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 28

Payment innovations: Are you in?
"Like most banks, Home Federal Savings Bank, a $1 billion-assets institution in Sioux Falls, S.D., is wary of nonbank competitors in payments. Says Natalie Sundvold, senior vice-president, service and support, “From my seat in a financial services company, the thought of an outsider coming into payments is frightening. It doesn’t feel good, especially because consumers may not understand how payment security works.” When evaluating payments players and planning their own strategy, banks would be wise to keep the words of the Chinese general and military strategist Sun-tzu in mind: 'Keep your friends close, and your enemies closer.'”

Does Your Financial Institution’s Digital Strategy 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. Javelin Strategy & Research, a leading financial services analyst firm, is releasing the company’s new competitive benchmark service, Outperform, which is a result of analyzing over 20 leading financial institutions and provides insights to improve each banks’ return on investment on emerging bank services—mobile and online banking services."

The globalisation of immediate payments – rolling out faster transactions
"The proliferation of smartphones, for example, has created a society that is locked into the internet whenever and wherever, with constant and immediate access to a huge array of services and 24/7 communication. The subsequent demand for immediacy and convenience has fundamentally changed the expectations customers have of service providers – and this extends to banking and payments. The growth of online and mobile banking has seen reliance on traditional bank branches fall dramatically, with customers instead choosing to conduct their financial affairs on the move and at their own convenience."

Study: Hard Numbers Reveal Growing Mobile Usage
"The latest data dump from Malauzai Software – which now provides mobile banking apps to 108 credit unions and banks – reveals continued, strong growth in mobile banking usage. The just-released July numbers show that among financial institutions that have offered mobile banking for at least one year, 'the average month-over-month (member usage) growth rate is 4.19%. The best-in-class number is 11.56% with several banks and (credit unions) topping 10%,' according to Malauzai in Austin, Texas."

Sonoma Bank Launches Mobile Banking Solutions
"Sterling Financial Corporation (NASDAQ:STSA), whose principal operating subsidiary does business in California as Sonoma Bank and Borrego Springs Bank, today announced that Sonoma Bank is launching a robust mobile banking suite for consumer customers. Now, Sonoma Bank customers can manage accounts with a mobile phone or a tablet using the Sonoma Bank Mobile App, which is available for iPhone, iPad and AndroidTM devices. Customers can also access accounts with Mobile Web or enroll in Text Banking and text the bank to receive account balance and recent transactions."

Mobile Banking Getting Easier And Faster
"No question banking on-the-go is easier than ever thanks to our smartphones. And now many banks are offering more services than just paying bills and depositing a check with your phone. Want to split the check for dinner with your friends, pay the babysitter on-the-spot, or the neighborhood kid to mow your lawn? Now you can use your phone for that too. No cash, no checks required."

Microfinance Institutions Benefit Most from Mobile Banking in Mature Markets
"New research from the Consultative Group to Assist the Poor (CGAP) finds that microfinance institutions (MFIs) and their customers can derive clear benefits from integrating with mobile banking services. However, MFIs are not yet playing a driving role in the adoption of mobile banking. Instead, MFIs successful in using mobile banking are located in mature markets where mobile and agent infrastructures are already established and where customers are experienced with viable mobile payments solutions. The benefits of mobile banking services to MFIs largely depend on the success of the existing mobile banking service itself: in markets where mobile banking is strong, MFIs and their customers can more easily benefit."

Ameriana Bank unveils Allied Payment’s mobile bill pay platform "Ameriana Bank has implemented Allied’s Picture Pay mobile bill pay, which allows its customers to pay any bill easily and securely by capturing a photo of the bill with their mobile devices. The lender, which combined the Picture Pay into its existing mobile banking application, said that the deployment of the new technology will reduce the complexities during the bill pay process."

'Lines Are for Losers': The Mobile Banking Mantra
"Just maybe Albuquerque media expert Casey Echternacht has the slogan for today's mobile banking generation: "Lines are for losers," he said when asked why he is a self-professed fanboy for mobile banking. He's a new convert - 'I just signed up a few weeks ago,' he said, after discovering his credit union offered a mobile banking app. 'They won't be seeing me in branches much anymore.'"

Banks target larger companies for mobile services
"Many U.S. banks have been quicker to offer mobile banking services to their consumer and small-business clients than to larger middle-market and corporate customers. But with customer demand rising significantly, the race is now on among the top 50 U.S. banks to roll out corporate mobile banking, according to a recent Aite Group report. For the company's "Corporate Mobile: Gaining Momentum" study, Christine Barry, Aite Group's wholesale banking research director, surveyed 32 U.S. banks with more than $14 billion in assets, representing approximately the top 50 U.S. banks ranked by total assets. The survey, conducted in June, excluded small-business mobile banking and focused solely on middle-market and corporate mobile banking."

The promise of NFC: Mobile payments and mobile advertising will make life better for all of us "Mobile payments have remained a small but fast-growing part of the explosion of smartphone usage in America. According to a study by Creditdonkey.com, 87 percent of Americans have a mobile phone but only 21 percent of mobile phone users have taken advantage of mobile banking in the past year. Mobile payment products like Visa's payWave or Paypal's apps for iOS and Android may be the way all of us buy goods in the future, but a number of consumers are resisting the technology. According to CreditDonkey's survey, 68 percent of respondents said that they would not like to replace cash with a mobile payment product. It is going to take time for the mobile phone to replace the wallet."

Mobile Banking Updates - June 12

B of A's Gopalkrishnan Uses 'Hackathons' to Create Mobile Apps
"Like most of the bankers we profiled this year, Hari Gopalkrishnan, managing director, consumer and wealth management, ecommerce technology, consumer banking architecture and segments technology executive for Bank of America Merrill Lynch speaks of simplicity in mobile banking design and user experience."

Feeling Insecure About Mobile Banking? You're Not Alone
"It's a scary cyber-world out there, and fear concerning Internet security is one of the top reasons that bank customers avoid mobile banking. For banks, expanding mobile offerings is win-win, enabling them to shutter expensive branch locations while opening newer, more modern spaces that cater to banking via the Internet. So, what do banks need to do to assuage customers' fears about mobile banking -- and, more importantly, what is being done to improve security measures to protect consumers' private information?"

Wells Fargo & Co (WFC), Bank of America Corp (BAC) & Citigroup Inc (C): Feeling Insecure About Mobile Banking? You’re Not Alone
"It's a scary cyber-world out there, and fear concerning Internet security is one of the top reasons that bank customers avoid mobile banking. For banks, expanding mobile offerings is win-win, enabling them to shutter expensive branch locations while opening newer, more modern spaces that cater to banking via the Internet. So, what do banks need to do to assuage customers' fears about mobile banking -- and, more importantly, what is being done to improve security measures to protect consumers' private information?"

Blackhawk and Monitise in mobile gift card partnership
"Blackhawk Network and Monitise are partnering to make mobile gift card purchasing available to consumers through certain banks and financial institutions in the US. In addition, the companies intend to expand their relationship into additional markets. Prepaid gift cards from Blackhawk Network's popular GiftCardMall will be available to consumers for purchase from participating banks and payment companies' mobile wallets, powered by Monitise. With this new relationship, Blackhawk's extensive network will integrate into Monitise's mobile banking ecosystem, making it easier for consumers to purchase Blackhawk gift cards from popular retail brands via mobile."

Mobile Banking Is Mainstream — What About Security, ROI, Payments?
"Sitting alone at the back of a hotel meeting room, Theodore Iacobuzio had a stern message for bankers: "The train is leaving the station," said Iacobuzio, a MasterCard executive, referring to the emerging mobile payment economy. 'You have to get on.' Earlier that Wednesday, Iacobuzio had spoken on a panel at the Mobile Banking and Commerce Summit in Miami about using data to drive relevant offers to cardholders. Mobile banking and payments are at the forefront of his mind."

Threat of the Week: Mayhem in the Mobile Browser
"It’s coming. For the past five years warnings of a coming assault by cybercriminals on mobile banking have kept getting louder. Yet the plain fact is that successful attacks on the mobile channel in the United States have been scarce. 'Mobile threats remain nascent,' said Vince Arneja, a vice president at security firm Arxan. But just maybe that’s about to change, mainly because more cyber crooks are putting more energy into mobile and, lately, there are signs that the bad guys are starting to cash in on a vulnerability that is found on just about every smartphone."

Consumers Calling the Shots in Mobile Banking
"In mobile banking, customers are faster at conveying what they want than banks are at delivering the goods. That was one of the main messages conveyed by a panel of bank technologists at the Mobile Banking and Commerce Summit on Tuesday. The customer in control marks a wild transformation from years past, when banks waited for account holders to call them. Such a passive communication approach is no longer acceptable for financial institutions."

Mobile Banking Updates - June 9

The Quest for Simplicity in Mobile App Design
"We heard it again and again from Charaka Kithulegoda and other bankers honored in our Mobile Banker of the Year package this year: simplicity and ease of use are the keys to sound mobile banking app design. 'People don't live to bank, financial institutions exist to serve their needs,' observes Hari Gopalkrishnan, a managing director at Bank of America."

You Talking to Me? How Voice Is Revolutionizing Mobile Banking
"Want to race? Pull up your mobile banking app, enter bill pay data, click pay. I'll use my voice to log in - no keying in the password - and simply tell the app whom to pay, how much. Who will be faster? Who will get the job done with less irritation? And with none of the miskeyed entries that turn so much mobile banking into an exercise in angst."

The 5 Biggest Pain Points for Mobile Banking
"I just attended and presented at the Mobile Banking and Conference Summit in Miami. Now in its seventh year (mobile banking existed in 2006?!?), the conference was an exploration of how financial institutions are being influenced by, and taking advantage of, the mobile channel and mobile technology. A few hundred attendees, including mostly high-level executive, product, technology and marketing folks were there."

Finance on the fly with convenience of mobile banking
"'App. Snap. Deposit.' Sound easy? It is. Banking has become as simple as one, two, three. Manage your money on-the-go, anywhere, anytime, in the click of a button. Check account balances, recent transaction history, transfer funds and locate nearby branches and ATMs – all on your mobile device for free. The way of the future is now."

U.S. Bank's Badarinath Isn't Shy About Testing the Mobile Waters
"'In banking, there are few sustainable sources of competitive advantage,' says Niti Badarinath, senior vice president and head of mobile banking at U.S. Bank, Minneapolis. 'Product innovation is probably not a place where banks can truly distinguish themselves, especially in consumer banking. Pricing is also not a source of sustainable competitive advantage: you can change some rates here and there, but it's not something you can keep differentiating yourself on. Then it comes down to, how easy are you going to make it for your customers to access and manage their finances?'"

The ROI of Mobile Banking
"Today, the general consensus is that mobile banking capabilities are table stakes for financial institutions. While it's certainly true that consumers are coming to expect mobile banking, it should not be regarded as just another cost of doing business. Mobile banking actually delivers a compelling return on investment. Once a bank or credit union has the foundation of mobile banking in place, the addition of services like person-to-person payments and remote deposit capture can provide new revenue sources, as research indicates consumers will pay for such convenience-enhancing features."

BBVA Compass adds picture bill pay capabilities to its iPhone mobile banking app
"BBVA Compass today expanded its iPhone app with Picture Bill Pay, allowing customers to pay bills and add payees by taking pictures of their paper bills with their iPhones. 'We wanted our app to be as robust as possible since nearly 35 percent of those who take advantage of mobile banking manage their finances exclusively through their apps,' said Alejandro Carriles, director of self-service channels at BBVA Compass. 'Innovative and fun features like this allow us to improve and simplify those customers' experiences.'"

Mobile Banking Updates - Feb 15

Mobile Banking Can Deliver 300% Returns, Accenture Says
"A study of 20 financial institutions around the world that offer mobile banking, commissioned by Accenture and conducted by TowerGroup, has found a Middle Eastern bank that is getting an eye-popping 300% return on investment by letting its two million mobile banking customers pay bills on their mobile devices, including topping up their pay-as-you-go mobile phones, paying utility bills, or paying a fixed monthly fee for a premium services package."

Mobile...everybody's doing it?
"Mobile banking has been a ‘hot topic’ in the financial services industry for some time now, with much research pointing to growing customer demand and uptake of mobile services. In fact, I blogged late last year about some Forrester research showing that mobile banking provision in Europe is gathering pace, which one would assume reflects increasing demand..."

Wells Fargo Offers Online and Mobile Fraud Prevention Tips
"Wells Fargo & Company (NYSE:WFC) offers tips to help people keep fraud prevention top-of-mind as encouraging findings are released in the new 2011 Identity Fraud Survey Report from Javelin Strategy & Research, an independent industry research firm. The study found that the number of reported identity fraud incidents in 2010 declined 28 percent over 2009."

Mobile Banking Will Be a Big Catalyst for These Companies
"Intuit announced Thursday its latest initiative, GoPayment, will be one of other first mobile payment apps available on the Android. Already available on the iPhone, the app offers flexibility for businesses to get paid right on the spot with the credit card swiping technology in the phone."

Mobile Banking Updates - Aug 29

A brand-new way to bank. ANZ goMoney.
"There’s now a new way to bank with ANZ. Anytime. Anywhere. ANZ goMoney is designed specifically for your iPhone so that it’s easy to use, secure and friendly on your mobile data plan."

Mobile Banking: It's Not About ROI
"Tommy Sanderson, manager of electronic delivery for Miss.-based Renasant Bank, says when it comes to mobile banking, 'We just want to keep on talking about it.' Making a move toward mobile banking has to be strategic. While some institutions jumped in as early adopters, others opted for a more planned approach. What strategies and targets should small- to mid-sized financial institutions consider before deploying their mobile banking offers?"

mFoundry Platform Crosses One Million User Mark
"'While there are some reports indicating that mobile banking growth is slowing, our experience is the complete opposite,' commented Sievers. 'Over the past nine months, we've seen an average of 10 to 15 new customer signings per month across our direct and channel sales efforts. User adoption is also scaling rapidly with average sequential monthly growth of more than 10%, or nearly 300% annual growth.'"

Mobile Banking Updates - Mar 15

Mobey Forum Publishes White Paper on Secure Mobile Payments
"The Mobey Forum has released a new white paper titled "Alternatives for Banks to Offer Secure Mobile Payments" that "examines the important role of the secure element in delivering mobile payment services to end users." (Both the white paper itself and accompanying slides are available for download). It provides an analysis of the mobile financial ecosystem, the stakeholders, and the value chain positions that can be achieved by banks though different business models."

What will it take to make mobile payments mainstream in the US?
"The tech industry’s been talking about mobile payments for years, and I find the whole discussion fascinating. Not just the potential and the rhetoric, but the gap that exists between the two. I even spent a year working at a yet-to-launch mobile payments company, BillToMobile. But to be honest, we’re still at least about five years away from seeing mobile payments go mainstream. We’re at “the wind at your back stage,” where the possibilities seem endless, and will soon enter “the wind in your face stage,” where reality kicks in. And on the way from one stage to the other, we’ll see a number of companies fall by the wayside and a few legitimate contenders survive. There is already a long history of road kill in the alternative payment space (PayByTouch, Revolution Money, DigiCash, and PepperCoin to name a few)."

Mobile Payments have to be as easy as mobile voice
"A few days ago, something I bought from Amazon arrived on my doorstep. Frankly, I had almost forgot that I had ordered anything. Three or four nights before, very late, just as I was finishing up another 18 hour day, I saw an “ad-tweet” for a book on Twitter. I remember the impulsive thought; “that book seems interesting, think I’ll buy it”. With iPhone in hand, 4 clicks later my purchase was complete via the Amazon app, and paid for through my PayPal account. Off to bed I went, never giving it another thought, until the book arrived."

Doing the Math: Offline Mobile Banking ROI
"An overlooked issue in mobile banking for the developed world is that almost every implementation in the marketplace only supports online banking customers. Wells Fargo is the only major institution in North America supporting offline customers with the SMS capabilities announced in February. ffline customers, as non-online banking customers are often called, are ignored because they’re more difficult to support technically. In fact, the exclusion is so complete that mobile banking adoption rates are usually quoted in relation to the number of online banking customers, not the number of overall customers or even households. "

Orange and Barclaycard to roll out NFC mobile payments by end of 2010 –but will it be a success this time around?
"Network operator Orange and card company Barclaycard are to roll out an NFC (near field communication) contactless mobile payment solution across the UK “by the end of 2010” say execs at the card company as the industry tries again to get the infrastructure out into the market.

Orange and Barclaycard will launch new co-branded products and services to make the buying process more convenient, simpler and faster. The companies are also hoping that their combined 28 million customer base will this time swing public opinion – and that of the merchants who have to install the readers – to get behind NFC."

Extending the Reach, Impact and ROI of Mobile Banking

Information Week is hosting a webcast titled "Extending the Reach, Impact and ROI of Mobile Banking and Transaction Services" on Thursday October 22nd.

Featured Speakers:

Kirk Laughlin, Moderator/Contributing Editor, InformationWeek

Douglas Brown, Senior Vice President, Mobile Product Development, Bank of America Corporation

Charles Landry, Vice President & General Manager -- Products & Innovation, Verisign's Messaging and Mobile Media Division

Calvin Grimes, Product Manager, Electronic Banking Services, Fiserv

Click here to register for the event.

Mobile Banking Discussion with Cameron Franks of Sybase

Today I'm excited to publish the notes from my interview with Cameron Franks - Director, mCommerce - Sybase 365. Click to learn more about Cameron.

Q: What’s your differentiator? What sets your mobile banking solution apart from the competition?

A: Sybase is an aggregator; plus, we provide software for banking and payments. Sybase is the only vendor that provides both.

Q: Who are your key clients?

A: Compass Bank (iPhone app and SMS alerts), Citizens Bank (Business Mobile Banking), Citi Bank (Messaging and Intelligent Services), IXE (WAP, SMS and Application). In addition, we have PayPal, Mastercard and Western Union utilizing our messaging services.

Q: Who are you key partners?

A: Within the Sybase family we work closely with Financial Fusion. Externally, we partner with IBM and Western Union.

Q: Budget season is just around the corner, and the #1 question bankers want to ask is – What’s it going to cost me?

A: Sybase offers two approaches:
1) Purchase the License Up Front. Depending upon the size of the institution and options selected this will cost approximately $300-$500k.

2) Pay Monthly. The cost of this model is based upon the options selected and the number of active monthly users. For example: An FI with a small number of users could expect to pay roughly $50,000 per year.

Additionally, we’re developing a third model for small banks. This will be a streamlined version that is hosted by Sybase and will be less expensive – more details coming soon.

Q: What components of your ROI model have begun to materialize?

A: A reduction in calls to the call center has materialized. Clients are choosing to use mobile banking instead of calling.

Also, more banks are using their mobile banking service as an acquisition tool and a retention tool. Banks are using the image of the iPhone in their advertising to draw the attention of prospects.

Q: What’s your highest client adoption %

A: It’s reasonable to expect 5% adoption of online banking users within 6 months.

Q: What do the demographics of your users look like?

A: The clients using WAP and applications are almost exclusively high-end smart phone users within the Gen X and Boomer demographics. However, we are starting to see lower-end smart phones being used by the Gen Y segment. SMS is very interesting because we’re seeing usage from Gen Y, Gen X, Boomers, and even some Seniors.

Q: What do the usage patterns look like? Balance, History, Transfers, BP, Locator?

A: The majority of users are focused on checking their balance. Some clients are reviewing their pending transactions and transferring funds, but we’re not seeing a lot of bill payment activity. Account alerts will be the catalyst that will drive adoption of bill payment and advanced functions.

Q: What security elements are incorporated into your application?

A: The key is to make sure that layers of security are appropriate for the service. The Sybase platform is channel aware and can allow the institution to dictate what’s required to complete the transaction.

For example: Requesting a balance can be performed via SMS and there’s really no need for additional security. Yet, for transferring funds via SMS the institution may wish to require an additional layer of security.

Q: How likely are biometrics to become a component?

A: Biometric security is a long way off because the devices don’t have the necessary hardware.

Q: How has the iPhone changed your approach to the business?

A: A couple of years ago people were trying to figure out how to get their application on every phone and which carriers to work with. The iPhone and App store took care of this question; plus, removed many of the banks’ customer service concerns.

Q: What has been your biggest surprise/lesson-learned over the last couple of years?

A: Marketing of the mobile banking service is very important. In the UK nearly half of financial institutions now have their SMS short code on billboards and general advertising.

Q: What big industry development should we expect within the next 12 months?

A: The two main developments we anticipate are:
1) More effective P2P solutions. In many other countries it’s easy to move money online between banks. This is an untapped market in the US and is a great opportunity.

2) Mobile Coupons. We need to resolve questions around opt-in, privacy, and enrollment but there’s great potential.

Q: What can banks do a better job of to facilitate adoption?

A: Banks need to focus on creating services that make sense while you’re mobile. Alerts for example add incremental value. These types of services will drive uptake.

Drew Sievers - CEO of mFoundry on Mobile Banking

This evening I'm pleased to share the details of my interview with Drew Sievers (CEO - mFoundry). To read more about Drew visit mFoundry.com.

Q: What’s your differentiator? What sets your mobile banking solution apart from the competition?

A: mFoundry has the two components necessary to grow:
1) A 3 mode fully integrated mobile banking solution
2) Access to core banking providers

Q: Who are your key clients?

A: Citi, PNC, BB&T, IBC, Zions Bank

Q: Who are you key partners?

A: Fidelity (15 FIs), PSCU (6 CUs), NCR, FirstData, CoOp (8 CUs)

Q: Budget season is just around the corner, and the #1 question bankers want to ask is – What’s it going to cost me?

A: The price of a mobile banking solution depends upon the assets of the bank and their DDA base. The industry average is around $1/user/month - $3/user/month. There are vendors that allow for “all you can eat pricing,” but these are primarily solutions that utilize screen scrapping.

During your price discussions, be sure to confirm that the amount you’re quoted includes all 3 modes. Some vendors price the solutions separately. And, finally inquire about monthly minimums. These will again vary by the size of the institution.

Q: What components of your ROI model have begun to materialize?

A: Currently, the largest savings is due to call center deflection. Our solution has been proven to move customers that repeatedly call-in to the less expensive mobile banking channel. Mobile banking has also been proven to make the clients stickier and less likely to attrite. In the future, the new ROI model will be around expedited payments. This will be a great way to generate revenue.

Q: How many active users do you have across all FI’s?

A: Hundreds of Thousands

Q: What’s your highest client adoption %

A: One client achieved 8% in just 5 months.

Q: What’s your lowest client adoption %

A: We don’t really have any laggards. It has become pretty standard to achieve 10% by the end of year 2, but banks will need all 3 channels to be successful.

Q: What do the demographics of your users look like?

A: We have witnessed heavier usage among the “young” and “affluent.” Smartphone users gravitate toward the mobile web and applications, while clients with other handsets (non-smarthphones) use text banking.

Q: What do the usage patterns look like? Balance, History, Transfers, BP, Locator?

A: Account balance is the “killer app.” Customers with feature phones don’t use the mobile web – they use text banking. Mobile Web adoption tends to mimic application adoption with 90% of users coming from either the iPhone or a Blackberry device. However, application usage is 3-4 times larger:
o Mobile Web – 1/week
o Mobile App – Multiple/week

Q: What security elements are incorporated into your application?

A: The mobile device is already more secure than a laptop, but there are different levels of security within each of the channels:
o Text Banking - Is the most unsecure because it flows across unsecure channels.
o Mobile Web – Is more secure but there are concerns because of spoofing.
o Application – The application is the toughest and the most secure.

Also, be cautious of two-way interactions utilizing a combination of text and links to the mobile browser. This is scary because it trains the customer to expect unsolicited alerts that ask for permission to launch a link where credentials are input.

Q: How likely are biometrics to become a component?

A: Biometics won’t happen in the near future.

Q: How has the iPhone changed your approach to the business?

A: The iPhone has changed everything! It made the system less dependant upon the carriers and allowed bankers to have a direct interaction with the client. Carriers didn’t think they were blocking innovation, but the app store has shown the kind of innovation that can occur when you take away the barriers.

Q: What has been your biggest surprise/lesson-learned over the last couple of years?

A: First, all 3 modes of mobile banking are critical. Second, customers expect solutions from banks not mobile operators.

Q: What big industry development should we expect within the next 12 months?

A: I think the two biggest developments will be expedited bill payment via mobile devices and P2P bank to bank.

Q: What can banks do a better job of to facilitate adoption?

A: You must build it and promote it. The banks that do a good job with promotion online and through the branch do very well.

Interview with Lisa Stanton - CEO of Monitise

Today I'm excited to share the details of my mobile banking interview with Lisa Stanton (CEO - Monitise). To learn more about Lisa please visit the Monitise website.

Q: What’s your differentiator? What sets your mobile banking solution apart from the competition?

A: There are 5 ways in which Monitise is unique:
1) Inclusivity – The client does not need to be an online banking user to be a mobile banking user. The Monitise platform covers all of the modalities. Any device. Any consumer. Ubiquitous.

2) Bank Grade – Our solution is tried and tested by the largest banks in the world. It is secure.

3) Line of sight to Payments – We built mobile banking to get to mobile payments and we can use the same rails.

4) Stability – Based on ownership of Metavante/Fidelity & Monitise

5) Turn-Key Service - Monitise can deliver the basic functionality in just 4 weeks. There’s no integration and no hardware required.

Q: Who are your key clients?

A: We have dozens of prepaid programs but H&R Block (Top 10 in debit cards issued) is our largest. We also have over 100 FIs now signed, including a couple of Top 20 Banks.

Q: Who are you key partners?

A: Visa, Corporate Network eCom, eCommLink, and Metavante

Q: Budget season is just around the corner, and the #1 question bankers want to ask is – What’s a mobile banking solution going to cost me?

A: With Monitise there is no upfront investment. The institution simply pays a small ongoing monthly base fee, and they can choose their preferred method:
1. Pay Per Transaction
2. Pay Per User/Month

Monitise also has a business case template to help guide the FI. The return of a mobile banking solution is based upon migrating clients away from foreign ATMs and the Call Center. Additionally, with just a small amount of customer acquisition and a little retention benefit the business case becomes very compelling.

Q: What components of your ROI model have begun to materialize?

A: It has been proven soundly that we’re able to migrate clients away from the ATM and the Call Center. It’s very easy to justify when you’re not incurring $0.50/transactions at a foreign ATM. We have also witnessed more transactions and more dollars flowing through mobile banking accounts, and reducing attrition by just a percent or two goes a long way.

Q: What’s your highest client adoption %

A: 5% in just one year

Q: What’s your lowest client adoption %

A: Around 2% at the end of year one.

Q: What do the demographics of your users look like?

A: There are generational differences but you will see engagement across all demographics. The most intriguing aspect is that there appears to be a huge spike of mobile banking adoption at age 42. There is something to be said for better phones leading to better adoption, but we have 50 banks running on NYCE that are text only.

Q: What do the usage patterns look like? Balance, History, Transfers, BP, Locator?

A: The balance request is the winner by a mile. The second most popular feature depends upon the country. In the UK it is Top-Ups but in the US it is the ability to transfer funds.

Q: What security elements are incorporated into your application?

A: We feel great about our security. We have been live for a couple of years with largest banks and have met all of their requirements. Our application is specific to the device and can not be transferred. Plus, we use a secure PIN that is not tied to the ATM or Debit card.

Q: How likely are biometrics to become a component?

A: We don’t have biometrics on the roadmap currently.

Q: How has the iPhone changed your approach to the business?

A: It has changed the business for everyone. Before the iPhone no one knew how to download mobile banking applications; yet, today many people are very comfortable with the concept. The iPhone also brought about the app stores for Apple, RIM, Palm, etc.

Q: What has been your biggest surprise/lesson-learned over the last couple of years?

A: Monitise Americas really took off just as the economy began to slump. Yet, it has not affected the level of interest in mobile banking. For three years we have seen plenty of interest and engagement in mobile financial services.

Q: What big industry development should we expect within the next 12 months?

A: We will likely see a big bank choose to rollout NFC past the pilot stage, and there will be advances, but they will not be industry changing.

Q: What can banks do a better job of to facilitate mobile banking adoption?

A: Banks need to do a better job of marketing the product, “tell them and they will come.” I know marketing dollars have been stripped, but just a little goes a long way.

Also, institutions can still use mobile as a differentiator, and they should take advantage of the opportunity for as long as they can. It’s great for them and for the industry.

Click on the links below to view the other five articles in this series.

Scott Moeller - MShift

Adam Clark - MCOM

Pete Daffern - Clairmail

Steve Kietz - Mobile Money Ventures

Tripp Rackley - Firethorn

Tripp Rackley (Firethorn) on Mobile Banking and Mobile Commerce

Today I'm excited to publish the notes from my interview with Tripp Rackley, CEO - Firethorn. To learn more about Tripp visit the Firethorn website.

Q: What’s your differentiator? What sets your mobile banking solution apart from the competition?

A: A few years ago all mobile banking vendors were lumped into one category, but many of the companies that the industry would consider as Firethorn’s competitors have mobile platforms that can accommodate only account servicing (balances). Firethorn was not formed to service accounts – we are not trying to replicate internet banking on the phone. The focus needs to be on mcommerce and payments.

From a banking perspective it comes down to just 2 things:
1. Great distribution across ATT & Verizon, the two largest wireless carriers.
2. Scale to support all operating systems. Android doesn’t have mass adoption yet but Firethorn has already built the platform.

Q: Who are your key clients?

A: Synovus, BancorpSouth, Arvest, America First, USAA, CitiCards, SDCCU, BECU, Wachovia, SunTrust, Regions

Q: Who are your key partners?

A: AT&T, Verizon Wireless, CellularSouth, CheckFree, FundTech, FTPS (Fifth-Third Processing Solutions), Mastercard

Q: Budget season is just around the corner, and the #1 question bankers want to ask is – What’s it going to cost me?

A: The key to success is – don’t limit it to mobile banking. This is a path to mobile commerce until consumers can access all of the brands they want, with the phone they have, through the channel they prefer.

Mobile will not have the same ROI as online banking until there is scale, but this is coming. Initially, clients will use mobile in addition to the existing channels, but in time these will become “replacement transactions” that will extract expense from the system.

Understanding cost is important, but the real cost is in people and support. The ROI play today is to capture customers with mobile that did not adopt online banking. This is where handset enrollment comes into play and could be substantial for an FI.

Q: What components of your ROI model have begun to materialize?

A: There’s only ROI where you can change the consumer behavior – promote mobile over a more expensive channel.

All major brands need mobile. If you choose to ignore mobile it would be like saying, “we’re not going to embrace the internet,” or even worse because mobile is so much more prevalent.

Q: What do the demographics of your users look like?

A: Our users are more demographically focused than handset focused and match the general industry data of 18 to 35.

Q: What do the usage patterns look like? Balance, History, Transfers, BP, Locator?

A: Firethorn is very pleased with the usage trends.
• Avg. logins of 4-5/week
• Avg. 3 transfers/month
• Avg. 2 bill payments/month

Q: What security elements are incorporated into your application?

A: Security should be prevalent to the consumer but easy to use, and all heavy security should be hidden. It’s about the form factor. With an ATM the client uses a PIN. It would be inappropriate to ask for an online banking password at the ATM.

Yet, some FIs want the mobile banking password to match the online banking password. This is not appropriate – the form factor isn’t right. It’s wrong to approach mobile as an extension of the online banking.

Q: How likely are biometrics to become a component?

A: I spent time looking at biometics before starting Firethorn, but it was just too early. There’s a heavy fear of biometrics, and the domestic devices are not equipped with the necessary hardware.

Q: How has the iPhone changed your approach to the business?

A: The iPhone has had a major emotional impact on the industry and has brought about “freedom” for all smart devices. The iPhone is an exceptional device that is beautifully designed and very successful, but it doesn’t cover the mass market. Some institutions have reacted with just an iPhone application or just a Blackberry application, but you need to offer what the market demands. You must address them all. You can not pick just one.

Q: What has been your biggest surprise/lesson-learned over the last couple of years?

A: Going into 2010 mobility should not be a question – it’s a must have. You can not pick just one mobile channel as a strategy. You must address consumers the way they want to be addressed.

Q: What big industry development should we expect within the next 12 months?

A: NFC still has a long time to go. There will be implementations of NFC but still in trial environments. I’m “bullish” on mobile commerce.

Additionally, Firethorn has invested heavily in research to confirm what consumers really want and need; this helps shape our product and also helps our partners better market to their key audience with the right message.


Q: What can banks do a better job of to facilitate adoption?

A: You must get mobile in front of the customers. Incorporate mobile into all of your existing media: banner ads, radio, print.

This craze is similar to the beginning of the internet. This is the time to capture customers. There are people purchasing a device, walking out of the store, and then sitting down and looking for things to do with it. It’s phenomenal!

Mobile Banking with Steve Kietz of MMV

My fourth interview in the Mobile CEO series was conducted with Steve Kietz of Mobile Money Ventures (MMV). To learn more about Steve please visit MobileMoneyVentures.net.

Additionally, I'd like to take a moment to thank Steve for his support of the St. Jude Childrens Hospital. Please be sure to click on the MMV banner in the right margin to view a demo of the MMV platform.

Q: What’s your differentiator? What sets your mobile banking solution apart from the competition?

A: There are three main components that differentiate MMV.
1. The Mobile Money Platform™ is not a point-to-point solution. It’s robust and scalable with five key modalities: 1) Banking 2) Stock Trades 3) Payments 4) Deals & Rewards 5) Manage & Track (PFM).

2. The content adaption tool allows for deployment in weeks, but the institution is still able to rely on the platform for long-term success.

3. MMV was founded on a “Best in Class” customer experience. The platform is easy, intuitive, and visually appealing.

Q: Who are your key clients?

A: MMV has multiple installations with Citi, and will continue global expansion, installing in more than 12 countries by the end of 2009.

Q: Who are your key partners?

A: Our key partners are:
• Citi
• SK telecom and SK C&C
• Accenture
• Mobile Complete (Device Anywhere)

Q: Budget season is just around the corner, and the #1 question bankers want to ask is – What’s it going to cost me?

A: Truthfully, it’s tough to name a price since MMV has so many solutions to accommodate many different budgets. Our content adaption solution is a bundle package and can be launched in weeks. We do have a “go to market” strategy that includes a low installation fee and per user pricing. Basically, this means that MMV is taking risk with the institution. If there’s no uptake – we don’t get paid. We are, “putting our money where our mouth is.”

The key is the 12 month payback resulting from call center expense reductions. You don’t have to eliminate very many $5 calls to break even.

Q: What components of your ROI model have begun to materialize?

A: Many analysts question whether mobile can really eliminate more calls. They feel that online banking has already maximized the reduction. However, the truth is – it’s occurring.

There are also some retention benefits and some proof of mobile driving new relationships, but the most obvious driver is a lower number of inbound calls.

In the future, ROI will not be focused on expense saves. It will be focused on:
• Cross-sell
• Up-sell
• Mobile CRM

Q: How many active users do you have across all FI’s?

A: We have strong adoption of the mobile platform worldwide with hundreds of thousands of users.

Q: What’s your highest client adoption %

A: Our iPhone application is experiencing the highest rate of adoption. The App store is key with 50,000 applications and 1.5 billion downloads.

Q: What’s your lowest client adoption %

A: Our lowest adoption occurs with mobile-specific browser URLs. For instance, directing customers to urls of m.xyzbank.com or xyzbank.mobi are not as successful.

Q: What do the demographics of your users look like?

A: There are some specific demographics for the iPhone, but even people without lots of disposable income will purchase the device. MMV’s strategy is to design for the masses. We’ve conducted focus groups but there are no specific age buckets. We designed our solution to work with all classes of phones, from simple flip phones with small screens to sophisticated smart phones.

Q: What do the usage patterns look like? Balance, History, Transfers, BP, Locator?

A: Our data is consistent with the industry reports. The future relies on the enhanced features. For example in Hong Kong stock trading is very big.

Q: What security elements are incorporated into your application?

A: To ensure the highest level of security, MMV’s solution utilizes two-factor authentication, employing a one-time password and securing communication with end-to-end encryption. MMV provides end-to-end security from the mobile device to the backend server regardless of WAP gateway.

The key is to be “aligned with the bank requirements” as well as the country/government specifications. For example, in the Philippines, Citi required two-factor authentication.

Q: How likely are biometrics to become a component?

A: We looked at biometics in early 2008, but tests revealed that it wasn’t stable enough for the mainstream customer. It would have been more of a deterent for customers, and we don’t want security to be a hinderance for mass adoption. It will be something to watch, but the key is to focus on, “what’s best for the consumer.”

Q: How has the iPhone changed your approach to the business?

A: It has changed everybody’s business. We knew that applications were a better experience for the customer, but we needed to figure out how to get past the download. Now clients understand the download process and are accustomed to the experience.

Apple offered unique API’s and MMV optimized the form factor. We designed a banking-appropriate yet similar experience. This has resulted in interest for additional apps and MMV is developing for other platforms including Blackberry.

Q: What has been your biggest surprise/lesson-learned over the last couple of years?

A: Being based in California during the recession has enabled MMV to attract world-class talent across all jobs and in all disciplines. We found talented individuals excited to participate in a half corporate/half start-up setting.

Q: What big industry development should we expect within the next 12 months?

A: 2010 will be the year of the payment sticker, and MMV has a solution that will link the sticker to the mobile device.

Q: What can banks do a better job of to facilitate adoption?

A: There are to ways:
1) Build awareness. We’ve all benefited from the mass media of large FIs.
2) Look at history. What have banks done to accelerate previous technologies?

Citi was regarded as the ATM pioneer but they weren’t the first to market. Citi was able to differentiated by being the first bank to dedicate people/resources to show customers how to use an ATM machine. The mobile winner will be the first bank to have a kiosk/booth that is used to train customers how to download/use mobile applications.

To read the first three articles in the series click any of these links:
Scott Moeller - MShift
Adam Clark - MCOM
Pete Daffern - Clairmail

Mobile Banking: Pete Daffern of Clairmail

Today, I'm excited to share the details of my recent interview with Pete Daffern (CEO - Clairmail). To learn more about Pete to visit Clairmail.com.

Q: What’s your differentiator? What sets your mobile banking solution apart from the competition?

A: Ultimately, Clairmail has a mobile banking platform that will give you more adoption and a higher volume and depth of engagement than any other vendor. Our platform allows clients to proactively interact with their customers rather than just waiting for the customer to reach out to the bank.

What’s in it for the bank?
Bankers are continually looking to improve the cost structure of the interaction while improving the level of service; and, this is particularly true for high volume/low value requests such as balance and history. Banks need to deepen the relationship to reduce churn, and multi-level alerts can help accomplish this task.

Here are a few low balance alert examples:
• Informational Alert: "Your checking account balance has fallen below $100."

• Actionable Alert: "Your checking account balance has fallen below $100. Would you like to transfer funds from Savings? Reply ‘T’ to move $100.”

• Conversational Alerts: "Your checking account balance has fallen below $100. Would you like to transfer funds from Savings? Reply ‘T’ to move $100.” The customer replies “T”, and receives a subsequent text message: “Thank you. $100 has been transferred from Savings to Checking. To learn more about our overdraft protection service, reply ‘O’.”

Clairmail has built a great management team and we do a better job of getting users and delivering value to those users. Some vendors are positioning themselves for a “quick flip” but Clairmail is building a business. We are focused on the customer, and we ask ourselves everyday, “What should we do for the client?”
We are working to:
• Driving adoption
• Make implementation quick and easy
• Create value at both the business and technology level
• Make the product scalable

Q: Who are your key clients?

A: We have over 40 mobile banking customers and we of course consider all of them as key. They include BB&T, PNC, Bank of Stockton and various others including 6 of the top 10 banks.

Q: Who are you key partners?

A: Diebold, Fidelity, and Telus (Canadian Carrier) just to name a few.

Q: Budget season is just around the corner, and the #1 question bankers want to ask is – What’s it going to cost me?

A: The cost of a mobile banking solution is a few hundred thousand dollars, and as long as the FI is sensible with their contract and implements the correct way it should break even in 6 months—for some it has been much faster.

Q: What components of your ROI model have begun to materialize?

A: We have witnessed meaningful expense reductions by eliminating calls to the call center. In fact, the 6 month break even I mentioned previously only takes into consideration the call reduction component. However, there are additional benefits from asset retention, cross-sell and up-sell potential.

The best, most efficient and engaging way to proactively reach the client is with multi-level alerts. Customers no longer respond to email, snail-mail, or phone calls.

Q: How many active users do you have across all FI’s?

A: The ClairMail mobile banking solution, has experienced a 700 percent year-over-year increase in monthly mobile banking transactions, and a 200 percent year-over-year revenue increase for the second quarter of 2009.

Q: What’s your highest client adoption %

A: Bank of Stockton is at 10% of their total customer base and growing very quickly. Other vendors tend to report adoption numbers as a percentage of online banking customers, not all customers. That is misleading and doesn't take into account that mobile banking adoption is growing independently of online banking (as it should be) and will quickly eclipse its marketshare. We have various customers on their way toward 60% or more adoption and eventually we expect to see these numbers to be closer to 100%.

Q: What’s your lowest client adoption %

A: There are banks that have experienced a change in leadership and/or focus and there adoption has not been as successful. Mobile banking can be very valuable, but it should not be a check-box solution. In 2009 we’re really starting to see an uptick that will grow exponentially over the next few years.

Q: What do the demographics of your users look like?

A: For the young generations that send thousands of messages per month mobile banking is required. For the 35-55 demographic - it’s expected. They need access to multiple cards, accounts, loans, and lines of credit. Yet, it’s not completely driven by age. For instance, Bank of Stockton has a slightly older demographic but due to the nature of their client base they have the highest adoption.

Smartphones are also pushing growth and adoption. Initially, usage was focused on the East and West coast, but now it’s spreading nation wide. At Clairmail, we focus on a suite of offerings that allow banks to bring their customers valuable mobile banking services regardless of their handset type. Our opinion is that SMS is the most important with mobile browser as second and the third most popular channel is the app. The application is a key growth offering for the future, but really has to be delivered in a smart way that takes into account the customers needs.

Q: What do the usage patterns look like? Balance, History, Transfers, BP, Locator?

A: Mobile 1.0 was all the simple stuff like: balances, account history and transfers. Now that banks have a better understanding of the possibilities they’re looking to provide more value in the form of multi-level alerts, payments, fraud prevention, and NFC.

Q: What security elements are incorporated into your application?

A: If someone losses their credit card it takes 3 days to notice, but losing a cell phone only requires 10 minutes. Plus, new services now allow you to call and remotely wipe a device with the touch of a button.

Q: How likely are biometrics to become a component?

A: We have a long way to go before they would be main-stream in the U.S.

Q: How has the iPhone changed your approach to the business?

A: The operating system makes stuff easier and can be performed in less time, but the iPhone hasn’t really changed our approach. It has become a showcase for the current and future possibilities of how applications can work on all handsets. The key thing to remember is that on an iPhone or any other handset alerts/text messaging is the #1 interaction.

Q: What has been your biggest surprise/lesson-learned over the last couple of years?

A: I’ve been the CEO of Clairmail for 6-7 months and there haven’t been any big surprises. However, I am gratified by the industry’s hearty appetite for the addition of mobile banking services even when budgets are tight and new project initiatives are scrutinized closely.

Q: What big industry development should we expect within the next 12 months?

A: I expect there will be more activity around mobile payments. It’s a great story and focused on moving dollars around at the bank. As for NFC, there are only 3 devices in the U.S. that can support the service, and nothing will happen overnight. We need lots of standards and they will evolve very slowly over time.

Q: What can banks do a better job of to facilitate adoption?

A: Our customers are experiencing strong adoption. However, banks that do receive low adoption simply need to do more to facilitate enrollment throughout their business.

There are really two keys:
1) Banks need to see mobile banking as a “game-changing” channel. Smartphones are evolving quickly and the opportunity is larger than online banking.
2) Vendors need to do a better job of teaching bankers how to drive adoption.

This article is the third in a series of eight interviews I conducted with CEOs/Directors of the most popular mobile banking vendors in the U.S. Click either of these links to view the previous articles on Scott Moeller (MShift) or Adam Clark (MCOM).