Branch’s death highly exaggerated

"Paraphrasing Mark Twain, the demise of brick-and-mortar branches has been over-reported. While it’s true that the number of bank branches is declining, branches still remain an important, albeit expensive, delivery channel." Continue Reading

Mobile Banking In India: Transactions Vs Amount Transacted In Sep 2013

"The Reserve Bank of India has reported that the number of mobile banking transactions in India has increased by 6.01% to 7.1 million transactions (7,169,429 transaction) for the month of September 2013, up from 6.76 million transactions (6,762,969 transactions) reported in August 2013. The total amount transacted for the month has also increased by 10.85% to Rs 1.57 crore (Rs 1,56,59,947.20) from Rs 1.41 crore (1,41,27,755.94) in August 2013." Continue Reading

Mobile banking growth drives reduction in banks’ physical presence

"As mobile banking is gaining traction, traditional banks are struggling to adapt to the new reality where physical in-store interactions are no longer the status quo. With Barclay’s reportedly laying off 1,700 of its retail employees in response to the rise in mobile banking, the traditional teller may be nearing extinction." Continue Reading

Is there any surprise mobile banking is the future?

"Banks are scaling back its traditional branch network as consumers increasingly turn to their smart phones and tablets to bank. In a recent report, consulting firm Accenture says 35 percent of banks’ market share in North America could be “up for grabs” by 2020." Continue Reading

NZ smartphone users ahead of Aussies in mobile banking uptake

"New Zealanders have been slower to take up smartphones than their Trans-Tasman counterparts-but once they get one, they are more likely to bank on them, the latest Digital Universe report from Roy Morgan Research shows. Just 38.6% of New Zealanders 14+ have a smartphone, compared with 59.7% of Australians 14+. But while Australia may be home to over eight times as many smartphone users overall, New Zealand's 1.4 million are more likely to use them for mobile banking activities.

In the first half of 2013, 33.5% of New Zealand's smartphone users did one or more banking and finance activity on their phone in an average four weeks, compared with 30.6% of Australian smartphone users." Continue Reading

Clear majority of Canadians banking by mobile - BMO

"According to the BMO Mobile Banking Survey released today, the majority of mobile owners in Canada take advantage of financial apps with two-thirds (69 per cent) of respondents saying they began using them within the past year. The survey, conducted by Pollara, revealed:

In total, 68 per cent of Canadians own a mobile device, with 70 per cent of those saying they use mobile banking apps Those who use mobile apps for banking use them frequently, with nearly three-quarters (72 per cent) saying they use them on a weekly or daily basis." Continue Reading