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

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 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

Mobile Banking Updates - Apr 18

Mobile Banking & Payments by the Numbers
"Statement rewards provider and BillShrink parent, Truaxis, published a nice summary of mobile banking and payments on its blog (reprinted with permission below). A few Industry Players metrics at the bottom of the infographic have recently been updated:

* Starbucks said this week it has processed 42 million mobile payment, up from the 26 million (Venture Beat, 9 April 2012)
* Square has now shipped 1 million readers, up from 500,000; and is now processing $11 million per day, up from $4 mil (Splatf, 5 March 2012) "

Accenture Introduces New Software to Help Banks Integrate Customer Channels, Streamline Product Development and Pricing
"Accenture ACN -2.46% has introduced two new software products -- Accenture Multichannel Platform and Accenture Product and Fee Factory -- to help banks quickly and efficiently integrate customer channels, such as mobile, branch and online banking, and streamline product development and pricing.

Developed by Accenture Software, the new products are designed to help banks increase revenues, improve commercial offerings and reduce distribution costs by strengthening customer channels and product management."

Monitise launches HSBC banking app
"The iOS app allows customers to access up to 10 accounts on their smartphone, check balances, review recent transactions, and top-up airtime on up to five mobile phones. As part of the deal, Monitise will develop further mobile banking services for HSBC UK. Monitise COO Mike Keyworth said: 'Monitise is a proven partner to the world’s largest financial institutions which know they can trust it to deliver world-class, bank-grade products and services."

Orange adopts 'Quick Tap' mobile banking for Android
"Mobile network provider Orange has announced that 'Quick Tap' contactless payments will be opened to Android phones and all UK credit and debit card accounts, The Telegraph reports.

Although the company has yet to announce which Android handsets will be compatible with the contactless payments technology, it's the latest step in the evolution of mobile banking - following in the wake of similar applications such as Barclays' Pingit. "

Mobile Banking Updates - Feb 15

Mobile Banking Can Deliver 300% Returns, Accenture Says
"A study of 20 financial institutions around the world that offer mobile banking, commissioned by Accenture and conducted by TowerGroup, has found a Middle Eastern bank that is getting an eye-popping 300% return on investment by letting its two million mobile banking customers pay bills on their mobile devices, including topping up their pay-as-you-go mobile phones, paying utility bills, or paying a fixed monthly fee for a premium services package."

Mobile...everybody's doing it?
"Mobile banking has been a ‘hot topic’ in the financial services industry for some time now, with much research pointing to growing customer demand and uptake of mobile services. In fact, I blogged late last year about some Forrester research showing that mobile banking provision in Europe is gathering pace, which one would assume reflects increasing demand..."

Wells Fargo Offers Online and Mobile Fraud Prevention Tips
"Wells Fargo & Company (NYSE:WFC) offers tips to help people keep fraud prevention top-of-mind as encouraging findings are released in the new 2011 Identity Fraud Survey Report from Javelin Strategy & Research, an independent industry research firm. The study found that the number of reported identity fraud incidents in 2010 declined 28 percent over 2009."

Mobile Banking Will Be a Big Catalyst for These Companies
"Intuit announced Thursday its latest initiative, GoPayment, will be one of other first mobile payment apps available on the Android. Already available on the iPhone, the app offers flexibility for businesses to get paid right on the spot with the credit card swiping technology in the phone."