Mobile Banking Updates - June 13

Wolberg-Stok at Citi Aims for a Single, Globetrotting Mobile App
"Andres Wolberg-Stok was promoted about a year ago to global mobile and tablet banking director at Citigroup. 'It's a bigger field in which to inflict damage,' he jokes. So far this year, he's traveled to Singapore, Mexico, London and Brussels. 'It keeps us true to the old motto, the Citi never sleeps. Having a global team in with members in the US, Europe and Asia is extraordinary because the sun never sets on the team, people are always working. You can get a lot done.'"

Mobile Banking Seen Needing Improved Authentication, ID Verification
"Financial institutions need to step up the security they provide for mobile banking, experts on a panel at the Mobile Banking Summit agreed today. 'Facebook, Gmail, Twitter, and World of Warcraft all have multi-factor authentication,' says Robert E. Lee, business analyst at Intuit. 'If you're a bank and still using challenge questions, I have to ask you, why is your security worse than an online video?'"

Riding the Wave of Mobile Banking
"Smartphones have created a consumer demand for all lifestyle tools to be packaged in one neat space that we keep in our pocket and can access on the go, from any location. Improvements in security and performance have resulted in an increasingly confident consumer that is more open to banking through their phones. Mobile dominates our social and business lives – and this is just the start of it. To that effect, over the last few months there has been a noticeable spike in the number of financial institutions who integrate mobile into their banking offering, perhaps as part of wider projects to revamp legacy systems."

Mobile Bankers Applaud Obama Plan to Crack Down on Patent Trolls
"The plan President Obama announced Tuesday to crack down on patent assertion entities or "patent trolls" — companies that buy up patents to extract licensing fees — was met with approval by attendees at the Mobile Banking Summit in Miami. Obama's plan would require patentees to file updated ownership information when filing a claim. It would let courts award attorneys' fees as a sanction for abusive court filings. It would permit a wider range of challengers to petition for review of issued patents before the Patent Trials and Appeals Board. It would protect consumers and businesses from legal liability when they use a product off the shelf and solely for its intended use."

Should A Bank Outsource Its Mobile Strategy?
"Now more than ever before, banks need to be able to offer their customers innovative digital services, and bank IT spending trends point to this conclusion. According to U.K. analyst group Ovum, mobile banking is the clear IT investment priority in 2013 among the digital channels, as retail banks attempt to capitalize on the features unique to mobile, such as location-based services. According to a report from the firm released earlier this year, spending on digital channels, which includes mobile, will grow 6.7% in North America in 2013 and rise at a compound annual growth rate of 8.2% between 2013 and 2017."

Mobile Banking Updates - April 4

Misys introduces new online and mobile banking products
"Misys has launched a new innovative range of online and mobile banking products, Misys BankFusion Digital Channels, to enhance the way banks provide products and services via the internet or mobile devices. Misys BankFusion Digital Channels comprises a range of proven and mature modules covering online banking, mobile banking, personal financial management and internet brokerage, which enable banks to extend their services and add more value to their customers."

BII REPORT: The Mobile Banking Ecosystem Explained
"Over the years, retail banks have innovated to make personal banking more convenient and consumer-friendly. They've built sprawling branch networks, introduced credit cards, and developed automatic teller machines. In its latest evolution, banking is going mobile. With smartphones and tablets increasingly at the center of financial decisions — especially those of younger consumers — banks have to get their mobile strategies right. If they don't, they risk losing business to more mobile-savvy competitors, as well as tech companies like PayPal, that are developing their own payment and personal finance solutions."

HOW TO BUILD A WORLD-CLASS MOBILE BANKING STRATEGY
"Mobile has gotten a lot of attention at banks recently. In fact, other teams in a firm’s organization are starting to feel like Jan Brady, the voices in their heads chanting “Mobile Mobile Mobile!” But there’s good reason for the increased focus on mobile banking efforts: mobile is the most important strategic change in retail banking in over a decade. It is shifting your customers’ behavior, raising customers’ expectations, and opening up new opportunities for banks, their competitors, and new disruptors."

VIDEO: HOW TO PLAY THE MOBILE BANKING REVOLUTION
"I visited Fox Business Network on Thursday, March 21, to discuss my recent column on the “cashless craze” and some stocks that investors can buy to play the trend. We hop around a bit, but the stocks highlighted here include:"

Fed: Mobile banking on the rise
"Mobile banking is continuing to gain a foothold in the United States, according to a new survey from the Federal Reserve. The percentage of mobile phone owners using that technology for banking and other financial purposes was on the rise at the end of 2012. Twenty-eight percent of all mobile phone users, and nearly half of smartphone users, reported they had used their devices for banking purposes in the last year. Those numbers represent a 33 percent increase from the last Fed survey on the issue at the end of 2011."

Mobile Banking Updates - Jan 15

Beyond Mobile Banking: Building New Consumer Apps
"Should banks and credit unions be building fun and engaging mobile apps that go beyond basic banking functions? Or should they just stick to what they know? And what kind of apps do consumers expect from retail financial institutions?"

EVEN THE BEST MOBILE BANKING STRATEGY CAN BE A VICTIM OF POOR EXECUTION
"My latest research on Building Next Generation Mobile Banking Solutions has been published for a few days now. I’ve already gotten phone calls from clients stating this research is not only timely, but speaks to the very challenges their organization is facing when considering how to build next generation mobile banking solutions. The resounding theme, as my latest research uncovers: Even the best mobile strategy can be a victim of poor execution. Digital banking executives are feeling the pain of their current mobile banking platform."

Capital One's Mobile Banking Video Campaign is Heavy on Heavy Metal
"Banks that have been offering mobile banking for some time are looking for ways to extend adoption. At Capital One (COF), the efforts include the unlikely participation of a U.K. "power metal" band called DragonForce in a new web video-dominated ad campaign."

Green Dot Plans Mobile Banking Product
"Monrovia, California-based Green Dot, the provider of prepaid cards, is getting set to launch a new, mobile bank account product, the firm said Wednesday afternoon. The firm said it will be launching the product on Tuesday, January 15th. The company disclosed the new product launch through an invite for media, analysts and investors to a live conference call. The firm has not yet announced any details of the new product. Green Dot is headed by Steve Streit."

Cachet Provides Mobile RDC for Tyfone’s Mobile Banking Platform
"Cachet Financial Solutions, a leading provider of remote deposit capture solutions, has announced a partnership with Tyfone, a mobile financial and security solutions provider, to provide mobile remote deposit services, including mobile remote deposit capture (mRDC), for their mobile banking platform. Through this integration, Tyfone is offering real time deposit capabilities, allowing funds to be directly deposited into member accounts. Midwest-based CoVantage Credit Union was the first to implement the integrated solution."