5 Mobile Banking Trends to Watch in 2014

"Just five years ago, mobile banking seemed futuristic, the stuff of sci-fi; but today, it has emerged as a must have, and also potentially, as a way for small credit unions to compete with big banks. A regional credit union can’t have hundreds of branches, but for smartphone carrying members, there is a branch in every pocket. That is the game-changing magic of the technology." Continue Reading

Connect Financial Software Solutions Partners With CU Wallet on Credit Union Mobile Wallet Initiative

"CU Wallet a collaborative credit union owned and directed mobile payments technology provider, and Connect Financial Software Solutions, an online and mobile solution provider for credit unions, announced they have formed a strategic alliance to enable and equip credit unions with the necessary tools to succeed in an increasingly competitive mobile payments market." Continue Reading

CO-OP Financial Services Readying Mobile Card Controls Technology for Credit Union Members

"Once used primarily for balance inquiries, mobile banking and payments now encompass an ever-growing variety of financial transactions. Consumers today have the ability to make direct person-to-person payments and conveniently access all their accounts via a smartphone. The ever-expanding use and feature set of mobile devices presents financial institutions with challenges to keep up with consumer demands, particularly for greater individual control of services." Continue Reading

Malauzai Software Gets $3M For Mobile Banking Software

"Austin-based Malauzai Software, which develops mobile banking applications for the community financial institutions market, said today that it has raised $3M in funding. The company said the Series B funding will go toward ramping up its mobile banking programs and for strategic partnerships, product expansion, and more. Source of the new funding was not announced. Malazuai said it now has 122 banks and credit unions live on its software, with 170 signed clients." Continue Reading

Mobile Wallets, Tailored For Credit Unions

"CU Wallet, a mobile payments technology provider, has launched a credit union-centric mobile wallet application. Since the announcement of the product, 15 credit unions have signed an agreement with CU Wallet, the company said. Credit unions will be able to advertise, gain insight into members’ needs, offer incentives, and broker connections back to business partners using the app, CU Wallet says.

Local and national merchants and billers will partner with CU Wallet for direct connection to credit union members through the application. Credit Unions will be able to advertise by using geo-location and transaction details to present offers and incentives inside the application on the payment module hosted by CU Wallet." Continue Reading

Mobile Banking Updates - Feb 24

Imaging Brings Coveted Ease of Use to Mobile Banking: Study
"A re-evaluation of mobile banking services is going on at many banks, and much of it revolves around the use of imaging to deposit checks, pay bills and make credit card payments. 'Mobile banking is driving a difference in consumer behavior,' says Mary Monahan, executive vice president and research director, mobile, at Javelin Strategy & Research."

CUs' Mobile Banking Enters Second Generation: Special Report
"Mobile banking is here to stay at credit unions. Today, about one-third of all credit unions offer mobile banking. The rest are likely to roll it out within the next 48 months. By comparison, online banking took about twice as long to reach similar numbers. So says Robb Gaynor, chief product officer of Malauzai Software Inc., a provider of mobile banking applications for community financial institutions, including credit unions, for News Now's special report."

Mobile Banking: The Future of Finances
"Mobile banking gives you instant access to the financial information and services that you need on a daily basis. More secure than online banking, mobile banking allows you to bring your credit union with you. To learn more about the features, check out this infographic from GCS Credit Union."

Are Mobile Banking Apps Safe?
"Mobile banking apps are architected to be secure and transactions are channeled through encrypted tunnels, but these measures are not enough to safeguard users if the mobile operating system is inherently vulnerable or if the handset is already compromised by malware. The risks related to the mobile operating system's vulnerabilities and the wireless network can provide a way in for attackers to either intercept or spy on the user's banking transactions. These risks are increased when users jailbreak their devices, regardless if it is Apple's iOS or Google's Android powering the handset."

Mobile Banking Updates - Dec 19

Bank of America's Plan to Drive Mobile Banking Beyond 12 Million Users
"Twelve million mobile banking customers may sound like a satisfactory number, but Bank of America wants more. As part of a drive to sign up more people for mobile banking, the bank is outfitting its teller stations with quick response (QR) codes that can be scanned by mobile devices to download the mobile app. David Godsman, senior vice president of online and mobile solutions, says the teller station registration is part of a multi-pronged campaign to grow mobile banking. The bank's current 12 million mobile subscribers are a fraction of its 58 million total consumer and business customers."

2012 Hispanic Mobile Banking Infographic
"The growth of mobile device technology and its usage throughout the day changes the way marketing is done. ThinkNow Research and Zpryme Hispanic Insights have collaborated to create an infographic that shows statistical trends in Hispanic mobile banking usage. Although financial institutions aggressively promote their mobile websites and applications to consumers through TV commercials and online app stores, this study shows the main reason Latinos don't use mobile banking is because they are concerned about security (44%)."

Mobile check deposits latest in mobile banking technology
"A result of growing customer demand for more technology-focused banking convenience, mobile check deposits are now available as part of the Arvest Mobile Banking application for iPhone® and Android™. This is among the most sought-after services by today’s banking consumer and is changing the way deposits are made. Mobile check deposits allow consumers to use their smartphones camera capability to take photos of a check and deposit it remotely, anytime, from almost anywhere, without ever setting foot in their bank."

Credit Unions Outperforming Community Banks in Mobile: Report
"Credit unions are outperforming community banks in mobile banking, according to new research from Pleasanton, Calif.-based Javelin Strategy & Research. Javelin examined the top ten community banks and top ten credit unions, by deposit size, and found that nine out of the ten credit unions offered web-based mobile banking, while three out of the ten community banks reviewed do not offer a single form of mobile banking."

Mobile Banking Updates - Nov 11

80 Percent of Consumers Say Mobile Banking is Important
"Verve Mobile, a leading U.S. mobile advertising company specializing in location-powered solutions, announced today the results of a study conducted across 3,500 mobile publishers that use the Verve advertising platform. The study reinforces that consumers are not only comfortable and willing to use their mobile devices for banking activities; but that they expect more, easy-to-use mobile options from their financial institutions."

Mobility Matters: Tracking the Mobile Banking Revolution in Credit Unions
"Research is making the point, emphatically: You need mobile banking, and it needs to be app based. New reports from organizations that track these things underline the conclusions that consumers want mobile banking, now, but probably most institutions can hold off on debuting next generation tech tools such as digital wallets."

Mobile Money: The Exploding New Opportunity
"The mobile money marketplace is continuing to grow worldwide, with more and more players jumping on board to reap the benefits, according to a new Market Vision report from Yankee Group. The report, “What’s Next for Mobile Money,” details the current state of the market and lays out Yankee Group’s ideas of how it will evolve in the coming years."

Bank of America’s Secret Weapon
"Apparently, Bank of America (NYSE: BAC ) is much more than its customer service faux pas. The bank felt some heat over its aborted $5 monthly debit card fee and its recent untenable requirements -- since reversed -- for customers in Sandy's path to receive fee waivers. However, in a recent report issued by research and consulting firm Celent, the bank has received top scores for new customer assistance at branch locations, as well as for being well-versed in the nuances of mobile banking."

Branch banking dies hard despite mobile onslaught: Westpac
"Mobile banking take-up skyrocketed, but it's not enough to kill off bank branches just yet, according to Westpac Retail and Business Banking Group Executive Jason Yetton. At Westpac, there is now the same amount of mobile banking transactions completed as those made in retail branches and over the phone — combined. Overall, the bank processes three times more transactions made digitally, compared to transactions made in person."

KPMG Survey: Community Banking Execs See Regulatory Requirements Stifling Growth, Driving M&A Activity
"Community banking executives say new regulatory requirements are stifling growth, negatively impacting financial performance, and driving mergers and acquisitions (M&A) activity, according to a recent survey by KPMG LLP, the U.S. audit, tax, and advisory firm. In the 2012 KPMG Community Banking Outlook Survey, 47 percent of respondents identified regulatory and legislative pressures as the most significant barrier to growth over the next year, while 35 percent said regulatory compliance costs were having the greatest negative impact on financial performance."

Mobile Banking, Payment and Rewards Growth Is Being Fueled By Top U.S. Banks
"Many consumers today are demanding the flexibility and convenience of managing their finances over their mobile phone and most of the leading banks are obliging. Eighty-one of the top 100 U.S. financial institutions currently offer some form of mobile banking, that’s an 11 percent increase from one year ago, according to a recent study that tracks mobile banking and payment offerings."

Mobile Banking Updats - Jun 27

Mobile Wallets: Big Opportunity, Big Hurdles
"What's the role of banks in the new mobile payments model? Sitting in front of a room full of bankers at the Mobile Banking and Commerce Summit in San Francisco, some of the biggest players in the burgeoning mobile wallet space wasted no time Tuesday tackling that question. The query itself suggested that banks still don't know enough about the power of mobile wallets and the potential benefits of partnering with their developers."

Tablets, Mobile Payments, Disruptors Among Hot Topics at Celent Banking Innovation & Insight Day
"Tablet banking, mobile payments and financial services disruptors were among the big topics discussed at analyst and research firm Celent's fifth annual Banking Insight & Innovation Day. The event, held in Charlotte, N.C., drew more than 100 bankers and financial services technology companies to go over the hot topics of the day. The overarching message? Change is coming to banking, and it's coming soon."

Mobile Banking Leads Survey as Next Shared Banking Service
"A majority of participating credit unions with the Credit Union Centers, a shared branching CUSO that serves primarily credit unions in Indiana and Illinois, listed having a mobile version of shared branching as a shared branch service they would most like to see developed."

Top Mobile Banking Security Tips
"Remember when mobile banking meant visiting your local branch? Today it means being able to make balance inquiries, deposits and account transfers with just a few taps on your smartphone. And that’s just the beginning. 'The scope of mobile banking has clearly expanded over the last 18 months,' said Sonia Lalli, a mobile banking analyst at Juniper Research, 'particularly because of the expanded and more intelligent capabilities offered by the smartphone, as well as a greater range of affordable non-iPhone devices.'”

Will Banking Apps Kill Debit Cards?
"Forget your debit card? Soon, withdrawals by smartphone may become routine, if they can overcome security issues that continue to plague mobile banking apps. The U.K. is making strides in mobile banking, with the Royal Bank of Scotland and NatWest developing mobile banking apps so customers can withdraw money from ATMs using their smartphones instead of debit cards."

Westfield Bank Leads the Way in Mobile Banking
"Westfield Bank (the “Bank”), a wholly owned subsidiary of Westfield Financial, Inc. (NasdaqGS:WFD), is enhancing its state-of-the-art services to customers with the release of new apps for the Apple iPhone®, iPad®, iPod touch® as well as smartphones using the Android operating system. The Bank is one of the first community banks in the western Massachusetts area to offer these high-end technology services. The Bank’s leadership is committed to keeping traditional banking services while also enabling on-the-go customers convenient access to their finances using smartphone mobile devices."

Mobile Banking Updates - Jan 15

Last Year Witnessed a Mobile Banking Lift Off
"In the span of just 12 months, a revolution in financial transactions has occurred. Mobile banking has shifted from nice to have to must have at credit unions across the country as a stampede of institutions have embraced the idea that members demand the convenience of banking from the palm of their hands."

Wells Fargo Mobile(R) Banking Application Now Available from Amazon Appstore for Android
"Wells Fargo customers who use Android-powered smartphone and tablet devices, like the new Kindle Fire, can now keep track of their finances while on the go with Wells Fargo Mobilebanking services. Wells Fargo & Company WFC +0.20% announced today its new Wells Fargo Mobile banking app for Android is available for download from the Amazon Appstore for Android."

The Path to SmartPhone Banking Apps
"Despite mobile banking's growth, many financial institutions still view it as a cost rather than a revenue opportunity. In this roundtable we discuss how banks can speed up adoption rates and increase profit margins, and where deployment of apps fits into the strategy."

Voice controlled mobile banking is the future
"Most Brits will use voice commands to carry out certain banking tasks on their mobile phones following the success of Siri in prompting the take up of voice activation services. Digital banking software maker Intelligent Environments has pieced together the trends in technology and banking and come to the conclusion that voice-activated digital banking could become mainstream in 2014."

First National Bank of Santa Fe Launches Mobile Banking Solution. Teams With Intuit Financial Services to Provide Customers Access to their Accounts Anytime, Anywhere.
"First National Bank of Santa Fe is teaming with Intuit Financial Services to offer consumer mobile banking, allowing customers the ability to access account balances, make transfers, view transaction history and pay bills via a mobile web browser, text messaging or iPhone and Android Apps."

Mobile Banking Updates - Oct 24

mFoundry Ranked Number 105th Fastest Growing Company in North America on Deloitte's 2011 Technology Fast 500™
"mFoundry, the fastest-growing provider of mobile banking solutions in the U.S., today announced it ranked 105 on Deloitte's Technology Fast 500™ ranking of the 500 fastest-growing technology, media, telecommunications, life sciences and clean technology companies in North America. mFoundry grew 985% percent during this period and is the only provider of mobile banking solutions to make the list."

Research and Markets: 2011 - 2012 Mobile Banking Vendor Scorecard: Mobile Banking Has Moved from a Nice-to-Have to a Must-Have Channel
"After a pause in 2010, consumer adoption of mobile banking skyrocketed by 60% in 2011 as hundreds of new banks went live with their mobile offerings. In this third annual review, Javelin provides a highly detailed analysis and ranking of the mobile banking solutions of 15 major vendors and identifies detailed best practices and the top 10 trends for the industry."

Case study: Citizens Bank, mobile banking and the commercial client
"Citizens Bank introduced Access Mobile, a mobile banking application for commercial customers, just about one year ago.
The app—which is available for iPad, iPod touch, iPhone, Android and Blackberry—allows businesspeople to manage their cash flow at their convenience. They can approve transactions, view account balances, approve transfers and receive alerts anywhere in the world."

Mobile Banking, Big Hit With ESP Credit Union’s
"Ten credit unions in the past 3 months have signed up for ESP’s Mobile Banking solution. 'We looked at a number of solutions to integrate into our ancillary service offerings. Although we found some great products, we figured we could build a solution that would be much more cost effective and run on more phones than the solutions we were looking at could offer,' said Matt Lefler, ESP Vice President. One of the first adopters was Oshkosh Truck Credit Union and here is was President, Sara Steichen had to say, 'We are a small credit union, but like to be on the cutting edge of technology.'"

Credit Unions, Banks and Mobile Banking

Let me begin by saying that I began my career at a credit union, and I have only positive things to say about the experience. In fact, the member service that I witnessed during my time at IFCU is among the best I've seen during my 17 years in the financial industry.

That said, earlier today I read an article on the CUNA website titled, "CUs ahead of competitors on mobile banking," and there's some terminology that I'm struggling to justify. For instance, the article states, "credit unions are leaders in the mobile banking efforts surfacing so far."

How is the term "leader" is being defined? If you look at quantitative data such as "number of users" then clearly Bank of America is in the lead with nearly 1 million clients. Or, if you consider the qualitative such as "depth-of-solution" I would again argue that the banks such as Wachovia and Wells Fargo would be at the fore front.

The article references a study that says, "23% of the largest credit unions" versus "17% of the largest banks." And again I'd suggest that the terms are a little vague. Are we comparing the top 25 banks and the top 25 credit unions, or are we relying what appears to be a more subjective definition of "largest."

Just a little food-for-thought: Always remember to dig into the data behind the research before you accept the executive summary as gospel.