Time for Mobile Banking Apps 2.0: What Consumers Want from Mobile Banking
"In an early May report, the Credit Union Times called for a revolution in the world of banking apps, a “Mobile Banking 2.0″ that fixes the problems of the first forays into the field and yields real customer engagement.
According to the article, the current generation of mobile banking apps are static and unengaging — at most institutions, the vast majority of interactions via the mobile channel take less than a minute. For younger consumers, these utilitarian functions do not impress. The ability to test out apps or at least look at screenshots online means that Internet-savvy customers can check out apps before they open accounts at banks. Financial institutions without interesting, value-adding apps stand to lose younger customers who choose banks based on how easy they are to operate through phones or tablets."
Desert Schools Federal Credit Union to Implement ACI Worldwide’s Online Banking, Bill Pay and Mobile Banking Services
"ACI Worldwide (NASDAQ: ACIW), a leading international provider of banking and payment systems, today announced that Desert Schools Federal Credit Union ($3.1 billion in assets) has selected ACI’s online banking and bill payment services to enhance its technology services to over 321,000 members."
Monitise to Lead Panel On Monetizing Mobile at Mobile Banking & Commerce Summit
"Monitise’s Lisa Stanton, executive vice president, payments & general manager – Visa Inc., will lead a panel on driving revenue through mobile on Tuesday, June 4, 2013, at the 7th Annual Mobile Banking and Commerce Summit. Panel participants include executives from Webster Bank, Cognizant and Blackhawk Network, and will provide financial institutions with specific models for creating revenue with a comprehensive mobile platform."
Mobile banking, demographics make financial institutions rethink branch strategy
"Is the era of mobile banking prompting banks to scale back their real-world presence? U.S. banks and savings and loans shut more than 2,000 branches in 2012, the Wall Street Journal reported last month, citing the research firm SNL Financial. The research firm AlixPartners expects total branches to decline from 93,000 to 80,000 over the next decade, the paper said.
PNC Financial Services Group Inc. is closing 200 branches this year out of nearly 3,000. That includes two midstate branches scheduled to close July 19: the Parkview Branch at 886 Plaza Blvd. in Lancaster and the Windsor Park branch at 5288 Simpson Ferry Road in Lower Allen Township, said PNC spokeswoman Marcey Zweibel."
SWACHA Releases 2013 Mobile Banking Survey Results at Its First Annual Executive Leadership Payments Summit
"Consumers are quickly embracing the ability to handle their banking transactions from a cellular phone or tablet, according to a just released survey by Dallas-based SWACHA, one of the largest not-for-profit electronic payments associations in the country. The information from SWACHA’s 2013 “Consumer Insights Survey” was released today at its inaugural Executive Leadership Payments Summit in Dallas."
More complaints for NatWest after app crashes once again
"This morning (May 31st) saw NatWest receive several customer complaints after its banking app failed to load up on its users’ mobiles between 9.05am and 9.45am, the Telegraph has reported. NatWest took to Twitter to acknowledge the issue, tweeting from its customer service account. In response to one complaint, the firm tweeted: 'due to the overwhelming popularity of our app, we have experienced issues, which hopefully will be fixed soon.'”
Showing posts with label SWACHA. Show all posts
Showing posts with label SWACHA. Show all posts
Thursday, June 6, 2013
Monday, October 29, 2012
Mobile Banking Security - Oct 29
Protecting Yourself from Mobile Banking Attacks
"It’s true – mobile banking is an easy and efficient way to view your account balances, review individual transactions, and send or receive payments while you’re on the go. But its convenience isn’t just attracting smartphone users worldwide – it’s also attracting cybercriminals, and it’s easy to see why. According to a recent report by the Federal Reserve, 42 percent of mobile banking users have transferred money between accounts; meanwhile, 21 percent of mobile payment users have transferred money directly to another users’ bank, credit card or Paypal account."
Mobile Banking's Security Advantages
"As demand for mobile banking and payments transactions grows, banking institutions face increasing pressure to ensure security, says Dennis Simmons of SWACHA, a Texas-based electronic-payments adviser for banks and credit unions. As a result, Simmons says, banks and credit unions must take advantage of mobile device features, such as geo-location, biometrics and device identification, to enhance authentication."
Blackhole Exploit Toolkit 2.0 and Mobile Banking Malware Are Top Trends in AVG's Q3 Threat Report
"AVG Technologies (NYS: AVG) , the provider of Internet and mobile security to 128 million active users, today released its Q3 2012 Community Powered Threat Report. This quarter's report investigates a number of malicious software developments including the newly launched 2.0 version of the Blackhole Exploit Toolkit, the evolution in malware targeting mobile banking services, a surge in malicious ads targeting social network users and a trick to hide malware inside image files."
iovation Presents Mobile Banking Impact on the Financial Services Fraud Landscape
"iovation, the Device Reputation Authority™ protecting online businesses from fraud and abuse, today announced its upcoming panel presentation discussing the increase in mobile service offerings by financial institutions and the impact that increased mobile usage is having on the fraud landscape. John Haney, Sales Executive at iovation, will share recent mobile trends based on iovation’s cybercrime intelligence network, and explain how banks and other financial institutions are detecting mobile fraud early in the process."
Report: Mobile banking could be more secure than online banking
"London-based research and consulting firm Goode Intelligence has released a report and white paper that indicate that the mobile banking channel has the potential to be more secure than online banking. The report, “Mobile Banking Security,” looks at the current security measures of mobile banking and how banks are working with technology companies to create means to prevent fraud and identity theft."
bile banking attacks on Android platforms are here
"The growing popularity of mobile banking and the Android platform for smartphones is combining to make this a fertile area for cyber criminals to target. AVG’s latest Threat Report confirms this trend and believes it will only continue to grow as cyber criminals are increasingly targeting the Android mobile platform with sophisticated social engineering attacks to hack into unsuspecting users’ mobile bank accounts."
"It’s true – mobile banking is an easy and efficient way to view your account balances, review individual transactions, and send or receive payments while you’re on the go. But its convenience isn’t just attracting smartphone users worldwide – it’s also attracting cybercriminals, and it’s easy to see why. According to a recent report by the Federal Reserve, 42 percent of mobile banking users have transferred money between accounts; meanwhile, 21 percent of mobile payment users have transferred money directly to another users’ bank, credit card or Paypal account."
Mobile Banking's Security Advantages
"As demand for mobile banking and payments transactions grows, banking institutions face increasing pressure to ensure security, says Dennis Simmons of SWACHA, a Texas-based electronic-payments adviser for banks and credit unions. As a result, Simmons says, banks and credit unions must take advantage of mobile device features, such as geo-location, biometrics and device identification, to enhance authentication."
Blackhole Exploit Toolkit 2.0 and Mobile Banking Malware Are Top Trends in AVG's Q3 Threat Report
"AVG Technologies (NYS: AVG) , the provider of Internet and mobile security to 128 million active users, today released its Q3 2012 Community Powered Threat Report. This quarter's report investigates a number of malicious software developments including the newly launched 2.0 version of the Blackhole Exploit Toolkit, the evolution in malware targeting mobile banking services, a surge in malicious ads targeting social network users and a trick to hide malware inside image files."
iovation Presents Mobile Banking Impact on the Financial Services Fraud Landscape
"iovation, the Device Reputation Authority™ protecting online businesses from fraud and abuse, today announced its upcoming panel presentation discussing the increase in mobile service offerings by financial institutions and the impact that increased mobile usage is having on the fraud landscape. John Haney, Sales Executive at iovation, will share recent mobile trends based on iovation’s cybercrime intelligence network, and explain how banks and other financial institutions are detecting mobile fraud early in the process."
Report: Mobile banking could be more secure than online banking
"London-based research and consulting firm Goode Intelligence has released a report and white paper that indicate that the mobile banking channel has the potential to be more secure than online banking. The report, “Mobile Banking Security,” looks at the current security measures of mobile banking and how banks are working with technology companies to create means to prevent fraud and identity theft."
bile banking attacks on Android platforms are here
"The growing popularity of mobile banking and the Android platform for smartphones is combining to make this a fertile area for cyber criminals to target. AVG’s latest Threat Report confirms this trend and believes it will only continue to grow as cyber criminals are increasingly targeting the Android mobile platform with sophisticated social engineering attacks to hack into unsuspecting users’ mobile bank accounts."
Wednesday, October 3, 2012
Mobile Banking Security - Oct 3
Mobile banking trends and hidden risks
"While mobile banking apps are growing quickly in popularity, 68 percent of smartphone owners who have not yet adopted these apps are holding back due to security fears, while only 12 percent believe that the effort of downloading and installing such apps doesn’t justify the convenience, according to Metaforic."
Bank of America Execs Assert Mobile Banking and Security Are Top Priorities
"'Mobile is in our DNA,' explains David Godsman, an online and mobile solutions executive at Bank of America. 'It's how we operate our business.' At a briefing for reporters in Manhattan Tuesday, he said that BofA is constantly evolving and refining the security around its mobile banking application. That could mean different forms of authentication — such as biometric or voice authentication."
Mobile Payments: The Security Challenge
"When it comes to mobile payments, consumers rely on banks and credit unions to be stewards of security. But how can institutions mitigate risk through a payments mechanism they don't solely own? Dennis Simmons, president and CEO of SWACHA, a Dallas-based non-profit payments association, says security success depends on collaboration -- among banking institutions, merchants, mobile carriers, telecommunications companies and consumers."
Hidden Risks in Mobile Banking Raising Concerns
"A new Metaforic survey reveals that while mobile banking apps are growing quickly in popularity, 68 percent of smartphone owners who have not yet adopted these apps are holding back due to security fears, while only 12 percent believe that the effort of downloading and installing such apps doesn’t justify the convenience. By contrast, only 14 percent of those surveyed said that security concerns were preventing them from using PC-based online banking."
"While mobile banking apps are growing quickly in popularity, 68 percent of smartphone owners who have not yet adopted these apps are holding back due to security fears, while only 12 percent believe that the effort of downloading and installing such apps doesn’t justify the convenience, according to Metaforic."
Bank of America Execs Assert Mobile Banking and Security Are Top Priorities
"'Mobile is in our DNA,' explains David Godsman, an online and mobile solutions executive at Bank of America. 'It's how we operate our business.' At a briefing for reporters in Manhattan Tuesday, he said that BofA is constantly evolving and refining the security around its mobile banking application. That could mean different forms of authentication — such as biometric or voice authentication."
Mobile Payments: The Security Challenge
"When it comes to mobile payments, consumers rely on banks and credit unions to be stewards of security. But how can institutions mitigate risk through a payments mechanism they don't solely own? Dennis Simmons, president and CEO of SWACHA, a Dallas-based non-profit payments association, says security success depends on collaboration -- among banking institutions, merchants, mobile carriers, telecommunications companies and consumers."
Hidden Risks in Mobile Banking Raising Concerns
"A new Metaforic survey reveals that while mobile banking apps are growing quickly in popularity, 68 percent of smartphone owners who have not yet adopted these apps are holding back due to security fears, while only 12 percent believe that the effort of downloading and installing such apps doesn’t justify the convenience. By contrast, only 14 percent of those surveyed said that security concerns were preventing them from using PC-based online banking."
Sunday, August 19, 2012
Mobile Banking Updates - Aug 19
Mobile Banking Adoption Triples in Two Years
"Mobile banking adoption has tripled in the past two years, according to research from Dallas-based SWACHA, a not-for-profit electronic payments association. According to SWACHA’s Consumer Insights Survey, which polled 600 Texas residents in August 2011 in partnership with research and marketing firm Decision Analyst, 20 percent of respondents said they currently bank on their phones, compared to 7 percent in 2009."
Report: 108 Million U.S. Mobile Banking Users by 2017
"Forrester Research in its newly issued “The State of Mobile Banking 2012” dropped a huge bomb: Much quicker than many expected, mobile appears primed to emerge as a dominant banking channel with a predicted 108 million users by 2017, per Forrester. That pencils out to some 46% of all U.S. bank account holders. By contrast, around 13% of present U.S. account holders have done mobile banking."
Online vs. mobile banking
"A new study from Javelin Strategy & Research shows that banking customers are still primarily relying on online tools over mobile apps to manage their money. According to two surveys of 8,400 consumers, only 8 percent of customers have transferred funds between their own accounts using a phone."
BofA Mobile Deposits: Better Late and Great Than Never
"Bank of America's iOS app is one of the oldest in the App Store, but it's been given a facelift that brings in some useful new features. Chief among them is mobile deposit, which lets users deposit checks simply by sending photos of checks to BofA via the app. Banks like Chase beat it to the punch on this feature by a matter of years, but BofA customers will still likely appreciate the upgrade."
"Mobile banking adoption has tripled in the past two years, according to research from Dallas-based SWACHA, a not-for-profit electronic payments association. According to SWACHA’s Consumer Insights Survey, which polled 600 Texas residents in August 2011 in partnership with research and marketing firm Decision Analyst, 20 percent of respondents said they currently bank on their phones, compared to 7 percent in 2009."
Report: 108 Million U.S. Mobile Banking Users by 2017
"Forrester Research in its newly issued “The State of Mobile Banking 2012” dropped a huge bomb: Much quicker than many expected, mobile appears primed to emerge as a dominant banking channel with a predicted 108 million users by 2017, per Forrester. That pencils out to some 46% of all U.S. bank account holders. By contrast, around 13% of present U.S. account holders have done mobile banking."
Online vs. mobile banking
"A new study from Javelin Strategy & Research shows that banking customers are still primarily relying on online tools over mobile apps to manage their money. According to two surveys of 8,400 consumers, only 8 percent of customers have transferred funds between their own accounts using a phone."
BofA Mobile Deposits: Better Late and Great Than Never
"Bank of America's iOS app is one of the oldest in the App Store, but it's been given a facelift that brings in some useful new features. Chief among them is mobile deposit, which lets users deposit checks simply by sending photos of checks to BofA via the app. Banks like Chase beat it to the punch on this feature by a matter of years, but BofA customers will still likely appreciate the upgrade."
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