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

Mobile Banking Updates - April 28

Mobile Banking: The Next Big Thing Is Finally Here
"After years of over-promise, mobile banking has hit a tipping point. With streams of customers in developed and developing countries alike growing swiftly, new business opportunities are pitting banks against tech companies, retail giants and others for control of the electronic wallet. The Aite Group projects that, with rising smartphone use driving more consumers to mobile banking in the U.S., the number of people who will tap their bank account with a mobile device will rise from 33 million in 2012 to 96 million by 2016 – a 30% annual growth rate. The number of mobile bank customers will double over the next two years alone."

WHO LEADS IN MOBILE BANKING: FORRESTER RANKS 15 BANKS AROUND THE WORLD
"Mobile banking success is a moving target: Customers needs and expectations are changing rapidly, and eBusiness teams at banks are sprinting to get ahead of their customers’ expectations. To achieve this, firms are rolling out new features, optimizing existing services, and enhancing mobile experiences. To understand which firms are leading in mobile banking — and to better gauge the mobile banking landscape overall — we used our Mobile Banking Functionality Benchmark to evaluate and rank the mobile banking efforts of 15 of the largest banks in North America, Western Europe, and Australia."

Chase Crowned First Place for Mobile Banking (Again): Study
"JPMorgan Chase took first place for the second consecutive year in a mobile banking functionality ranking published by Forrester Thursday. The research firm evaluated and ranked 15 large banks' mobile banking services, including Bank of America, Chase, Citibank and Wells Fargo in the U.S.; Barclays, Lloyds TSB, NatWest and HSBC in the UK; Royal Bank of Canada (RBC) and TD Canada Trust; Commonwealth Bank of Australia; la Caixa in Spain, Postbank in Germany, Rabobank in the Netherlands, and Société Générale in France. Chase, which earned 71 out of 100 points, was particularly praised for its transaction functionality. Forrester highlighted how the New York bank offers useful contextual options such as the ability to add a payee for person-to-person (P2P) payments by importing the customer's contacts from his phone."

Access Softek integrates mobile banking tech with Geezeo PFM tools
"Access Softek, Inc. and Geezeo, two proven technology innovators, today announced their partnership. Integrating Access Softek's mobile banking with Geezeo's personal finance manager (PFM) launches the next generation of mobile banking. As a result of this partnership, users will have a single mobile product that combines complete day-today financial operations with planning and goal management. Access Softek's Mobile Finance Manager offers extensive functionality including true real-time deposit capture, bill pay, P2P transfers, and more. Incorporating Geezeo PFM capabilities like account aggregation, auto-categorization, and spending alerts gives users unprecedented personal finance power while on the go."

Mobile Remote Deposit Capture and More Convenient Banking
"Quick now, what is the one technology that presently is revolutionizing banking as we have known it - killing off branches, cutting down on accont opening frauds, and in general changing just about everything we do with our financial institutions? But the real answer is the camera - a mashup that dates back to 1997 when tech guerrilla Philippe Kahn is credited with marrying a Casio camera to a Motorola Startac so that he could snap the first ever cellphone picture which happened to be of his newborn daughter Sophie. And there started the revolution, with every smartphone we know of now featuring a powerful camera as a built-in freebie."

Chase and la Caixa top mobile banking study; HSBC bottom of the pile
"Chase has topped Forrester Research's mobile banking rankings, with Spain's la Caixa proving Europe's top dog and HSBC trailing badly at the bottom of the table. Forrester put the mobile services of 15 major banks from around the world through their paces, judging them on the range of touch-points for access; the enrolment and login process; money management services; transactional features; service features; cross-channel functionality; sales services; and usability. Out of 100, the banks scored an average of 56 points, with US giant Chase leading the pack on 71. Chase scored particularly well - 86 out of 100 - on transactional functionality, thanks to useful contextual options such as the ability to add a payee for P2P payments by importing the customer's contacts from their phone."

Mobile Banking Updates - April 7

RBS Group Endures Mobile Banking Outage
"Bank divisions of The Royal Bank of Scotland Group suffered from a mobile banking app glitch for a few hours late last week. The outage affected mobile banking customers at RBS, NatWest and Ulster Bank. All three banking units took to Twitter to inform their customers about the technology issue."

Texas Trust Launches Mobile Deposit for Consumer Banking Applications
"Mobile banking has become more convenient at Texas Trust Credit Union with the introduction of mobile deposit. This new mobile banking service allows members to deposit checks in real time from anywhere, simply by taking a picture of the check with a smartphone or mobile device."

Mobile Commerce Market Shows Continued Growth, No Consensus on Mobile Payment Methods
"The report also provides a quick overview of mobile banking, which includes services such as balance inquiries, transfers, bill payments and applying for loans and credit. According to data from Forrester, by 2017 mobile banking’s user base will double to 108 million — 46 percent of all US bank account holders. Mobile automated clearinghouse rules were adopted in the US in January 2011, while a Vodafone-sponsored mobile banking service called M-Pesa helps govern mobile banking transactions in seven developing nations including India, Kenya and Tanzania."

Half of American smartphone owners use mobile banking
"Nearly half of American smartphone owners used their handsets to access financial accounts last year, according to research from the Federal Reserve Board. The FRB's poll of nearly 2600 people late last year shows that 48% of smartphone owners had used mobile banking in the previous 12 months, up from 42% in a December 2011 survey. Of all mobile phone owners, 28% had used their handsets to access a bank, credit card, or other financial accounts, up from 21%."

Regions Bank Rolls Out Innovative, New Mobile Apps That Let Customers Make Deposits, Load Pre-Paid Cards and Select Speed of Funds Availability
"Mobile Banking customers can now make deposits to their accounts using their mobile device. With the introduction of Regions Mobile Deposit, customers can now use their phone or iPad to take a photo of a check and place those funds in a consumer deposit account or load them to a Regions Now Card, a reloadable Visa® prepaid card. The Mobile Deposit service has three funds availability options – a standard option of two business days, an intermediate same day availability option, and an immediate availability option. Costs per Mobile Deposit transaction are as low as 50 cents."

Intuit Making Mint Available to Banks
"Intuit Financial Services announced today it is making popular PFM tool Mint available to financial institutions to integrate into their online and mobile banking services. Intuit, which acquired Mint in 2009, will offer the Mint integration on a limited basis in 2013, before rolling it out to its more than 1,200 financial institution clients in 2014."

Mobile Banking Updates - Feb 3

Mobile Banking And Payment Startup mFoundry Sold To FIS For $120M On $165M Valuation
"Some consolidation in the world of mobile payments and mobile banking: mFoundry is getting acquired by FIS for $120 million. FIS — a banking and payment provider that works with some 14,000 banks worldwide — already had a 22% stake in the company; today’s deal will see it paying for the remaining 78% in cash, for a total valuation of $162-$165 million. mFoundry provides mobile banking and mobile payment solutions to some 850 banks and retailers, including Bank of America and Starbucks, which uses some of mFoundry’s technology to enable mobile payments, which complements the partnership that Starbucks has with Square."

Apple Patents Crowdsourced, Peer-To-Peer Mobile Banking That Could Use iTunes To Provide Cash On Demand
"Today the USPTO published an Apple patent application (spotted by UnwiredView) that ventures a little farther afield than most, and describes a mobile banking concept that is truly innovative, which could essentially turn iTunes into a micro-lending bank. The patent outlines a system whereby a user would post requests for small amounts of cash using their iPhone, which other nearby users could respond to to provide some quick funds when there’s no ATM nearby."

HOW TO ENCOURAGE MOBILE BANKING USE
"When we look at our Technographics data on mobile banking adoption by bank, it’s clear that some banks are doing much better than others. Why? Some banks are lucky. Some banks have distinctive brands or propositions that have earned them a customer base that is younger, better educated and higher income than the population as a whole. These customers are more likely to own smartphones, more like to use the mobile Internet, and more likely to be technology optimists. That makes them pre-disposed towards using mobile banking and so relatively easier to persuade to adopt mobile banking. Others have just worked hard. The rising tide of mobile Internet adoption is not raising all boats at equal speed. Some banks have persuaded far more of their customers to use mobile banking than others. The secret of their success? The digital banking teams at the most successful banks have worked long and hard to design, build and promote mobile banking services that meet their customers’ needs."

Mobile banking focuses on customer convenience
"Mobile banking is all about convenience. 'Customers don’t go anywhere without their phones anymore. With mobile, it’s all right there,' said Brad Larson, Great Western Bank operations manager. Great Western Bank launched mobile services last year, with text banking, a mobile website and applications for Apple, Blackberry and Android mobile devices."

Mobile Banking Update - Oct 7

For Credit Unions, Mobile Deposits Are a Lifeline — But Are They a Fee Generator?
"Mobile remote deposit capture (RDC), or the use of the camera on a mobile device to create an image of a check for deposit, is expanding across financial services. While larger banks offered the service initially, credit unions and community banks are also quickly adopting mobile RDC, a move that can boost overall use of electronic channels. While almost all financial institutions want to boost mobile and web banking, it's vital for smaller institutions to do so to reduce service costs and accommodate the lack of a geographic footprint."

Apple iPhone Users Most Likely To Research Products, Buy And Bank On Their Devices
"People who own iPhones are much more likely to research buying decisions, comparison shop, and actually purchase things on their devices than are mobile users on Android, BlackBerry or Windows Phone devices, according to a new study by Forrester which polled over 50,000 mobile device owners. 85% of iOS device-toting adults 18 or older use their iPhones for shopping-related research, and 69% percent have pulled the trigger and actually bought something."

Sound Bytes from SM2: Marketers Place Their Bets and Dollars in Mobile
"The Mobile Marketing Association (MMA), the leading global trade association for the mobile marketing industry, celebrated its inaugural SM2 conference, Smarter Mobile Marketing, with a stellar line up of speakers including Michelle Peluso, Global Consumer Chief Marketing and Internet Officer, Citigroup, as well as David Kenny, Chairman and CEO, The Weather Channel Company. Sprint also used the SM2 stage to unveil an exclusive mobile announcement."

Customers Increasingly Rely on Mobile Banking
"Smart phone growth has completely remolded the way people manage their accounts and finances day-to-day. The release below reveals powerful numbers reflecting the growth of mobile banking over the past several years, forecasts what's to come as it continues to grow and how Arvest Mobile Banking has become a key product to keep up with customers' needs."

Reader Forum: Top-up, remote payments, mobile banking – not NFC – are the real opportunity for m-commerce
"Most conversations today surrounding mobile payment solutions are overly focused on the opportunities promised by near field communications technology and how this functionality will transform the point-of-sale experience in developed markets. Inevitably, however, these discussions quickly digress into the complexity surrounding handset and chip manufacturing, the security of cardholder data and payment information and the challenges involved in point of sale integration."

Mobile Banking Updates - Sept 4

Fast-Growing Companies in 2012: Technology
"Mobile banking technology developer mFoundry has announced a number of notable additions to its list of clients this year, following an $18 million infusion of growth capital in late 2011. The Larkspur-based firm, launched in 2004, currently provides cloud-based mobile banking and payments to over 700 banks and credit unions nationwide and one-third of the top 50 financial institutions in the United States. The company reports 10 million users, and also operates the Starbucks Card Mobile platform for Starbucks Coffee Company."

For Popular of Illinois, Small-Business Mobile Banking Is All About Entitlements
"To provide mobile banking for their small-business clients, some banks recast and remarket their consumer mobile banking programs rather than create something new. The critical piece that such an approach lacks is entitlements — giving the small-business owner a say in who can do what in the business account, says Javier Reyes, vice president, manager of cash management services for Popular Community Bank, Chicago. The bank last week launched a homegrown small-business banking application."

Want banking innovation? Stop hiring bankers!
"The shifting landscape of providers offering banking services is likely to force the (till date) in-bred banking sector to make acquisitions outside, bringing in leaders with techno-business backgrounds at the helm of bread-and-butter businesses divisions rather than just at the fringes (e.g. "Head of Mobile Banking") as has been the case so far. From being the "electronic data processing" department, technology in banks has come a long way."

How Mobile Is Changing Community Banks
"Some community banks are quickly leveling the playing field with larger ones in the mobile channel, introducing services like mobile remote deposit capture and mobile P2P almost immediately after (or sometimes even before) the bigger banks get around to it. But mobile is also changing the traditional value proposition of a community bank where you walk through the branch door and everyone knows you. Instead of going to the branch, people are using their mobile devices for simple transactions, potentially making it more difficult for community banks to deliver the personal touch that is at the heart of their value to the customer."

Numbers: Sunny Outlook for Mobile Banking (U.S.)
"ComScore's latest mobile usage numbers provide useful context as you head in to the 2013 business planning cycle. With 42 million monthly smartphone users, mobile banking penetration (38%) is similar to other specialized information services such as sports (39%), news (49%), and movie info (30%)."

SunTrust updates smartphone app to accept mobile deposits
"In keeping step with banking giants Bank of America, Wells Fargo and First Tennessee, SunTrust Banks Inc. has released an update to its mobile banking smartphone app to include mobile deposits. Using their smartphone’s camera, SunTrust (NYSE: STI) customers can now take a picture of the front and back of their checks to submit them for deposit."

Do Banks Really Need To "Own" Mobile Banking?
"Australian Banks have often been at the forefront of global banking trends, or at the very least, fast followers that learn quickly from the mistakes of others. In Australia, mobile banking has quickly become a "war" amongst the majors with a range of different banking services and approaches - from basic access to transactional histories, transfers, payments, integrated retail services, and even near-field-communications-based micro-payments systems. But how much of the mobile banking channel do banks really need to own? Most banks no longer own or operate their own ATM networks. They control the flow of transactions through that channel, but they generally have little to no interest in owning the assets or operating ATM cash management processes."

Mobile Banking Updates - Aug 19

Mobile Banking Adoption Triples in Two Years
"Mobile banking adoption has tripled in the past two years, according to research from Dallas-based SWACHA, a not-for-profit electronic payments association. According to SWACHA’s Consumer Insights Survey, which polled 600 Texas residents in August 2011 in partnership with research and marketing firm Decision Analyst, 20 percent of respondents said they currently bank on their phones, compared to 7 percent in 2009."

Report: 108 Million U.S. Mobile Banking Users by 2017
"Forrester Research in its newly issued “The State of Mobile Banking 2012” dropped a huge bomb: Much quicker than many expected, mobile appears primed to emerge as a dominant banking channel with a predicted 108 million users by 2017, per Forrester. That pencils out to some 46% of all U.S. bank account holders. By contrast, around 13% of present U.S. account holders have done mobile banking."

Online vs. mobile banking
"A new study from Javelin Strategy & Research shows that banking customers are still primarily relying on online tools over mobile apps to manage their money. According to two surveys of 8,400 consumers, only 8 percent of customers have transferred funds between their own accounts using a phone."

BofA Mobile Deposits: Better Late and Great Than Never
"Bank of America's iOS app is one of the oldest in the App Store, but it's been given a facelift that brings in some useful new features. Chief among them is mobile deposit, which lets users deposit checks simply by sending photos of checks to BofA via the app. Banks like Chase beat it to the punch on this feature by a matter of years, but BofA customers will still likely appreciate the upgrade."

International Mobile Banking Updates - Jul 31

Smartphones set to change mobile banking for good
"The way we do banking on our mobile phones is changing rapidly, very rapidly. While most cellphone banking in emerging markets like South Africa is still conducted via text messages, people are increasingly also using phone browsers for their banking. In fact, the latest survey results from tech research company World Wide Worx suggest that more than a third of South Africans now use their browsers for mobile banking. That said, only five percent of cellphone bankers exclusively use phone browsers for the purpose, but a further 36% use their browsers as well as text-based services like USSD and SMS."

Mobile banking has failed to take off in India: RBI
"The Reserve Bank of India (RBI) deputy governor H R Khan has hinted that mobile banking has failed take-off in India and hence has called upon banks and mobile companies to work together for the benefit of their customers. At a seminar in Bhubaneswar, Khan said that the growth rate in the value and the volume of mobile based transaction is much lower compared to the number of bank accounts and number of mobile subscribers."

Digicel, Boom Sign US$17m Mobile Banking Deal
"The deal, completed late last week, is expected to result in products that offer lower transaction fees than remittance services that can cost some 10 per cent on US$100 of transfer. 'Our investment in Boom Financial is a reflection of the strong value of the Boom service and the high-quality company that the team has built. Digicel's customers in the Caribbean and Central America receive more than US$5 billion a year in cash remittances from the US,' said Colm Delves, CEO of Digicel Group, in a release posted on Digicel's website."

Westpac unveils new mobile banking app for iPad
"Westpac has today officially unveiled its new iPad banking application, the Westpac Mobile Banking for iPad app. The bank says the new app focuses entirely on the customer experience and was built using "enormous amounts" of customer feedback. The app was launched in the iOS App Store on Tuesday 10 July but was formally unveiled at a media briefing in Sydney today. Despite the launch of the new app on Apple's iOS platform for iPad, Westpac declined to confirm when a version of the app would be available for Android tablets."

Mobile Banking Services Coming Up In Malaysia
"Malaysian Electronic Clearing Corp Sdn Bhd (MyClear), a wholly-owned subsidiary of Bank Negara, has teamed up with three banks and is working with another three this year to offer mobile banking services. The three banks that it has tied up with to offer mobile banking service, scheduled for the fourth quarter, are: Malayan Banking Bhd, CIMB Bank Bhd and Public Bank Bhd. It, however, did not disclose the names of the other three banks."

20% of European online shoppers already use mobile payments, finds Forrester
"One-fifth of Western European internet users use mobile banking today, according to a new Forrester report based on more than 13,600 consumer surveys. SMS alerts are still the most popular form of mobile banking in most countries, but use of mobile banking apps is growing fastest. As mobile Internet use explodes and mobile banking is displacing use of other channels, Forrester believes that ubiquitous mobile banking will mark a bigger strategic shift for the industry than home-based online banking. Banks need mobile banking to provide a platform for mobile payments and to protect their retail payments businesses from digital disruption."

Mobile Banking Updates - Jul 26

4 Ways Smartphones Will Replace Brick-and-Mortar Banks
"There's an app for just about everything these days, from blowing out your birthday candles to helping UC Berkeley measure earthquake severity. A lot of us have jumped on the smartphone bandwagon. Worldwide, 1.2 billion people regularly access the web from their smartphones. But it's not just mustachioed apps that are drawing us to our phones; we're conducting serious business on-the-go. More than half of U.S. smartphone users are accessing mobile banking features, according to a Digital Trends white paper."

Mobile banking: One channel to rule them all?
"The report, based on more than 13,600 consumer surveys, finds SMS alerts are still the most popular form of mobile banking in most countries, but use of mobile banking apps is growing fast, rapidly displacing other channels. Forrester believes that ubiquitous mobile banking will mark a bigger strategic shift for the industry than the adjustments needed to accommodate home-based online banking."

Community Banks and Credit Unions Work with Malauzai to Enhance Users' Mobile Banking Experience
"When a customer of a bank can register for mobile banking instantly on a Sunday afternoon when the bank is closed, and deposit a check minutes after downloading the SmartApp, that is a great experience. When a credit union member can turn their debit card off and on to stop fraud in its tracks, that credit union is delivering a great member experience. Enabled by a second generation mobile offering that connects directly to the core system, more than 60 community banks and credit unions now leverage solutions from Malauzai Software, Inc. to create a rich user experience."

Mobile Banking Updates - July 1

Microsoft makes a move in mobile payments
"Somewhat sadly, Microsoft has been an afterthought when it comes to the mobile payments battle--until now. With Windows 8, the Redmond, Calif., giant seems bent on taking on Google as an NFC digital wallet provider, a rare chance for it to play the underdog. The company's Windows 8 launch presentation was heavy with plugs for its planned NFC component and it showed off a wide array of features in a bid to offer 'the most complete wallet experience.' That's a big challenge."

Mobile Banking vs. Online Banking
"Tamara here, AllClear ID Investigator. Financial institutions have been working for years to make banking more accessible and convenient for their members. It started with ATMs, then with Internet banking, and now mobile banking. Mobile banking is convenient in that with a phone that has the capabilities, starting with text transaction processing and now moving to online access. Let’s compare mobile banking versus Internet banking."

Big Study Examines Retail Banking Channel Preferences
"Cisco has released findings from a broad, multi-channel study, gauging consumer preferences for branches, mobile, video and social. Released through its Internet Business Solutions Group, Cisco’s survey encompassed some 5,300 consumers across eight developed- and emerging countries: US, UK, Canada, Germany, France, Brazil, China and Mexico."

Tablet Interest Builds in Next Phase of Mobile Usage
"Just as one format for mobile banking enters the mainstream, another form is beginning its stampede across the financial services landscape. The word among some industry leaders is that, suddenly, apps for tablet computers are a must- have. Transformational as mobile phones have proven, the changes now are accelerating with tablet computers such as Apple’s iPad and Amazon’s Kindle Fire."

Banks to invest more in mobile
"With interest growing in mobile banking, retail banks plan to invest more in mobile technologies, according to a new report by Forrester Research. The mobile investments will focus on alerts, remote deposits and person-to-person payments, according to the survey conducted by Forrester Research of members of Consumer Bankers Association. Almost 20 percent of U.S. online adults are active mobile bankers, according to Forrester."

Mobile Banking Updates - Jun 26

Mobile Banking is Here to Stay
"If there was one overarching theme that came out of Bank Systems & Technology's Virtual Event "How Mobile Is Transforming Banking's Competitive Landscape" on Thursday it's that mobile is indeed the future. While mobile banking adoption sits in the 10-15 percent or so range -- and even less for tablet banking -- the numbers are increasing every day, as technology continues to rapidly advance. It's not a stretch to say that within five years, most bank customers with access their account via a mobile device. We've collected the top quotes from the BS&T event about all things mobile."

Targeting Underbanked Consumers With Mobile Banking Solutions
"Underbanked consumers — those without a checking account — rely on their mobile phones more so than other segments, making them a prime target for mobile banking services, mobile prepaid, and mobile P2P money transfer solutions. Mobile services and the underbanked are two of the hottest topics in the financial industry today, but few people weave the two issues together. But a new study from Javelin Strategy & Research suggests financial marketers might be missing a huge opportunity by tackling mobile and the underbanked separately."

Forrester/CBA Survey: Retail Banks Increasing Mobile Investment
"Responding to consumers' growing interest in banking from their mobile devices, retail banks plan to invest more money to enhance their mobile offerings, according to the first-ever survey of Consumer Bankers Association (CBA) members conducted by Forrester Research, Inc. FORR +2.15% in collaboration with CBA's Emerging Channels Committee. CBA members reported they will spend one-third of their total digital budget on the mobile channel this year. The joint research project surveyed digital executives at 19 leading US and Canadian banks. The findings -- summarized in a two-part report, "The State Of North American Retail Banking eBusiness 2012" -- enable eBusiness & Channel Strategy professionals in the banking industry to benchmark their priorities, goals, and metrics."

Consumers Seek Specialty Branches and Stewards of Their Digital Footprints
"Mobile banking may get all the attention, but among virtual banking channels, it's online banking that really resonates. And bricks-and-mortar branches still have plenty of room to run. So concludes a survey released Wednesday in which Cisco asked 5,300 consumers in eight countries how they would like to bank."

Seven Notes on Mobile Payments and Mobile Banking
"1) Eleven percent of consumers made a mobile payment in 2011. 2) Demographics say that the future of banking is mobile. People aged 18 to 29 are three and one-half times more likely to use mobile banking as compared to people aged between 45 and 59. Latinos and African-Americans are both more than one and one-half times more likely that non-Hispanic whites to use mobile banking."

Credit unions keeping pace with mobile banking trends
"A rise in mobile banking is prompting area credit unions to revamp some products and offer new services to meet consumer needs. A recent study issued by the Federal Reserve, titled Consumers and Mobile Financial Services and dated March 2012, states that nearly one out of every five Americans with a bank account and mobile phone has used their phone to check account balances and conduct banking."

Mobile Banking Updates - Feb 19

Barclays introduces Pingit - Mobile Banking app that lets you transfer money via text
"Barclays have release a mobile banking app called Pingit for BlackBerry smartphones. While a lot banks have been releasing apps where you can view your bank balance as well as transfer money, you could only do this between your own accounts. The Barclays Pingit app goes a step further and allows you to send money to other Barclay customers as well as non-Barclay customers. Better yet transfering money is as easy as sending a text."

Research and Markets: 2011 Mobile Banking Financial Institution Scorecard: Money Begins to Move on Mobile
"Consumer satisfaction with mobile banking is high and adoption is soaring as financial institutions move beyond mobile monitoring and into money movement with mobile P2P transfers and mobile remote deposit capture offerings. Javelin's third Mobile Banking Scorecard examines the 23 mobile banking offerings of the 25 largest retail banking financial institutions measured by deposits."

Intuit Releases iPad Banking App
"This week Intuit Financial Services announced the availability of its iPad application for banking. Banks and credit unions can offer the app to their customers under their own brand names through the Apple iTunes store. The Intuit Tablet Banking app for the iPad is similar to the company's mobile banking offerings for smartphones, but it takes advantage of the iPad's large screen by offering more robust graphics and interactivity."

The Data Digest: Mobile Banking Uptake
"The New York Times recently published an article based on a Forrester report (Mobile Is The New Face Of Engagement) about the uptake of smartphones worldwide in the years to come. And for 2011 it was estimated that just under 500 million smartphones were shipped. Knowing the drivers behind the growth of smartphones gives businesses confidence in mobile technology investment — even when uptake is currently still limited."

Mobile Banking Updates - Jan 4

Mobile Banking to Mature, Expand in 2012
"In a recent survey conducted by Forrester Consulting on behalf of financial services technology specialist Fiserv, analysts discovered that several innovative solutions may expand the functionality of mobile banking in 2012.

'After several years of technology-driven expectations, mobile banking is finally seeing sustained traction in the U.S., and banks have rolled out support broad enough to enable consumers with nearly any mobile device to access basic banking functionality,' explained Forrester vice president Brad Strothkamp."

2011 - Review of the Year
"Oh what a year that was. So much going on, at such breakneck speed, that it was hard, at times, to keep up. What better way to end the year then, than with a round-up of the highlights of the past 12 months in mobile marketing.
We have tried to keep this brief, but with the best part of 2,500 stories to summarise, we apologise if our version of brief doesn't quite tally with the accepted one. But if our roundup helps you get a feel for what's been going on over the past 12 months, in return for just 10 minutes or so of your time, we hope you'll forgive us..."

5 Ways Mobile Banking Alerts Can Benefit You
"Some people are only comfortable when they're keeping constant watch on their finances -- and it can seem even more important during an economic recession, when money may be tight or job security uncertain. The fear of fraud has also grown, as banks rely increasingly on potentially insecure processes like electronic transactions."

Monitise, FIS agree to develop mobile money services
"Monitise has signed a five year strategic partnership agreement with banking and payments technologies provider, FIS, to develop mobile money services for existing and new clients in a move that is expected to further strengthen FIS's role for financial institutions. Under the terms of the deal, a mobile development and deployment team will be created to help banks and other financial institutions in creating new secure products and services to defend and extend their role in the payments industry."

Anchor Bank Selects Premier from Fiserv
"Fiserv, Inc., a leading global provider of financial services technology solutions, today announced that Anchor Bank, headquartered in Aberdeen, Wash., has selected the Premier(R) bank platform and a host of additional Fiserv solutions. The $489-million financial institution cited the flexibility and integration of Fiserv products and services, plus enhanced efficiencies, as key factors in its decision to choose Fiserv."

INFOGRAPHIC: How Will Mobile Banking Change In 2012?
"These days, just about anyone with a smartphone can find a nearby ATM with a few keystrokes, divvy up funds across several accounts and pay bills in seconds. And if this report by Fiserv, Inc. is any indication, you can expect even more mobile banking advances in the new year. Eight of ten banks surveyed said they're planning to invest big-time in a suite of mobile payment functions that will undoubtedly make your life easier."

Mobile Banking Updates - Aug 29

Forrester Reports Surge in Mobile Banking Among Canadian Consumers
"Mobile banking adoption in Canada jumped by 8% in two years, according to a new report from Forrester Research. The firm cited the percentage of Canadian consumers who use online banking as 1 in 2008 and 9 in 2010, based on surveys with more than 5,000 online Canadian adults.

Use of mobile phones for investment and insurance activities remains rare in Canada; fewer than 5% of online Canadians who have an investment account report mobile investing and insurers and brokerages offer few mobile options, Forrester found. However, Forrester said based on past American and European mobile trends, Canada should soon see an increased use of mobile services for investing, trading, insurance and payments."

Don't Send Your Third Party Checks To Schwab Bank
"Overall, customers seem pretty happy with checking accounts from Charles Schwab Bank: especially the part where you can deposit checks by mobile phone and have your ATM fees refunded. Dan came across a situation where online-only banking is not superior, though: when you need to deposit a third-party check. That is, a check made out to someone else, but endorsed over to the account holder."

BNZ mobile apps flying off the shelves
"BNZ’s newly launched suite of mobile banking applications exceeded the Bank’s expectations with the service being accessed over 122,000 times and more than $27 million worth of transactions and bill payments made in just 8 weeks.

BNZ’s mobile banking service launched on June 30 with an iPhone app and mobile banking website, followed five weeks later by New Zealand’s first dedicated Android app for mobile banking. During this time these two applications have been downloaded more than 22,000 times by Kiwis eager to get their banking done on the go."

Path Solutions launches new Mobile Banking solution
"Multi-award winning software provider Path Solutions announced yesterday that it has launched iMAL*2Mobile, a new Mobile Banking solution that allows financial institutions to better respond to the growing and evolving customer demand for mobile-based capabilities using smart phones.

iMAL*2Mobile is a multi-channel mobile solution for customers to conduct banking transactions via Mobile Web browsers, but it also allows quick access to their account positions and transactions history. It boasts powerful end-user features including value-added services such as instant Chequebook requests, fund transfers and bill payments."

Mobile Banking Updates - Feb 6

Mobile RDC First, Then Banking
"Mobile tech firm mFoundry’s looking to tap a niche’s niche—banks that are warming up to mobile financial services by offering remote deposit capture first, then rolling out full-fledged mobile banking later—by developing a new standalone mobile deposit solution that can seamlessly convert to full mobile. The product is aimed at banks that don’t have a mobile banking offering, enabling consumers to deposit checks via handsets. This app is pre-integrated with mobile banking capabilities, which can be rolled into the RDC app when the bank’s ready."

Mobile banking is primary channel for 13%
"Mobile banking is becoming the primary channel for interacting with the bank for a growing number of users. In May 2010 USAA reported that 38% of their mobile banking users considered mobile to be their primary interface with the bank. Now research firm Novarica has found that 13% of smartphone users consider mobile their primary means to check balances."

Forrester: Banks Must Innovate for Mobile Banking Growth to Continue
"Since 2007, mobile banking has more than doubled in use. According to analyst firm Forrester, this trend will continue, with usage again doubling by 2015, but analyst Emmet Higdon says that a few changes and realizations need to be made for mobile banking to really catch on.

According to Higdon, mobile banking lacks 'any clear differentiated functionality' and 'appeals most strongly to those consumers already inclined to use the mobile channel.' To really gain adoption, says Higdon, 'U.S. banks will need to enhance today's functionality significantly.'"

Finovate so far: the big themes in banking
"Some of the best minds in business are gathered at the London Business Design Centre today to witness cutting-edge financial and banking technology innovations at Finovate 2011. Chris Skinner kicked off the show by talking about what he sees as the top themes in innovation and the things he believes are having the biggest impact on banking."

Heartland Bank Launches iPhone App!
"G. Scott McComb, President and CEO of Heartland Bank is pleased to announce the launch of the iPhone App with Heartland Bank's Mobile Banking. Heartland Bank online banking customers can access their account information via SMS Texting, Web Browsing, or with the Heartland Mobile Banking App from the Apple Store!"

Comerica Unveils Mobile Banking Apps
"Comerica launched a Mobile Banking downloadable application (app) for the iPhone in the Apple App Store, and a downloadable app for the BlackBerry is also available. The downloadable apps for Comerica Mobile Banking allow customers to use their smart phones to securely view balances, check recent account activity, perform funds transfers, pay bills, and locate Comerica ATMs and banking centers, the Company said."

Banks Have Yet to Create the Killer App for Mobile Banking
"Although the use of mobile banking has grown from 5% of the U.S. online population in 2007 to 12% in the second quarter of 2010, according to a report released this week by Forrester senior analyst Emmett Higdon, such that 10 million Americans engage in mobile banking today, banks have yet to create the kind of 'killer app' that will make mobile banking truly appealing to bank customers."

Mobile Banking Experiencing Increased Adoption

Just before the holiday season Nancy Feig published an article in Bank Systems & Technology titled Mobile Banking Experiencing Increased Adoption. The article is extremely well written and does a fantastic job of analyzing the mobile banking landscape. In fact, the article includes quotes from a number of individuals including representatives from financial institutions, research firms, and vendors:
Stessa Cohen (Gartner)
Catherine Graeber (Forrester)
Drew Sievers (mFoundry)
Tripp Rackley (Firethorn)
Doug Brown (Bank of America)
Debbie Cox (Irwin Union Bank)

Click here to read the full article.

Mobile Banking, Forrester & The Itsy Bitsy Spider

This morning I was reading a new paper from Forrester titled “Raining On The Mobile Banking Parade.” While reading I was reminded of the nursery rhyme – The Itsy Bitsy Spider (yes I have two little ones at home.) I was reminded of this nursery rhyme because the interpretation of the research paints a very bleak outlook for mobile banking; however, upon digging into the data it actually seems to support the theory that there is tremendous potential for the mobile channel.

Specifically, please review the data in row four of figure 4-1. The question was essentially, “How interested are you in mobile banking?” Now, I’ll refrain from sharing the specific results, but I can tell you that the sum of the percentages would result in a year one adoption rate that is significantly higher than my targeted projection. In fact, I would consider a phase one adoption percentage that high to be a magnificent success.

No offense to Forrester, they are a tremendous research firm and I highly respect their talented staff. That said we must keep in mind that research is simply data and the analysis of that data is strictly an opinion. So, before you scrap your mobile banking plans I would suggest that you review the numbers and form your own judgment.

…Out came the sun, and dried up all the rain
So the itsy bitsy spider climbed up the spout again.