CIBC adds mobile payments solution for business banking clients

"Canadian payments provider Payfirma has signed an agreement with CIBC, one of the country's largest banks, to offer a mobile payments solution for CIBC business banking clients. Payfirma offers a range of hardware and software solutions on a single platform to help businesses accept debit and credit card payments in stores, online through their company website or remotely using smartphones and tablets as mobile terminals, according to a news release.

Leveraging existing assets such as smartphones and tablets lowers the cost of entry for small businesses seeking to expand the payment options available to their clients, Payfirma said, while enabling businesses to collect payments anywhere with cellular service." Continue Reading

Small business owners turn to mobile banking apps for convenience

"When it launches a mobile banking app by the end of the year, West Michigan Community Bank will become one of the smallest players to join one of the banking industry’s largest trends. The app will enable West Michigan Community Bank’s retail customers to deposit a check, check account balances and transaction histories, transfer funds, and pay bills through their smartphones or tablets that use either the Apple iOS or Android platforms.

To Phil Koning, a banker for nearly 40 years, offering a mobile app for customers to do their banking is a must. He cites American Banking Association research that shows 8 percent of customers select mobile banking as their preferred method to do their personal banking. While not a large number, that 8 percent “is enough to get everybody’s attention” and will only grow." Continue Reading

Mobile Banking Is The Future of Small Business Finance

"A study conducted this summer by the Pew Research Center found that 51% of U.S. adults, or 61% of Internet users, conduct online banking. Further, 32% of U.S. adults, or 35% of cell phone owners, bank using their mobile phones. Even though the wave of the future is right in front of us, many financial institutions are sadly behind the times when it comes to online banking.

It is amazing to me that in a sophisticated industry such as banking, today there are still many banks, credit unions and other lenders who have not invested in the technology to accept online small business loan applications." Continue Reading

Mobile Banking Updates - Sept 6

CapTech Develops Navy Federal's Updated Mobile Banking Applications
"CapTech is pleased to announce the release of Navy Federal Credit Union's updated mobile banking apps for iPhone and Android. CapTech architected, developed and project managed the mobile apps and service tier based on business requirements and designs created by Navy Federal. The updated mobile apps provide Navy Federal members with a beautiful and simple native experience to deposit checks, transfer funds and pay their credit card from anywhere in the world using an iPhone or Android mobile phone. CapTech worked with Navy Federal's design team to implement a new native app experience that as a result has nearly doubled the average user rating for both apps."

Branch Banking Is Still a Moneymaker for Banks
"With the proliferation of Internet and mobile banking, you might think the old-fashioned branch bank may be falling out of favor. While it's true that some banks have closed branch locations to save money, evidence abounds that bank branches are still popular with customers -- and lucrative for banks."

How to manage your company’s cash flow through online and mobile banking
"Is cash more important than profits? It actually may be, as profitable companies fail every year simply because owners don’t have enough cash to pay their bills. The problem is so pervasive that the U.S. Small Business Administration cites insufficient capital as the No. 2 reason that small businesses fail. And insufficient cash flow may keep owners from making advantageous hires or acquisitions, or even from receiving a paycheck."

Mobile Banking Updates - Sept 4

Fast-Growing Companies in 2012: Technology
"Mobile banking technology developer mFoundry has announced a number of notable additions to its list of clients this year, following an $18 million infusion of growth capital in late 2011. The Larkspur-based firm, launched in 2004, currently provides cloud-based mobile banking and payments to over 700 banks and credit unions nationwide and one-third of the top 50 financial institutions in the United States. The company reports 10 million users, and also operates the Starbucks Card Mobile platform for Starbucks Coffee Company."

For Popular of Illinois, Small-Business Mobile Banking Is All About Entitlements
"To provide mobile banking for their small-business clients, some banks recast and remarket their consumer mobile banking programs rather than create something new. The critical piece that such an approach lacks is entitlements — giving the small-business owner a say in who can do what in the business account, says Javier Reyes, vice president, manager of cash management services for Popular Community Bank, Chicago. The bank last week launched a homegrown small-business banking application."

Want banking innovation? Stop hiring bankers!
"The shifting landscape of providers offering banking services is likely to force the (till date) in-bred banking sector to make acquisitions outside, bringing in leaders with techno-business backgrounds at the helm of bread-and-butter businesses divisions rather than just at the fringes (e.g. "Head of Mobile Banking") as has been the case so far. From being the "electronic data processing" department, technology in banks has come a long way."

How Mobile Is Changing Community Banks
"Some community banks are quickly leveling the playing field with larger ones in the mobile channel, introducing services like mobile remote deposit capture and mobile P2P almost immediately after (or sometimes even before) the bigger banks get around to it. But mobile is also changing the traditional value proposition of a community bank where you walk through the branch door and everyone knows you. Instead of going to the branch, people are using their mobile devices for simple transactions, potentially making it more difficult for community banks to deliver the personal touch that is at the heart of their value to the customer."

Numbers: Sunny Outlook for Mobile Banking (U.S.)
"ComScore's latest mobile usage numbers provide useful context as you head in to the 2013 business planning cycle. With 42 million monthly smartphone users, mobile banking penetration (38%) is similar to other specialized information services such as sports (39%), news (49%), and movie info (30%)."

SunTrust updates smartphone app to accept mobile deposits
"In keeping step with banking giants Bank of America, Wells Fargo and First Tennessee, SunTrust Banks Inc. has released an update to its mobile banking smartphone app to include mobile deposits. Using their smartphone’s camera, SunTrust (NYSE: STI) customers can now take a picture of the front and back of their checks to submit them for deposit."

Do Banks Really Need To "Own" Mobile Banking?
"Australian Banks have often been at the forefront of global banking trends, or at the very least, fast followers that learn quickly from the mistakes of others. In Australia, mobile banking has quickly become a "war" amongst the majors with a range of different banking services and approaches - from basic access to transactional histories, transfers, payments, integrated retail services, and even near-field-communications-based micro-payments systems. But how much of the mobile banking channel do banks really need to own? Most banks no longer own or operate their own ATM networks. They control the flow of transactions through that channel, but they generally have little to no interest in owning the assets or operating ATM cash management processes."

Mobile Banking Updates - Jul 7

High-Maintenance Gen Y Bank Customers
"The prevailing preference of Gen Y consumers for digital channels and electronic everything has led to the assumption that this generation is among the easiest for a financial institution to serve. Just give them access to online banking and a decent mobile app and they will serve themselves, right? Not exactly. Gen Y consumers (ages 18-32) can be high maintenance when it comes to their financial management habits."

The Mobile Banking Imperative
"Consumers are increasingly using mobile devices as banking tools — for everything from alerts and payments to budgeting and shopping. Indeed, mobile banking is no longer a value-added point of differentiation for banks and credit unions. It is fast becoming a basic consumer expectation."

SMALL BUSINESS MOBILE New channel could quickly catch on
"While about a third of small businesses currently use mobile banking, that’s likely to increase to 54% by 2015 according to Aite research. Banks need to be ready and able not only to offer the mobile channel to their commercial customers, but to tailor it with added value so that businesses would actually be willing to pay for the product. Tech Topics talks with Christine Barry, the Aite researcher who wrote the report 'Small-Business Mobile Banking: A Promising Opportunity.'"

Wells Fargo testing mobile deposit service in Nebraska
"Customers in Nebraska are among the first to get to test Wells Fargo's new mobile deposit service. The bank, one of the nation's largest, rolled out the service to customers in Nebraska, Kansas and the San Francisco Bay area last week after earlier launching it in Arizona and Washington. Wells Fargo customers can use the service through its mobile banking app. The app is available for Apple and Android-supported devices."

CUA launches mobile app
"CUA has launched a mobile banking platform with a mobile app for iPhones and Androids. The mobile app is part of the financial institution's broader strategy to extend and enhance services for customers. 'CUA Online Banking for Mobile is the first deliverable in a series of service enhancements that we will be rolling out to customers over the coming two years, as part of our core banking transformation program. This program will ultimately deliver a far superior and streamlined online banking experience,' Darrin Northey, CUA’s group general manager, distribution, said in a statement."

Essential Design Patterns For Mobile Banking
"Despite a great deal of mobile innovation, many creators of financial apps still copy their interface patterns from the desktop Web, even though these patterns are not as well suited to the mobile space. Small screens, custom controls, divided attention and fat fingers demand different thinking when designing for mobile."

Small Business Mobile with MMV

I'm proud to announce that we have another FAAN Sponsor. Please check out the Mobile Money Ventures (MMV) ad on the right. On October 20th they're hosting a session on Small Business Mobile Banking in Chicago. >> Learn More

Mobile Banking Updates - Mar 15

Southwest National Bank launches mobile banking service
"Trish Minard said Southwest National Bank doesn't try to be on the leading edge of technology and banking. But the $343 million bank has found itself in that spot after launching a mobile banking service, which allows customers to use Internet-capable mobile phones to access their bank accounts, view checks and transfer money between accounts."

Contactless m-commerce fails to take off
"The development of contactless mobile payments has failed to live up to expectations and the technology will account for just a fraction of the value of commerce transacted over cell phones this year, according to data from ABI Research."

Mobile banking is business in the US
"In a recent report published by Synergistics some startling findings about the take-up of mobile banking for Small Businesses are made. (Read more here). While the size of the sample and the research methodology can probably have an impact in the interpretation of the results, this is a massive endorsement for mobile banking."

The Battle of Mobile Software Apps
"Imagine if makers of, say, vacuum cleaners needed to design different models for different stores. One for Wal-Mart, another for Target, another for Tesco, and yet another for Carrefour. That's a bit what it's like to be in the business of writing programs for mobile phones."

Mobile Banking Updates - Dec 14

Mobile Asia Congress 2008: Hannes van Rensburg, CEO, Fundamo


Crossover Hit: Small-Biz Goes Mobile
"Seeking new markets for mobile banking services, financial companies are turning their attention to small-business customers. Though these are similar to the services that many banks now offer consumers, early movers in the mobile business say they have added features geared specifically to the needs of commercial customers, notably the ability to authorize transfers and payments and to receive a variety of account alerts."

NFC No Answer for Mobile Payments, But Alternatives Offer Promise, According to ABI Research
"Once, NFC (Near Field Communication) was the leading contender among technologies that could enable mobile payments. But NFC has developed more slowly than anticipated, and will not offer viable large-scale mobile payment solutions for at least six years."

Wells Fargo Online Banking iPhone App
"Online banking has been popular since the late 1990s, but it might be about to change. The Wells Fargo Online Banking iPhone app might change online banking forever."

Mobile Banking with VNCTY.
"So I'm excited to say that Vancity has launched Mobile Banking to our Online Banking members. It's pretty simple SMS banking where you register your cell number within Online Banking and then when you text to the shortcode VNCTY you get your balance or last five transactions."

Banks Should Consider Mobile, But Keep it Simple
"U.S. banks are right to embrace mobile, but they’ll need to keep it simple. Access through this channel will deliver banks closer ties to a new generation of customers who are typically eschewing a stagnant screen for their smartphone to do work and get information."

Kenyans embrace moving money by text message
"To pick up money sent by her husband, who works at a remote Kenyan hospital, Rosalyn Khanyaha used to have to take an hourlong bus ride to the nearest city with a money-wiring office, or risk the cash being sent by bus."

Mobile banking set for rapid uptake - Monitise
"Mobile banking is set to achieve the fastest rate of mass-market penetration in recent history, even outpacing items such as credit cards, online banking or ATMs. This is according to recent research published by the Future Foundation, a consumer-forecasting consultancy and Monitise plc (Monitise), the mobile money specialists."

Mobile Banking Updates - Dec 2nd

Absa Launches New Mobile Service
"A new mobile service to bring greater control and convenience to millions of its clients, has been launched by the largest retail banking group - Absa. Over 3.5 million Absa clients using the SMS messaging service, NotifyMe, can now request instant balance enquiries and statements, as well as purchase prepaid cellular airtime, from their cellular handset."

Citizens Bank of Canada Launches Mobile Solution
"Have you ever found yourself standing in line to purchase something and wanted to check your bank balance? Now you can through text messaging from your mobile phone. Introducing Mobile Banking with BANKCB."

Can You Hear Us Now? Mobile Carriers Eye Financial Revenue
"As bankers continue to roll out services for mobile phones, wireless carriers are trying to find ways to earn more revenue from the financial activities moving through their systems."

Cell Phone Payments Make the World Easier For Terrorists, Too
"The Reuters article said little about the downside of the new technology. But terrorist financing experts in and outside government have long been worried that the mobile payment development is outpacing regulators' and law enforcement's ability to detect and prevent use by terrorists."

Alltel Wireless, mFoundry Partner for Alltel Wallet
"Alltel Wireless, will leverage the extensible mobile wallet platform from mFoundry (San Francisco) to create the Alltel Wallet, which will initially provide access to a consolidated mobile banking experience, providing customers with access to a wide variety of U.S. financial institutions."

Economy Puts Mobile Marketing on Hold
"If all went according to plan the day after Thanksgiving, JC Penney customers were roused with a wake-up call. The service was provided free as part of a Black Friday mobile marketing push. Consumers had been invited to come to JCP.com to sign up for the call, SMS shopping tips and sales alerts. This is a prime example of how this much-hyped marketing channel is helping companies like JC Penney, Subway and Coca-Cola court consumers through their cell phones and PDAs. The only problem: The economy is in free fall, leaving some marketers leery of dumping dollars into an unproven medium."

The Mobile Banking Opportunity for Small Businesses - Are Banks Listening?
"Small businesses want mobile banking services. Approximately one-third of those interviewed expressed a likelihood that they will use mobile banking."