AT&T's Bid to Intertwine Its Services with Mobile Banking Apps

"ATT would like to partner with banks on their mobile banking apps, providing a range of hosted services from call recording to videoconferencing to geolocation services to mobile identity verification. The telecom launched its first product in this vein, a mobile identity toolkit, in late December. In a way, it is following the footsteps of Verizon, which debuted a mobile identity offering in October." Continue Reading

Moving From Mobile Apps to a Mobile Platform

"Within the next 12 to 18 months, mobile banking will pass a historic milestone and overtake Internet banking in terms of overall usage. Innovation is now being focused on mobile first, with Internet banking being the laggard. In 2014, the next important change in mobile apps will be addressed by both community and money-center banks; How to extend capabilities to businesses and employees." Continue Reading

Weak Security In Most Mobile Banking Apps

"Most mobile banking apps -- including those of major financial institutions -- contain configuration and design weaknesses that leave them with weakened security.Security experts this month tested 275 Apple iOS- and Android-based mobile banking apps from 50 major financial institutions, 50 large regional banks, and 50 large U.S. credit unions.

Overall, they found that eight out of 10 apps were improperly configured and not built using best practices software development." Continue Reading

Study: Online Banking and Mobile Apps Do Not Reduce Importance of the Branch Network

"CFI Group, a global leader in providing customer feedback insights through analytics, released its inaugural Bank Satisfaction Barometer (BSB) today, finding that the number one reason consumers choose their banking institution is access to a convenient branch location. A recommendation from friends comes in as the second reason at 21 percent, while web and mobile banking capabilities come in dead last at two percent." Continue Reading

Commercial Bank's Mobile Banking app is Qatar's number one financial app

"Since the launch of its new Mobile Banking app last month, customers were quick to embrace the improved digital banking experience and its cutting edge design with approaching 40,000 downloads to date.

The new app offers convenient everyday banking solutions to support day-to-day transactions online including local and international money transfers, Ooredoo and Kahramaa bill payments as well as credit card payments." Continue Reading

Mobile banking and content of text messages ranked ahead of app and internet usage as top mobile data privacy concerns for UK smartphone owners

"New research shows that when it comes to attitudes to mobile data privacy, smartphone owners in the UK are most concerned about companies having access to banking activities and content of texts and emails, while data collected around apps and web surfing on mobiles is of least concern.

The findings come from a report published by the Internet Advertising Bureau ( IAB) UK , supported by Weve." Continue Reading

Apps Boost Auto & Biz Lending

"From shopping for a car to offering small businesses the capability to accept payments on the go, credit unions and CUSOs continue to try and stay a step ahead in the mobile sector to keep up with members who value around-the-clock convenience.

From all indications, smartphone usage won’t slow down any time soon. In 2008, there were 7.4 million mobile banking users, according to the Forrester Research Mobile Banking Forecast, 2012-2017. That figure has soared to 61.1 million this year." Continue Reading

NZ business embracing mobile banking as demand for apps rise

"ASB claims its new Mobile Business app has seen a “remarkable uptake” in its first few weeks as business customers adopt the convenience of business banking on the go. 'Since the ASB Mobile Business app was launched in September, we’ve seen a rapid uptake with users authorising tens of millions of payments on-the-go every week,' says Steve Jurkovich, Executive GM of Corporate, Commercial and Rural, ASB.

'Usage of the ASB Mobile Business app is increasing rapidly week-on-week. Over last week’s Labour Day long weekend holiday, payments using the app were up a massive 59 percent.'" Continue Reading

Direct Banks Are Winning Mobile-Centric Consumers

"Just a few years ago, mobile banking apps were a key differentiator for banks and credit unions. Nowadays, mobile banking apps are table stakes. Over 90% of the institutions listed on FindABetterBank have mobile banking apps, and 44% also offer mobile remote deposit capture. As more consumers adopt mobile banking, more will insist that any institution they switch to also provide this service.

In Q1 2011, under 12% of shoppers on FindABetterBank indicated they “must have” mobile banking. Today, that number is 23%. Direct banks like Ally Bank and Capital One 360 are winning the battle for these mobile-centric shoppers. In Q3 2013, direct banks were 38% more likely to be selected when a shopper indicated mobile banking was a must-have feature than when a shopper indicated they “don’t care” about mobile banking." Continue Reading

The Mobile Banking Horse Race Has Only Just Begun, Here's How It's Shaping Up

"Banks compete vigorously to differentiate themselves in order to gain greater market share and enlarge their deposit base. That’s why mobile has becomes so important. It’s the next battleground for consumers, and banks are rolling out the latest and greatest smartphone apps and mobile site features to gain an edge on the competition. The banks that establish a reputation for mobile innovation now may benefit in the future from greater market share and more engaged — and high-margin — customers." Continue Reading

2 Reasons You Should Thank Bank of America

"When it comes to mobile banking, Bank of America has always been on task and has included apps especially suited for tablet banking when peers Wells Fargo and JPMorgan Chase did not. It has continually worked to expand its base of mobile customers, realizing that doing so can be a real cost-saver.

Bank of America has also made progress with its website, which has been one of banking's most prickly, causing outages that have enraged consumers. New research shows that much work needs to be done in that regard, however -- and Bank of America risks losing customers if it doesn't take steps to keep its online presence viable." Continue Reading

How To Get The Most Out Of Mobile Banking Apps

"Most banks have a few years of experience in mobile banking now and are looking ahead to what their next upgrades to mobile will be. The question facing all of these institutions and their IT teams is how can they get the most out of their mobile channel, says Vijai Shankar, director of product marketing at Kony, a mobile applications developer.

It’s vital that banks take full use of the capabilities that mobile offers because mobile transactions are the cheapest for the bank to process, Shankar argues. For example, banks save an average of $4.15 in processing costs for every check that is deposited through mobile rather than the branch, according to a report released earlier this year by Javelin." Continue Reading

How to Ensure Mobile Banking App Security

"From our vantage point, there’s little doubt that mobile apps have become the newest area of extreme vulnerability for financial organizations, leaving them exposed to fraud, security breaches, and other acts of piracy. With users moving in droves from PCs and laptops to smartphones, it is inevitable that malware will migrate to the new device of choice, and in rapid succession.

The stats bear this out: for example, RSA detected 350,000 malicious Android app samples in 2012, up from just 1,000 in 2011. Banking trojans found on the desktop have morphed to mobile attack mode: the Citadel trojan, one of the fiercest banking attacks online, was modified to become CitMO (Citadel-in-the-Mobile), a worm that can install itself on Android devices and intercept one-time passwords and authentication messages sent by a bank to a mobile device." Continue Reading

4 Companies Embracing a Major Technological Shift

"Banks are closing branches around the United States as the consumer banking model shifts. Many have begun focusing their efforts and technology on their mobile banking offerings, and investors could benefit from owning the banks with the best apps.

Let's look at who's doing the best job so far with the new technological wave. The 'Consumers and Mobile Financial Services 2013' study from the Federal Reserve released this past March found mobile banking adoption among consumers in the U.S. was at 29%, up from 21% last year." Continue Reading

Mobile banking app usage grows in Canada

"A survey by BMO Bank of Montreal has found that mobile banking apps are growing in popularity in Canada. BMO said two-thirds of the 1,000 Canadians it surveyed in August have downloaded a mobile banking app in the last year. 'There has been a significant rise in mobile banking app usage in Canada,' Christie Christelis, president of the Canadian research firm Technology Strategies International, told Mobile Payments Today. 'People are getting more confident about using mobile banking apps.'" Continue Reading

Turkish Bank Lets Customers Build Their Own Apps

"Garanti Bank, Turkey's second-largest private bank, has introduced a mobile dashboard called iGaranti that lets users cherry pick the features of their mobile banking apps. The customization capability is similar to the way people pick which apps appear on their smartphones' home screens. 

Garanti partnered with Fjord, an Accenture Interactive-owned service design agency that also counts Citi as a client, to build iGaranti. The platform, rolled out in May, comes with a set of more than 15 apps, some of which are preloaded onto the dashboard, while others are added by the user." Continue Reading

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."

Mobile Banking Updates - July 21

Future Mobile Awards - Winners Announced for Mobile Commerce
"Companies at the forefront of new developments in Mobile Commerce have been honoured in this year’s Juniper Research Future Mobile Awards."

Ad Lab: Banking Billboards, Print Ads And Outdoor Galore
"Here are two more excellent examples further illustrating the powerful relationship between that can be forged between outdoor marketing messages and their environmental context. In the first example from Palmetto Bank, you have to look closely to realize that it is actually a branch entrance in disguise — visitors have to walk right through the bank’s mobile app (quite a metaphor, if you think about it)."

We're witnessing the fastest ever shift in banking
"This week we're celebrating 5 years of the Apple App store (see Wired's commentary.) The realization that in 5 years mobile and apps have had such a huge impact on banking, can not be understated. Of course, there were many in the financial services space that were massively skeptical of the iPhone and Apps when they first launched in 2007. My favorite quotes come from a January 14th, 2007 article on Bloomberg, that contain the following gems:"

Diebold working on cardless ATM project
"Smartphones could replace the plastic card when stopping at the automated teller machine. Diebold has begun fitting ATMs for Wintrust Financial Corp., based in Lake Forest, Ill., so customers can make cash withdrawals using a smartphone. The test project has Diebold working with Paydiant, a company that provides cloud-based mobile payment services for banks and merchants. Wintrust is working with Fidelity National Information Services on the pilot program."

Mobile Banking on the Rise
"Banking has gone mobile. With over half of all American adults, about 56%, sporting smart phones, banks and other financial management tools have quickly adapted their systems to be compatible, secure and easy to use on mobile devices. Many smart phone users have already made the change from traditional to mobile banking and according to Consultants at the Aite Group, the number of people banking on their phones will triple by the year 2016."

Banks struggle to keep up with mobile demand
"While banks all have a mobile banking app, their clients are still pushing for more and more mobile capabilities. So says Mary Monahan, executive vice president and research director for Javelin Strategy & Research, a California company that rates banks on their mobile offerings. She says that many tech-savvy customers still 'cannot open accounts via smartphone, make payments, or deposit checks by snapping photos of them.'"

Mobile Banking Updates - July 2

Pay-what-you-want GoBank puts mobile users first
"A new player has emerged at the forefront of mobile banking with the hopes of capturing the nation's youngest banking audience and setting the tone for what it means to bank virtually. Launched to the public on Tuesday, GoBank is the first bank designed specifically for mobile use. All functionality is available through its app, everything from opening your account to paying bills to managing your budget."

Mobile Banking Activity Rose in May
"Along with temperatures in most parts of the country, mobile banking activity continued to increase in May. The overall value of American Banker's Mobile Banking Intensity Index was 73.8 for that month, a significant increase over April's value of 70.4. Many of the bankers surveyed for the index said adoption of mobile banking continues to grow as more customers become comfortable with it."

First Data Survey: Smartphones Are Shaping Mobile Banking
"If credit unions need more evidence about the importance of offering mobile banking, another study concludes that consumers want it all--in the palm of their hand. Consumers expect strikingly similar mobile and technology-powered experiences from financial institutions and businesses, and their expectations are fueled by skyrocketing smartphone use, according to a new study from Atlanta-based First Data."

Banking on smartphones
"When online banking first came on the scene it heralded a new era where customers could check their balance and pay their bills any time, day or night. A few banks integrated it immediately into their strategy, others felt compelled to set up a separate brand, as if they were afraid of it themselves. In the end it became a normal part of everyday life. But 24 hr banking is no longer enough."

ING Direct unveils new mobile banking app
"Online bank ING Direct has updated its mobile banking capabilities with a new app that lets users view their balances across all accounts before logging in, and transfer money to anyone in Australia with email or SMS notifications. The new ING Mobile Banking app, developed by local tech firm Oakton, Deloitte Digital and ING, was created by rebuilding a native mobile banking application and the related backend services. The goal of the rebuild was to improve app usability, security and performance based on customer feedback, according to ING."

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.'”