Monitise launches white paper on next-generation mobile banking

"Global Mobile Money specialist Monitise has released recently a ‘Pathway Paper’ on where the next generation mobile banking opportunity lies in 2014 and the key considerations for banks when developing their mobile strategies.

Entitled: ‘Innovate to win: From mobile banking to Mobile Money’, the Paper explores how innovations in mobile can support banks in becoming a lifestyle enabler, transforming their customer relationships. Techniques and technologies covered include customer segmentation, contextual interactions powered by data analytics, m-commerce and improved user experiences." Continue Reading

Banking Apps & the Move into Mobile Shopping

"Banks are edging closer to mobile shopping.This is a move from the mobile payment end right into the shopping and product selection part. I sat down recently with Lisa Stanton, President of Americas at Monitise, the technology company that enables mobile banking, with more than 300 financial institutions as customers.

The company last week announced a deal with U.S. Bank to accelerate the delivery of a shopping service that provides a way for top-tier retailers to let consumers buy from leading brands via mobile." Continue Reading

Mobile Banking Updates - Sept 12

Increase Mobile Banking Adoption
"Yes, more consumers are using mobile devices - A 2012 Federal Reserve mobile financial services study indicated that the majority of American consumers use some form of technology to interact with their financial institutions. Yes, more customers are using mobile banking - The Fed survey found 21 percent of mobile phone owners have used mobile banking in the past 12 months; 11 percent of those not currently using mobile banking think that they will probably use it within the next 12 months. Yes, there is cost savings for the financial institution - The average financial institution can save almost $50 annually with each customer that uses mobile over branch for a single monthly deposit, according to a recent Javelin Strategy &. Research study. For the typical institution, an in-person transaction costs S4.25 while a mobile transaction costs about 10 cents."

Mobile money - what the future holds
"In this episode we are talking to the biggest mobile money specialist in the world, they're called Monitise and they aim to make money totally mobile across the globe. They give us an interesting insight into the progression of mobile transactions and to tell us more we speak with, Andrew Griffin, SVP for Industry and Investor relations at Monitise. He starts by telling us a bit about the background of the company and how things have developed to where they are today."

Mobile Banking Solution mBank Receives "Best Mobile Commerce App" Award
"mBank is a mobile banking application for small commercial banks and credit unions. New Jersey Technology Council recently selected mBank as the "Best Mobile Commerce App". 'We are excited to have received this award from New Jersey Technology Council. They have selected our platform not only for its quality but also for how valuable it will be for the banks needing such solution. NJTC is doing a terrific job in encouraging software companies like ours to produce innovative mobile solutions that benefits organizations and individuals alike. We thank them for recognizing our mobile banking app and value it brings for the target audience.' said Tim Miller, VP of Mobile Solutions at Mantra Information Services, a custom software and solutions company."

International Mobile Banking Updates - Sept 10

Leading lawyer on FCA interest in mobile banking
"The mobile banking market is expanding rapidly and Clive Anderson, Director of Supervision at the FCA, stated that it is right that the FCA now takes stock of recent developments and looks at how consumers can be ‘appropriately protected' in the future. Leon Deakin, senior associate at leading national law firm, Thomas Eggar LLP, comments: "Whilst these developments and the FCA's interest is welcome it does again demonstrate that the law and regulation so often lags behind technological developments. Indeed, this sort of technology and the ideas behind it are certainly not new so why has it taken so long to get to this point?"

RBC Mobile Banking app for BlackBerry 10 coming “by the end of September"
"RBC seems to be taking care of the thousands of BlackBerry 10 users in Canada. According to a reply on Twitter the financial institution will be making their mobile banking app available to BB10 users ‘by the end of September.”

BB issues instructions to stop breach of guidelines
"The Bangladesh Bank (BB) Sunday issued fresh instructions on mobile financial services, imposing some restrictions on money transactions to check irregularities and use of the service by non-account holders. The central bank asked all banks to strictly follow its instructions regarding use of know-your-customer (KYC) form in opening mobile accounts. No transaction can be made before the bank concerned scrutinises and approves application of the client/form."

Africa will Rule the World in Mobile Money, Expert Predicts
"African countries like Nigeria, Kenya, and Tanzania have been predicted to rule the world in mobile money transactions, which include mobile banking and mobile wallet, in the next few years, going by the continent’s population and zeal for technology advancement. Head, Marketing and Strategy at Ericsson, Mr. Shiletsi Makhofane, who made the prediction in Sweden, while unveiling the company’s Digital Agenda for Africa, advised banks and tele-communications operators in Africa to see the opportunities and take advantage of them to boost African technology development."

Latin America Experiments with Mobile Banking
"Latin America has surpassed 100% mobile phone penetration, according to the latest data from World Bank. In reality, about 30% of the population still doesn’t have a phone. (Urbanites with more than one phone inflate the number.) Still, adoption is strong and growing. It follows that banks in Latin America have been embracing mobility: releasing feature-rich mobile apps primarily, and also updating online banking offerings and targeting the unbanked and underbanked."

Kenya: Are Bitcoins the Future of Mobile Money?
"Want to go to the market, pay for a taxi or send money back home? In Kenya, all you need is your mobile phone. Ever since Safaricom, Kenya's largest mobile-network operator, launched the mobile-payment system M-Pesa in 2007, some two-thirds of Kenya's adult population have subscribed, and an astonishing 31% of the country's GDP is now spent through mobile phones."

Western Union Expands Mobile Money Transfer Service to Nepal
"The Western Union Company (NYSE: WU), a leader in global payment services, today announced the launch of a new mobile money transfer service that enables consumers to send money into a mobile wallet in Nepal. The new mobile money transfer service to Nepal integrates directly with eSewa, one of the leading digital wallet platforms in Nepal with more than 200,000 registered users. The functionality was developed through the collaborative efforts of Western Union, its Agent Nabil Bank Limited, and FonePay Pvt. Ltd., the owner of eSewa."

Jaiz Bank Partners Teasy Mobile Money To Provide Mobile Banking
"Jaiz Bank, a Sharia-complaint Nigerian financial institution, has partnered Teasy Mobile Money to allow customers access to financial services using their mobile devices. According to Hassan Usman, the bank’s acting MD, the partnership with the mobile service company will extend its reach to citizens, who lack conventional banking services due to its high cost, thus increasing financial inclusions in West Africa’s largest economy."

Mobile credit card 'Swosti' launched
"A mobile credit card named 'Swosti' was launched Wednesday in the country for the first time to facilitate loans for the marginal people who are mainly involved with the non-government organisations (NGOs). Bangladesh Bank Governor Dr Atiur Rahman inaugurated the new service as the chief guest at a city hotel."

Monitise loss widens as operating costs double
"Mobile banking technology company Monitise Plc reported a wider loss as operating costs doubled due to investments in technology and services and the company's recent acquisition. Shares in the company fell as much as 9 percent to 48.75 pence on the London Stock Exchange, making it one of the top percentage losers in early trade. The stock touched a life high on Wednesday after the company announced two new contracts and Goldman Sachs raised its price target on the stock."

99wuxian joins China’s lucrative mobile market
"Transcription of Finance News Network Interview with 99wuxian Limited (ASX:NNW) Chairman, Ross Benson"

Banking on the value of USSD
"The most obvious option available to banks trying to roll out mobile financial services in emerging markets is to set up services directly with a mobile operator. Indeed, many banks in emerging markets have a mobile banking platform from one of the vendors present in the market. However, they still face the challenge of capturing the hearts and minds of consumers, as many potential customers do not see how mobile banking will affect their lives."

Australians Increasingly Using Tablets And Smartphones For Banking
"Over the next half decade, Australians will increasingly prefer to do online banking using their tablets and smartphones as opposed to the traditional PC says Jason Yetton wh runs retail and business banking for Westpac. Recently the lender revealed it had processed $3 billion of transactions made by its 270,000 iPad app users since the lender rolled out the app less than a year ago. Mr. Yetton added that the desktop computer still dominates followed by the smartphone, the number of tablet transactions is catching up."

Bank Audi awards multi-year service contract to Capital Banking Solutions
"Bank Audi sal - Audi Saradar Group (Bank Audi) has inked a 5-year agreement with Capital Banking Solutions, to deliver software programs to support the bank's complete range of products and services. The lender has been provided with an enterprise license agreement to use Capital Banking Solutions product portfolio for core banking, business intelligence, compliance, customer relationship management, portfolio management, and multi-channel support including internet and mobile banking. Based on the terms of the agreement, the financial technology company will also act as the outsourced technology partner for the lender."

International Mobile Banking Updates - Aug 20

Western Union expands mobile banking in Africa
"Western Union is growing its mobile banking function in Africa, aiming to complement the 27,000 physical agent locations spread across 50 countries. The company’s main focus is now on expanding its digital transaction channels, a good example being integrating with additional mobile networks and increasing the use of prepaid cards when customers receive money."

Cabinet directs on regulation of mobile money transactions
"The Cabinet has directed the Ministry of Finance to amend the law regulating the financial institutions with the view of including regulations that govern Islamic banking and mobile money transactions. The regulation if passed will hold those responsible for money transfer businesses in cases of breach of contract or any dubious transaction. The new law will also regulate Islamic banking, thus widening the scope of customer choices in terms of banking."

ENTREVESTOR: Dal team to unveil banking app for teens
"After a long and hectic summer, a group of entrepreneurs from Dalhousie University will unveil their financial app Purchext to angel investors in Toronto Tuesday as the final segment of the gruelling Next 36 course. Purchext is a company formed at Dalhousie last spring and its founders — Cam McDonald, Zachary Levy, and Daniel Bartek — took the project to the Next 36 program, a three-month academic/mentoring program for undergraduate entrepreneurs. The graduation from the program includes pitches to angel investors."

Canada’s Desjardins financial cooperative pushes NFC offering
"Canada is seeing a fresh push to promote near field communication (NFC) services after Canadian cooperative financial group Desjardin signed a deal with mobile money solutions provider Monitise and a joint venture with the nation’s three largest mobile operators. Under the terms of the partnership, Monitise will provide the NFC-enabled mobile payment application; the technology will allow Desjardins members and clients to make purchases at Canadian retailers using their smartphone."

Monitise sees revenues surge as mobile banking takes off
"In our technology focussed world the mobile phone has become like an extra super-sensory organ to most of us, and nowadays that usually means a smartphone. Smartphone penetration is around 55% of the market and is expected to reach 80% by the end of 2015. We play games on them, read the news, catch up with friends and tweet our latest thoughts to all who care to listen. And now growing numbers of us are using them to pay our bills, shift money between our accounts and take advantage of vouchers and customer offers."

Bank Millennium SA : Best Internet Bank in Poland according to Global Finance magazine
"Bank Millennium has yet again scored first in the category "Best Consumer Internet Bank in Poland". Also the mobile banking app for companies was recognised. The awards were given by Global Finance independent financial magazine. According to the jury's verdict Bank Millennium is the Best Consumer Internet Bank in Poland and is also Best in Mobile Banking for Corporate/Institutional in CEE. The competition organisers i.a. appreciated the product offering available online, the functionality and design of the new website as well as growth of the number of online banking customers."

Global Differences in the Mobile Web: Emerging Markets Lead the Way in M-Commerce, Mobile Banking and New Technologies
"Netbiscuits, the global leader in software solutions for adaptive web experiences, today published additional findings from its study into consumer behavior on the mobile web. The latest data, extracted from the Netbiscuits People's Web Report and featuring responses from 5,000 consumers, found that the starkest differences in mobile usage were between developed and emerging markets. Deep-diving into the differences between consumer expectations around the world, the new evaluation of the People's Web Report findings gives a more detailed insight into how our lives are shaped by mobile."

Online banking security company Entersekt, wins Frost and Sullivan Award
"Online banking security company Entersekt, has today been awarded the 2013 South African Frost and Sullivan Award for Technology Leadership for its innovations in providing easy-to-use and secure mobile banking solutions. Transakt, as its app is called, offers an alternative method to online banking that claims to eliminate fraud and enhance transaction convenience of both the bank and customer. Frost & Sullivan Research Analyst Lehlohonolo Mokenela notes that Entersekt has received accreditation from the world’s largest payments networks American Express, MasterCard, and Visa and is the first and only company in Africa to earn all three of these certifications."

Daily use of mobile banking in Korea up 10.2 pct in Q2
"The daily use of mobile banking in South Korea rose 10.2 percent in the second quarter from three months earlier on the back of the growing popularity of smartphones, the central bank said Thursday. Transactions by mobile banking or banking services accessed via wireless handsets were valued at 1.39 trillion won (US$1.24 billion) per day in the April-June period, compared with 1.26 trillion won three months earlier, according to the Bank of Korea (BOK)."

Half of UK bank branches could close by 2020
"The increased use of online and mobile banking means that half of the UK’s building society and bank branches could close by 2020, a new report predicts. The Global Retail Banking report from Jones Lang LaSalle adds that the closures will be spurred on by increased use of debit and credit cards."

Mobile Banking Updates - Aug 18

Ten-Hut! Presenting Defense Mobile, a mobile carrier for U.S. soldiers
"Anyone who has ever spent time in a military town knows there is a whole network of services, ranging from medical and dental care to banking and department stores, provided specifically for members of the U.S. Armed Forces. One of those services, however, isn’t mobile. That’s changing this coming Veterans Day. November 11, a company called Defense Mobile Corporation is launching a new mobile virtual network operator (MVNO), offering inexpensive mobile phone plans for active-duty military and their families as well as for veterans, members of the reserves and even cadets and midshipman in the military academies. Combined those groups encompass 51.6 million people, DMC estimates."

Value-add mobile features offer potential revenue play
"Retail banks can realize the full potential of mobile banking by offering segmented consumer experiences and advanced digital wallet capabilities, according to a study by Cognizant and Monitise. Consumers are increasingly expecting banks to help improve their mobile lifestyles by providing anytime, anywhere capabilities; customized user experiences; shopping and social features, and value-added services. This, the study states, represents a new opportunity for retail banks to drive customer loyalty, attract new business, and generate more revenue."

More than 50 percent of U.S. adults bank online
"Digital banking is on the rise with more adults using the Internet and their mobile phones to handle their financial transactions, according to a new survey released by the Pew Research Center. Fifty-one percent of U.S. adults, or 61percent of Internet users, currently bank online, up from 46 percent of adults, or 58 percent of Internet users in 2010, according to the results of the survey. Also, 35 percent of cell phone owners use their mobile phones to check their balance or transact business with a bank, up from 18 percent in 2011, it said."

BBVA Compass targets small biz with mobile payment tool
"The smallest of small businesses are the target of a technology innovation rolled out by BBVA Compass. The bank’s “business mobility bundle” includes an e-business checking account, online and mobile banking, and a merchant “mobility pack,” with a secured card reader for processing debit and credit card transactions on a smartphone or tablet, a statement from the bank said. The card reader is the bank’s way of competing directly with Square, the mobile payment processor that allows some merchants to ditch their cash registers, Lonnie Hayes, small business segment director at BBVA Compass, told the trade journal American Banker."

The $1.5 Billion Opportunity In Mobile Banking
"If banks want to add another $1.5 billion to their collective bottom line, they should work on promoting mobile banking opportunities and, in particular, mobile deposits. That's according to a July report from Javelin Strategy & Research, which found that banks could see significant savings if they did more to leverage mobile banking. The report notes that not only do mobile transactions cost less to process, but that mobile customers tend to be younger and more affluent -- two traits that make them desirable targets for banks."

Why you may soon be talking to your ATM
"The world of banking has come a long way since the original days of brick-and-mortar establishments. It’s now possible to do your banking from the comfort of your home, potentially without ever stepping foot into a bank. Although it seems as if banking technology couldn’t evolve any farther than ATMs, online banking, and mobile banking apps, it has and will probably continue to. Soon, the entire banking world will be rocked with the introduction of the newest in ATM technology: teller-assisted ATMs."

Mobile Banking Is More Common Among Blacks and Hispanics
"Two independent studies have discovered that mobile banking use is disproportionately higher among blacks and Hispanics than whites. This is contrary to the conventional wisdom which presupposes that minorities lag behind white Americans in technology use. A study by the Pew Center on the Internet and American Life Project, published August 7, found that "Blacks and Hispanics" had a "statistically significant difference compared with others of the same group" for use of a cell phone for mobile banking. 34% of Black cell phone users and 35% of Hispanic cell phone users accessed mobile banking while only 26% of Whites did."

Mobile Banking Updates - Aug 15

BBCN Bank Experiences Strong Mobile Growth Through Malauzai Software SmartApp
"Malauzai, a leading provider of mobile banking SmartApps for community financial institutions, announced that Los Angeles-based BBCN Bank has leveraged the company’s mobile banking solutions to meet the multi-lingual needs of its customer base."

HID Global Fuels Adoption of Layered Authentication Solutions to Protect Online and Mobile Banking Transactions
"HID Global, a worldwide leader in secure identity solutions, continues its drive to help financial institutions secure online banking services that nearly half of all their customers prefer for convenient account access. Through its forward-looking Identity Assurance portfolio and channel partnership initiatives, the company is fuelling adoption of layered authentication as part of a cost-effective security strategy for protecting online and mobile transactions from anywhere, and from any device, more frequently than ever before."

M&T, First Niagara mobile apps criticized
"The mobile banking applications available at two of the region’s largest local banks scored poorly on a new report gauging user friendliness and customer satisfaction. Apps available at M&T Bank (NYSE: MTB) and First Niagara Bank N.A. (NASDAQ: FNFG) are among the lowest rated in Xtreme Labs’ “U.S. Banking Apps Report.” Xtreme Labs based the rankings on publicly available customer comments on the Apple iTunes store and the Google Play store."

Is Mobile Banking the New Banking Reality? | Sherpas in Blue Shirts
 "Move over, Angry Birds. Your standing as “the largest mobile app success the world has seen so far,” (as stated on February, 18, 2011 in MIT’s Entrepreneurship Review) is giving way to mobile banking apps. Indeed, apps from American Express, Bank of America, Capital One, Wells Fargo, Westpac, and others rank among the top apps on iTunes and the Android play store, with tens of millions of downloads already under their belt! And there’s little surprise about that…photograph your check and then have it deposited directly into whatever account you want, or send money to people via their email addresses or mobile phone numbers. Isn’t that cool?"

Mobile and Online Banking Cannot Replace Branches
"I recently read an article in one of Dubai’s local English-language news outlets touting a multinational bank’s regional launch of a new mobile banking app that promised to serve as a “virtual” branch for its customers. Shortly after, I read a separate article on The Motley Fool’s website titled “This Technology Will Save Banks a Bundle,” in which the author said, “As banks like PNC and Bank of America close branch locations, mobile banking may help them hang on to customers.”

Bank Via Smartphone? Simple Tips Can Protect Your Data
"More and more Americans are embracing digital banking – online and mobile. New numbers from The Pew Research Center’s Internet & American Life Project show 51 percent of adult Americans now bank online – up from 46 percent in 2010. When it comes to mobile banking, 35 percent of cell phone owners admit they bank online – up from 18 percent in 2011."

Apps from RBS Citizens, USAA Garner Best Customer Reviews
"Mobile strategy company Xtreme Labs has analyzed customer reviews from the Apple App Store and the Google Play Store and found RBS Citizens and USAA to have the highest-rated apps. The company looked at app reviews between May 18 and June 25 for the top 53 U.S. banks, as ranked by total assets."

Consumers want customized service in mobile banking "Retail banks can realize the full potential of mobile banking by offering segmented consumer experiences and advanced digital wallet capabilities. According to the study by Cognizant and Monitise plc , consumers are increasingly expecting banks to help improve their mobile lifestyles by providing anytime, anywhere capabilities, customized user experiences, shopping and social features, and value-added services. This, the study states, represents a new opportunity for retail banks to drive customer loyalty, attract new business, and generate more revenue."

Mobile Banking Updates - July 25

Banks Struggle with the Decision to Offer Small Business Apps
"Since Apple released the iPhone in 2007, mobile banking apps for retail banking customers have become the financial equivalent of the little black dress — a must have. Yet, one customer type has been neglected in the app stores: small business owners. 'The commercial market is still growing and there are a lot of things people are trying to figure out,' says Megan Minich, head of product delivery and channel delivery at Silicon Valley Bank. She has worked on commercial mobile apps since 2006."

Staying ahead in the mobile payments game
"Most banks are now aware of the potential risks and benefits that mobile technologies pose to their payment activities, but they continue to face challenges about how to roll out new payment services in a cost-effective and timely way. Even where new payment technologies can be rolled out by an individual player, a wider mobile ecosystem network will still be required to enable those tools to fully function. Third-party payment services can help banks to meet these challenges, particularly when technologies are launched using banks’ existing online and mobile banking channels."

Mobile vs. desktop-based online banking
"In an era of mobile first, when any software product manager is chastised for not putting mobile front and center in any roadmap, and when online giants like Facebook pivot to mobile in a big way (or at least try to), it is worth wondering if the desktop and laptop are still important or even relevant in consuming online banking services. By the look of it, we are past the point of considering that mobile banking would face a risk of not gaining traction because of security issues. These were the original concerns raised in the early days of internet banking adoption and those were alleviated. So mobile is here and mobile is big but will mobile kill the desktop in the delivery of financial services?"

Monitise Exec: Mobile Melds Offline, Digital Banking
"Welcome to PYMNTS.com’s Midyear Review: a look into what the leaders of the payments industry have seen and accomplished this calendar year, and how they see trends playing out for the rest of 2013. We ask a top executive from each payments player the same six questions about how the industry has improved, what it still needs, and how his or her company plans to stay ahead of the competition in a complex and dynamic payments world."

Mobile banking, sure. But what about mobile bankers? Charlotte tech firm has the app
"Zenmonics Inc. this week debuted mobileBanker, a mobile tablet computer app that the company says 'transforms the way bank personnel access information and interact with customers.' Zenmonics mobileBanker makes sales, marketing, transaction and account-services information available through a single interface on a tablet device. It enables bankers to work side by side with a client or prospect — inside the bank or out."

Mobile banking - it's time to believe
"Mobile banking is something that many in the UK banking sector have been resolutely sticking their heads in the sand about. Latest figures from industry analysts show that the UK lags well behind North America, Europe and Asia in the m-banking stakes. Heeding early reports that decried mobile as a fad, UK banks seemed to have stood pin striped shoulder to pin striped shoulder in their failure to think about mobile and how it could map on to their businesses and start delivering the bank of tomorrow. But by doing this, they could be in serious danger of losing market share."

International Mobile Banking Updates - July 9

Nigeria: CBN Explains Restriction of Telcos From Mobile Banking Services
"The Central Bank of Nigeria (CBN) yesterday gave reasons for the restriction of telecommunication companies from offering mobile banking services in the country. The Director, Banking and Payment System Department, CBN, Mr. Dipo Fatokun, stated that telcos were not given the opportunity to provide mobile payment services because the central bank did not have direct control over them."

CBN Blames Failure Of Telecoms Synergy On Mobile Payment Hassles
"The CBN says its inability to regulate operation of the telecoms is responsible for their exclusion in the mobile banking system, an approach which is being criticised by analysts. CBN’s Director, Banking and Payments system department, Mr Titus Fatokun, however, says that despite this development, mobile money transfer has recorded N9.2 billion in value and 275,558 in volume as at May 2013."

ING GROEP : European consumers empowered by mobile banking
"More than a third (37%) of almost 12,000 internet users surveyed in 12 European countries are already using mobile banking - and many credit the technology with providing more control over their money. While being able to bank on the go is very popular, cash is still favoured for ultimate control of budgeting and spending. Social media is booming and is mostly used to get better insight into money matters and is set to grow as many young people expect to be able to make payments via social media, according to the ING report entitled Financial Empowerment in the Digital Age."

Monitise and Telefonica Enter Mobile Money Partnership
"Monitise plc UK:MONI -1.38% announces it has become the preferred Mobile Money technology partner for Telefonica Digital to develop and manage new and existing mobile payment and commerce services for its customers."

HSBC Bank Oman launches secure key for internet banking and upgrades mobile banking app
"Having been the first bank to provide Internet Banking in the Sultanate, it is now one of the first banks in Oman to offer this service. Secure Key provides customers with an extra layer of security when they access their accounts online, bringing the best of HSBC's global capabilities and technical expertise to customers across the Sultanate in a simple, secure and efficient way. The bank has also upgraded its mobile banking app which is available for Android powered devices. With its new look and feel and simplified navigation, the new app allows customers' funds transfer facilities between their HSBC accounts, in addition to a better user experience."

Standard Bank closes WAP mobile banking
"Standard Bank is set to discontinue its Wireless Application Protocol (WAP) cellphone banking service from 8 July 2013. The bank notes that this service makes up only a fraction of its total mobile banking registered customer base, saying further that its app service has achieved 170,000 unique registered users since it launched a year ago. As at 31 December 2012, the bank claimed to have 11 million retail and business customers in South Africa."

Product review: Barclays’ CashSend, Hello Money
"The single biggest weapon in the mobile money transfer services (MMT) arsenal — EcoCash — is, however, effectively in the hands of a non-bank player and it has made significant inroads into traditional banking territory. While banks are expected to wage a sustained battle for a piece of the unbanked pie, it would be unwise for them to concentrate only — or mainly — on that without also coming up with strategies for protecting their existing customers from the onslaught of game-changing MMT products such as EcoCash. In their quest to craft appropriate strategic responses, banks have responded in basically two ways."

Mobile Banking Updates - June 12

B of A's Gopalkrishnan Uses 'Hackathons' to Create Mobile Apps
"Like most of the bankers we profiled this year, Hari Gopalkrishnan, managing director, consumer and wealth management, ecommerce technology, consumer banking architecture and segments technology executive for Bank of America Merrill Lynch speaks of simplicity in mobile banking design and user experience."

Feeling Insecure About Mobile Banking? You're Not Alone
"It's a scary cyber-world out there, and fear concerning Internet security is one of the top reasons that bank customers avoid mobile banking. For banks, expanding mobile offerings is win-win, enabling them to shutter expensive branch locations while opening newer, more modern spaces that cater to banking via the Internet. So, what do banks need to do to assuage customers' fears about mobile banking -- and, more importantly, what is being done to improve security measures to protect consumers' private information?"

Wells Fargo & Co (WFC), Bank of America Corp (BAC) & Citigroup Inc (C): Feeling Insecure About Mobile Banking? You’re Not Alone
"It's a scary cyber-world out there, and fear concerning Internet security is one of the top reasons that bank customers avoid mobile banking. For banks, expanding mobile offerings is win-win, enabling them to shutter expensive branch locations while opening newer, more modern spaces that cater to banking via the Internet. So, what do banks need to do to assuage customers' fears about mobile banking -- and, more importantly, what is being done to improve security measures to protect consumers' private information?"

Blackhawk and Monitise in mobile gift card partnership
"Blackhawk Network and Monitise are partnering to make mobile gift card purchasing available to consumers through certain banks and financial institutions in the US. In addition, the companies intend to expand their relationship into additional markets. Prepaid gift cards from Blackhawk Network's popular GiftCardMall will be available to consumers for purchase from participating banks and payment companies' mobile wallets, powered by Monitise. With this new relationship, Blackhawk's extensive network will integrate into Monitise's mobile banking ecosystem, making it easier for consumers to purchase Blackhawk gift cards from popular retail brands via mobile."

Mobile Banking Is Mainstream — What About Security, ROI, Payments?
"Sitting alone at the back of a hotel meeting room, Theodore Iacobuzio had a stern message for bankers: "The train is leaving the station," said Iacobuzio, a MasterCard executive, referring to the emerging mobile payment economy. 'You have to get on.' Earlier that Wednesday, Iacobuzio had spoken on a panel at the Mobile Banking and Commerce Summit in Miami about using data to drive relevant offers to cardholders. Mobile banking and payments are at the forefront of his mind."

Threat of the Week: Mayhem in the Mobile Browser
"It’s coming. For the past five years warnings of a coming assault by cybercriminals on mobile banking have kept getting louder. Yet the plain fact is that successful attacks on the mobile channel in the United States have been scarce. 'Mobile threats remain nascent,' said Vince Arneja, a vice president at security firm Arxan. But just maybe that’s about to change, mainly because more cyber crooks are putting more energy into mobile and, lately, there are signs that the bad guys are starting to cash in on a vulnerability that is found on just about every smartphone."

Consumers Calling the Shots in Mobile Banking
"In mobile banking, customers are faster at conveying what they want than banks are at delivering the goods. That was one of the main messages conveyed by a panel of bank technologists at the Mobile Banking and Commerce Summit on Tuesday. The customer in control marks a wild transformation from years past, when banks waited for account holders to call them. Such a passive communication approach is no longer acceptable for financial institutions."

Mobile Banking Updates - June 6

Time for Mobile Banking Apps 2.0: What Consumers Want from Mobile Banking
"In an early May report, the Credit Union Times called for a revolution in the world of banking apps, a “Mobile Banking 2.0″ that fixes the problems of the first forays into the field and yields real customer engagement. According to the article, the current generation of mobile banking apps are static and unengaging — at most institutions, the vast majority of interactions via the mobile channel take less than a minute. For younger consumers, these utilitarian functions do not impress. The ability to test out apps or at least look at screenshots online means that Internet-savvy customers can check out apps before they open accounts at banks. Financial institutions without interesting, value-adding apps stand to lose younger customers who choose banks based on how easy they are to operate through phones or tablets."

Desert Schools Federal Credit Union to Implement ACI Worldwide’s Online Banking, Bill Pay and Mobile Banking Services
"ACI Worldwide (NASDAQ: ACIW), a leading international provider of banking and payment systems, today announced that Desert Schools Federal Credit Union ($3.1 billion in assets) has selected ACI’s online banking and bill payment services to enhance its technology services to over 321,000 members."

Monitise to Lead Panel On Monetizing Mobile at Mobile Banking & Commerce Summit
"Monitise’s Lisa Stanton, executive vice president, payments & general manager – Visa Inc., will lead a panel on driving revenue through mobile on Tuesday, June 4, 2013, at the 7th Annual Mobile Banking and Commerce Summit. Panel participants include executives from Webster Bank, Cognizant and Blackhawk Network, and will provide financial institutions with specific models for creating revenue with a comprehensive mobile platform."

Mobile banking, demographics make financial institutions rethink branch strategy
"Is the era of mobile banking prompting banks to scale back their real-world presence? U.S. banks and savings and loans shut more than 2,000 branches in 2012, the Wall Street Journal reported last month, citing the research firm SNL Financial. The research firm AlixPartners expects total branches to decline from 93,000 to 80,000 over the next decade, the paper said. PNC Financial Services Group Inc. is closing 200 branches this year out of nearly 3,000. That includes two midstate branches scheduled to close July 19: the Parkview Branch at 886 Plaza Blvd. in Lancaster and the Windsor Park branch at 5288 Simpson Ferry Road in Lower Allen Township, said PNC spokeswoman Marcey Zweibel."

SWACHA Releases 2013 Mobile Banking Survey Results at Its First Annual Executive Leadership Payments Summit
"Consumers are quickly embracing the ability to handle their banking transactions from a cellular phone or tablet, according to a just released survey by Dallas-based SWACHA, one of the largest not-for-profit electronic payments associations in the country. The information from SWACHA’s 2013 “Consumer Insights Survey” was released today at its inaugural Executive Leadership Payments Summit in Dallas."

More complaints for NatWest after app crashes once again
"This morning (May 31st) saw NatWest receive several customer complaints after its banking app failed to load up on its users’ mobiles between 9.05am and 9.45am, the Telegraph has reported. NatWest took to Twitter to acknowledge the issue, tweeting from its customer service account. In response to one complaint, the firm tweeted: 'due to the overwhelming popularity of our app, we have experienced issues, which hopefully will be fixed soon.'”

International Mobile Banking Updates - April 10

The mobile money space: Bdaily meets Monitise
"The mobile money sector has grown considerably over the last few years. Earlier this year, the UK Payments Council suggested that mobile payments could soon replace debit and credit cards. AIM-listed British firm, Monitise, have successfully built a reputation as worldwide providers of mobile banking, payments and commerce networks. Bdaily spoke with executive vice president, Lisa Stanton, about this exciting technology space."

Exploring the Mobile Banking Revolution in Tanzania
"In most developed economies, people can be forgiven for taking banks for granted. After all, an ATM machine is rarely more than a couple blocks away with easy access to funds. People can easily connect with their banks online to pay bills without ever handling cash, and loans and lines of credit are readily available. In much of the developing world, however, this infrastructure simply doesn’t exist. Thabiso Mochiko recently laid out the latest statistics on the issue at Business Day:"

Kenyans and poor Americans have this in common: mobile banking
"We’ve reported on how people in emerging markets residents are opening bank accounts and paying for things with their mobile phones, transforming business in those countries. But the US Federal Reserve would like you to know (pdf) that the changes aren’t all in other parts of the world. Poor people in the US are some of the most avid users of mobile banking and mobile payment systems. In fact, they’re likely to be the first adopters. And when you look at why, it turns out to be for similar reasons to why people in emerging markets have embraced mobile banking and payments: a lack of access to traditional banking."

Banks warned to keep up with developments in mobile banking or face losing customers
"ANZ, the country's biggest bank, is a laggard in the key growth area of mobile banking with ASB leading the way. This is a feature of research by Optimal Usability, a user research and design company. And Optimal Usability's CEO Kris Nygren told interest.co.nz in a Double Shot interview that another key finding of his company's research was that some customers may move their business to another bank for a better mobile banking experience."

StanChart launches mobile banking application and fifth EBU in UAE
"Standard Chartered has introduced its mobile banking application, Breeze, in the UAE, making it the first market in the region to offer the product. The lender also launched its fifth electronic banking unit (EBU), at new Dubai headquarters in Downtown Burj Khalifa, as part of its initiative in the digitalization of banking operations. Part of its global focus on socializing personal banking and extending customers' digital lifestyle into banking, the bank is considering launching various digital services and technologies in the market this year."

St George launches new smartphone banking services
"The St George Banking Group has released new mobile banking smartphone services with the launch of a live, account-balance Widget for Android phones and the ability to apply for a personal loan via iPhone or Android phone, with a response in just 60 seconds. St George says the new features are available for St.George, BankSA and Bank of Melbourne customers and follow on from a number of other “Australian-first” innovations from its mobile banking team."

International Mobile Banking Updates - Mar 20

Commercialbank names winners of online, mobile banking campaign
"Some eight lucky Commercialbank customers have been named as the winners of the bank’s recent online and mobile banking campaign. The eight week promotion, which was open to all new and existing customers registered for Commercialbank’s online banking and mobile services, highlighted the 'flexibility, security and range of banking services' that the bank’s customers have access to from their mobile phone or computers. Commercialbank’s mobile banking platform is compatible with iPad, Android and all smartphones, in addition to the iPhone, BlackBerry and mobile web."

RBS launch mobile banking app days after second card network crash
"From today, customers using the RBS/NatWest mobile phone app will be able to send a payment of up to £100 to anyone with a Visa card, by entering their mobile phone number. The announcement comes just days after the banking group apologised to customers for its second computer hitch in a year. A hardware fault left RBS Group customers blocked from using cashpoints for several hours last week, while online and telephone banking services were also disrupted. As well as currently having more than two million active users, the RBS/NatWest mobile banking app has 13 million logins per week."

Bank Alfalah, Warid launch mobile banking solution
"Monet – an independent mobile financial services company – partnered with Fundamo – Visa’s subsidiary and one of the world’s largest specialist mobile financial service providers – to launch a mobile money network in Pakistan, the press release said. Monet – which was set up by the Abu Dhabi Group last year – had secured approval from the State Bank of Pakistan to build its network, which is being offered to local firms planning to launch mobile money services."

The Benefits of Mobile Health, on Hold
"The world now has 5 billion mobile phones – one for every person over 15. Africa has a billion people and 750 million phones, and mobile is growing so fast there that in a few years there will be more phones than people. In some countries this is already true — South Africa has 47 million people, but 52 million SIM cards. The mobile phone is doing more than revolutionizing communication. It has the potential to improve many aspects of life in poor countries: commerce, health, agriculture, education."

Polish FI rolls out mobile banking, payment solution
"Polish financial institution PKO Bank Polski has launched its first mobile payment solution, called IKO. Based on the mobile payment platform of Swedish company Accumulate, the product supports mobile banking and payment services at the point of sale, real-time peer-to-peer payments and cardless withdrawals from ATMs."

Mobile banking a game changer, says SBP governor
"State Bank of Pakistan (SBP) Governor Yaseen Anwar has said that developments in branchless banking across the country have been so far marvelous, leaving nobody in doubt about the potential of mobile phone banking to be a game-changer in banking, m-commerce and financial inclusion. Speaking at the 6th International Conference on ‘Mobile Banking in Pakistan’ at a local hotel on Thursday, he said that developments in m-banking and m-commerce will lead us to connect the unbanked segment of our population to financial services, thus contributing to their empowerment."

Mobile phone-banking is failing to meet its potential
"India's 840 million mobile phone connections are emerging as knights in armour in the financial inclusion challenge—they hold the promise of providing banking access to the large swathe of India's unbanked population. Yet, today, less than 20 million people in India are using mobile banking services offered by some 50-odd banks, even though the National Payments Consortium of India (NPCI) has rolled out a gateway for inter-bank mobile payment services (IMPS)."

Shell-Backed Solar Company Bets on Phone Banking for Africa
"M-KOPA Kenya Ltd., backed by a Royal Dutch Shell Plc (RDSA)-funded charity, sees sales of its solar-lighting system that allows users to pay by phone surging 13-fold as mobile operators roll out banking services in Africa. The system, a panel powering lights and a phone charger, links to mobile banking services to allow customers to pay 40 Kenyan shillings (46 cents) a day to use it, M-KOPA says. The company plans to boost clients in Kenya to 100,000 from about 7,500 now, and expand abroad in future, Managing Director Jesse Moore said."

Kiwis double up on mobile banking
"The proportion of New Zealand's smartphoners who use their phone to conduct online banking transactions has almost doubled in the past year, according to Roy Morgan's latest Mobile Phone Monitor. While a majority of smartphone users (58%) still bank online using a computer, 16% now conduct banking on their mobiles—up from 8.3% in January last year."

Mobile banking service expanding in Bangladesh
"Mobile banking is gaining ground among the people in Bangladesh within a short span of time for facilitating its easy transaction services. Some 3.0 million people make now the use of different services under mobile banking. There are about 70,000 outlets of mobile banking service-providers, making the services available to the users. The extent of such services and the volume of transactions involve a sizeable amount of money, between Tk 300 million and Tk 350 million, per day, according to the data of the Bangladesh Bank (BB)."

Mobile banking technologies catch on in Russia
Portable terminals and personal finance management services are sweeping the global banking market. In Russia, the mobile- and online-banking segments are growing, introducing similar innovations to the market. Some banks are ready to invest in these innovations, while others wait for these new technologies to become actual drivers for the industry."

ANZ launches enhanced mobile banking app
"The ANZ Bank has launched more enhancements to its mobile banking application, goMoney, which the company says makes it the “first bank in Australia” to integrate personal and business accounts into a single mobile banking application for customers using an iPhone. Nick Reade, ANZ General Manager Small Business Banking, said small business customers wanted to do their banking “when and where it suits them,” and increasingly customers were using mobile devices."

Santander UK Launches Mobile Banking App for Android
"Santander has launched a brand new mobile banking app for customers who use Android smartphones and tablets, including the Kindle Fire, as well as updating the iPhone/iPad app the bank originally launched in January 2012. The new apps provide a secure service for banking on the go, including a helpful single platform where customers can see information for all their Santander current accounts, savings and credit cards. The apps are available from the Apple App Store and the Android store (Google Play) and free to all of Santander's personal banking customers."

Visa Europe signs new three-year deal with Monitise to expand its mobile banking services across Europe
"Visa Europe has signed a new three-year deal with Monitise to develop and expand its various Mobile Money solutions, which support mobile banking, payments and commerce networks, to more leading financial institutions across Europe. The extended partnership means that Monitise is guaranteed minimum revenues of €45 million over the next three years, with the chance to go beyond that provided 'certain user generated thresholds are achieved.'”

International Mobile Banking Updates - Feb 19

Al Salam Bank Bahrain launches 'Mobile' banking service
"Al Salam Bank-Bahrain, one of the leading Islamic banks in the Kingdom of Bahrain, announces the launch of its new mobile banking service "mobile", adding another unique feature to its bouquet of products and services. "Mobile" will enhance your banking experience by providing many convenient features at your fingertips."

Mobile banking helps Monitise
"TECHNOLOGY firm Monitise said people using its mobile phones to do their banking on the move had helped first-half revenues rise 63 per cent to £27.8million.It said its recent £108million acquisition of US rival Clairmail, now called Monitise America, had helped drive up demand but the cost of the deal had left it in the red at £24.4million compared with a £1.1million profit last time."

UCPB launches new mobile banking service
"The United Coconut Planters Bank reaffirmed its commitment to provide excellent customer service and further enhance day-to-day banking transactions through UCPB Connect, an online facility meant to provide banking flexibility and convenience to clients. UCPB Connect is a state-of-the-art technology that allows clients to access the bank’s services 24 hours a day for seven days a week and perform essential banking transactions such as paying bills, transferring funds, viewing balances or ordering checks even at the comfort of their own homes, offices or anywhere else that has access to the Internet."

Standard Bank and SAP Bring Mobile Banking to Over Half a Million "Flip-Phone" Customers in South Africa via SAP® Mobile Platform PR Newswire
"SAP AG (NYSE: SAP) today announced that Standard Bank has been successful in introducing its new AccessBanking offering in South Africa, aimed at meeting the banking needs of the previously "unbanked." This includes the AccessAccount, a transactional banking account based on SAP® Mobile Platform. SAP Mobile Platform integrates SAP and third-party back-end systems, which allows users to create visually rich mobile apps to extend the information from enterprise systems straight onto mobile devices. Since its inception in March 2012, the model has attracted more than 550,000 new customers onto the AccessAccount."

Why mobile banking’s not too big
"If data were to be believed, a lot of you would have graduated from using Internet banking to mobile banking already but a lot of us have still not made the leap. Reserve Bank of India (RBI), 67% of overall banking transactions still happen through cash, according to a 2011 Deloitte-Assocham study."

Mobile Banking Updates - Oct 18

Blackhawk Network To Offer Gift Cards Through mFoundry’s New Mobile Banking Platform
"Banks and credit unions now have an opportunity to generate a new source of top-line revenue by offering gift cards to their mobile banking customers through a relationship announced today between Blackhawk Network and mFoundry. Blackhawk Network, a leading provider of prepaid and financial payments products for consumers and businesses, has contracted with mFoundry, enabling Blackhawk to offer digital and physical gift cards from hundreds of brand name merchants to smartphone users through Fin.X from mFoundry."

Mobile banking vs. mobile payments - which is bigger?
"The other day, out of sheer curiosity, I Googled the words 'mobile payments.' The search turned up 'About 34,100,000 results.' Wow, I thought. Then I searched the same term in the Google News section. 'About 69,700 results.' Hmmm. Interesting."

Fortune Bank unveils mobile, remote banking services
"Community lender, Fortune Bank has unveiled a suite of mobile banking services, including Business Payment Manager, XPRESS Deposit and Mobile Banking, to boost customer access and convenience. The services are available for free of cost to existing and new customers through smartphones including iPhone, Android, or BlackBerry, the bank said."

Diebold adds RDC, P2P to mobile banking platform
"Diebold is increasing its presence in the growing mobile banking channel with the addition of two new features — remote deposit capture and person-to-person payments — to its MobiTransact mobile banking platform. The RDC application can also be added as a standalone feature to an FI's existing mobile banking app."

River City Credit Union in San Antonio Launches Bilingual Mobile App
"River City Federal Credit Union has announced its launch of a bilingual mobile banking app, rcitymobile, that is available in both the Apple Apps Store and Google’s Play store. The San Antonio credit union – with 15,000 members and $157 million in assets – developed its app in association with Catalyst Corporate and Austin, Texas-based apps developer Malauzai. In a press statement, Kim Heinze, CEO of River City FCU, said: 'The Spanish-language capability also allows us to enhance our service to the local Hispanic market, which is an important part of our growth strategy.'”

Dwolla Partners With mFoundry, Bringing Real-Time P2P Mobile Payment Capabilities To 800+ U.S. Banks
"Online and mobile digital cash network Dwolla is partnering with mobile banking and payments service provider mFoundry, the companies are announcing today at the BAI conference in Washington, D.C. This is Dwolla’s first publicly announced partnership with a financial service provider, and the deal opens its service up to mFoundry’s 800+ banks and credit unions using its cloud banking platform known as Fin.X."

Monitise reveals new record for mobile banking adoption
"Monitise has revealed a new record for the adoption ob mobile banking by Desert Schools Federal Credit Union. Monitise - a leading technology and services company that delivers mobile banking, payments and commerce networks worldwide - said DSFCU reached 30% mobile banking adoption in 90 days."

International Mobile Banking Updates - Oct 9

Transactional Banking and Mobile Payments in China: An Emerging Opportunity
"When Chinese shoppers flocked to Apple stores for the new iPhone launch earlier this year, news reports highlighted the reaction as another sign of the dynamic and rapidly evolving mobile market in China. Indeed, analysts said, China is now not only largest overall mobile phone market in the world, with more than 900 million subscribers -- it also is the largest smart-phone market in the world, moving past the U.S. Apple itself noted that iPhone sales in Greater China were up fivefold in the firstquarter of 2012, compared with a year ago."

Mobile Money "On the Move" In Africa
"In developing markets like Africa, innovation and ingenuity play an important role in finding solutions to problems that cannot be resolved through traditional approaches. Advancements in technology, and especially in telecommunications, have resulted in access to basic utilities being made available and the enhancement of lives of millions of people globally."

ANZ to Spend $1.53 Billion Upgrading Australia Business
"Australia's third-largest lender by market value said Thursday it would extend refurbishments of its domestic branch network and launch a number of new mobile-banking applications to help increase efficiency."

Cognizant and Monitise Form Mobile Money Alliance to Help Global Financial Institutions Capitalize on the Mobile Money Opportunity
"Cognizant (NASDAQ: CTSH) and Monitise (LSE: MONI) today announced a global alliance that will help financial institutions embrace the mobile channel of interaction, and develop effective and innovative mobile banking, payments, and commerce solutions. Combining Cognizant's extensive financial services and mobility expertise with Monitise's leading mobile money platform, the alliance will help global financial institutions speedily respond to the mobile money opportunity that is gathering significant momentum."

Rwanda: Airtel to Introduce Mobile Money Platform
"Airtel Rwanda is set to launch its mobile banking platform dubbed "Airtel Money" by the end of this year as it steps up efforts to increase market share following the launch of its operations in Rwanda early this year. Marcellin Paluku, Country Manager Airtel Rwanda, said the platform will provide rural tailored innovative mobile financial solutions to both financially excluded and the banked population, a move that is likely to boosting initiatives to promote cashless economy."

Turkcell Launches the Most Advanced Mobile Wallet Solution that Works on all Mobile Phones
"Being a global first with its feature that enables physical or online shopping by just using the mobile phone number, instead of the credit card; Turkcell Wallet is a SIM based application, working on all mobile phones. The transactions can be initiated through the SIM menu on all phones, or with a native application on smartphones, and it supports contactless payment on NFC-enabled phones. This unique service is also available for all Turkcell customers, whether they are bank customers or not."

Money goes mobile
"Bangalore-based network security professional Ashish Rao started using mobile banking earlier this year, and he has largely transacted through the ICICI Bank’s mobile banking application (app) since then. “Be it sending money to parents or to any of my other account(s), I largely transfer funds through the mobile. I also shop on e-commerce sites and book movie tickets through the mobile, as it can be done anywhere, anytime,” explains Dilip."

CARE, Mwanga Community Bank and Vodacom Launch Mobile Banking in Tanzania
"The global poverty fighting organization CARE, Mwanga Community Bank and Vodacom Tanzania have launched a program that will connect remote community savings groups in Mwanga, Tanzania to banks using mobile phones. This innovative partnership is only the second-of-its-kind anywhere in the world. The first was launched in March by CARE and partners in Kenya."

ASB Bank apologises for technical glitch
"ASB Bank has apologised after a technical glitch this morning (Mon) caused headaches for customers using its Eftpos, mobile and online banking services. Customers took to the bank's Facebook page to vent their frustration, with one saying he was unable to pay for parking because his Visa debit card was not working."

1.0m brought under mobile banking: Atiur
"Around 1.0 million subscribers have come under mobile technology-based financial services, said Bangladesh Bank (BB) Governor Dr Atiur Rahman Tuesday, reports UNB. 'Through this service, transaction worth around Tk 10 billion (1000 crore) in each month and around Tk 330 million (33 crore) per day is being settled. Each month, the transaction volume through mobile banking is increasing by 15 per cent,' he said."

Mobile Banking Updates - Apr 18

Mobile Banking & Payments by the Numbers
"Statement rewards provider and BillShrink parent, Truaxis, published a nice summary of mobile banking and payments on its blog (reprinted with permission below). A few Industry Players metrics at the bottom of the infographic have recently been updated:

* Starbucks said this week it has processed 42 million mobile payment, up from the 26 million (Venture Beat, 9 April 2012)
* Square has now shipped 1 million readers, up from 500,000; and is now processing $11 million per day, up from $4 mil (Splatf, 5 March 2012) "

Accenture Introduces New Software to Help Banks Integrate Customer Channels, Streamline Product Development and Pricing
"Accenture ACN -2.46% has introduced two new software products -- Accenture Multichannel Platform and Accenture Product and Fee Factory -- to help banks quickly and efficiently integrate customer channels, such as mobile, branch and online banking, and streamline product development and pricing.

Developed by Accenture Software, the new products are designed to help banks increase revenues, improve commercial offerings and reduce distribution costs by strengthening customer channels and product management."

Monitise launches HSBC banking app
"The iOS app allows customers to access up to 10 accounts on their smartphone, check balances, review recent transactions, and top-up airtime on up to five mobile phones. As part of the deal, Monitise will develop further mobile banking services for HSBC UK. Monitise COO Mike Keyworth said: 'Monitise is a proven partner to the world’s largest financial institutions which know they can trust it to deliver world-class, bank-grade products and services."

Orange adopts 'Quick Tap' mobile banking for Android
"Mobile network provider Orange has announced that 'Quick Tap' contactless payments will be opened to Android phones and all UK credit and debit card accounts, The Telegraph reports.

Although the company has yet to announce which Android handsets will be compatible with the contactless payments technology, it's the latest step in the evolution of mobile banking - following in the wake of similar applications such as Barclays' Pingit. "

Mobile Banking Updates - Apr 15

mFoundry Launches Mobile Banking Solution for Conestoga Bank
"mFoundry, the most popular provider of mobile banking and payments solutions, today announced Conestoga Bank has successfully deployed its mBanking mobile banking solution. mFoundry's mobile banking solution is now used by nearly 10MM users across more than 650 financial institutions nationwide, including one-third of the top 50 banks in the U.S.

Conestoga Bank is the latest financial institution to choose mFoundry's mobile banking and payments platform to serve the mobile financial services needs of its customers. With its new mobile banking solution, Conestoga Bank is providing customers with a suite of mobile banking services that includes three platforms – a smartphone app, a mobile Web service and an SMS/text banking service. These options will enable Conestoga's users to do their banking from the widest range of mobile devices in the market today."

Targeting Mobile Banking Risks
"What emerging security challenges will new mobile devices and platforms pose for banks and credit unions? Brian Pearce and Amy Johnson shed light on Wells Fargo's approach to unique retail and commercial risks.

Johnson, who heads up strategy and execution for CEO Mobile, Wells Fargo's mobile service for commercial and corporate accounts, says managing mobile security has become increasingly fluid. Financial institutions must continually monitor new and evolving threats, and they must keep watchful eyes on new technology that should be applied to thwart those threats."

JPMorgan Chase & Co. : J.P. Morgan Empire for iPad app recognized for excellence in mobile banking
"In a record-breaking year for entries, J.P. Morgan took the top spot for "Best use of Mobile" at the FSTech Awards for its Empire for iPad application. The app, designed to respond to the Emerging Markets (EM) clients' real-time needs, is the only one of its kind for EM users. It provides mobile access to J.P. Morgan's real-time analytics, research, historical data and asset details, and offers customizable real-time market views and interactive charting."

Monitise Open for Business in Indonesia with Astra Graphia Group
"Monitise Asia Pacific announced today that its joint venture with a subsidiary of PT Astra Graphia Tbk, was ready for business. The joint venture - PT AGIT Monitise Indonesia - has successfully completed its installation in a Jakarta-based data centre to support the full spectrum of mobile banking, payments and commerce.

The platform will allow banks, mobile operators, retailers and other service providers to connect via a fully interoperable and secure network so they can deliver mobile services to both banked and unbanked customers. AGIT is providing both data centre services and local management support for the venture."

Mobile Banking Updates - Apr 1

UPLEX Global Launches Powerful Secondary Loan Market
"Paul J. Giefing, CEO and Founder of UPLEX Global, today announced the release of a powerful, global, online secondary loan market to allow banks, credit unions, private investors and numerous other financial institutions to efficiently and affordably trade whole loans, loan portfolios and loan participations.

'I’ve found that the old way of buying and selling loans and portfolios has simply become too expensive and time consuming, especially during these challenging economic times,' said Giefing. 'With UPLEX Global, we’ve truly changed the way the way secondary markets work by offering an online ‘broker-less’, paperless platform to efficiently and securely manage loan portfolios. Our technology allows financial firms to maximize time and make more money by putting them in total control of their own portfolios.'”

Mobile Banking Consolidation: Monitise Buys Clairmail For $173 Million
"One more sign of the mobile money space continuing to grow up: some significant consolidation underway. Today, the UK-based mobile banking specialists Monitise announced that it is buying Clairmail, a U.S.-based competitor, for $173 million, as part of its global expansion.

The combined group says it will serve 13 million customers world-wide processing some $10 billion of payments weekly, and will give Monitise a much bigger and direct presence in the North American market: one-third of the top 50 U.S. financial institutions are now clients of the group."

Why did Monitise acquire Clairmail?
"The traditional mobile banking category, of performing PC based on-line banking tasks on the phone is stabilizing. The growth of mobile banking is in mobile payments including person-to-person, interbank transfers and the mobile wallet.

The competition in this more broadly defined mobile banking + payments market is heating up fast. PayPal and Square have made merchant as well as person-to-person announcements in the last week. ISIS (with is operator partners) and Google have also announced several new partnerships and function so far this year. These vendors plan a revolutionary approach to mobile payments."

USAA Tops Mobile Banking App UX Study
"USAA wins out when it comes to customer experience and satisfaction with mobile banking offerings. That's according to the 2012 ath Mobile Banking Study, which was recently conducted by financial services research and customer experience strategy development firm ath Power Consulting.

The study combined an online survey of more than 1,500 mobile banking users with hands-on user audits of mobile banking applications from about 240 banks and credit unions. Seventy-three percent of users surveyed claimed high satisfaction with USSA's mobile offerings. Huntington Bank and BB&T ranked right below USAA in terms of in customer satisfaction."

Smart Phones Helping Consumers Manage Their Money
"Using a mobile device to access your bank account is not only convenient, but it appears to be helping consumers better manage their finances. A new Federal Reserve study shows that mobile phones and Internet access are in widespread use and changing the way that consumers access their financial services. According to the study, 21 percent of mobile phone owners have used mobile banking in the past twelve months, and an additional 11 percent think they will probably use it within the next year."

Mobile Banking Updates - Feb 12

Is Mobile Banking More Popular Than Social Media?
"More people check their bank account balance than “check-in” on Foursquare, according to “Mobile Dependence Day,” a recent ExactTarget report on mobile usage. The report revealed 34% of smartphone users check their bank account balance on their smartphones, compared to 28% who “check-in” using a service like Foursquare, 23% who pay a bill, or 15% who redeem a mobile coupon."

Mobile banking grew 63pc year-to-year: study
"Fueled by large financial institutions, mobile banking grew 63 percent from 2010 to 2011 and reached 22 million new consumers in 2011, according to a study from Javelin Strategy and Research.

In the “Mobile banking, smartphone and tablet forecast: 2011-2016” study, Javelin took a look at the current state of mobile banking and where it is headed in the next five years. The report also presented how mobile banking stacks up between large and smaller financial institutions."

Up your mobile game or face customer churn
"As moves to make account switching easier draw closer (D-day for regulation to come into play is currently September 2013), the Payments Council has published a report confirming the consumer demand for a more simple way to move from one current account provider to another.

There are many fables about consumer reticence in changing their main banking provider, including the fact that you are more likely to divorce than switch banks in your lifetime. However, customer churn is now slowly rising up the list of challenges that banks face."

Visa Introduces Suite of Mobile Services for U.S. Financial Institutions
"Visa Inc. today announced the launch of mobile services that allow financial institutions to offer their account holders the ability to monitor account history and balances, transfer funds between accounts, and receive near real time transaction alerts on their mobile devices.

Working in collaboration with Monitise UK:MONI +5.80% , Visa made a significant enhancement to its issuer processing platform, Visa DPS, to offer mobile services that are fully managed by Visa and can be accessed with any mobile device, any mobile channel, and with any eligible debit, credit or prepaid account."