Mobile Banking Updates - Sept 1

Editor`s Pick: 10 Must read on mobile banking and microfinance

The Mobile Mandate
"For Bank of America, mobile banking is a channel through which the $2.6 trillion institution hopes to truly reach the masses. BofA launched its mobile-banking platform in May 2007 and today has 5 million mobile WAP/browser-based and downloadable-banking-application subscribers. In May, BofA launched its SMS/text banking service - a service that is open to all BofA customers - and today has more than 500,000 users.

In an exclusive interview, Marc Warshawsky, BofA's senior vice president of mobile channel planning and design, shares his thoughts about the future of mobile-banking adoption. 'We're looking at ways to target a variety of customers, drive more awareness and attract a larger segment.'"

When it Comes to Mobile, Bank of the West is Done Waiting and Seeing
"The mobile banking train hasn’t left the station yet, but time is running low to be considered an early adopter before the service becomes ubiquitous among banks. In the case of Bank of the West, which introduced its new mobile platform last week, now’s the time to jump in as more banks will likely view mobile as a must-have in the near future.
“We’ve seen quite a bit of customer demand, and that noise has grown over the past six to eight months, especially as you’re seeing more mass marketing and mass media advertising around mobile banking,” says Matt Macomber, head of the Internet and online banking group at Bank of the West."

Schwab Needs to Catch Up In Mobile Apps
"Charles Schwab (SCHW) needs to more aggressively adapt to the growing use of mobile technology that is rapidly changing banking and investing in a way similar to the disruption previously caused by the Internet. Mobile banking is moving into the mainstream and financial institutions will soon face a competitive environment in which the majority of rivals offer mobile services, with success based largely on the company's technology strategy, according to Matthew Talbot, vice president of m-Commerce at Sybase 365, a division of SAP (SAP)."

TD Bank rolls out mobile banking apps to streamline customer service
"TD Bank is streamlining its customer service operations via mobile applications for Apple’s iPhone and Google’s Android-powered devices. Initially, customers can use the mobile banking applications to find stores and ATMs, check deposit, loan and credit card balances, view pending transactions and account history, transfer funds and make bill payments."

Phones, Calculator Give a Glimpse of Mobile Tech in Afghanistan
"Afghanistan’s vibrant cellphone ecosystem is one of the country’s economic bright spots. There are about 12.5 million cellular subscriptions in the country of 27 million people. Jan Chipchase, executive creative director at Frog Design spent some time in Afghanistan recently for a research study on mobile banking."

Samba announces the launch of mobile banking
"Samba Financial Group, the premier banking services provider in Saudi Arabia announced the formal launch of their mobile banking applications for the Apple iPhone and Blackberry handheld instruments. It is a fully transactional service that allows Samba customers to check their accounts, make payments and transfer funds through their mobile phones at anytime, and from anywhere using the same user name and login password as on Samba online."

Mobile Banking Updates - Aug 25

Mobile Payment Systems Could Leave Consumers at Risk
"Recent news stories have highlighted how consumers in the U.S. soon will be able to pay for products and services with a wave of their smart phones. But while mobile payment technologies may offer a convenient new way to pay for goods and services, consumers could be at risk of losing money when mistakes are made by merchants and processors or as a result of fraud, according to Consumers Union, the nonprofit publisher of Consumer Reports."

Mobile Banking Grows Slowly
"Mobile technology - it offers new opportunities for financial institutions to expand banking services and enhance the user experience. But the U.S. financial industry's adoption of mobile has been relatively slow.

Estimates for the number of U.S. banks and credit unions currently offering mobile banking -- via SMS/text, WAP/browser-based, downloadable applications or a "triple-play" combination of the three -- are hard to nail down. IDC Financial Insights in July reported that U.S. consumer adoption of mobile banking nearly doubled from 2008 to 2009, with SMS/text banking being the most popular. The (unspecified) number of institutions offering mobile banking also had increased, according to IDC, which based its data on a 2009 survey of 1,008 U.S. adults."

Bank of the West Launches Mobile Banking
"Bank of the West today introduced its mobile banking platform – providing customers access to the bank’s award-winning service through nearly any mobile device. The new mobile services give customers the ability to receive account alerts through text messages, perform transfers between accounts, and check account balances while on the go. A dedicated application for the Apple iPhone will be available next month."

Wells Fargo’s Mobile Banking Scores Pair of Independent Awards
"The Future Mobile Awards are given to companies that have made a significant contribution to their sector and are poised to make considerable market impact in the future. According to Juniper Research, 'Wells Fargo was chosen based on its multiple platform strategy and continued service innovation such as the recent near real-time warning of potentially fraudulent activity'”

Arah Erickson, senior vice president, Wells Fargo Retail Mobile Banking, commented, 'Wells Fargo is an internet banking pioneer and we have extended this commitment to providing innovative mobile banking services. We are proud of our ‘anytime, anywhere’ banking capabilities and are honored to have our commitment recognized with this award.'”

Fiserv Launches Mobile Source Capture, Bringing Convenience of Check Capture to Smartphones
"Fiserv, Inc., the leading global provider of financial services technology solutions, today announced the launch of Mobile Source CaptureTM, a new remote deposit capture solution that extends the convenience of remote check capture to camera-equipped mobile phones. Mobile Source Capture leverages best of breed Mobile Deposit® technologies from Mitek Systems, Inc."