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

International Mobile Banking Updates - April 10

The mobile money space: Bdaily meets Monitise
"The mobile money sector has grown considerably over the last few years. Earlier this year, the UK Payments Council suggested that mobile payments could soon replace debit and credit cards. AIM-listed British firm, Monitise, have successfully built a reputation as worldwide providers of mobile banking, payments and commerce networks. Bdaily spoke with executive vice president, Lisa Stanton, about this exciting technology space."

Exploring the Mobile Banking Revolution in Tanzania
"In most developed economies, people can be forgiven for taking banks for granted. After all, an ATM machine is rarely more than a couple blocks away with easy access to funds. People can easily connect with their banks online to pay bills without ever handling cash, and loans and lines of credit are readily available. In much of the developing world, however, this infrastructure simply doesn’t exist. Thabiso Mochiko recently laid out the latest statistics on the issue at Business Day:"

Kenyans and poor Americans have this in common: mobile banking
"We’ve reported on how people in emerging markets residents are opening bank accounts and paying for things with their mobile phones, transforming business in those countries. But the US Federal Reserve would like you to know (pdf) that the changes aren’t all in other parts of the world. Poor people in the US are some of the most avid users of mobile banking and mobile payment systems. In fact, they’re likely to be the first adopters. And when you look at why, it turns out to be for similar reasons to why people in emerging markets have embraced mobile banking and payments: a lack of access to traditional banking."

Banks warned to keep up with developments in mobile banking or face losing customers
"ANZ, the country's biggest bank, is a laggard in the key growth area of mobile banking with ASB leading the way. This is a feature of research by Optimal Usability, a user research and design company. And Optimal Usability's CEO Kris Nygren told interest.co.nz in a Double Shot interview that another key finding of his company's research was that some customers may move their business to another bank for a better mobile banking experience."

StanChart launches mobile banking application and fifth EBU in UAE
"Standard Chartered has introduced its mobile banking application, Breeze, in the UAE, making it the first market in the region to offer the product. The lender also launched its fifth electronic banking unit (EBU), at new Dubai headquarters in Downtown Burj Khalifa, as part of its initiative in the digitalization of banking operations. Part of its global focus on socializing personal banking and extending customers' digital lifestyle into banking, the bank is considering launching various digital services and technologies in the market this year."

St George launches new smartphone banking services
"The St George Banking Group has released new mobile banking smartphone services with the launch of a live, account-balance Widget for Android phones and the ability to apply for a personal loan via iPhone or Android phone, with a response in just 60 seconds. St George says the new features are available for St.George, BankSA and Bank of Melbourne customers and follow on from a number of other “Australian-first” innovations from its mobile banking team."

International Mobile Banking Updates - Oct 9

Transactional Banking and Mobile Payments in China: An Emerging Opportunity
"When Chinese shoppers flocked to Apple stores for the new iPhone launch earlier this year, news reports highlighted the reaction as another sign of the dynamic and rapidly evolving mobile market in China. Indeed, analysts said, China is now not only largest overall mobile phone market in the world, with more than 900 million subscribers -- it also is the largest smart-phone market in the world, moving past the U.S. Apple itself noted that iPhone sales in Greater China were up fivefold in the firstquarter of 2012, compared with a year ago."

Mobile Money "On the Move" In Africa
"In developing markets like Africa, innovation and ingenuity play an important role in finding solutions to problems that cannot be resolved through traditional approaches. Advancements in technology, and especially in telecommunications, have resulted in access to basic utilities being made available and the enhancement of lives of millions of people globally."

ANZ to Spend $1.53 Billion Upgrading Australia Business
"Australia's third-largest lender by market value said Thursday it would extend refurbishments of its domestic branch network and launch a number of new mobile-banking applications to help increase efficiency."

Cognizant and Monitise Form Mobile Money Alliance to Help Global Financial Institutions Capitalize on the Mobile Money Opportunity
"Cognizant (NASDAQ: CTSH) and Monitise (LSE: MONI) today announced a global alliance that will help financial institutions embrace the mobile channel of interaction, and develop effective and innovative mobile banking, payments, and commerce solutions. Combining Cognizant's extensive financial services and mobility expertise with Monitise's leading mobile money platform, the alliance will help global financial institutions speedily respond to the mobile money opportunity that is gathering significant momentum."

Rwanda: Airtel to Introduce Mobile Money Platform
"Airtel Rwanda is set to launch its mobile banking platform dubbed "Airtel Money" by the end of this year as it steps up efforts to increase market share following the launch of its operations in Rwanda early this year. Marcellin Paluku, Country Manager Airtel Rwanda, said the platform will provide rural tailored innovative mobile financial solutions to both financially excluded and the banked population, a move that is likely to boosting initiatives to promote cashless economy."

Turkcell Launches the Most Advanced Mobile Wallet Solution that Works on all Mobile Phones
"Being a global first with its feature that enables physical or online shopping by just using the mobile phone number, instead of the credit card; Turkcell Wallet is a SIM based application, working on all mobile phones. The transactions can be initiated through the SIM menu on all phones, or with a native application on smartphones, and it supports contactless payment on NFC-enabled phones. This unique service is also available for all Turkcell customers, whether they are bank customers or not."

Money goes mobile
"Bangalore-based network security professional Ashish Rao started using mobile banking earlier this year, and he has largely transacted through the ICICI Bank’s mobile banking application (app) since then. “Be it sending money to parents or to any of my other account(s), I largely transfer funds through the mobile. I also shop on e-commerce sites and book movie tickets through the mobile, as it can be done anywhere, anytime,” explains Dilip."

CARE, Mwanga Community Bank and Vodacom Launch Mobile Banking in Tanzania
"The global poverty fighting organization CARE, Mwanga Community Bank and Vodacom Tanzania have launched a program that will connect remote community savings groups in Mwanga, Tanzania to banks using mobile phones. This innovative partnership is only the second-of-its-kind anywhere in the world. The first was launched in March by CARE and partners in Kenya."

ASB Bank apologises for technical glitch
"ASB Bank has apologised after a technical glitch this morning (Mon) caused headaches for customers using its Eftpos, mobile and online banking services. Customers took to the bank's Facebook page to vent their frustration, with one saying he was unable to pay for parking because his Visa debit card was not working."

1.0m brought under mobile banking: Atiur
"Around 1.0 million subscribers have come under mobile technology-based financial services, said Bangladesh Bank (BB) Governor Dr Atiur Rahman Tuesday, reports UNB. 'Through this service, transaction worth around Tk 10 billion (1000 crore) in each month and around Tk 330 million (33 crore) per day is being settled. Each month, the transaction volume through mobile banking is increasing by 15 per cent,' he said."

International Mobile Banking Updates - Jun 25

HTC to unveil mobile banking phone in Taiwan
"Taiwan's HTC Corp. will announce a partnership in mobile payments with a local bank and card companies this week as it seeks to play a larger role in the promising mobile banking industry. The world's No. 5 smartphone vendor is scheduled to hold a joint news conference on June 19 with Cathay United Bank, EasyCard Corp. and MasterCard International to launch a co-branded card, according to a statement."

Mobile money transfers: Zim drifts towards cashless economy
"ZIMBABWE’s financial transacting public has been presented with a plethora of money transfer options, as the country moves towards a cashless economy. Mobile money products on the market include; Kingdom CellCard, ZB Bank’s e-Wallet and e-Mali, Econet’s EcoCash product, as well as CABS’ TextaCash. FBC has joined the bandwagon with Mobile Moola, a new Automated Teller Machine (ATM) card from which one can send money to anyone with a mobile phone on any network."

Absa attracts 120,000 mobile customers each month
"Absa says it attracts an average of 120,000 new mobile customers each month and boasts in excess of 3.6 million mobile banking clients and 1.35 million online customers. According to Christo Vrey, head of Absa Digital Banking, the group attracted 180,000 new mobile users in March. Absa will not provide a date for the launch of its banking application; however, the group’s new multi-million online platform has been optimised for tablet use."

ASB customers embrace mobile apps
"ASB Bank chief executive Barbara Chapman says consumers are switching on to mobile banking at four times the rate of internet banking when it first took off. However, banks were getting faster at being able to copy each other's technological innovations so any competitive advantages they gained would be more short-lived. 'When we introduced internet banking, I think we had a two- or three-year advantage on every other competitor. There is no way you would expect a two- or three-year advantage on any technology now' she said."

Sybase 365 Enables Allied Bank Limited to Accelerate Adoption of Mobile Banking in Pakistan
"Sybase 365, a subsidiary of Sybase, Inc., the global leader in mobile messaging and mobile commerce services, together with AbacusConsulting, one of Pakistan's largest professional services firms, today announced that Allied Bank Limited, one of Pakistan's largest banks, has chosen the Sybase 365 Mobile Commerce solution to offer mobile financial services to its customers."

St. George releases pay-to-mobile app
"St. George has launched a pay-to-mobile app which will allow users to send payments on their smartphones. To make a payment, users need to put in the recipient’s mobile number and hit ‘transfer’. The app then notifies the recipient money has been transferred and they are directed to a secure website where they put in their BSB and account details."

Ethiopia to Regulate Mobile Banking
"The National Bank of Ethiopia is to issue a new directive for mobile banking directives. The central bank regulation officials and presidents of banks had final discussions on the draft regulation last week. The bank circulated the draft regulation to all banks for comments and expects it to come into effect in three weeks time according to sources. The regulation will control the way in which mobile banking is implemented, identifying and protecting users and how much money can be transacted.

UN Calls For Mobile Banking Rules
"The United Nations on Thursday called for rules to coordinate the use of mobile money services in East Africa."

With mobile banking growing rapidly, banks too need to step up their security features
"Mobile banking may still be in its infancy but it is growing at a phenomenal pace, according to Mr Trevor Haeger, Chief Information Officer for Standard Chartered Bank, Singapore. For Standard Chartered Bank, Singapore, the growth rate of active users utilising its Internet banking services was 33 per cent between 2010 and 2012. The growth rate of active users for its mobile banking services was a whopping 92 per cent from 2010 to 2012."

Brazilian Bank Federation sees boom in mobile banking market
"Making financial transactions with mobile devices is not considered new in Brazil. However, the service is far from being heavily used. During this week’s Ciab (check all stories) —a conference and exposition focused on IT for financial institutions held in São Paulo—banks and vendors are trying to show how the connected society (also a central theme of the event) is changing the way banks do business."

Banks to offer mobile banking service by mid-2013
"All banks are expected to participate in mobile banking service by the middle of next year, says e-payment service provider, Malaysian Electronic Clearing Corp Sdn Bhd (MyClear). 'Our objective is to get the entire industry to participate to encourage usage of e-payment gradually,' said MyClear managing director, Mohd Suhail Amar Suresh."

RBS adds ATM cash dispensing to mobile banking app
"Customers are presented with a 'GetCash' option within the RBS and Natwest iOS, Android and BlackBerry apps that lets them request up to £100. A six digit PIN is then generated which can be entered at the banks' ATMs at any point within the next three hours to collect the money. Customers can make as many requests as they want in a day as long as they do not exceed their withdrawal limit."

International Mobile Banking Updates - Jun 17

Mobirl on massive mobile awareness campaign
"With the telecommunication companies ramping up their services to ensure that our mobile devices stay connected, the private sector in Trinidad and Tobago is gradually introducing mobile applications and services to communicate with its customers and more importantly increase operational excellence for the business. Only two of our banks have mobile offerings today—First Citizens Bank and Scotiabank. First Citizens Bank’s mobile banking services allows its customers to access banking information on the go. This service is not only for customers with smartphones but extends to all cellphone owners. Account information is sent via text messages alerting customers of changes to their bank accounts including deposits such as salaries."

The Future of Mobile Banking
"Organised by Marketforce and the Institute of Economic Affairs, London has hosted on May 29 the second annual conference addressing the future of mobile banking. Opening the first session was Aman Narain (Global Head of internet and mobile banking, Standard Charted) who shared that they first began by establishing ‘war rooms’ with a sign reading 'World’s best internet bank.'”

Mobile Banking Helps Africa Advance
"The economic growth rate across sub-Saharan Africa has remained at more than five percent in recent years despite the ongoing global recession. Myriad macroeconomic explanations help explain this progress, but one intriguing element that is both underappreciated and undervalued involves a widget that fits in your pocket: the cell phone. The ability of cheap, easy-to-use cellular technology to connect poverty-stricken populations to the benefits of globalization generally, and banking more specifically, has yielded unprecedented new economic opportunities across the Global South."

ASB named 'New Zealand's best online bank'
"ASB has been honoured as New Zealand's best online bank by independent researcher CANSTAR in its first ever review of the nation's online banking market. ASB was confirmed as the clear winner among New Zealand financial institutions based on a comprehensive review of the bank's internet banking, website and mobile services."

Bangalore-Based Bank Chooses IBM Cloud for Core Banking Solutions
"IBM IBM +0.36% today announced that Sree Charan Souharda Cooperative Bank has selected IBM SmartCloud to help it meet growing demand, add new customer services and to centralize mission-critical operations such as real-time transaction processing across its five branches in Bangalore."

The Hard Sell: NatWest Mobile Banking
"Poor Sarah (well, she was Sarah when she lived in Godalming, but after her gap year she renamed herself Skye; it's just so much more her). She has had to call her dad for money to pay an angry hotel owner after she carelessly dropped an envelope full of Euros in a Moroccan souk while buying a scarf. Well, she was thinking about buying a scarf. But then,–"

Mobile Payments - NFC Sticker Follow Up

On Thursday I received a call from Serge van Dam (Head of Marketing - MCOM) in response to the article I posted last week about NFC stickers.

Somewhat to my surprise I learned that not only was M-COM familiar with the solution, but had also recently conducted a pilot.

Here are just a few of their key findings:

* The trial was run in conjunction with Paymark (New Zealand’s largest payment switch) and retail bank ASB (a subsidiary of Commonwealth Bank of Australia).

* The findings confirm what we have always believed about payment channels – convenience is king” claims Adam Clark (CEO - MCOM). “Convenience and ease of use were considered the biggest drivers of preferred payment instruments for consumers prior to the trial, and over 75% of participants declared afterwards that the contactless mobile payment experience was more convenient that card based and cash transactions.”

* Cash was the most substituted payment instrument during the M-Com trial, largely due to the low average transaction size during the trial (coffee and snacks were the most frequently purchased items).

* Users also stated that they had an interest in applying contactless mobile payments across other regular purchase types they partake in - namely; parking (72%), vending machines (69%), public transport (63%) and convenience stores (61%).

* “Participating merchants felt that once the technology was in place, including staff familiarity, it delivered a faster and easier payment process for their low value transactions. Ultimately, they were able to push through more purchases, which means more revenue and more profit”

* M-Com is currently working through assessing the technical feasibility of various near-field communications (NFC) deployment models. Later in 2008, M-Com plans to integrate its contactless payment capabilities into its mobile banking platform – BankAnywhere – to enable retail banks to seamlessly offer mobile banking and payment services to consumers off a single technology investment.