interact through technology, while the bank can experiment with new ways of engaging the consumer." Continue Reading

BBVA Compass upgrades mobile banking apps, adding Mobile Deposit® for small business

"BBVA Compass upgraded its mobile banking apps for iPhone® and Android(TM) phones, offering the Mobile Deposit service to eligible small business and new consumer accounts and introducing an updated payments section. In the new payments section, customers can access Bill Payments, Picture Bill Pay, Pay People personal payments and a new credit card payments functionality.

'More and more customers are relying on mobile apps to run businesses and conduct transactions when away from home, the office or a bank branch,' said Alex Carriles, director of self-service channels at BBVA Compass. 'Offering one of our most popular features -- Mobile Deposit -- to more customers, in particular small business owners, helps us put the financial tools they need at their fingertips.'" Continue Reading

NZ business embracing mobile banking as demand for apps rise

"ASB claims its new Mobile Business app has seen a “remarkable uptake” in its first few weeks as business customers adopt the convenience of business banking on the go. 'Since the ASB Mobile Business app was launched in September, we’ve seen a rapid uptake with users authorising tens of millions of payments on-the-go every week,' says Steve Jurkovich, Executive GM of Corporate, Commercial and Rural, ASB.

'Usage of the ASB Mobile Business app is increasing rapidly week-on-week. Over last week’s Labour Day long weekend holiday, payments using the app were up a massive 59 percent.'" Continue Reading

Smarter Digital Banking Channels Drive Higher Customer Satisfaction and Revenue

"Digital banking channels — both online and mobile — offer big benefits to the customer and financial institutions. An intuitive digital banking environment gives the customer 24/7 access and insight into his or her financial status and the ability to initiate transactions, answer their own questions and sign up for new products and services at will, from anywhere in the world.

Banks of course are providing a unique set of services that improve customer satisfaction while reducing overall customer service costs. When done correctly, it can be a win-win for everyone involved and improves customer loyalty and the likelihood that customers will sign up for additional banking products and services from the financial institutions with the best digital banking experiences." Continue Reading

Paying with the bulls: Capital One simplifies m-banking log-in

"Capital One claims that its new mobile banking app log-in process is so easy to use that you can do it while being chased by a herd of one-ton bulls. The firm has ditched alpha numeric passwords in favour of a system dubbed SureSwipe, which lets customers swipe a pattern across their phone screen to sign in to its iPhone app. Android will follow next year. 

To promote the feature Capital One enlisted self-styled daredevil adventurer Jonathan Watson for a video in which he signs into his account and pays some bills - all while participating in the Great Bull Run in Atlanta." Continue Reading

PKO Polski bets on mobile replacing card formats

"Speaking at Teradata’s recent user group conference in Dallas, he predicted that mobile phone-based payment solutions, which the bank announced earlier this year, would eclipse cards by allowing bank customers to pay directly from their bank accounts, a prospect that he said terrifies Visa and MasterCard. Europe, and especially Eastern Europe, has some advantages over the US because it developed its payments infrastructure later and is not stuck with cheques as a dominant payment method. Poland has never developed much of a credit card business, so the way has been clear for banks to launch mobile as a way to pay at shops, for e-commerce, person to person payments and ATM cash withdrawals." Continue Reading

Tyfone trials smart card-based mobile banking security

"The mobile ID and banking technology provider Tyfone has launched a pilot of a hardware-based mobile security technology that is said helps meet U.S. banking regulators' requirements for multiple layers of authentication. Portland, Ore.-based Tyfone is testing its Connected Smart Card user authentication solution with CoVantage Credit Union's staff and business banking customers.

Wisconsin-based CoVantage is one of 10 U.S. credit unions, including Star One Credit Union, Boulder Valley Credit Union and Security Service Federal Credit Union, that has implemented Tyfone's mobile banking software platform. Tyfone said it has thus far processed $300 million worth of mobile banking transactions on behalf of credit union clients." Continue Reading

Security fears still hamper Mobile Wallet Adoption according to new survey from Firstsource

"Fewer than a quarter (22%) of British mobile phone owners are likely to swipe their smartphone like a credit card to make payments, even if they had the relevant app, according to a new survey carried out by YouGov on behalf of outsourcing company Firstsource Solutions. Fears that personal bank details will not be secure are the reason given by 80% of respondents.

A further 20% say that the reason they won’t use a mobile wallet app is that they wouldn’t trust the battery on their smartphone to last. The survey also shows that mobile banking is yet to take off, with only 36% of British smartphone owners saying they have downloaded a mobile banking app. However, the survey does show that 70% of those that have downloaded a mobile banking app rate it as good or excellent." Continue Reading

Direct Banks Are Winning Mobile-Centric Consumers

"Just a few years ago, mobile banking apps were a key differentiator for banks and credit unions. Nowadays, mobile banking apps are table stakes. Over 90% of the institutions listed on FindABetterBank have mobile banking apps, and 44% also offer mobile remote deposit capture. As more consumers adopt mobile banking, more will insist that any institution they switch to also provide this service.

In Q1 2011, under 12% of shoppers on FindABetterBank indicated they “must have” mobile banking. Today, that number is 23%. Direct banks like Ally Bank and Capital One 360 are winning the battle for these mobile-centric shoppers. In Q3 2013, direct banks were 38% more likely to be selected when a shopper indicated mobile banking was a must-have feature than when a shopper indicated they “don’t care” about mobile banking." Continue Reading

Mobile Banking Is The Future of Small Business Finance

"A study conducted this summer by the Pew Research Center found that 51% of U.S. adults, or 61% of Internet users, conduct online banking. Further, 32% of U.S. adults, or 35% of cell phone owners, bank using their mobile phones. Even though the wave of the future is right in front of us, many financial institutions are sadly behind the times when it comes to online banking.

It is amazing to me that in a sophisticated industry such as banking, today there are still many banks, credit unions and other lenders who have not invested in the technology to accept online small business loan applications." Continue Reading

Consensus believes switch to real-time pay due by 2018

"Real-time payments are expected to be universally available across financial services institutions within five years, reveals a recent survey by ACI Worldwide. More than 200 financial industry professionals from around the world participated in this September 2013 survey, and more than 80% believe the shift from batch to real-time—authorizing and executing transactions, securely and immediately—is within sight." Continue Reading

Wearable Banking: Banks Roll Out First Apps for Google Glass

"Banks like Banco Sabadell in Spain and a handful of others have launched the world’s first banking apps for Google Glass. For those who don’t know, Google Glass is the much-anticipated technological gadget that Google plans to launch publicly next year. It is a wearable computer, with a webcam and an optical display facing the user’s eyeball. There’s a built-in microphone, and it’s GPS capable — all packed into one ultra sleek headset." Continue Reading

Mobile Banking Pricing Model Becomes Clearer As More Banks Charge Fees

"In an earnings call this week, Gary Norcross, president and CEO of FIS, was asked whether or not banks are going to charge customers for access to mobile apps or wallets. Several FIS clients 'are charging and actually doing quite well with adoption and penetration,' Norcross said, according to a transcript made public by Seeking Alpha.

'The consumer is going to push mobile and some of these new transformative mobile channels, and so the result of that is financial institutions, like a lot of things that they've done historically around charging for certain types of accounts or certain services, they're going to slowly move towards some type of a way to monetize that channel.'" Continue Reading

How Banks Can Leverage Mobile Network Operators for Security

"Some banks are already using mobile network operators to help secure customers’ access to their accounts, says Joe DiFonzo, CTO of Syniverse, which helps connect different mobile networks worldwide. A simple example of this would be if a bank sends a short authentication code to a customer’s mobile device when they log into online banking from a new computer." Continue Reading

Does IBM's 2-Factor have the X Factor for Mobile Banking?

"I'm a big fan – and former employee – of Big Blue. So it's always good to see the innovations that continue to emerge out of the IBM Labs. In their latest offering, reported by Finextra last week (http://www.finextra.com/News/FullStory.aspx?newsitemid=25338), IBM has employed NFC technology to deliver a simple customer identification and verification process for mobile banking. 

They have done this by using contactless cards and Android 4.0 phones. In effect, mobile phones begin to operate a little like ATMs. The user enters their PIN into the phone and then presents their card to identify themselves. They then present their card again to authenticate. It is a nice way to try and make logging into mobile banking and authenticating transactions easier – and more intuitive." Continue Reading

Understanding Consumer Adoption of Mobile Banking in 2013

"It came a lot faster than anyone predicted: Mobile banking is growing so quickly that it is even overtaking traditional online banking. Just last week, the second largest bank in the United States, Bank of America, announced that its customers are logging into the bank's mobile platform more than its online platform. It's quite possibly the most significant innovation across the industry since the ATM. 

Meanwhile, online banking in general is having an effect on the brick and mortar, human-to-human business. In 2012, as consumers relied more heavily on online banking, banks closed 2,267 branches and only opened 1,149 for a net closure of 1,118 bank branches -- the most since the start of the economic downturn. What we've witnessed so far in the digitization of money management is only the beginning.

Many analysts are already projecting a further explosion in mobile banking and payments over the next four years. The foundation of banking as we know it is shifting." Continue Reading

FIS to Showcase Banking and Payments Innovations at BAI Retail Delivery Conference

"Showcasing its latest retail banking and payments innovations, FIS™ (NYSE:FIS), the world’s largest provider of banking and payments technology, will bring a robust presence to this year’s BAI Retail Delivery Conference, the top conference for the retail banking industry. One of Forbes 100 Most Innovative Companies, FIS will demonstrate its Mobile Wallet with Cardless Cash Access, which allows users to not only pay using their smart phones, but also withdraw money from an ATM from a mobile device." Continue Reading

The 'mobile wallet' is putting a hole in banks' pockets

"Bankers have a lot to worry about these days: stress tests, bad loans, cutting costs and increasingly trying to drive their customers toward new technology in the hope that they can close more branches. But a recent conversation with a couple of senior Irish bankers revealed to me how worried they are about technology companies such as Google, Facebook, PayPal and Apple, who they see as potentially eating a large slice of the banker's lunch." Continue Reading

Online and email fraud high among business concerns

"Ecommerce and payments fraud remains high on the agenda for consumer-facing organizations, according to a recent Deloitte online poll. Nearly half (47%) of executives and managers reported that fraud protection ranks as a “high priority” for their organization and a further 8% cited this as their organization’s No. 1 priority." Continue Reading

The Mobile Banking Horse Race Has Only Just Begun, Here's How It's Shaping Up

"Banks compete vigorously to differentiate themselves in order to gain greater market share and enlarge their deposit base. That’s why mobile has becomes so important. It’s the next battleground for consumers, and banks are rolling out the latest and greatest smartphone apps and mobile site features to gain an edge on the competition. The banks that establish a reputation for mobile innovation now may benefit in the future from greater market share and more engaged — and high-margin — customers." Continue Reading

Citibank rolls out NFC-based mobile wallet in Hong Kong

"Smartphone users in Hong Kong now have another mobile wallet option with the introduction of 3 Citi Wallet. The NFC-enabled solution is a collaboration between 3 Hong Kong, the mobile arm of Hutchison Telecommunications Holdings Ltd., and Citibank Hong Kong.

The solution enables contactless payments for amounts up to HK$1,000 per transaction. 3 Hong Kong said it's the only wallet in Hong Kong that supports Android and iOS operating systems; using the wallet with an iPhone requires an NFC sticker provided by Citibank." Continue Reading

Mobile Banking Continues Popularity Streak in September

"It's not stopping or even slowing down. Consumers' adoption of mobile banking keeps rising every month, according to the latest results of American Banker's Mobile Banking Intensity Index. Bank customers did more of pretty much every banking task available on their mobile phones in September as compared to August. A few bankers wrote in to say that mobile banking is getting more popular every day." Continue Reading

Moven feature lets users suspend, reactivate lost debit cards via smartphone

"Losing a debit card is stressful for obvious reasons, not the least of which is the process of having it deactivated. Then you have to wait for a new card — even if you find the lost one. The mobile banking app provider Moven, which bills itself as the only debit account that gives real-time feedback on purchases and analysis of spending, has added a new feature that could remove some of the hassle associated with losing a card." Continue Reading

Malauzai Software Gets $3M For Mobile Banking Software

"Austin-based Malauzai Software, which develops mobile banking applications for the community financial institutions market, said today that it has raised $3M in funding. The company said the Series B funding will go toward ramping up its mobile banking programs and for strategic partnerships, product expansion, and more. Source of the new funding was not announced. Malazuai said it now has 122 banks and credit unions live on its software, with 170 signed clients." Continue Reading

FSGBank Launches Tablet Banking App for iPad and Android Devices

"FSGBank, N.A., the wholly-owned subsidiary of First Security Group, Inc. (NASDAQ: FSGI), ("FSG" or "FSGBank") announced today the launch of an all new mobile banking app optimized specifically for the tablet, including iPad and Android devices, to improve accessibility for account holders. FSGBank is a community bank servicing Tennessee and North Georgia.

FSG's free mobile banking app complements the bank's online, text, and phone banking offerings and is the first step in a growing trend to offer more end-to-end products and services through the mobile channel. The new app allows customers to:" Continue Reading

Ally Launches Mobile Payments Upgrades

"Direct bank Ally Bank announced it has expanded its mobile payments offerings, integrating Popmoney into its mob app and also adding a new mobile money transfer function. The banks said its customers can now send and receive money via Popmoney through Ally's mobile banking app, including with people who do not have an Ally Account.

Popmoney, a Fiserv product, is an electronic person-to-person payments service. In addition to being able to conduct regular Popmoney transactions, Ally's mobile banking users will now be able to view scheduled payments and payment history as well as set up and manage Popmoney contacts in Ally mobile banking." Continue Reading

The Ultimate Mobile Banking Experience: Personalization

"What makes for the ultimate mobile banking experience? It’s more than 24-hour access and offering the same online services remotely. It’s not even about recreating the branch experience. It’s about exceeding expectations, offering convenience, saving time and money and giving people the advice they need when they need it.

Mobile phones, and tablets applications can actually offer more insight than a local teller and the interface can lend itself to sharing up-to-date personal stats and timely notifications that a banking customer may need to know about. The ultimate mobile banking experience is about anticipating the customer’s next need and proactively offering smart assistance. Sound impossible? It’s not." Continue Reading