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 Banking Updates - Sept 15

Digital strategies must 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, says Javelin Strategy and Research in a recent report. The firm also released a new competitive benchmark service, Outperform, which is a result of analyzing over 20 leading financial institutions. It provides insights to improve each banks’ return on investment on emerging bank services—mobile and online banking services."

Banking leads on-device conversion
"Banking and finance has the highest level of mobile conversions of any category at 54%, according to new research which also shows that half of US mobile banking and finance activity is transactional, and half search and browsing. The findings form part of the Annual US Mobile Path-to-Purchase Study, from xAd, the mobile advertising platform, and Telmetrics, the call measurement company. This is based on data from an online survey of 2,000 US smartphone and tablet users and observed consumer behaviors from Nielsen's Smartphone Analytics Panel of 6,000 Apple and Android users."

First Hawaiian Bank Now Offering "Mobile Deposit"
"First Hawaiian Bank will begin offering Mobile Deposit, an innovative service that allows customers to deposit checks using their smartphones or iPads, according to an announcement today by Bob Harrison, the bank’s president and chief executive officer. Mobile Deposit is yet another feature of FHB Mobile Banking and represents the latest addition to a long list of electronic banking convenience offerings by the bank. The easy-to-use Mobile Deposit feature lets you take a photo of a check and deposit it directly into your eligible FHB checking account using an iPhone, iPad or Android mobile device."

Consumers Will Use Your Digital Channels, But They Won’t Necessarily Love You
"Large investments in mobile and online services do not always translate into higher customer satisfaction or improved financial performance. There is little correlation between consumers’ adoption of banking technologies and how satisfied they are with their banking provider, according to a bank-by-bank comparison analyzing over 20 leading financial institutions, Javelin Strategy & Research."

Statewide FCU Expands Beyond the Branch with Mobile Branching App
"Statewide Federal Credit Union looks to increase its member reach by launching its first mobile branch. In partnership with Vancouver, BC-based TRG Mobilearth Inc., Statewide is set to go live with the tablet-based MobiBranch app, enabling employees to leave the branch and perform branch functions like new accounts, loan and mortgage applications anywhere their members live, work or play."

Tips to Avoid Online Banking Security Threats - Tip Sheet by SecuritySystemReviews.com
"There’s no doubt about it—online banking is a tremendous convenience. It offers users the opportunity to quickly and easily complete transactions from their home computer, smartphone or mobile device, without having to take the time to visit a bank. Most banks take tremendous precautions to ensure mobile banking programs are as safe and secure as possible, but as a consumer, there are still steps that can be taken to keep financial and personal information secure. In fact, many people don’t realize that even though they may have the best home security systems, the biggest threat of theft often comes from computer-based sources."

Paydiant Banks $15M, Shows Patience in Mobile Payments
"You hear a lot about the Series A funding crunch for startups these days. But just as telling, maybe even more so, is the Series B crunch. And the Series C crunch. For New England tech startups, there’s a fair bit of seed funding going around—and growth capital, too—but less money seems to be flowing to the middle, into the fledgling companies that are trying to become, well, real companies."

Mobile-First Banking App Numbrs Bags Further $3.8M For U.S. Launch
"Numbrs, the mobile-first banking app founded out of Swiss company builder Centralway, has raised a further $3.8 million from its parent — money that will be ring-fenced for a planned U.S. launch early next year. In addition, the young startup is opening a New York office for which it’s hiring a marketing team. The new investment adds to the original $7.7 million put into Numbrs by Centralway to continue making headway in Germany, while I’m told that the previously announced plans to enter the UK market this Fall are still on track, including moving into a London office in the next few weeks, to be shared with Centralway and another of its portfolio companies, Sandbox Network. (In fact, they’ll be based at Summerset House, sharing the newly-developed top floor with hail-a-cab startup Hailo.)"

Mitek Rolls Out Mobile Photo Account Opening
"Mitek Systems (MITK_) is taking another major step in the development of a fully featured mobile banking platform with the Tuesday rollout of its Mobile Photo Account Opening product. Mitek is the leading developer of smartphone camera-based mobile banking applications. The company had 1,059 financial institution customers for its Mobile Deposit product as of June 30, increasing a remarkable 19% from 889 the previous quarter. Among signed customers for Mobile Deposit, 559 had deployed the service as of June 30at the end of the second quarter, include the largest 10 U.S. retail banks."

Millennials Rule in Mobile Banking - According to xAd/Telmetrics Mobile Path-to-Purchase Study
"Proving the strongest on-device conversion category to-date in this year’s xAd/Telmetrics Mobile Path to Purchase Study, Banking & Finance mobile users are heavily ruled by Millennials. Nearly half of all mobile bankers were under the age of 35 and one-third indicated that smartphones were the most important device for their banking needs according to the overall Banking & Finance category findings—conducted by Nielsen."

Has mobile payment bug bitten you yet?
"It looks like more and more people are getting used to making payments using their mobile phones. According to data to National Payment Corp. of India (NPCI), the nodal agency to manage and promote retail electronic payments in India, till August 2013, 846,000 transactions have taken place through immediate payment system (IMPS) compared with 93,715 in September 2012, a jump of at least eight times. And this is only part of the story since it’s only one mode of mobile payment system we have considered here."

Malauzai Software Adds PFM Elements to iPad SmartApps With Launch of Better Mobile
"Malauzai Software Inc., a provider of mobile banking SmartApps for community financial institutions, has enhanced its mobile banking SmartApp for iPad devices with the Better Mobile suite, which includes personal financial management (PFM) functionalities. The Better Mobile addition to the iPad SmartApp gives users access to basic PFM features that are most used by consumers. The Future Cash Calendar displays money movement on a visual calendar and calculates what the balance will be on each date. Transaction history is shown in Cash Flows as a simplified bar chart indicating “money in” and “money out,” providing a visualization of how money is used during a given time period. Scratch Pad notes paper checks and other transactions not yet withdrawn and accounts for them in the balance."

Mobile Banking Updates - Aug 15

BBCN Bank Experiences Strong Mobile Growth Through Malauzai Software SmartApp
"Malauzai, a leading provider of mobile banking SmartApps for community financial institutions, announced that Los Angeles-based BBCN Bank has leveraged the company’s mobile banking solutions to meet the multi-lingual needs of its customer base."

HID Global Fuels Adoption of Layered Authentication Solutions to Protect Online and Mobile Banking Transactions
"HID Global, a worldwide leader in secure identity solutions, continues its drive to help financial institutions secure online banking services that nearly half of all their customers prefer for convenient account access. Through its forward-looking Identity Assurance portfolio and channel partnership initiatives, the company is fuelling adoption of layered authentication as part of a cost-effective security strategy for protecting online and mobile transactions from anywhere, and from any device, more frequently than ever before."

M&T, First Niagara mobile apps criticized
"The mobile banking applications available at two of the region’s largest local banks scored poorly on a new report gauging user friendliness and customer satisfaction. Apps available at M&T Bank (NYSE: MTB) and First Niagara Bank N.A. (NASDAQ: FNFG) are among the lowest rated in Xtreme Labs’ “U.S. Banking Apps Report.” Xtreme Labs based the rankings on publicly available customer comments on the Apple iTunes store and the Google Play store."

Is Mobile Banking the New Banking Reality? | Sherpas in Blue Shirts
 "Move over, Angry Birds. Your standing as “the largest mobile app success the world has seen so far,” (as stated on February, 18, 2011 in MIT’s Entrepreneurship Review) is giving way to mobile banking apps. Indeed, apps from American Express, Bank of America, Capital One, Wells Fargo, Westpac, and others rank among the top apps on iTunes and the Android play store, with tens of millions of downloads already under their belt! And there’s little surprise about that…photograph your check and then have it deposited directly into whatever account you want, or send money to people via their email addresses or mobile phone numbers. Isn’t that cool?"

Mobile and Online Banking Cannot Replace Branches
"I recently read an article in one of Dubai’s local English-language news outlets touting a multinational bank’s regional launch of a new mobile banking app that promised to serve as a “virtual” branch for its customers. Shortly after, I read a separate article on The Motley Fool’s website titled “This Technology Will Save Banks a Bundle,” in which the author said, “As banks like PNC and Bank of America close branch locations, mobile banking may help them hang on to customers.”

Bank Via Smartphone? Simple Tips Can Protect Your Data
"More and more Americans are embracing digital banking – online and mobile. New numbers from The Pew Research Center’s Internet & American Life Project show 51 percent of adult Americans now bank online – up from 46 percent in 2010. When it comes to mobile banking, 35 percent of cell phone owners admit they bank online – up from 18 percent in 2011."

Apps from RBS Citizens, USAA Garner Best Customer Reviews
"Mobile strategy company Xtreme Labs has analyzed customer reviews from the Apple App Store and the Google Play Store and found RBS Citizens and USAA to have the highest-rated apps. The company looked at app reviews between May 18 and June 25 for the top 53 U.S. banks, as ranked by total assets."

Consumers want customized service in mobile banking "Retail banks can realize the full potential of mobile banking by offering segmented consumer experiences and advanced digital wallet capabilities. According to the study by Cognizant and Monitise plc , 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."

Mobile Payments - June 3

CR Money Minute: A better mobile wallet?
"More than 18 months ago, Google Wallet was launched on the Sprint cellular network amid hoopla that payment-by-smart-phone technology at cashiers nationwide would replace your plastic debit and credit cards. Since then, AT&T, T-Mobile, and Verizon Wireless have begun testing their own Isis Mobile Wallet, and other companies have also jumped on the bandwagon."

Mobile Payments: Is Your Bank Putting Its Best Foot Forward?
"As mobile communication becomes more and more affordable and user-friendly, mobile banking is gaining increasing acceptance globally. With innovations such as Near Field Communications (NFC), mobile wallets, virtual personal financial assistants and a slew of new and customized applications being developed and adopted, the mobile banking landscape is undergoing a rapid and irreversible transformation, to an extent that monetary transactions are no longer restricted to banks and traditional financial institutions."

Opportunity as mobile payments show huge growth
"IT research company Gartner projects that global mobile transaction growth will average 42 per cent per year between 2011 and 2016, with the market estimated to be worth $617bn (£404.8bn), with 448m users, by 2016. There is a plethora of different technologies and standards used in a globally fragmented market, with big regional differences. Probably the biggest difference is between developed and emerging markets. For developed markets, the benefits are based around convenience, with customers able to make faster transactions, together with reduced transaction costs for retailers – mobile payments are generally cheaper than existing chip-and-pin transactions."

Malauzai: Picture Pay Besting Mobile Bill Pay
"The big news in the latest mobile banking usage data dump from Austin, Texas, apps developer Malauzai is that mobile picture pay – paying bills by snapping a photo – is on the rise, even surpassing usage of mobile bill pay in some institutions. Robb Gaynor, chief technology officer at Malauzai, said in an interview that 5% of its active end-users give picture pay a try within 90 days of a financial institution’s launch of the service. The technology is catching on."

Brits trust banks to be mobile payment providers
"Consumers have a love-hate relationship with their banks. However, new research from UK-based payment systems firm VocaLink, suggests that when it comes to mobile payments, it's the banks to whom consumers look to provide the service."

U.S. Bank releases iPhone mobile payment case in Minnesota
"Minnesota U.S. Bank customers can now get an iPhone case that turns the smartphone into a touch-free, mobile payment device. U.S. Bancorp tested the Go Mobile device earlier this year in Salt Lake City and Portland, Ore. Now it's available in Minnesota and other major U.S. Bank markets like Ohio, U.S. Bank Payment Services Chief Innovation Officer Dominic Venturo told the Minneapolis/St. Paul Business Journal in an interview."

What do consumers really want from mobile payments asks VocaLink
"New research from international payments provider VocaLink reveals that growing smartphone ownership is driving the mobile payments revolution in the UK. 60% of UK consumers now own a smartphone and are using them as payment devices on the move. Whilst the appetite for mobile banking and payments in the UK is growing with half the population either already using mobile payments (20%) or interested in doing so (30%), uptake is rapidly gaining momentum amongst the future generation."

Mobile Banking Updates - April 18

Capital One, DBS Bank Win Kudos for Private Mobile Banking Apps
"Mobile banking apps from Capital One and DBS Bank of Singapore shared first place in a new study of 50 global banks’ smartphone offerings for private banking clients. MyPrivateBanking, a Swiss research firm, evaluated the offerings of 50 banks. Capital One and DBS received a score of 50 out of a possible 60. The firm awarded second place to Societe Generale of France (with a score of 49). Third place was shared by ABN AMRO of Amsterdam and Westpac of Australia (both earned 48 points). The top scorers’ apps went beyond providing basic account information and transaction features, according to the report."

Infographic: Consumers prefer mobile banking to mobile payments
"Proponents of mobile payment technology, which lets you link a payment card to an app and pay with your phone, tout the convenience of leaving your wallet at home. Yet a March 2013 Federal Reserve survey shows just how far apps like Square Wallet, Google Wallet and Isis have to go to make that a reality. Just 6 percent of smartphone users have made a point-of-sale payment with their phone, while more than a third of them don't see any benefit to mobile payments -- and would prefer to pay with another method. Concerns about security are the main barrier to mobile payment adoption, although they're becoming less of a concern, the survey found. Thirty-eight percent of respondents in this year's survey said they had security concerns, compared with 42 percent in 2011."

Mobile payments: The next great debate
"I find myself at the forefront of many debates these days. And I’m not talking about politics, but rather how we will pay for products or services in the future. A year ago, the topic of mobile payments circulated as mild Internet banter in terms of how money is exchanged across sources, rails and platforms. Today, this complex subject makes its way into daily conversations. When discussing the future of mobile payments, rarely do I observe people who ride the party line. You’re either for it or against it. There’s no such thing as a moderate. And the ever-important question: near field communication (NFC) or the cloud? Is there room for both? And are people actually ready to use something other than plastic to pay for stuff?"

More consumers banking by mobile app
"The explosive growth nationally in mobile-phone banking is giving consumers a critical new option in managing their money, so much so that some Colorado banks say they are scrambling to keep up with the demand. While increases in the use of smartphone technology for banking applications have ballooned by as much as 250 percent in two years in Colorado, some experts think a single security breach could chill some of the enthusiasm."

Liberty Bank offering mobile banking app
"Liberty Bank has launched mobile banking service which now allows consumer customers to bank via mobile app, mobile browser, and text message from a smart phone or tablet. 'The industry is seeing huge growth in the use of mobile devices to access information on the go and to execute banking transactions. Liberty Bank is capitalizing on this trend to make banking even more effortless and convenient for our customers,' says Liberty Bank president and CEO Chandler J. Howard."

Banks Add Card Controls to Their Mobile Banking Apps
"When the president of City Bank Texas asked his IT team about adding a feature that would allow customers to temporarily disable their debit cards through its mobile banking app, senior vice president and chief technology officer Jim Simpson recalls outwardly smiling at him while inwardly thinking, "Is it even possible?" But first, the bank wanted to figure out whether the feature would solve a customer pain point. "We listen to the call center first to [determine] how we build innovative solutions," Simpson says. After getting positive feedback more than a year ago from the unit, the $2 billion-asset bank began working with its mobile banking provider, Malauzai Software, to bring a card control tool to life."

Mobile Banking Updates - April 9

U.S. Bancorp's Plans to Remove Friction from Mobile Banking
"U.S. Bancorp, which last month became the first large U.S. bank to offer mobile photo bill pay, hopes that letting people pay their bills with a tap of a smartphone camera will enable it to do three things. 'One is to take away some of the friction,' says Niti Badarinath, senior vice president and head of mobile banking and strategy at the $354 billion-asset Minneapolis bank. Over the next few quarters, the bank plans to further use imaging to save customers having to type their own details into their mobile banking app. 'We want to take away some of the more tedious manual data entry,' he says."

C and F Bank launches new I-Deposit24 mobile banking service
"C and F Bank has rolled out its latest offering in mobile banking, I-Deposit24, which will enable customers to deposit cheques directly to their bank account with their smartphone. The lender said that the new technology provides customers with updated products in electronic banking and a complete mobile banking product suite. Its mobile banking technology and services offer safe, simple, and secure mobile access to C&F Bank accounts. Using the new mobile banking suite, account holders can view their balances and recent transactions, transfer funds, pay bills, receive customized account activity alerts and find C&F Bank branch and ATM locations."

Mobile Banking Usage Rises, But So Do Security Concerns: Survey
"Consumers continue to move to mobile banking although security concerns may keep some bank customers from reaching for their devices. Twenty-eight percent of all mobile phone owners have used mobile banking in the past 12 months, up from 21% a year earlier, according to a survey released recently by the Federal Reserve Board that updates findings of a similar survey the Fed fielded in 2011."

River City launches new bilingual mobile-banking app
"River City Federal Credit Union has rolled out a multilingual app for the Apple iPad that customers can use to conduct mobile banking in English and Spanish. Malauzai Software Inc. in Austin completed development on the app in 17 business days. The company specializes in creating mobile-banking apps."

Mobile Banking Updates - Mar 21

Malauzai Software Launches Mobile Banking SmartApp for iPad
"Malauzai Software Inc., a provider of mobile banking SmartApps for community financial institutions, has launched its mobile banking app for iPad devices. The technology is currently in use by several institutions, including Huntsville, Ala.-based Worthington Federal Bank. Malauzai’s iPad SmartApp takes advantage of the larger tablet screen to introduce enhanced navigation capabilities to the mobile banking experience. Accounts are now displayed on scrolling tiles instead of lists, and users can have more than one workspace open at a time. For instance, users can view transaction history while making a transfer."

Mobile virus writers pay to Google Play
"An explosion in mallicious software -malware - targeting Android smartphone users is being fueled in part by a budding market for mobile virus creation kits, as well as a brisk market for hijacked or fraudulent developer accounts on Google's app store Google Play that can be used to disguise malware as legitimate apps for sale. I recently encountered an Android malware developer on a semi-private underground forum who was actively buying verified developer accounts at Google Play for $US100 apiece. Google charges just $US25 for Android developers who wish to sell their applications through the Google Play marketplace, but it also requires the accounts to be approved and tied to a specific domain. The buyer in this case was offering $US100 for sellers willing to part with an active, verified Google Play account tied to a dedicated server."

Will mobile banking fees turn away consumers? - Mobile Commerce Daily
"PNC bank is reportedly considering charging customers a fee when they use their mobile phones to deposit a check, a service that is now free. One of the attractions of mobile banking for consumers has been convenience but the fact that these services are typically free has also played a role. The question is whether by tacking a fee onto mobile deposits, this might slow the adoption of mobile banking."

Tablet users expected to make up 19 percent of mobile banking customers in 2017
One in four tablet users is predicted to pay bills via the device by 2017, according to a report by Juniper Research. Adoption of bill presentment and payment, or BPP, transactional banking by tablet users will be higher than by smartphone users, the report found. Tablet users are expected to make up 19 percent of mobile banking customers in 2017, or 200 million users, up from 9 percent of mobile banking customers in 2013."

Pros and Cons of Mobile Banking
"Many major commercial banks are now offering consumers the choice to make deposits, send money, and perform other routine tasks using a mobile app. Bank customers can now use a smartphone or tablet for basic transactions like check deposits and bill payments, making it easier to keep an eye on finances without a trip to the ATM."

Fiserv integrates P2P service into mobile banking platform
"Financial services technology provider Fiserv Inc. is looking to expand the use of its Popmoney peer-to-peer payments product. The company announced today that it will be integrating the P2P feature into its Mobiliti mobile banking platform. With the integration, P2P payments can be made directly from a user's mobile banking account. Additionally, users of P2P payments can manage payments and view transaction history from within their mobile banking application."

As Mobile Reshapes Payments Business, Fiserv Combines P2P Payments & Mobile Banking Offerings
"As consumers become more comfortable and engaged with the concepts of mobile wallets, mobile payments and other forms of digital payments transactions, the financial technology community is taking notice. For example, more than 16 billion person-to-person payments are made each year, according to McKinsey & Company. A 2012 Forrester Research report found that 51% of tablet banking users and 46% of mobile banking users would like to make person-to-person payments via their devices. Even though there is still considerable uncertainty about how things will play out in terms of standards, revenues and regulation no one wants to be left out of the race to dominate the mobile money space."

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 - Nov 29

Giving Community Bank Customers What They Deserve
"What do community bank customers want? It’s simple. In addition to the close, personal connection that’s so uniquely characteristic of community banks, they want the same thing consumers who bank at large, national financial institutions want – the next big thing. Whether it’s online banking, mobile banking or emerging digital payments, consumers expect their bank to offer the latest and greatest capability. The good news for community banks is that they can now deliver those solutions. The outdated assumption that community bank customers must choose high-touch service over high-tech capabilities overlooks the tools and technology now available to every banker."

 Malauzai Introduces Picture Pay Mobile Payment Solution
"Malauzai Software Inc., a leading provider of mobile banking SmartApps for community financial institutions, has launched Picture Pay™, a standalone mobile payment solution that enables users to complete payments via the camera on their mobile device. The new functionality is in use by $4.3 billion Abilene, Texas-based First Financial Bankshares, Inc. (NASDAQ-FFIN). “A surprising number of people do not use Internet banking bill pay because of the time it takes to set up billers” Picture Pay™, developed in conjunction with Fort Wayne, Ind.-based Allied Payment Network, allows users to complete a payment in three simple steps: take a photo of the bill statement, confirm the amount to be paid and submit the payment to the financial institution."

Global Mobile Consumer Survey shows increase in mobile banking
"MEF, the global community for mobile content and commerce announced the results of its annual Global Consumer Survey, carried out in partnership with On Device Research that reveals the behaviour of mobile media users from across the world, giving data and intelligence into mobile engagement and purchasing habits."

Mobile Banking: An Overview of Apps at 15 Banks and Credit Unions
"Listening to music? Reading? Hurling revenge-crazed suicidal birds at egg-napping pigs? Banking? There’s an app for that. Mobile banking is all the rage nowadays, but not all mobile banking apps are created equal. NerdWallet examines the mobile banking apps at 15 of the largest financial institutions. A few of the largest institutions, including HSBC and SECU, do not have an app, although they both offer mobile websites."

Mobile banking: who do you trust with your finances?
"As experts in digital marketing, I am sure you were all aware that Thursday 8 November was World Usability Day -a world wide event celebrating the importance of in usability in the digital world. This year’s theme was financial services and few would argue that usability was anything other than vital in this market. My colleagues at System Concepts contributed a video of interviews with potential customers and some key players in the mobile financial market in which the two mobile financial services providers interviewed were Vodafone and O2. This set me thinking: Do we trust mobile companies to give us banking, more than we trust banks to give us mobile services?"

Mobile Banking Updates - Oct 30

Young adults drive popularity up
"The popularity of mobile banking has increased significantly since 2010, the American Bankers Association (ABA) said in a recent report. According to a recent survey from the ABA – conducted by Ipsos Public Affairs in early August – mobile banking is now the preferred banking method of six percent of banking customers, which represents a 100 percent increase from 2010. In the age group of 18-34 year-olds, 15 percent of banking customers preferred mobile banking."

Legally blind
"Most major banks have treated mobile banking as an enigma wrapped in a paradox over the last two years. They have convinced themselves that the growth of mobile banking was an unpredictable occurrence. In insurance terms they would probably claim it was "an act of God." The real truth is that this so called overnight sensation was at least a decade in the making. Since South African bank Absa launched the first mobile banking solution in 2002, leading experts, analysts and futurists have predicted the mass adoption of mobile banking services."

Google, Apple Expand Micropayment Systems for Web Content and Mobile Purchasing 
"Efforts to monetize web content have largely failed in the past, with users preferring to switch rather than pay for information. Earlier this month, Google Wallet expanded its micropayment capabilities to include web content. Websites can now set up their pages so that users can sample some portion of the web content and then see a banner (bottom figure) that tells them that seeing more of the content will require paying a fee. The system also works for buying other types of products over the web."

Mobility Matters: Tracking the Mobile Banking Revolution in Credit Unions
"What mobile banking users are actually doing – and how much real money they are moving - now is starting to come into focus as more players in the field hike their kimonos, at least a bit. A big data dump from Malauzai, the Austin, Texas, mobile banking apps developer with ties to Catalyst Corporate, has offered many – sometimes surprising – insights into what is happening in the mobile channel."

Global Digital Economy - The E-Commerce and M-Commerce Landscape
"The global e-commerce market has been recently invigorated by the growing use of smart phones leading to a fast growth in mobile commerce. E-Commerce and m-commerce have become very important areas of focus for mobile operators, IT, Internet media players, financial institutions, retail, and payment processing firms alike. With so many interested parties, the sector has become very competitive and created a heady mix of industry activity."

EXPLODING MOBILE-BANKING INDUSTRY WORTH BETTING ON
"There's a big opportunity for service providers and application developers in emerging markets. A new report from Berg Insight says that the number of active mobile money users in emerging markets will grow from 61 million last year to 381 million by 2017. That's a compound annual growth rate of 36 percent. Several of the most successful mobile money services today are in Africa, Berg noted, but Asia-Pacific is expected to become the most important regional market, accounting for nearly two-thirds of the active user base in 2017. The total value of mobile money transactions is projected to grow from $44 billion in 2011 to $395 billion in 2017, a CAGR or 44 percent."

Are Americans Ready for Banking via Social Media?
"A bank in South Africa announced this summer that its mobile banking customers will now be able to conduct transactions and monitor their accounts through Facebook. This type of cross-pollination between banks and social media does not yet exist in the United States, but it could be coming."

Retail banking's new threat
"This is an increasingly crucial issue for banks. Mobile banking is a major technological development, and history suggests that incumbents can be reduced to obscurity as new players, or “market disruptors”, use improved technology to upset the old order. For example, companies such as Netflix, which uses postal and later online distribution of rented films, are revolutionising the way consumers access movies. A consequence has been that Blockbuster, a traditional bricks-and-mortar DVD rental company, has lost enormous market share."

Mobile Banking Updates - Oct 21

ABA Survey: Popularity of Mobile Banking Jumps
"A new survey by the American Bankers Association shows a sharp increase in the popularity of mobile banking, driven mainly by customers in the 18 to 34-year-old age group. The survey of 1,000 U.S. adults, conducted August 2-6, 2012 by Ipsos Public Affairs, an independent market research firm, revealed that while the Internet remains the most popular banking method, mobile banking is now preferred by six percent of customers, a 100 percent increase from 2010, and by 15 percent of 18-34 year olds, also known as 'millennials.'”

SME Mobile Banking: A Revolution Just Around the Corner
"Small and medium enterprises (SMEs) want mobile-based banking that helps them run their businesses smarter. This spells a new opportunity that can unlock services that generate revenue streams. SMEs are major contributors to a nation’s GDP. In G7 countries, SMEs contribute about 53 percent of the GDP. In spite of the importance of these companies, banks have not focused on the this segment. However banks are increasingly recognizing the potential of the SME market and the need for differentiated servicing for these customers."

At BAI, Mobile Banking Rings the Cash Register: Onsite Coverage
"Mobile banking will save you money. And it will make you money. Those are the two top-line messages from an opening day BAI Retail Delivery session at the Washington Convention Center on Tuesday with Zions Bancorporation senior vice president Matthew Wilcox and Drew Sievers, CEO of mFoundry, a mobile banking apps developer."

Consumers Readily Adopt New Mobile Banking Tools
"As smartphone and tablet penetration continues to rise, so too does the use of mobile banking, bill paying, money transfer, remote check deposit and other personal money-management services, according to a new eMarketer report, “Bigger Money on the Small(er) Screen: How Smartphones and Tablets Change the Way Consumers Manage Their Finances.” On-the-go consumers are turning more frequently to their devices to keep tabs on their money and conduct increasingly complex financial transactions—simply because they can."

Innovation, Revenue Creation and Mobile Solutions Highlight BAI Retail Delivery
"I realized how long I have been in this business as soon as I hit the expo floor. I go back to much simpler days when trade shows were filled with display vendors (brochures and signs, not video), checking account premiums (from teddy bears to pots and pans), newsletter publishers (the paper kind) and cash counting machines."

Malauzai Releases Mobile Banking Research Report Based on Actual Usage Data
"Malauzai, a leading provider of mobile banking SmartApps for community financial institutions, has released Monkey Insights, a monthly research service based on the company’s Real-Time Experience Behavioral Analytics (REBA). Monkey Insights will reports on two indices: The Mobile Engagement Index (MEI) which tracks end-user engagement with mobile banking and the M-Money Index (MMI) that summarizes statistics related to mobile money movement such as transfers, bill payments and deposits."

Mobile Banking Updates - Sept 30

Keeping pace with technology, customers
"Back in the day, innovation to a bank meant a new toaster for customers opening an account. These days, it’s high-tech or die, as banks give customers up-to-the-nanosecond ways of checking on their money, transferring it around, paying bills and more, all from the comfort of their home or more likely, the palm of their hand."

Mobility - A New Way for Banking
"We often talk about mobile banking from a technological point of view, about the fancy new tools which allow customers to view the status of their accounts or execute simple transactions. Many have the view that mobile banking is a simply new channel for online banking, bringing the functionality available on the desktop to the mobile phone. I would contend that for mobile banking to be truly successful, it needs to be much more; it needs to be a new way to do banking, a permanent space for the bank and its customers to interact."

Mobile, P2P and New Competitors: Navigating the Transformation of Payments
"The growth of digital channels – from mobile banking and P2P networks to mobile deposit – is transforming the payments industry. Financial institutions with large IT budgets and vast geographical reach are rolling out new capabilities and services to attract consumers, while new, non-banking competitors are aggressively offering alternative payment methods. These competitors are positioned to circumvent the relationship members have with their credit unions by fragmenting their payments behaviors."

Companies partner to offer rapid deployment of mobile RDC
"Bluepoint Solutions announced a partnership with Malauzai Software to provide community financial institutions with a rapidly deployable mobile deposit offering. Through the partnership, Bluepoint's mobile deposit solution QwikDeposit ToGo will be bundled with Malauzai's SmartApps mobile banking application to provide institutions with an integrated, end-to-end mobile banking and mobile deposit product."

iovation Reports 12% of Financial Services Transactions Originate From Mobile Devices
"iovation, the Device Reputation Authority™ protecting online businesses from fraud and abuse, today announced that 12 percent of all financial services transactions it protects originate from mobile devices, such as iPhones, iPads, Android and BlackBerry devices. Compared to the same period in 2011, where only 2 percent of financial transactions were from mobile devices, it is clear that consumers are adapting quickly to mobile banking technology."

Chase Mobile goes Lumia
"As one of the biggest banking institutions in the United States, JP Morgan Chase carries a lot of weight. This is why it’s exciting to see Chase Mobile coming to Windows Phone and the Nokia Lumia line of phones. Mobile banking is growing in popularity, especially in the US. TechCrunch reports that more than 46% of Americans will use mobile banking by 2017. With Chase Mobile for Nokia Lumia, you’re able to monitor your account, perform transactions, find locations and find out how to contact Chase if you need to."

Mobile Banking Updates - Sept 9

Don't Be Afraid of Mobile Banking Apps
"In today's world, people can do almost anything with their smartphones or tablet devices. From checking email, to staying connected via social media, to turning off the lights in the house while out on the town, people rely heavily on their handheld devices. There's one trend, however, that has many smartphone owners worried: mobile banking. According to the Federal Reserve, only 21 percent of mobile phone users have used mobile banking applications in the past year. Yet most major financial institutions have mobile applications available for popular mobile phones. So why is only one in every five smartphone users utilizing those apps? Fear."

One-touch access to mobile account information
"Malauzai launched SmarText capability that provides registered users with access to account balances and recent transaction history without having to perform a traditional login on the mobile application. The functionality is in use by Lubbock, Texas-based City Bank Texas."

Study: Use of Mobile Banking Channel Exploding
"New numbers released by Providence, R.I.-based Andera highlight dramatic increases in use of mobile banking channels over the past 30 months. Andera, a financial software company that provides many credit unions with online account opening technologies, noted that while mobile has primarily been used for simple tasks such as balance checking, 'that is changing,' per Andera founder Charles Kroll."

Explore banking options beyond the community
"Here’s how I selected my first bank, the one I’ve now been with for decades. A branch was a few blocks from where I had my first job after college and on the way to the bus stop. Over the years, I’ve gotten frustrated with the customer service and the fees that kept adding up. I’ve threatened on numerous occasions to kick this big bank to the curb. But I haven’t yet (service got better, fees dropped because of how my husband and I bank). But if I ever do feel we need to change, it won’t be because I was put off by the inconvenience of switching banks."

Mobile Banking Vendor Updates - Aug 30

Six Financial Institutions Select Cleartouch from Fiserv for Account Processing
"Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced that six financial institutions have recently chosen Cleartouch® from Fiserv for account processing, in addition to related solutions for online banking, risk management, check capture, mobile banking, document imaging, card production, bill payment and accounting. The Cleartouch bank platform is an integrated, end-to-end solution that delivers real-time capabilities."

Jwaala Partners with Truaxis to Provide Credit Unions with the StatementRewards Platform
"Truaxis, the leader in transaction-enabled services such as personalized card-linked discounts, has been selected by online banking solution provider, Jwaala, to launch StatementRewards to their credit union clients and reach millions of members using their Better Online Banking solution. Truaxis’ data-driven services platform allows these credit unions to provide personalized rewards and discounts, funded entirely by retailers, direct to their customers within the online or mobile banking environment."

Malauzai unveils SmarText to access key account information through m-banking
"Malauzai, which offers mobile banking SmartApps, has rolled out SmarText capability which provides registered users with access to account balances and recent transaction history without having to perform a traditional login on the mobile application. The solution launcher said that the functionality is being used by Lubbock, Texas-based City Bank Texas, US."

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 - Apr 13

Clairmail launches mobile banking, payments solution Clairmail Plus
"Clairmail has released its new mobile banking and payments solution Clairmail Plus, designed to help mid-tier regional banks, community banks and credit unions. Clairmail CEO Pete Daffern said that the firm has witnessed huge demand in the midmarket for a mobile solution that keeps costs and IT investment down while delivering real value to consumers and banks alike."

Farmers State Bank Selects Jack Henry Banking to Provide Enterprise-Wide Automation
"Jack Henry & Associates, Inc. JKHY -1.11% is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its Jack Henry Banking(TM) division announced today that Farmers State Bank has selected its Core Director® core processing system to provide enterprise-wide automation. This South Dakota-based bank, which has more than $135 million in assets, will implement Core Director through Jack Henry Banking's outsourced offering."

Deloitte launches Top 10 Trends & Prospects of the Chinese Banking in 2012
"Despite risks of decreasing growth and economic hard landing, the Chinese banking sector continued to report remarkable profits and maintained high growth in 2011, according to Deloitte's report on the Top 10 Trends & Prospects of the Chinese Banking in 2012. At the same time, Chinese banks should be aware of the potential risks and implications brought by other international and domestic uncertainties, such as the deteriorating European debt crisis and pressure from local financing platforms and real estate loans on their asset quality."

Malauzai Raises Capital to Improve Access to Best-In-Class Mobile Banking Apps For Community Financial Institutions
"Malauzai Software Inc., a leading provider of mobile banking applications for community financial institutions, announced it has completed a $2.3 million capital raise. The company will use the funds to expand its footprint in mobile banking, pursue strategic partnerships and increase awareness of its proprietary SmartApp platform. Malauzai makes this announcement on the heels of forming distribution partnerships with Catalyst Corporate Credit Union and CFC Technology, accelerating access to next-generation mobile banking apps for community financial institutions."

Mobile money takes East Africa by storm
"Agnes Ngooro, a small trader in the bustling central market of Mombasa, spends her days sitting behind a wooden table selling trousers for a few dollars a piece, and while it may not look like it at first glance, she is an international businesswoman. The clothes displayed on her table are manufactured in China and Thailand, and they arrive in East Africa in the region’s major cities including Nairobi, Kenya and Kampala, Uganda."

Mobile Banking Updates - May 24

What’s the ROI of Mobile Banking? 15.7%, Forrester Says
"For as long as they’ve been developing applications for mobile devices, bankers have wondered where the payoff is for this effort. Some see the mobile channel as an inexpensive way to take care of routine matters that might otherwise have to be taken care of by call center or branch staff. Some view it as a necessity – smartphone-toting consumers demand it and will go elsewhere to find it if their bank doesn't offer mobile banking. Some banks hope to charge consumers for mobile banking services. And some hope to reap merchant fees with creative e-coupon offers."

Austin-based Malauzai Software emerges from stealth, readies for growth
"Mobile application developer Malauzai Software Inc. is coming out of stealth mode after more than a year of testing and moving here from California."

Mobile Banking: Breaking The Ties To The Local Branch [The Hartford Courant, Conn.]
"It's not that the advertising agency manager from Waterbury doesn't like tellers. He just likes technology more. So the 44-year-old Rinaldi jumped when Webster Bank rolled out mobile banking last fall. And since then, it has saved Rinaldi more than once when he has forgotten to make a transfer into his checking account and he's not near a computer."

What marketers can learn from mobile banking
"Thanks to sweeping changes in consumer behavior and advancement in technology, mobile banking is tipped to become the primary channel of financial transaction in the future. With smartphones growing fastest among handheld devices, new possibilities are opening up to further improve the mobile banking experience."