International Mobile Banking Updates - April 16

MoneyGram and First National Bank launch mobile banking in South Africa
"MoneyGram and First National Bank (FNB) of South Africa have launched their first mobile money transfer service in Africa. The new mobile banking service enables FNB customers throughout South Africa provinces to send and receive international money transfers using their mobile devices. The service features data encryption system that protects account holder information. Transactions sent from a mobile device are available for collection within 10 minutes, subject to an agent’s hours of operation and local laws and regulations."

Australian banks need to embrace mobile application users: Study
"By the end of 2013, more Australians are predicted to be using their mobile phones to do banking than their desktop computers, but research released this week shows they are increasingly dissatisfied with the offerings from financial institutions. Mobile marketing firm BanterMob analysed ratings and reviews of Australian banking apps, and found nine of the 13 banks reviewed rated average or below average, and almost three-quarters of user app reviews were negative."

Buggy apps hurt customer experience in mobile banking
"Banks aren’t using online banking properly, Australian mobile marketing firm, BanterMob, has claimed. The group studied 42,000 ratings and about 2000 reviews of Australian banking applications available in the four major app stores. BanterMob director, Kelly Slessor, says the results show high levels of negativity and sub-optimal customer experience."

ABSA launch their mobile and tablet banking App
"ABSA proudly, if a little belatedly, revealed their on-line Banking App for Android and Apple iPhone devices today in Johannesburg. ABSA is the last of the South African big banks to launch their mobile App. The ABSA App will be of huge benefit to all the ABSA customers with smart devices. ABSA said the App would be the first real, native financial services App for smartphones and tablets in South Africa available for both retail and business customers."

ING Direct Canada Looks Forward On Mobile
"ING Direct Canada foresees a world where the mobile channel dominates consumers' interactions with their financial institution, and is preparing accordingly. The bank has been working with Armonk, N.Y.-based IBM on several mobile banking services using IBM's MobileFirst suite of solutions. 'People are using these devices for managing almost every part of their lives,' says ING Direct Canada's CIO Charaka Kithulegoda. 'The movement into managing the financial part of their lives has been a bit slower compared to retail, for example, but now they're starting to do it more and more in financial services as well.'"

Barclays Zimbabwe to launch mobile banking service, Hello Money (updated)
"Barclays will be launching its mobile banking application Hello Money, in Zimbabwe this month. The announcement was made as part of the launch of new ATMs by the company a few days ago. Hello Money will allow Barclays account holders to transfer money to a Barclays account or to an account at another banking institution, airtime top up, mini statements and balance enquiries."

Mobile banking transactions double, payments rise threefold
"Mobile banking seems to be gaining popularity among Indians with increasing number of people using this platform to buy tickets, pay bills, shop online, and transfer funds. The opportunity to expand reach, grow revenues and gain operating efficiencies have persuaded several banks to encourage their customers in using mobile banking. Consider this: The number of mobile banking transactions doubled to 5.6 million in January 2013 from 2.8 million a year ago. The value of these transactions increased threefold to Rs 625 crore during the month from Rs 191 crore in January 2012."

Stanbic IBTC Launches Mobile Money Application
"Stanbic IBTC Bank Limited has announced the introduction of the ‘Stanbic IBTC MobileMoney’ application for smart phones. The product is expected to run on blackberry and android operating systems. Stanbic IBTC’s Executive Director for Personal and Business Banking, Mr. Obinna Abajue, was quoted in a statement as saying that the move underscored the bank’s commitment to provide Nigerians with value-added products and services that suit their lifestyles, while giving them access to basic financial options via a secure mobile application wherever and whenever they want."

Banks in product development race
"AS competitive pressures mount in the banking sector, banks have to devise various safety valves, knowing that there is no single silver bullet for achieving sustainable competitiveness. Apart from diversifying sources of funding, enhancing liquidity profiles, fortifying balance sheets, growing deposit bases and enhancing access to lined of credit, banks are also actively pursuing a product and channel expansion strategy, if the recently released 2012 financial results are anything to go by. Most banks were unequivocal about their growth strategies and clearly articulated them in statements accompanying the results while others offered no clues. During the period under review, Agribank rolled out its first phase of e-Banking products; notably Internet and mobile banking, SMS alerts as well as e-statements. The bank also entered into a strategic partnership with EcoCash to facilitate roll out of mobile money transfer services. Going forward, Agribank intends to strengthen strategic alliances that grow non-funded income.

SA mobile banking fraud on the rise
"The Ombudsman for Banking Services (OBS) has noted an increase in complaints as mobile and internet banking fraud increased, according to its 2012 annual report on banking services. In the report, advocate John Myburgh, chairman of the board of the Ombudsman for Banking Services (OBS), said that the growing mobile customer base has spurred banks to launch ever-more innovative mobile payment options. With an estimated 13-million unbanked South Africans, the potential for such products is immense, he said."

Indian uptake of mobile FS on rise as banks launch more m-payment options
"Mobile banking is gaining popularity in India, with the number of mobile banking transactions doubling to 5.6 million in January 2013 from 2.8 million a year ago. The value of transactions increased tripled to rupees (INR) 625 from INR 191 in January 2012. CICI Bank, which has the largest share of mobile banking payments in India, makes periodic offers to its customers to encourage them to use mobile banking services. The bank produced these figures and has partnered with several service providers to offer customers discounts on their products and services, as well as entered partnerships to allow them to make utility bill payments via mobiles."

Mobile-banking with 1.4 million accounts shows remarkable surge
"Mobile banking in Pakistan has witnessed a reasonable growth as the number of such accounts (M-Wallets) has reached 1.4 million by 2012, showing an increase of 156 % as compared to previous years. The current number of m-banking accounts is seven times higher than the numbers at the end of September 2010. Of the total 1.4 million m-banking accounts, 66 % are active accounts and the ratio of active accounts has increased from 54 % as of end December 2011. The Pakistan Telecommunication Authority (PTA) in its report has revealed that this increase in the active accounts is mainly due to increase in the small transaction m-banking accounts by UBL Omni, facilitated by regulatory flexibility in account opening by State Bank of Pakistan (SBP)."

Internet Banking to Grow 65% a Year in Latin America
"The number of Latin Americans who have access to their bank with mobile divices will grow by 65% annually in the coming years and reach 140 million people by 2015, according to a Deloitte report released by the Latin American Federation of Banks ( Felaban). The study indicates that the concept of “mobile money” will transform Latin America in the coming decades and remember that in some rural areas access to traditional banking services is still limited because of the high costs involved."

Mobile Banking Updates - Aug 4

Payments the new competition battleground in banking
"Today’s announcement by Woolworths that it is to move into mobile telco services with Optus paves the way for the retailer to offer debit and/or loyalty card products via mobile devices. It’s no secret that Woolworths has ambition to issue more cards, and since it wound down its EzyBanking relationship with the Commonwealth Bank, it has embarked on a relationship with HSBC to issue financial products, including the Everyday Money credit card."

Intuit GoPayment for iPhone Now Available on iTunes App Store
"Intuit has announced that its Intuit GoPayment application - providing the ability to process credit card payments using an iPhone or iPod touch - is now available on the iTunes App Store. According to Intuit, 'the free download turns iPhone or iPod touch into an affordable and hassle-free credit card terminal.'"

MoneyGram, Affinity Global Services Launch Mobile Money Transfer Service
"MoneyGram International and Affinity Global Services have announced an agreement 'that will enable mobile money transfer receives in important markets around the globe, bringing greater convenience and extending the benefits of MoneyGram services to a new category of consumers. The MoneyGram and Affinity Global Services alliance will allow consumers to use MoneyGram’s agent network of over 180,000 locations around the world to send money to an account associated with a mobile device.'"

Securing Mobile Payments - It's Still Early
"Mobile payments are exciting, no question about it. The very idea of allowing consumers to buy stuff anywhere, at any time, with the touch of a button, gets retail, banking and communications executives to the point where you almost have to hose them down. So, what better way to ruin the party than to bring up security and compliance issues?"

Western Union Moves to Further its Mobile Presence
"As Western Union's (Englewood, Colo.) offerings widen to the mobile channel, it decided to launch an initiative that it says will help strengthen the brand and present a more consistent feel to its users worldwide. The Digital Vendor Program is intended to extend the reach and accessibility of Western Union Money Transfer services to mobile finance initiatives in Latin America, Africa, the Middle East and Asia."

Apple iPhone can be hacked via SMS system invisibly for a user
"Security experts at the Black Hat conference in Las Vegas, one of the world`s top forums for exchanging information on computer security threats, said that iPhones are not entirely secure and warned Apple of flaws that hackers can exploit to take control of the popular device, using the tactic for identity theft and other crimes."

Payment via mobile catches on
"PAYMENT through mobile phones is fast catching on in Malaysia, thanks to the high mobile penetration rate and quest for convenience. Realising this, many banks are making a beeline to offer mobile payment services."