4 Changes to Bank Branches Brought on By Your Smartphone

"With 56% of U.S. adults owning a smartphone and another 35% of Americans 16 and older owning a tablet computer, according to data from the Pew Internet Project, the traditional bank branch system is bound to change. In fact there's been a 50% rise in mobile banking use over the past year, according to Accenture and its Retail Banking Survey." Continue Reading

Study breaks down mobile banking demographics

"A recent study by the Pew Research Center indicates that more consumers are taking advantage of the simplicity, ease, and convenience of online and mobile banking.

The report found that 51 percent of American adults and 61 percent of Internet users use online banking. It also discovered that 32 percent of adults have turned to their mobile devices for their banking needs.

 The number of Internet banking users saw a jump of 5 percent since the same survey was conducted by Pew in 2010. But the more remarkable increase occurred in mobile banking over the same time period. In 2011, only 18 percent of adults used mobile banking." Continue Reading

Mobile Banking Updates - Aug 18

Ten-Hut! Presenting Defense Mobile, a mobile carrier for U.S. soldiers
"Anyone who has ever spent time in a military town knows there is a whole network of services, ranging from medical and dental care to banking and department stores, provided specifically for members of the U.S. Armed Forces. One of those services, however, isn’t mobile. That’s changing this coming Veterans Day. November 11, a company called Defense Mobile Corporation is launching a new mobile virtual network operator (MVNO), offering inexpensive mobile phone plans for active-duty military and their families as well as for veterans, members of the reserves and even cadets and midshipman in the military academies. Combined those groups encompass 51.6 million people, DMC estimates."

Value-add mobile features offer potential revenue play
"Retail banks can realize the full potential of mobile banking by offering segmented consumer experiences and advanced digital wallet capabilities, according to a study by Cognizant and Monitise. 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."

More than 50 percent of U.S. adults bank online
"Digital banking is on the rise with more adults using the Internet and their mobile phones to handle their financial transactions, according to a new survey released by the Pew Research Center. Fifty-one percent of U.S. adults, or 61percent of Internet users, currently bank online, up from 46 percent of adults, or 58 percent of Internet users in 2010, according to the results of the survey. Also, 35 percent of cell phone owners use their mobile phones to check their balance or transact business with a bank, up from 18 percent in 2011, it said."

BBVA Compass targets small biz with mobile payment tool
"The smallest of small businesses are the target of a technology innovation rolled out by BBVA Compass. The bank’s “business mobility bundle” includes an e-business checking account, online and mobile banking, and a merchant “mobility pack,” with a secured card reader for processing debit and credit card transactions on a smartphone or tablet, a statement from the bank said. The card reader is the bank’s way of competing directly with Square, the mobile payment processor that allows some merchants to ditch their cash registers, Lonnie Hayes, small business segment director at BBVA Compass, told the trade journal American Banker."

The $1.5 Billion Opportunity In Mobile Banking
"If banks want to add another $1.5 billion to their collective bottom line, they should work on promoting mobile banking opportunities and, in particular, mobile deposits. That's according to a July report from Javelin Strategy & Research, which found that banks could see significant savings if they did more to leverage mobile banking. The report notes that not only do mobile transactions cost less to process, but that mobile customers tend to be younger and more affluent -- two traits that make them desirable targets for banks."

Why you may soon be talking to your ATM
"The world of banking has come a long way since the original days of brick-and-mortar establishments. It’s now possible to do your banking from the comfort of your home, potentially without ever stepping foot into a bank. Although it seems as if banking technology couldn’t evolve any farther than ATMs, online banking, and mobile banking apps, it has and will probably continue to. Soon, the entire banking world will be rocked with the introduction of the newest in ATM technology: teller-assisted ATMs."

Mobile Banking Is More Common Among Blacks and Hispanics
"Two independent studies have discovered that mobile banking use is disproportionately higher among blacks and Hispanics than whites. This is contrary to the conventional wisdom which presupposes that minorities lag behind white Americans in technology use. A study by the Pew Center on the Internet and American Life Project, published August 7, found that "Blacks and Hispanics" had a "statistically significant difference compared with others of the same group" for use of a cell phone for mobile banking. 34% of Black cell phone users and 35% of Hispanic cell phone users accessed mobile banking while only 26% of Whites did."

Mobile Banking Updates - Aug 11

Hope Credit Union rolls out Bluepoint mobile remote depost capture tech
"Bluepoint Solutions today announced Jackson, Miss.-based Hope Credit Union (HOPE) has implemented its mobile remote deposit capture (RDC) solution QwikDeposit ToGo as part of the credit union's mobile banking app powered by Malauzai Software."

Constant Access To Online Banking Solutions Driving Increased Uptake Of Mobile Platforms
"ABI Research forecasts that cumulative online ID and authentication shipments into the banking market vertical will total 1.6 billion in 2018; an increase of 945 percent when compared to 2012. Cumulative shipments include secure USB tokens, standalone OTP generators, portable smart card readers, and mobile device software applications. Of the 2018 shipment total ABI Research forecasts that mobile software applications will account for 81 percent of the total 2018, which only accounted for a mere 22 percent in 2012."

Citizens Bank Recognized for Industry-Leading Customer Satisfaction in Mobile Banking for Android™ and iPhone®
"Citizens Bank’s Mobile Banking apps for Android and iPhone are generating the most-positive customer feedback in the industry, according to a new report issued by Xtreme Labs. In announcing its findings of the Top Three mobile banking apps, Xtreme Labs noted that 'Citizens Bank is the only bank with the highest rated apps on both Android (4.5 stars) and iOS (4.5 stars) platforms.'”

51% of U.S. Adults Bank Online
"Fifty-one percent of U.S. adults, or 61% of internet users, bank online. Thirty-two percent of U.S. adults, or 35% of cell phone owners, bank using their mobile phones. Both types of digital banking are on the rise. In 2010, 46% of U.S. adults, or 58% of internet users, said they bank online. In 2011, 18% of cell phone owners said they have used their phone to check their balance or transact business with a bank."

Mobile banking update allows BBVA Compass customers to pay people using text, email
"BBVA Compass enhanced its mobile banking capabilities by adding the Pay People with Popmoney service to its iPhone and Android apps, allowing customers to send money to anyone in the U.S. using just the recipient's email address or mobile phone number."

The Fine Line: collaboration vs. competition in mobile payments
"Following the news that Polish banks will work together on establishing a common mobile payment infrastructure, European banks should learn from the Polish market, writes Philippe Eschenmoser, head of business consulting at SIX Payment Services. Last month came the announcement that in Poland rival banks are coming together on a collaborative project to encourage mobile payments. Alior Bank, Bank Millennium, Bank Zachodni WBK, BRE Bank, ING Bank and PKO Bank Polski intend to build a common infrastructure which is open to all market participants, including other banks. Comprising of standard authorisation and settlement, the system will support abilities such as 4G mobile banking and mobile shopping."

Five Ways You Can Combine Banking and Mobile
"With everything becoming more mobile, many traditional industries are undergoing fundamental changes. The financial sector is one of them. Banking and mobile now seem to go hand in hand, with more people and businesses relying on apps and payment systems like PayPal to check their balances, transfer funds and even process transactions. Customers still have to step into a branch on occasion, but mobile tech can make it quick and painless. That said, here are five ways banks are using mobile to their advantage:"

Kearny Federal Savings Bank Selects Premier from Fiserv for Account Processing as Part of an Integrated, Enterprise-wide Banking Solution
"Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced that Kearny Federal Savings Bank, headquartered in Fairfield, N.J., has chosen the Premier® bank platform for account processing, along with additional Fiserv solutions for mobile banking, person-to-person payments, check capture, online banking and bill pay. The $3.1 billion bank cited Fiserv integration, innovation and scalability as factors that will help the bank increase efficiencies and attract new accounts."

Non-compliance creates significant risk with mobile banking products
"Regulations on mobile-banking products, services, and practices continue to evolve alongside the technology that supports these next-generation solutions. Keeping up to date on the rules and requirements is imperative for financial institutions that are entering the brave new world of mobile."

Mobile Banking Updates - Sept 23

Mobile Banking Crosses the 300 Million Users Mark Worldwide as Financial Institutions Seek to Capture Developing Markets
"'Business case or not, financial institutions broadly know that mobile is no longer optional,' says a recent article in ABA Banking Journal. Mobile networks now cover between 85-90% of the world's population. The number of mobile phones in use around the world in 2011 reached six billion while the number of mobile banking users worldwide reached 300 million with adoption of the service in developed countries growing significantly."

Pew Report Finds Smartphone Users Eschewing Apps
"A new report from the Pew Research Center’s Internet & American Life project may bolster the conventional wisdom in the credit union industry that security concerns could be impacting mobile banking adoption. A survey conducted among 2,254 adults this spring found that 54% of smartphone app users chose not to install an app when they discovered how much personal information was needed in order to use it, Pew researchers said."

Banks begin to mobilise the forces
"When St George’s head of eChannels Travis Tyler told the bank’s technology chief that he wanted to let people apply for credit cards through their mobile phone, the first reaction was disbelief. 'I told Travis ‘no one will want to do that’,' says St George chief information officer Dhiren Kulkarni."

Missouri Credit Union Survey Finds Nearly 40% Mobile
"Nearly 40% of 2,084 people who participated in an online survey said they are using mobile banking, according to a Consumer Attitude Report released by the Missouri Credit Union Association in St. Louis. The non-scientific, statewide survey also found that across all age groups (18 to 65+), Missouri consumers use mobile banking primarily for confirming payments, balancing checking accounts, transferring money, account alerts and paying bills."

10 Best Apps for Mobile Banking and Finance
"The major banks and brokerage firms are making mobile banking and trading easier than ever with apps on the iPhone, iPad and Android platforms. This way, you can be in control of your money even when you leave the bank’s branch or are not by your computer. From checking account balances to cautiously monitoring your 401(k) returns, we uncover the benefits of the major banking and stock apps…and they’re all free."

Wells Fargo, SunTrust Add Mobile Check Deposit To Banking Apps
"When it comes to personal banking, the smartphone can now accomplish most of what a bank teller or an ATM can do, aside from actually dispensing cash (iPhone 6 feature, perhaps?). Two more big banks, including Wells Fargo and Sun Trust, have revamped their banking apps to allow customers to make deposits on the go by snapping a photo of a paper check using a smartphone's built-in camera."

Branchless banking soaring high
"The growth momentum of the branchless banking sector - still in its early stages - ceases to amaze. The sector is leapfrogging ahead despite inherent sectoral difficulties and overall challenging macro conditions. The recently released fourth quarterly issue of the SBPs BB newsletter series shows yet another period of impressive all-round gains in the sector. To start with, the BB services penetration increased by a handsome 37 percent between April and June, for the registered number of mobile banking accounts is said to have reached 1.45 million as of June end. The push came from a 3.7 times quarterly increase in Level 0 (basic) accounts that now represent 25 percent of total accounts. "