Mobile Banking Updates - May 5

Wells Fargo puts mobile banking at center of new marketing campaign
"Wells Fargo has launched a multichannel marketing campaign that aims to educate consumers on the benefits of mobile banking. The Wells Fargo “Done” campaign includes television, online and mobile components and highlights multiple areas of the financial service’s mobile banking features, such as mobile deposit and transfers. The campaign is meant to show how mobile banking is a natural extension of what consumers already do on their mobile devices."

Mobile banking spurs growth at Michigan First Credit Union
"Michigan First Credit Union is looking for a few good employees, 14 right now to be exact. The Lathrup Village-based financial institution is looking for everything from tellers to human resources professionals to add to its staff of 225 people. However, technology pros are in especially high demand for the credit union. About a third of its new positions have some sort of tech angle, such as software developer or IT professional."

In 2017 one in four tablet users will be paying bills via their device
"With tablet adoption and user acceptance of ‘push’ mobile banking on the rise, it is thought that by 2017, one in four tablet users will be paying bills via their device, according to a new report from Juniper Research. The report suggests that these factors will drive users of transactional tablet banking services to almost 200 million in 2017; representing around 19 per cent of total mobile banking customers in 2017, as opposed to nine per cent in 2013. It is also noted in the report that the adoption of bill presentment and payment (MBPP) transactional banking by tablet users will be higher than mobile handset users, particularly in developed areas where there is a higher adoption rate of tablet devices."

Mobile Banking Plays Key Role in #1 Factor for Customer Loyalty, According to Yodlee Interactive Survey
"Banking convenience dominates all options amongst reasons to stay with banks, according to a new study conducted online by Harris Interactive on behalf of Yodlee Interactive. With the convenience of online and mobile banking, more customers are utilizing these services, while banks are responding by reducing the number of physical branches. This survey was conducted among 2,219 Americans (ages 18+) between February 28 and March 4, 2013."

Bank of America to Offer New Mobile Banking Features
"Bank of America’s mobile banking user base of 12.5 million, rapidly growing at a pace of 55,000 new users per week, can expect several new features to come to the bank’s mobile banking applications. From May until the end of the year, Bank of America will roll out six new mobile banking features, which were first reported by American Banker."

BII REPORT: How Banking Is Going Mobile
"Over the years, retail banks have innovated to make personal banking more convenient and consumer-friendly. They've built sprawling branch networks, introduced credit cards, and developed automatic teller machines. In its latest evolution, banking is going mobile. With smartphones and tablets increasingly at the center of financial decisions — especially those of younger consumers — banks have to get their mobile strategies right. If they don't, they risk losing business to more mobile-savvy competitors, as well as tech companies like PayPal, that are developing their own payment and personal finance solutions."

Mobile banking expected to grow 18% annually through 2017
"The evolution of technology has brought on an onslaught of change to the banking industry, with banks becoming more convenient and consumer-friendly through mobile strategies, according to an article from Business Insider. The article says banks have become more competitive in order to stay ahead of other financial institutions. Currently, the mobile-banking user base is expected to grow 18% each year until reaching more than 1 billion users by 2017. By the end of this year, 590 million consumers will be using the technology."

Mobile Banking Updates - April 22

What Will the Next Generation of Corporate Mobile Banking Look Like?
"'Mobile banking is evolving quickly for companies. This evolution is being propelled by the phenomenal growth in personal smartphone usage. Our clients now want to take the convenience and mobility they have with their personal smartphone into the workplace,' says James Gifas, head of RBS Citizens Treasury Solutions. "Over one third of smartphone owners in the U.S. are using their devices for personal mobile banking, and consumers want their business banking to be just as convenient."

6 Mobile Banking Features on B of A's Drawing Board
"Bank of America isn't generally first to market with new mobile banking features, but when it does offer something new, it draws high adoption numbers and it strikes fear in the hearts of competing bankers, who know their customers will soon start asking why their bank doesn't offer it. Case in point: the bank launched mobile check deposit last August (USAA launched this feature in August 2009; Chase launched it in July 2010). Today, Bank of America has 1.9 million users of mobile deposit, it's processed 18 million check images captured this way, and on average it is handling 100,000 checks per day through mobile deposit."

Mobile banking spurs growth at Michigan First Credit Union
"Michigan First Credit Union is looking for a few good employees, 14 right now to be exact. The Lathrup Village-based financial institution is looking for everything from tellers to human resources professionals to add to its staff of 225 people. However, technology pros are in especially high demand for the credit union. About a third of its new positions have some sort of tech angle, such as software developer or IT professional."

Behold, the next gen of mobile banking
"Like nearly every other industry--entertainment, journalism, personal communications--banking is changing at an amazing rate. It's not a white shoe enterprise anymore, thanks to the nearly ubiquitous adoption of mobile phones and tablets. And banks have better get ready because these tech-savvy customers are already using their phones for checking balances and making payments, and they want to do even more. Those were the words of warning from a senior player in the mobile banking space in an address before mobile finance executives at Mobey Forum in San Francisco."

The Next Steps For Consumers And Mobile Banking
"Consumers are becoming increasingly aware of mobile financial apps and services, but there’s still more that banks and FIs can do to increase adoption. That’s one of the takeaways from a new survey by IAB, InMobi and Viggle, which poled more than 1,200 consumers on their various thoughts and feelings on mobile financial services. Over half of all respondents indicated that they use financial mobile apps, but how many remain unaware of their existence? PYMNTS.com takes a look in this Data Point."

The Nexus of Forces and Software Quality in Banking
"Financial sector software failures fill our news pages – from banks failing to make payments to cash machines giving away free money, these high profile crashes are just the tip of the iceberg. The challenge of ensuring quality of software and IT in the banking sector is nothing new. Banking IT is highly complex, with different systems for both retail and investment banks. A typical banking IT scenario may encompass several different systems from multiple vendors, developed independently and integrated over a period of twenty years. The business supported by the systems is so wide that no single team understands the entire IT infrastructure."