Mobile Banking Updates - Feb 21

Banks to spend $118B on tech, mobile banking in 2013
"Retail banks worldwide will increase their IT spending by 3.4 percent this year — to a total of $118.6 billion. Industry analysts at Ovum predict that spending in Asia will rise 5.1 percent, followed by North America at 3.3 percent, and Europe at 1.8 percent. In a new business trends report, Ovum said that mobile banking would be a 'clear IT investment priority in 2013.' The company suggested that total spending for online channels — including online and mobile browser-based services — will grow by 6.2 percent in 2013."

Banks responding to mobile banking expectations
"Smartphones and even tablets are becoming increasingly ubiquitous in the U.S., and as a result, it’s no surprise that expectations for the ways in which people can use their mobile devices for day-to-day tasks are rising. An October 2012 survey conducted by Performics, a global performance marketing agency, reported that 71 percent of U.S. smartphone and tablet users expect to be able to conduct their banking via their mobile devices."

Mobile Banking, not my cup of tea...
"At a Finserv conference this week, it emerged that compared to their early adopter counterparts in the US, UK consumers are seriously lagging behind in the adoption of mobile banking services. In fact, the UK is also behind many developing countries in the take up of m-banking. This is borne out when you look at the success of mobile banking applications on the market. Of all the Lloyds customers who use online banking, only a small percentage has embraced mobile banking. Ping It, Barclays toe dipping exercise in the m-banking space hasn’t really delivered – reports of uptake amongst Barclays’ customers have been pretty poor."

With 590M Mobile Banking Users Expected in 2013, New Insights From 41st Parameter Warn of Growing Fraud Threat
"41st Parameter, the global leader in fraud detection and prevention, warns that financial institutions are facing serious vulnerabilities as the usage of mobile banking skyrockets. To educate the industry, 41st Parameter has published a whitepaper that looks at adoption trends, threats and potential solutions to help mitigate the mobile risk to consumers and institutions alike. Mobile banking and m-commerce have gained massive global traction over the past three years, with almost 600M people expected to use mobile banking services in 2013, up from 185M in 2011. With so many devices from smartphones to tablets to PCs, so many transactions and growing consumer demand for mobile banking, it's easy to understand why this is a major focus for many financial institutions."

Mobile Payments & Banking Market: mCommerce Analysis, 2018 Forecasts in New Research Report at RnRMarketResearch.com
"The growth in mobile telecommunication services and ubiquitous availability of mobile phones are creating unexplored business opportunities not only for the mobile operators, but to a range of other industry participants. Mobile phones are known to transfer information, whereas mobile money enables it to transfer cash from one entity to another; it acts as an alternate payment method to transfer cash/credit/check and make financial transactions with the mobile phone. The success of M-PESA, which was launched in 2007 in Kenya and other African regions, has made the operators focus on this market."

Mobile Banking Updates - Feb 12

Mobile Banking's Privacy Problem
"The FTC issued a report Saturday calling for better privacy protection for mobile device users. Financial data is a primary focus."

Will Tablets Be the Key for Corporate Mobile Banking?
"In February's Bank Systems & Technology digital issue, we looked at the current state of mobile banking for corporate customers, and examined some of the reasons why it hasn't been as quickly adopted as on the consumer side. We also talked to several industry experts about what could change that. One of those people, Patricia McGinnis, director of the commercial and enterprise payments solution at Mercator Advisory Group, believes tablets will be the driving force behind the eventual widespread adoption of mobile banking by commercial customers."

70pc of consumers want mobile banking app to avoid financial problems: study
"Consumers have high expectations with mobile banking, but many financial institutions are not following through, according to a report from Varolii Corp. In Varolii Corporation’s “Can you Bank on your Banking App?” study, the company takes a look at the gap between what consumers are asking for from their mobile banking and how financial institutions are delivering on their needs. The report outlines specific use cases when consumers want to be notified from their bank about their accounts."

Mobile Banking Blossoms on Smartphones
"mobilesecurity.com [Mountain View, CA] With internet access present in almost every home in the country, online banking has never been more convenient. New research shows that people are no longer tied to their PC or laptop when they want to check their statements or make transfers."

With 590M Mobile Banking Users Expected in 2013, New Insights From 41st Parameter Warn of Growing Fraud Threat
"41st Parameter, the global leader in fraud detection and prevention, warns that financial institutions are facing serious vulnerabilities as the usage of mobile banking skyrockets. To educate the industry, 41st Parameter has published a whitepaper that looks at adoption trends, threats and potential solutions to help mitigate the mobile risk to consumers and institutions alike."