"Branchless banking in the Pacific is allowing thousands of people to have a bank account for the first time.
Experts say the Pacific is leading the world in its approach to mobile banking, with many people now able to get access to a bank account for the first time." Continue Reading
Showing posts with label Underbanked. Show all posts
Showing posts with label Underbanked. Show all posts
Thursday, December 5, 2013
Thursday, June 20, 2013
Mobile Banking Updates - June 20
Using Mobile Banking to Expand Financial Access
"According to the FDIC’s “2011 Survey of Unbanked and Underbanked Consumers,” approximately 17 million adults in the United States, or 8.2 percent of the population, do not have a checking or savings account—a group known as the “unbanked.” Another one in five households in the United States are “underbanked,” meaning they do have some sort of bank account but still use alternative, nonbank financial-services providers such as check cashers and pawn shops."
Credit union fills branches with 'technology champions' to push mobile services
"An American credit union has put a 'technology champion' in every one of its 76 branches to help members get up to speed with its mobile and online services. As more consumers turn to digital channels to conduct their daily banking transactions, the downward trend in branch activity levels is accelerating, fuelling the debate over the value of branch networks in a 21st century banking model."
What do mobile banking users want most?
"With the rise of plastic and digital transactions, the use of paper checks continues to decline — the Fed processes less than one-third of the checks it did two decades ago. But even with fewer checks in circulation, the most desired improvement to mobile banking is the ability to deposit checks. Nearly one-quarter of mobile banking users polled in the 2012 Fiserv Consumer Trends Survey selected check deposit as an improvement they'd like to see in their mobile banking application."
"According to the FDIC’s “2011 Survey of Unbanked and Underbanked Consumers,” approximately 17 million adults in the United States, or 8.2 percent of the population, do not have a checking or savings account—a group known as the “unbanked.” Another one in five households in the United States are “underbanked,” meaning they do have some sort of bank account but still use alternative, nonbank financial-services providers such as check cashers and pawn shops."
Credit union fills branches with 'technology champions' to push mobile services
"An American credit union has put a 'technology champion' in every one of its 76 branches to help members get up to speed with its mobile and online services. As more consumers turn to digital channels to conduct their daily banking transactions, the downward trend in branch activity levels is accelerating, fuelling the debate over the value of branch networks in a 21st century banking model."
What do mobile banking users want most?
"With the rise of plastic and digital transactions, the use of paper checks continues to decline — the Fed processes less than one-third of the checks it did two decades ago. But even with fewer checks in circulation, the most desired improvement to mobile banking is the ability to deposit checks. Nearly one-quarter of mobile banking users polled in the 2012 Fiserv Consumer Trends Survey selected check deposit as an improvement they'd like to see in their mobile banking application."
Monday, March 18, 2013
Mobile Banking Updates - Mar 18
The Future of Mobile Banking
"Mobile banking apps make banking and managing finances more convenient and less time consuming. They also reduce the need for working with loads upon loads of paper, like all those forms you need to fill out in brick-and-mortar banks. The most common activities performed by mobile banking app users include scanning and depositing checks, monitoring account balances and, for some, managing travel or hotel bookings. Many banks also offer online banking options for those who want an easier way to control their cash flow, pay their bills, and locate ATM stations."
For Students, Banking 2.0 Involves Social Media (and the Ads That Go With It)
"Let’s say you’re in college. You’re taking a full load of courses, balancing classes with a work-study job that pays minimum wage, and whether you eat or not depends entirely on the credit still left on your weekly meal plan. Money’s tight and you’re caught in between independence and still having to rely on your parents’ generosity."
Banks must adapt to Hispanics' mobile banking needs, study says
"A recent study has found that as Hispanics across the country embrace mobile technologies, banks hoping to attract Hispanic customers must change their marketing tactics to be more mobile. The “Hispanic Mobile Banking Trends Study” — which was conducted by Zpryme Research and Consulting LLC, an Austin-based research advisory firm, and ThinkNow Research, a California-based Hispanic consumer research firm — found that 69 percent of Hispanics use their smartphone for mobile banking and 49 percent use their tablet for mobile banking."
Mobile Banking Will Help the Poor Prosper
"When it comes to strengthening our financial security, Americans' relative wealth means more access to banking and the kinds of innovative technologies that put financial management and security at our fingertips. In the U.S. and much of Europe, smartphone use is becoming ubiquitous, and virtually every major bank offers app-based banking services. Even in the U. S., however, access to basic banking services isn't as widespread as it may seem. One in 12 American households lacks any kind of deposit account, according to a recent report by the Federal Deposit Insurance Corporation. In much of the rest of the world, access to formal financial services of any kind is even harder to come by. An estimated 2.5 billion adults lack consistent, reliable financial services, according to data from the World Bank. For three out of four of the world's poorest individuals – those who live on less than $2 per day – access to basic financial tools is nearly non-existent. But there is hope."
Mobile Banking Fees: Money Maker Or Momentum-Killer?
"Will charging for mobile banking apps slow their rate of adoption? We could see an interesting case study in that debate soon, as PNC bank is reportedly considering charging for its mobile check depositing service. PNC’s mBanking features are, as they are for most major banks, currently free for customers. But according to this recent Mobile Commerce Daily piece, the potential to add revenue may be too great a temptation for banks to resist: even if it means fewer people us their services."
Next in Mobile Banking: Photo Bill Payments
"Now that many banking customers are used to depositing paper checks by snapping a photo with their cellphones, some banks are adding another feature: photo bill pay. U.S. Bank this week introduced a mobile “photo bill pay” service, which allows its online and mobile banking customers to snap a photo of a paper bill with their phone and have the information automatically loaded into their account. Then, they can pay the bill electronically. First Financial Bank in Abilene, Tex., began offering the service earlier this year, too. A hat tip to Netbanker for bringing that bank to our attention."
Report: Tablet boost to mobile banking
"A quarter of tablet PC users will use their device to pay bills by 2017. That is one of the headline findings of a new report by Juniper Research. Because of a sharp rise in tablet adoption, Juniper calculates that users of transactional tablet banking services will number almost 200 million in 2017. The research firm says this will account for around 19 per cent of total mobile banking customers in 2017, up from 9 per cent this year."
"Mobile banking apps make banking and managing finances more convenient and less time consuming. They also reduce the need for working with loads upon loads of paper, like all those forms you need to fill out in brick-and-mortar banks. The most common activities performed by mobile banking app users include scanning and depositing checks, monitoring account balances and, for some, managing travel or hotel bookings. Many banks also offer online banking options for those who want an easier way to control their cash flow, pay their bills, and locate ATM stations."
For Students, Banking 2.0 Involves Social Media (and the Ads That Go With It)
"Let’s say you’re in college. You’re taking a full load of courses, balancing classes with a work-study job that pays minimum wage, and whether you eat or not depends entirely on the credit still left on your weekly meal plan. Money’s tight and you’re caught in between independence and still having to rely on your parents’ generosity."
Banks must adapt to Hispanics' mobile banking needs, study says
"A recent study has found that as Hispanics across the country embrace mobile technologies, banks hoping to attract Hispanic customers must change their marketing tactics to be more mobile. The “Hispanic Mobile Banking Trends Study” — which was conducted by Zpryme Research and Consulting LLC, an Austin-based research advisory firm, and ThinkNow Research, a California-based Hispanic consumer research firm — found that 69 percent of Hispanics use their smartphone for mobile banking and 49 percent use their tablet for mobile banking."
Mobile Banking Will Help the Poor Prosper
"When it comes to strengthening our financial security, Americans' relative wealth means more access to banking and the kinds of innovative technologies that put financial management and security at our fingertips. In the U.S. and much of Europe, smartphone use is becoming ubiquitous, and virtually every major bank offers app-based banking services. Even in the U. S., however, access to basic banking services isn't as widespread as it may seem. One in 12 American households lacks any kind of deposit account, according to a recent report by the Federal Deposit Insurance Corporation. In much of the rest of the world, access to formal financial services of any kind is even harder to come by. An estimated 2.5 billion adults lack consistent, reliable financial services, according to data from the World Bank. For three out of four of the world's poorest individuals – those who live on less than $2 per day – access to basic financial tools is nearly non-existent. But there is hope."
Mobile Banking Fees: Money Maker Or Momentum-Killer?
"Will charging for mobile banking apps slow their rate of adoption? We could see an interesting case study in that debate soon, as PNC bank is reportedly considering charging for its mobile check depositing service. PNC’s mBanking features are, as they are for most major banks, currently free for customers. But according to this recent Mobile Commerce Daily piece, the potential to add revenue may be too great a temptation for banks to resist: even if it means fewer people us their services."
Next in Mobile Banking: Photo Bill Payments
"Now that many banking customers are used to depositing paper checks by snapping a photo with their cellphones, some banks are adding another feature: photo bill pay. U.S. Bank this week introduced a mobile “photo bill pay” service, which allows its online and mobile banking customers to snap a photo of a paper bill with their phone and have the information automatically loaded into their account. Then, they can pay the bill electronically. First Financial Bank in Abilene, Tex., began offering the service earlier this year, too. A hat tip to Netbanker for bringing that bank to our attention."
Report: Tablet boost to mobile banking
"A quarter of tablet PC users will use their device to pay bills by 2017. That is one of the headline findings of a new report by Juniper Research. Because of a sharp rise in tablet adoption, Juniper calculates that users of transactional tablet banking services will number almost 200 million in 2017. The research firm says this will account for around 19 per cent of total mobile banking customers in 2017, up from 9 per cent this year."
Tuesday, June 26, 2012
Mobile Banking Updates - Jun 26
Mobile Banking is Here to Stay
"If there was one overarching theme that came out of Bank Systems & Technology's Virtual Event "How Mobile Is Transforming Banking's Competitive Landscape" on Thursday it's that mobile is indeed the future. While mobile banking adoption sits in the 10-15 percent or so range -- and even less for tablet banking -- the numbers are increasing every day, as technology continues to rapidly advance. It's not a stretch to say that within five years, most bank customers with access their account via a mobile device. We've collected the top quotes from the BS&T event about all things mobile."
Targeting Underbanked Consumers With Mobile Banking Solutions
"Underbanked consumers — those without a checking account — rely on their mobile phones more so than other segments, making them a prime target for mobile banking services, mobile prepaid, and mobile P2P money transfer solutions. Mobile services and the underbanked are two of the hottest topics in the financial industry today, but few people weave the two issues together. But a new study from Javelin Strategy & Research suggests financial marketers might be missing a huge opportunity by tackling mobile and the underbanked separately."
Forrester/CBA Survey: Retail Banks Increasing Mobile Investment
"Responding to consumers' growing interest in banking from their mobile devices, retail banks plan to invest more money to enhance their mobile offerings, according to the first-ever survey of Consumer Bankers Association (CBA) members conducted by Forrester Research, Inc. FORR +2.15% in collaboration with CBA's Emerging Channels Committee. CBA members reported they will spend one-third of their total digital budget on the mobile channel this year. The joint research project surveyed digital executives at 19 leading US and Canadian banks. The findings -- summarized in a two-part report, "The State Of North American Retail Banking eBusiness 2012" -- enable eBusiness & Channel Strategy professionals in the banking industry to benchmark their priorities, goals, and metrics."
Consumers Seek Specialty Branches and Stewards of Their Digital Footprints
"Mobile banking may get all the attention, but among virtual banking channels, it's online banking that really resonates. And bricks-and-mortar branches still have plenty of room to run. So concludes a survey released Wednesday in which Cisco asked 5,300 consumers in eight countries how they would like to bank."
Seven Notes on Mobile Payments and Mobile Banking
"1) Eleven percent of consumers made a mobile payment in 2011. 2) Demographics say that the future of banking is mobile. People aged 18 to 29 are three and one-half times more likely to use mobile banking as compared to people aged between 45 and 59. Latinos and African-Americans are both more than one and one-half times more likely that non-Hispanic whites to use mobile banking."
Credit unions keeping pace with mobile banking trends
"A rise in mobile banking is prompting area credit unions to revamp some products and offer new services to meet consumer needs. A recent study issued by the Federal Reserve, titled Consumers and Mobile Financial Services and dated March 2012, states that nearly one out of every five Americans with a bank account and mobile phone has used their phone to check account balances and conduct banking."
"If there was one overarching theme that came out of Bank Systems & Technology's Virtual Event "How Mobile Is Transforming Banking's Competitive Landscape" on Thursday it's that mobile is indeed the future. While mobile banking adoption sits in the 10-15 percent or so range -- and even less for tablet banking -- the numbers are increasing every day, as technology continues to rapidly advance. It's not a stretch to say that within five years, most bank customers with access their account via a mobile device. We've collected the top quotes from the BS&T event about all things mobile."
Targeting Underbanked Consumers With Mobile Banking Solutions
"Underbanked consumers — those without a checking account — rely on their mobile phones more so than other segments, making them a prime target for mobile banking services, mobile prepaid, and mobile P2P money transfer solutions. Mobile services and the underbanked are two of the hottest topics in the financial industry today, but few people weave the two issues together. But a new study from Javelin Strategy & Research suggests financial marketers might be missing a huge opportunity by tackling mobile and the underbanked separately."
Forrester/CBA Survey: Retail Banks Increasing Mobile Investment
"Responding to consumers' growing interest in banking from their mobile devices, retail banks plan to invest more money to enhance their mobile offerings, according to the first-ever survey of Consumer Bankers Association (CBA) members conducted by Forrester Research, Inc. FORR +2.15% in collaboration with CBA's Emerging Channels Committee. CBA members reported they will spend one-third of their total digital budget on the mobile channel this year. The joint research project surveyed digital executives at 19 leading US and Canadian banks. The findings -- summarized in a two-part report, "The State Of North American Retail Banking eBusiness 2012" -- enable eBusiness & Channel Strategy professionals in the banking industry to benchmark their priorities, goals, and metrics."
Consumers Seek Specialty Branches and Stewards of Their Digital Footprints
"Mobile banking may get all the attention, but among virtual banking channels, it's online banking that really resonates. And bricks-and-mortar branches still have plenty of room to run. So concludes a survey released Wednesday in which Cisco asked 5,300 consumers in eight countries how they would like to bank."
Seven Notes on Mobile Payments and Mobile Banking
"1) Eleven percent of consumers made a mobile payment in 2011. 2) Demographics say that the future of banking is mobile. People aged 18 to 29 are three and one-half times more likely to use mobile banking as compared to people aged between 45 and 59. Latinos and African-Americans are both more than one and one-half times more likely that non-Hispanic whites to use mobile banking."
Credit unions keeping pace with mobile banking trends
"A rise in mobile banking is prompting area credit unions to revamp some products and offer new services to meet consumer needs. A recent study issued by the Federal Reserve, titled Consumers and Mobile Financial Services and dated March 2012, states that nearly one out of every five Americans with a bank account and mobile phone has used their phone to check account balances and conduct banking."
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