International Mobile Banking Updates - Jul 31

Smartphones set to change mobile banking for good
"The way we do banking on our mobile phones is changing rapidly, very rapidly. While most cellphone banking in emerging markets like South Africa is still conducted via text messages, people are increasingly also using phone browsers for their banking. In fact, the latest survey results from tech research company World Wide Worx suggest that more than a third of South Africans now use their browsers for mobile banking. That said, only five percent of cellphone bankers exclusively use phone browsers for the purpose, but a further 36% use their browsers as well as text-based services like USSD and SMS."

Mobile banking has failed to take off in India: RBI
"The Reserve Bank of India (RBI) deputy governor H R Khan has hinted that mobile banking has failed take-off in India and hence has called upon banks and mobile companies to work together for the benefit of their customers. At a seminar in Bhubaneswar, Khan said that the growth rate in the value and the volume of mobile based transaction is much lower compared to the number of bank accounts and number of mobile subscribers."

Digicel, Boom Sign US$17m Mobile Banking Deal
"The deal, completed late last week, is expected to result in products that offer lower transaction fees than remittance services that can cost some 10 per cent on US$100 of transfer. 'Our investment in Boom Financial is a reflection of the strong value of the Boom service and the high-quality company that the team has built. Digicel's customers in the Caribbean and Central America receive more than US$5 billion a year in cash remittances from the US,' said Colm Delves, CEO of Digicel Group, in a release posted on Digicel's website."

Westpac unveils new mobile banking app for iPad
"Westpac has today officially unveiled its new iPad banking application, the Westpac Mobile Banking for iPad app. The bank says the new app focuses entirely on the customer experience and was built using "enormous amounts" of customer feedback. The app was launched in the iOS App Store on Tuesday 10 July but was formally unveiled at a media briefing in Sydney today. Despite the launch of the new app on Apple's iOS platform for iPad, Westpac declined to confirm when a version of the app would be available for Android tablets."

Mobile Banking Services Coming Up In Malaysia
"Malaysian Electronic Clearing Corp Sdn Bhd (MyClear), a wholly-owned subsidiary of Bank Negara, has teamed up with three banks and is working with another three this year to offer mobile banking services. The three banks that it has tied up with to offer mobile banking service, scheduled for the fourth quarter, are: Malayan Banking Bhd, CIMB Bank Bhd and Public Bank Bhd. It, however, did not disclose the names of the other three banks."

20% of European online shoppers already use mobile payments, finds Forrester
"One-fifth of Western European internet users use mobile banking today, according to a new Forrester report based on more than 13,600 consumer surveys. SMS alerts are still the most popular form of mobile banking in most countries, but use of mobile banking apps is growing fastest. As mobile Internet use explodes and mobile banking is displacing use of other channels, Forrester believes that ubiquitous mobile banking will mark a bigger strategic shift for the industry than home-based online banking. Banks need mobile banking to provide a platform for mobile payments and to protect their retail payments businesses from digital disruption."

International Mobile Banking Updates - Jul 25

South Africa: FNB Takes Banking to Facebook 
"South Africa's First National Bank announced on Thursday that its mobile banking customers will now be able to do their banking through social networking site Facebook. It is a first for South Africa, allowing the bank's customers to link their Facebook profiles to their cellphone banking profiles. Once linked, they can access the 'FNB Banking on Facebook' application, which will allow them to check their balances, purchase prepaid products including airtime, SMS and BlackBerry bundles, as well as the option to view Lotto and PowerBall results."

Digicel to expand mobile banking to Caribbean
"Already the fastest growing telecommunications major in the Caribbean, Digicel has recently entered into a financing deal that could see it well positioned to expand mobile banking technology across this region. In an announcement released by the Silicon Valley based M-Via, a mobile banking firm which touts itself as the company that revolutionised how immigrant and unbanked families save and share their wealth, the Digicel Group was identified as the leader of a US$17 million financing round initiated by M-Via."

Banks boost mobile banking
"Agreements signed between telecoms companies and banks look set to shore up a nationwide campaign to boost mobile banking services in the country. While the cash-less initiative poses challenges, such as a lack of infrastructure and connectivity problems in rural areas, industry players are optimistic that mobile money will go a long way in bridging the divide between the banked and unbanked segments of the population."

Rackspace UK Banking Study: Progressive Mobile Computing Strategy Is Key Competitiveness Differentiator
"Investment in mobile computing capabilities by UK banks and financial institutions has become a significant determinant of competitive advantage, according to research revealed today by Rackspace Hosting RAX -2.77% , the service leader in cloud computing. Providing customers with mobile apps is now viewed as being crucial to having a competitive advantage by 63 per cent of financial services organisations."