Mobile Banking News 9/1/08

Tech advances making mobile banking attractive prospect
"In an effort to keep up with technology – and competitors – Huntington Bancshares Inc. has rolled out a system that lets customers bank on the move. The mobile banking initiative allows customers to check balances, review transactions and pay bills using a cell phone or personal digital assistant."

Mobile Messaging Numbers Continue to Skyrocket, VeriSign Reports
"VeriSign, Inc. the trusted provider of Internet infrastructure services for the networked world, announced today another record-breaking quarter for mobile messaging, based on the latest quarterly index of mobile messaging statistics compiled by VeriSign's Messaging and Mobile Media division."

Mississippi Rising
"Since his days as a college-age, back-office worker, Michael Lindsey has turned heads with his technology acumen. In recent years he built a national profile, championing mobile services and payments as the future of relationship banking."

Aite - Mobile Banking Round-table Discussion

Mustafa Patni and Michael Lindsey


Left to Right: Joram, Matt, Nick, Brandon, and Mustafa

Just a few short hours ago I returned from New York where I attended a round-table discussion on mobile banking. Let me first thank the entire team at Aite. In two short hours we covered a variety of topics including:

* Is the term mobile banking tainted from the failed attempt in 2001?
* Who will ultimately own the clients - banks or carriers?
* What will be the role of mobile banking for the un-banked or under-banked?
* Does mobile banking have a business purpose or is it just keeping up with the Jones's?
* What kind of fraud or security attacks can we expect and how do we handle them?
* Where will mobile banking take us by 2010? Will mobile payments be a factor?

Overall, the discussion was outstanding and there was a strong turn-out with over 80 people in attendance representing banks, vendors, trade publications and press. I'd also like to take a minute to thank my fellow panelists:

* Nick Holland - Aite Group
* Mustafa Patni - Washington Mutual
* Joram Borenstein - RSA
* Michael Lindsey - Bancorp South
* Matt Dill - Western Union

If you are looking for a fresh opinion from an industry expert these five are as sharp as they come.

Now, this obviously does not summarize the full content and depth of the morning, but a few "big picture" notes would be:
* We (banks and carriers) will not decide who owns the client. The market will evolve and they will dictate to us who's in control by voting with their dollars.
* Do not ignore the un-banked and under-banked. They represent a very large target segment with big potential.
* Mobile banking does have inherent value. By adding another service to the relationship the client is less likely to defect.
* As always security is paramount. The keys will be customer education and a "mobile guarantee"
* Mobile payments will be a thriving and profitable industry but be patient.

Mobile Banking Roundtable and Google Phone

If your schedule permits, there's an interesting roundtable discussion that I'll be participating in next week. The event is on Thursday November 8th in New York and is sponsored by Aite. The panel will include representatives from Washington Mutual, Bancorp South, Western Union, and RSA.


On a separate note, it sounds like we're getting closer to the release of the Google phone. Will the iPhone have its first true competition? Click to read the full story.

Post Conference Report - Foreword Financial

The Foreword Financial conference last week in Chicago was a success.

Highlights:
I was able to meet some key members of the Clairmail team including: Joe Salesky (CEO), Paul Iemma and Keith Gray from the sales team, John Aquino and Reetika Grewal from the marketing team. I give Clairmail an A+ for having a strong team, a great display and overall a dominating presence through out the conference.

The presentation by Michael Lindsey (SVP - Bancorp South) was invaluable. The statistics, insights, and survey results surpassed most all of the data I've seen to this point. It was relevant because it was coming directly from a banker about a solution that has been live since March. Bancorp South is taking this channel very seriously. It was apparent from their 2 focus groups and 3 surveys that they are not content to simply roll out a turn-key solution. If you have not seen Mr. Lindsey’s presentation, find out when he’s presenting next and attend.

A couple of other key presenters for the mobile channel were Manny Gonzalez (Keynote) and Tom Llewellyn (Broadway Bank). Both did a fantastic job. Although I had heard them speak before each was able to bring some new insights and data to the conference.

Even the networking was strong at this conference. I was able to meet a number of bankers from the US and Canada and even a couple of MBA students from UCLA (good luck on the project guys.)