"The Reserve Bank has expressed its disappointment over the lower-than-expected spread of mobile banking in the country saying the awareness levels of this tool has been wanting." Continue Reading
Showing posts with label mobile banking adoption. Show all posts
Showing posts with label mobile banking adoption. Show all posts
Monday, January 6, 2014
Wednesday, August 28, 2013
Mobile Banking Updates - Aug 28
Payment innovations: Are you in?
"Like most banks, Home Federal Savings Bank, a $1 billion-assets institution in Sioux Falls, S.D., is wary of nonbank competitors in payments. Says Natalie Sundvold, senior vice-president, service and support, “From my seat in a financial services company, the thought of an outsider coming into payments is frightening. It doesn’t feel good, especially because consumers may not understand how payment security works.” When evaluating payments players and planning their own strategy, banks would be wise to keep the words of the Chinese general and military strategist Sun-tzu in mind: 'Keep your friends close, and your enemies closer.'”
Does Your Financial Institution’s Digital Strategy Pass the ROI Test?
"Large investments in emerging services like mobile and online do not always translate into higher customer satisfaction or even high financial performance. Javelin Strategy & Research, a leading financial services analyst firm, is releasing the company’s new competitive benchmark service, Outperform, which is a result of analyzing over 20 leading financial institutions and provides insights to improve each banks’ return on investment on emerging bank services—mobile and online banking services."
The globalisation of immediate payments – rolling out faster transactions
"The proliferation of smartphones, for example, has created a society that is locked into the internet whenever and wherever, with constant and immediate access to a huge array of services and 24/7 communication. The subsequent demand for immediacy and convenience has fundamentally changed the expectations customers have of service providers – and this extends to banking and payments. The growth of online and mobile banking has seen reliance on traditional bank branches fall dramatically, with customers instead choosing to conduct their financial affairs on the move and at their own convenience."
Study: Hard Numbers Reveal Growing Mobile Usage
"The latest data dump from Malauzai Software – which now provides mobile banking apps to 108 credit unions and banks – reveals continued, strong growth in mobile banking usage. The just-released July numbers show that among financial institutions that have offered mobile banking for at least one year, 'the average month-over-month (member usage) growth rate is 4.19%. The best-in-class number is 11.56% with several banks and (credit unions) topping 10%,' according to Malauzai in Austin, Texas."
Sonoma Bank Launches Mobile Banking Solutions
"Sterling Financial Corporation (NASDAQ:STSA), whose principal operating subsidiary does business in California as Sonoma Bank and Borrego Springs Bank, today announced that Sonoma Bank is launching a robust mobile banking suite for consumer customers. Now, Sonoma Bank customers can manage accounts with a mobile phone or a tablet using the Sonoma Bank Mobile App, which is available for iPhone, iPad and AndroidTM devices. Customers can also access accounts with Mobile Web or enroll in Text Banking and text the bank to receive account balance and recent transactions."
Mobile Banking Getting Easier And Faster
"No question banking on-the-go is easier than ever thanks to our smartphones. And now many banks are offering more services than just paying bills and depositing a check with your phone. Want to split the check for dinner with your friends, pay the babysitter on-the-spot, or the neighborhood kid to mow your lawn? Now you can use your phone for that too. No cash, no checks required."
Microfinance Institutions Benefit Most from Mobile Banking in Mature Markets
"New research from the Consultative Group to Assist the Poor (CGAP) finds that microfinance institutions (MFIs) and their customers can derive clear benefits from integrating with mobile banking services. However, MFIs are not yet playing a driving role in the adoption of mobile banking. Instead, MFIs successful in using mobile banking are located in mature markets where mobile and agent infrastructures are already established and where customers are experienced with viable mobile payments solutions. The benefits of mobile banking services to MFIs largely depend on the success of the existing mobile banking service itself: in markets where mobile banking is strong, MFIs and their customers can more easily benefit."
Ameriana Bank unveils Allied Payment’s mobile bill pay platform "Ameriana Bank has implemented Allied’s Picture Pay mobile bill pay, which allows its customers to pay any bill easily and securely by capturing a photo of the bill with their mobile devices. The lender, which combined the Picture Pay into its existing mobile banking application, said that the deployment of the new technology will reduce the complexities during the bill pay process."
'Lines Are for Losers': The Mobile Banking Mantra
"Just maybe Albuquerque media expert Casey Echternacht has the slogan for today's mobile banking generation: "Lines are for losers," he said when asked why he is a self-professed fanboy for mobile banking. He's a new convert - 'I just signed up a few weeks ago,' he said, after discovering his credit union offered a mobile banking app. 'They won't be seeing me in branches much anymore.'"
Banks target larger companies for mobile services
"Many U.S. banks have been quicker to offer mobile banking services to their consumer and small-business clients than to larger middle-market and corporate customers. But with customer demand rising significantly, the race is now on among the top 50 U.S. banks to roll out corporate mobile banking, according to a recent Aite Group report. For the company's "Corporate Mobile: Gaining Momentum" study, Christine Barry, Aite Group's wholesale banking research director, surveyed 32 U.S. banks with more than $14 billion in assets, representing approximately the top 50 U.S. banks ranked by total assets. The survey, conducted in June, excluded small-business mobile banking and focused solely on middle-market and corporate mobile banking."
The promise of NFC: Mobile payments and mobile advertising will make life better for all of us "Mobile payments have remained a small but fast-growing part of the explosion of smartphone usage in America. According to a study by Creditdonkey.com, 87 percent of Americans have a mobile phone but only 21 percent of mobile phone users have taken advantage of mobile banking in the past year. Mobile payment products like Visa's payWave or Paypal's apps for iOS and Android may be the way all of us buy goods in the future, but a number of consumers are resisting the technology. According to CreditDonkey's survey, 68 percent of respondents said that they would not like to replace cash with a mobile payment product. It is going to take time for the mobile phone to replace the wallet."
"Like most banks, Home Federal Savings Bank, a $1 billion-assets institution in Sioux Falls, S.D., is wary of nonbank competitors in payments. Says Natalie Sundvold, senior vice-president, service and support, “From my seat in a financial services company, the thought of an outsider coming into payments is frightening. It doesn’t feel good, especially because consumers may not understand how payment security works.” When evaluating payments players and planning their own strategy, banks would be wise to keep the words of the Chinese general and military strategist Sun-tzu in mind: 'Keep your friends close, and your enemies closer.'”
Does Your Financial Institution’s Digital Strategy Pass the ROI Test?
"Large investments in emerging services like mobile and online do not always translate into higher customer satisfaction or even high financial performance. Javelin Strategy & Research, a leading financial services analyst firm, is releasing the company’s new competitive benchmark service, Outperform, which is a result of analyzing over 20 leading financial institutions and provides insights to improve each banks’ return on investment on emerging bank services—mobile and online banking services."
The globalisation of immediate payments – rolling out faster transactions
"The proliferation of smartphones, for example, has created a society that is locked into the internet whenever and wherever, with constant and immediate access to a huge array of services and 24/7 communication. The subsequent demand for immediacy and convenience has fundamentally changed the expectations customers have of service providers – and this extends to banking and payments. The growth of online and mobile banking has seen reliance on traditional bank branches fall dramatically, with customers instead choosing to conduct their financial affairs on the move and at their own convenience."
Study: Hard Numbers Reveal Growing Mobile Usage
"The latest data dump from Malauzai Software – which now provides mobile banking apps to 108 credit unions and banks – reveals continued, strong growth in mobile banking usage. The just-released July numbers show that among financial institutions that have offered mobile banking for at least one year, 'the average month-over-month (member usage) growth rate is 4.19%. The best-in-class number is 11.56% with several banks and (credit unions) topping 10%,' according to Malauzai in Austin, Texas."
Sonoma Bank Launches Mobile Banking Solutions
"Sterling Financial Corporation (NASDAQ:STSA), whose principal operating subsidiary does business in California as Sonoma Bank and Borrego Springs Bank, today announced that Sonoma Bank is launching a robust mobile banking suite for consumer customers. Now, Sonoma Bank customers can manage accounts with a mobile phone or a tablet using the Sonoma Bank Mobile App, which is available for iPhone, iPad and AndroidTM devices. Customers can also access accounts with Mobile Web or enroll in Text Banking and text the bank to receive account balance and recent transactions."
Mobile Banking Getting Easier And Faster
"No question banking on-the-go is easier than ever thanks to our smartphones. And now many banks are offering more services than just paying bills and depositing a check with your phone. Want to split the check for dinner with your friends, pay the babysitter on-the-spot, or the neighborhood kid to mow your lawn? Now you can use your phone for that too. No cash, no checks required."
Microfinance Institutions Benefit Most from Mobile Banking in Mature Markets
"New research from the Consultative Group to Assist the Poor (CGAP) finds that microfinance institutions (MFIs) and their customers can derive clear benefits from integrating with mobile banking services. However, MFIs are not yet playing a driving role in the adoption of mobile banking. Instead, MFIs successful in using mobile banking are located in mature markets where mobile and agent infrastructures are already established and where customers are experienced with viable mobile payments solutions. The benefits of mobile banking services to MFIs largely depend on the success of the existing mobile banking service itself: in markets where mobile banking is strong, MFIs and their customers can more easily benefit."
Ameriana Bank unveils Allied Payment’s mobile bill pay platform "Ameriana Bank has implemented Allied’s Picture Pay mobile bill pay, which allows its customers to pay any bill easily and securely by capturing a photo of the bill with their mobile devices. The lender, which combined the Picture Pay into its existing mobile banking application, said that the deployment of the new technology will reduce the complexities during the bill pay process."
'Lines Are for Losers': The Mobile Banking Mantra
"Just maybe Albuquerque media expert Casey Echternacht has the slogan for today's mobile banking generation: "Lines are for losers," he said when asked why he is a self-professed fanboy for mobile banking. He's a new convert - 'I just signed up a few weeks ago,' he said, after discovering his credit union offered a mobile banking app. 'They won't be seeing me in branches much anymore.'"
Banks target larger companies for mobile services
"Many U.S. banks have been quicker to offer mobile banking services to their consumer and small-business clients than to larger middle-market and corporate customers. But with customer demand rising significantly, the race is now on among the top 50 U.S. banks to roll out corporate mobile banking, according to a recent Aite Group report. For the company's "Corporate Mobile: Gaining Momentum" study, Christine Barry, Aite Group's wholesale banking research director, surveyed 32 U.S. banks with more than $14 billion in assets, representing approximately the top 50 U.S. banks ranked by total assets. The survey, conducted in June, excluded small-business mobile banking and focused solely on middle-market and corporate mobile banking."
The promise of NFC: Mobile payments and mobile advertising will make life better for all of us "Mobile payments have remained a small but fast-growing part of the explosion of smartphone usage in America. According to a study by Creditdonkey.com, 87 percent of Americans have a mobile phone but only 21 percent of mobile phone users have taken advantage of mobile banking in the past year. Mobile payment products like Visa's payWave or Paypal's apps for iOS and Android may be the way all of us buy goods in the future, but a number of consumers are resisting the technology. According to CreditDonkey's survey, 68 percent of respondents said that they would not like to replace cash with a mobile payment product. It is going to take time for the mobile phone to replace the wallet."
Sunday, August 25, 2013
Mobile Banking Updates - Aug 25
Mobile Banking Continued Steady Growth in July
"Consumers' use of mobile banking apps continued to grow at roughly the same rate in July as the previous month, resulting in a reading for American Banker's Mobile Banking Intensity Index of 71.8. The biggest change during the month was in mobile check deposit: the index value for the average transaction value of checks deposited via mobile device dropped more than 10 points. However, check sizes are still growing, just not quite as much as they were in June. In July, 52% of bankers said the average value of checks deposited by consumers using a smartphone camera was higher than in in June. Almost half (47%) said the average value was about the same; less than 1% said these checks had gotten smaller."
Americans Rank the Top 10 Best and Worst Mobile Banking Apps
"Why did U.S. consumers rank Citizen’s Bank highest? And what three critical areas do several banks need to improve in? What do consumers think of banks’ mobile banking apps? It’s easy enough to find out. Just pop on the Apple App Store and the Google Play Store, where you can look at customer ratings and reviews."
Bank of America Tops 1 Million Small Business Mobile Banking Users
"More than one million Bank of America small business clients are now using mobile banking, according to a statement today by the bank. The milestone in adoption can be credited to the flexibility that mobile banking affords small business owners, Mary Bintz, a small business sales executive said in the statement. 'Today’s small business owners… are in their cars and trucks, on factory floors, shopping for supplies and visiting clients on-site.'"
Sterling Bank Launches Mobile Banking Solutions
"Sterling Financial Corporation (NASDAQ:STSA), whose principal operating subsidiary does business in Washington, Oregon and Idaho as Sterling Bank, today announced that it is launching a robust mobile banking suite for consumer customers. Now, Sterling Bank customers can manage accounts with a mobile phone or a tablet using the Sterling Bank Mobile App, which is available for iPhone(R), iPad(R) and Android(TM) devices. Customers can also access accounts with Mobile Web or enroll in Text Banking and text the bank to receive account balance and recent transactions."
Top 10 Mobile Banking Mistakes
"There’s plenty of great information out there for consumers about the dos and don’ts of mobile banking—password protect your device, use caution with what apps you install on your phone—but there are also plenty of mistakes financial institutions make when it comes to mobile. Let’s look at what may be considered to be the top ten."
Demystifying m-commerce
"Smartphones are already more popular globally than desktop PCs and of the 1.875 billion phones to be sold in 2013, a staggering 1 billion will be smartphones. In Europe, revenue from mobile commerce is predicted to rise from €1.7 billion in 2011 to €19.2 billion in 2017, according to Forrester (EU Mobile Commerce Forecast, 2012 to 2017; July 2012). This presents a huge revenue opportunity in the face of declining high street sales, and companies that fail to adapt their online strategy may be left behind as a result. In a recent study, Chase Paymentech found that only 40% of merchants have a mobile commerce site in place to provide a seamless multi-channel shopping experience."
Mobile banking hype ahead of reality
"When it comes to mobile banking, the hype can get out of hand quickly. We tend to note new gee-whiz trends, such as the rise of remote deposit, and conclude that mobile banking is making great leaps forward. It's refreshing to hear a voice of dissent. "Mobile banking is great if I am sitting at an airport and feel the urge to make a payment or check up on something. It has been equally terrific when I have needed to get to my bank accounts and do not have access to my computer to do an online banking session. But mobile banking, at least with my primary bank, has proven itself unreliable, and too limited on too many occasions that my first preference for now remains online banking," says one consultant."
ICYMI podcasts: Software defined networks now, mobile banking of the future
"This week’s guest on the GigaOM Structure Show, certainly isn’t shy with his opinions. Tune in to hear North Bridge Venture Partners partner Paul Santinelli offer his take on the software-defined networking segment to Derrick Harris and Barb Darrow. The GigaOM Weekly Wrapup show recaps the highs and lows of BlackBerry’s history, as well as some positive analyst updates for Sprint and T-Mobile: Should Verizon and AT&T be worried?"
"Consumers' use of mobile banking apps continued to grow at roughly the same rate in July as the previous month, resulting in a reading for American Banker's Mobile Banking Intensity Index of 71.8. The biggest change during the month was in mobile check deposit: the index value for the average transaction value of checks deposited via mobile device dropped more than 10 points. However, check sizes are still growing, just not quite as much as they were in June. In July, 52% of bankers said the average value of checks deposited by consumers using a smartphone camera was higher than in in June. Almost half (47%) said the average value was about the same; less than 1% said these checks had gotten smaller."
Americans Rank the Top 10 Best and Worst Mobile Banking Apps
"Why did U.S. consumers rank Citizen’s Bank highest? And what three critical areas do several banks need to improve in? What do consumers think of banks’ mobile banking apps? It’s easy enough to find out. Just pop on the Apple App Store and the Google Play Store, where you can look at customer ratings and reviews."
Bank of America Tops 1 Million Small Business Mobile Banking Users
"More than one million Bank of America small business clients are now using mobile banking, according to a statement today by the bank. The milestone in adoption can be credited to the flexibility that mobile banking affords small business owners, Mary Bintz, a small business sales executive said in the statement. 'Today’s small business owners… are in their cars and trucks, on factory floors, shopping for supplies and visiting clients on-site.'"
Sterling Bank Launches Mobile Banking Solutions
"Sterling Financial Corporation (NASDAQ:STSA), whose principal operating subsidiary does business in Washington, Oregon and Idaho as Sterling Bank, today announced that it is launching a robust mobile banking suite for consumer customers. Now, Sterling Bank customers can manage accounts with a mobile phone or a tablet using the Sterling Bank Mobile App, which is available for iPhone(R), iPad(R) and Android(TM) devices. Customers can also access accounts with Mobile Web or enroll in Text Banking and text the bank to receive account balance and recent transactions."
Top 10 Mobile Banking Mistakes
"There’s plenty of great information out there for consumers about the dos and don’ts of mobile banking—password protect your device, use caution with what apps you install on your phone—but there are also plenty of mistakes financial institutions make when it comes to mobile. Let’s look at what may be considered to be the top ten."
Demystifying m-commerce
"Smartphones are already more popular globally than desktop PCs and of the 1.875 billion phones to be sold in 2013, a staggering 1 billion will be smartphones. In Europe, revenue from mobile commerce is predicted to rise from €1.7 billion in 2011 to €19.2 billion in 2017, according to Forrester (EU Mobile Commerce Forecast, 2012 to 2017; July 2012). This presents a huge revenue opportunity in the face of declining high street sales, and companies that fail to adapt their online strategy may be left behind as a result. In a recent study, Chase Paymentech found that only 40% of merchants have a mobile commerce site in place to provide a seamless multi-channel shopping experience."
Mobile banking hype ahead of reality
"When it comes to mobile banking, the hype can get out of hand quickly. We tend to note new gee-whiz trends, such as the rise of remote deposit, and conclude that mobile banking is making great leaps forward. It's refreshing to hear a voice of dissent. "Mobile banking is great if I am sitting at an airport and feel the urge to make a payment or check up on something. It has been equally terrific when I have needed to get to my bank accounts and do not have access to my computer to do an online banking session. But mobile banking, at least with my primary bank, has proven itself unreliable, and too limited on too many occasions that my first preference for now remains online banking," says one consultant."
ICYMI podcasts: Software defined networks now, mobile banking of the future
"This week’s guest on the GigaOM Structure Show, certainly isn’t shy with his opinions. Tune in to hear North Bridge Venture Partners partner Paul Santinelli offer his take on the software-defined networking segment to Derrick Harris and Barb Darrow. The GigaOM Weekly Wrapup show recaps the highs and lows of BlackBerry’s history, as well as some positive analyst updates for Sprint and T-Mobile: Should Verizon and AT&T be worried?"
Sunday, August 18, 2013
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."
"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."
Sunday, July 7, 2013
Mobile Banking Updates - July 7
"Banking fees appear to be coming to your phones and tablets. As more and more banks offer the speed and convenience of mobile banking they are also finding that it can be a lucrative revenue stream as well."
Jack Henry Service to Help Banks Prepare for Digital Banking Rules
"Although there are few industries as heavily regulated as banking, Washington has yet to provide clear rules around online and mobile banking. With that in mind, Jack Henry & Associates is launching a framework to help banks navigate federal and state standards for their online and mobile banking operations. The service is called Gladiator."
How to Modify Mobile Banking Behaviors to Maximize Cost Savings: Javelin
"Financial institutions are reaping huge cost savings as consumers, in droves, switch from brick and mortar banking to mobile banking, but most are leaving money on the table because they fail to take a few, small steps to modify consumer behaviors, claims a new study from Javelin Strategy & Research. Javelin numbers peg the average cost of an in-branch transaction at $4.25. The same transaction performed with a mobile device costs a dime, said Mary Monahan, who underlined that this highlights the economic incentives in driving mobile traffic."
Research and Markets: Leveraging An Omnichannel Approach To Drive $1.5B In Mobile Banking Cost Savings
"Mobile bankers are valuable customers: rich, young, and flush with profitable bank products and services. The products and services are saving financial institution money as the number of mobile bankers has grown, branch visitation has decreased considerably. However, mobile channels have not yet offset physical channel preference among mobile bankers."
100 mobile industry leaders to take MobileBeat by storm
"MobileBeat 2013 is coming up next Tuesday and Wednesday, July 9-July 10, in San Francisco, and we’ve got over 100 thought leaders lined up. This is your chance to learn from the top people in the mobile industry, from executives at major handset manufacturers to the founders of some of the hottest mobile startups."
Union Bank launches new website, mobile banking
"Union Bank has announced the launch of a new corporate website as well as a mobile site and mobile banking application (app). The website offers a number of new features including online applications for opening a new account, online help and resources, and several educational modules on getting smart about credit, fraud protection and more.
Credit Union Mobile Banking Adoption Rates Skyrocket
"Mobile banking adoption rates are exploding, soaring from 20% in 2011 to 33% today, according to a 2013 survey by non-profit electronics payment organization, SWACHA. Only four years ago mobile banking adoption rates were at a meager 7%, demonstrating that the available technology has ignited a revolution and direct shift in how consumers do business with their financial institution."
Interneer Selected by Los Angeles Firemen's Credit Union to Streamline and Automate Member Services and Online Banking
"Interneer, Inc., a leading provider of Business Process Management (BPM) software for process automation applications and smart mobile apps, today announced that Los Angeles Firemen's Credit Union (LAFCU) selected Interneer Intellect 7 to streamline and automate member services and online banking, resulting in an improved customer experience, greater operational efficiency, and audit compliance."
Thursday, December 20, 2012
Mobile Banking Updates - Dec 20
Integrating Mobile and Branch Banking Will Increase Customer Loyalty
"Mobile banking has finally come into its own. Almost one-third of the 5,200 consumers that Bain and Company surveyed recently used their smartphones or tablets for some type of banking interaction during the three months prior to the survey, up sharply from one-fifth of respondents in 2011. Our survey finds that mobile banking is more likely to increase a customer's likelihood to recommend his or her bank to other people than any other channel interaction."
CIA's venture arm backs mobile banking, NFC developer
"In-Q-Tel, the technology investment arm of the U.S. Central Intelligence Agency (CIA), will invest in Tyfone, a small developer of mobile banking, identity management and near-field communication systems. The size of the investment was not disclosed. Although the investment doesn't come with the guarantee that Tyfone's technology will be adopted by the U.S. government, that possibility was hinted at in a joint statement announcing the deal."
Research and Markets: Mobile Banking Gains 10 Million Users As Smartphone And Tablet Adoption Soars "The ability to securely manage banking transactions, especially on smartphones and tablets, has become extremely appealing. Mobile banking gained 10 million new users in 2012 and currently reaches one-third of the mobile adult U.S. population. As smartphones outnumber feature phones and tablets surge, Android and Apple delivered and defined the market in 2012. Consumer adoption of mobile banking at small, medium, and giant institutions and credit unions varies by the quality of mobile services offered. This report contains an annual roundup of five-year forecasts for the U.S. consumer market for mobile banking adoption, mobile phone usage, smartphone adoption, smartphone adoption by operating system, tablet adoption, and tablet adoption by operating system."
"Mobile banking has finally come into its own. Almost one-third of the 5,200 consumers that Bain and Company surveyed recently used their smartphones or tablets for some type of banking interaction during the three months prior to the survey, up sharply from one-fifth of respondents in 2011. Our survey finds that mobile banking is more likely to increase a customer's likelihood to recommend his or her bank to other people than any other channel interaction."
CIA's venture arm backs mobile banking, NFC developer
"In-Q-Tel, the technology investment arm of the U.S. Central Intelligence Agency (CIA), will invest in Tyfone, a small developer of mobile banking, identity management and near-field communication systems. The size of the investment was not disclosed. Although the investment doesn't come with the guarantee that Tyfone's technology will be adopted by the U.S. government, that possibility was hinted at in a joint statement announcing the deal."
Research and Markets: Mobile Banking Gains 10 Million Users As Smartphone And Tablet Adoption Soars "The ability to securely manage banking transactions, especially on smartphones and tablets, has become extremely appealing. Mobile banking gained 10 million new users in 2012 and currently reaches one-third of the mobile adult U.S. population. As smartphones outnumber feature phones and tablets surge, Android and Apple delivered and defined the market in 2012. Consumer adoption of mobile banking at small, medium, and giant institutions and credit unions varies by the quality of mobile services offered. This report contains an annual roundup of five-year forecasts for the U.S. consumer market for mobile banking adoption, mobile phone usage, smartphone adoption, smartphone adoption by operating system, tablet adoption, and tablet adoption by operating system."
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