Will smart devices become "geniuses"?

"Smartphones will soon be able to predict a consumer’s next move or next purchase, according to Gartner, Inc. research that should be of interest to any financial institution focused on mobile banking and payments. This insight will be performed based on an individual’s data gathered using cognizant computing—the next step in personal cloud computing." Continue Reading

It’s starting to come together

"Every year Gartner comes out with a fascinating graph detailing the “hype cycle” of scores of new technologies, plotting them on a time curve that traces them through various stages, starting with “innovation trigger,” “peak of inflated expectations,” “trough of disillusionment,” “slope of enlightenment,”—and ending with the “plateau of productivity.”

Some of the technologies listed are familiar to bankers. Gamification, for example, now is seen topping off at the peak of inflated expectations. Near-field communications now is sliding down deep into the trough of disillusionment. Location intelligence now has progressed all the way to the border between slope of enlightenment and plateau of productivity." Continue Reading

Mobile Payments - July 10

Will 2014 be the year that mobile payments succeed?
"2011...2012...2013… each have been touted as the year that mobile payments will reach a tipping point, yet it would seem that adoption is lagging behind the news hype, at least in the UK. While mobile banking is now mainstream and accepted (even demanded for by some consumers), we just don’t seem to have taken to mobile payments at the point of sale as quickly. But is all this is about to change?"

Will Consumers Cash in on Mobile Payments?
"Whether it’s checking the weather, getting directions or sharing photos, people use their smartphones for just about everything these days. However, there’s one function that has yet to capture widespread attention: mobile payments. Despite a relatively slow start, a Gartner report predicts a 44% global increase in mobile commerce by the end of 2013, totaling $235 billion in transactions. However, mobile consumer purchases will remain a distant third to bill payments and money transfers."

Mobile Banking Updates - July 22

Gartner casts shadows on mobile banking
"Gartner's senior analyst for the financial sector has cast doubts on whether Australian banks should invest heavily in mobile banking applications and near field communication (NFC) payment systems.

Gartner vice president David Furlonger told the Banktech summit in Sydney this week that banks have struggled to profit from such ventures. Furlonger said that globally, most users of mobile banking applications are still only using the apps for checking account balances rather than making genuine transactions."

EBay Bets $240M on Mobile Banking
" EBay Inc. announced Thursday that it has agreed to pay $240 million in cash to acquire Zong, a provider in payments through mobile carrier billing. The purchase will support eBay’s efforts to further their mobile commerce by offering PayPal users an additional way to pay for merchandise and products. Zong hosts connections with more than 250 mobile network operators across the world and offers secure mobile payment capabilities in 45 countries."

42 Percent of US Consumers with Handheld Devices Satisfied with Mobile Banking
"YouGov Plc. and Antenna Software, Inc. recently conducted an online survey to map the usage of the mobile banking though handheld devices like mobile phones, smartphones and tablets. After the survey of more than 2,000 respondents, the results showed that more than one in three US consumers with handheld devices uses mobile banking."

Survey shows 38% of smartphone owners use a banking app
"There’s been one quote that has stuck in mind about mobile banking in Canada. It was from Bob Hedges of Mercatus who in February 2010 stated that Canadians are “at the tipping point in terms of adoption” and “over the next five years this will become more important than online banking”. It’s been a slow adoption rate thus far but it’s certainly increasing. Last week it was PayPal Canada that came out with stats that showed 34% of those surveyed would rather carry a mobile phone to make a payment than a pocket full of change."

Gartner Publishes Magic Quadrant for Mobile Banking

I just finished reading the new report from Gartner titled, "Magic Quadrant for North American Mobile Retail Banking" by Stessa Cohen.

I can't share any of the details for fear of copyright infringement but it's a definite "must read." And per the new FTC rules, I'd like to clarify that I did NOT receive any payment or incentive to write this post.

Mobile Banking Updates - Jul 27

iPhone taking mobile Banking to the Next Level
"One of which is the recent spike of market shares for the iPhone- that has risen from “5.3%” to “10.8%”. This is no doubt largely due to the latest release of Apple’s 3GS iPhone. I predict this rate of increase will continue to flow each year, if Apple continues to Wow the market with bigger and better versions of the iPhone at lower costs."

Mobile giving is catching on
"For most nonprofits, raising money means asking donors to write a check. But like music, maps and movies, charitable giving is also going mobile. With a mobile phone, donating to a cause can be as simple as typing MEALS, WATER or ALIVE."

Gartner Says Consumers Most Value Online Banking Features that Address Communication and Personalization
"Consumers most value online banking features that address communication and personalization, according to recent surveys by Gartner, Inc. However, financial institutions could be failing to capitalize on online banking by not providing the features that consumers really want."

Differentiation of online services
"I enjoyed reading the findings of a recent Gartner research report on online banking services. Gartner surveyed almost 4 000 consumers in the UK and the US. The findings ring true to what we are seeing in the industry. One of the findings (in my opinion) do have specific implications for banks."

How Losing Your Phone Could Cost You
"A lost or stolen smartphone is more than just an inconvenience.It can lead to identity fraud or corporate espionage,and even compromise the integrity of your medical records.In March, Connecticut-based security vendor Credent Technologies reported that 80 percent of users store on their phones information needed for identity fraud."

Cellphone banking - some lessons learnt
"It wasn't long ago that mobile banking was barely known by account holders in South Africa. It was only in 2001 that certain of the large South African banks launched a version of mobile banking. These services attracted little interest from account holders with most of the initiatives failing. As late as the beginning of 2005, the future viability of mobile banking was uncertain and disputed. Neither the local nor the international banks were actively developing mobile services."

Borrowing $300 from Mom and Dad? Your bank wants some of it
"Hopefully, you've never been there: You're looking at your bank account. It's sickly. It's dying. You need cash, or you're going to be fixing a tree bark salad soon. So you borrow money from your parents or maybe your well-heeled aunt."

Mobile Payments Talk with Hannes van Rensburg, CEO of Fundamo
"Fundamo is the largest dedicated supplier of mobile banking solutions, globally. We supply a software platform to mobile operators and banks that can be configured to offer various solutions (including mobile wallets) to customers. We are based in Cape Town and have offices in six other countries, amongst others in Madrid."

Mobile Banking Experiencing Increased Adoption

Just before the holiday season Nancy Feig published an article in Bank Systems & Technology titled Mobile Banking Experiencing Increased Adoption. The article is extremely well written and does a fantastic job of analyzing the mobile banking landscape. In fact, the article includes quotes from a number of individuals including representatives from financial institutions, research firms, and vendors:
Stessa Cohen (Gartner)
Catherine Graeber (Forrester)
Drew Sievers (mFoundry)
Tripp Rackley (Firethorn)
Doug Brown (Bank of America)
Debbie Cox (Irwin Union Bank)

Click here to read the full article.