Mobile Banking Updates - Aug 25

Mobile Banking Continued Steady Growth in July
"Consumers' use of mobile banking apps continued to grow at roughly the same rate in July as the previous month, resulting in a reading for American Banker's Mobile Banking Intensity Index of 71.8. The biggest change during the month was in mobile check deposit: the index value for the average transaction value of checks deposited via mobile device dropped more than 10 points. However, check sizes are still growing, just not quite as much as they were in June. In July, 52% of bankers said the average value of checks deposited by consumers using a smartphone camera was higher than in in June. Almost half (47%) said the average value was about the same; less than 1% said these checks had gotten smaller."

Americans Rank the Top 10 Best and Worst Mobile Banking Apps
"Why did U.S. consumers rank Citizen’s Bank highest? And what three critical areas do several banks need to improve in? What do consumers think of banks’ mobile banking apps? It’s easy enough to find out. Just pop on the Apple App Store and the Google Play Store, where you can look at customer ratings and reviews."

Bank of America Tops 1 Million Small Business Mobile Banking Users
"More than one million Bank of America small business clients are now using mobile banking, according to a statement today by the bank. The milestone in adoption can be credited to the flexibility that mobile banking affords small business owners, Mary Bintz, a small business sales executive said in the statement. 'Today’s small business owners… are in their cars and trucks, on factory floors, shopping for supplies and visiting clients on-site.'"

Sterling Bank Launches Mobile Banking Solutions
"Sterling Financial Corporation (NASDAQ:STSA), whose principal operating subsidiary does business in Washington, Oregon and Idaho as Sterling Bank, today announced that it is launching a robust mobile banking suite for consumer customers. Now, Sterling Bank customers can manage accounts with a mobile phone or a tablet using the Sterling Bank Mobile App, which is available for iPhone(R), iPad(R) and Android(TM) 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."

Top 10 Mobile Banking Mistakes
"There’s plenty of great information out there for consumers about the dos and don’ts of mobile banking—password protect your device, use caution with what apps you install on your phone—but there are also plenty of mistakes financial institutions make when it comes to mobile. Let’s look at what may be considered to be the top ten."

Demystifying m-commerce
"Smartphones are already more popular globally than desktop PCs and of the 1.875 billion phones to be sold in 2013, a staggering 1 billion will be smartphones. In Europe, revenue from mobile commerce is predicted to rise from €1.7 billion in 2011 to €19.2 billion in 2017, according to Forrester (EU Mobile Commerce Forecast, 2012 to 2017; July 2012). This presents a huge revenue opportunity in the face of declining high street sales, and companies that fail to adapt their online strategy may be left behind as a result. In a recent study, Chase Paymentech found that only 40% of merchants have a mobile commerce site in place to provide a seamless multi-channel shopping experience."

Mobile banking hype ahead of reality
"When it comes to mobile banking, the hype can get out of hand quickly. We tend to note new gee-whiz trends, such as the rise of remote deposit, and conclude that mobile banking is making great leaps forward. It's refreshing to hear a voice of dissent. "Mobile banking is great if I am sitting at an airport and feel the urge to make a payment or check up on something. It has been equally terrific when I have needed to get to my bank accounts and do not have access to my computer to do an online banking session. But mobile banking, at least with my primary bank, has proven itself unreliable, and too limited on too many occasions that my first preference for now remains online banking," says one consultant."

ICYMI podcasts: Software defined networks now, mobile banking of the future
"This week’s guest on the GigaOM Structure Show, certainly isn’t shy with his opinions. Tune in to hear North Bridge Venture Partners partner Paul Santinelli offer his take on the software-defined networking segment to Derrick Harris and Barb Darrow. The GigaOM Weekly Wrapup show recaps the highs and lows of BlackBerry’s history, as well as some positive analyst updates for Sprint and T-Mobile: Should Verizon and AT&T be worried?"

Mobile Banking Updates - Aug 8

Mobile Banking, Payment, Core Sales Drive Fiserv Profits
"Fiserv shared solid results for the second quarter Tuesday night, including revenue of $1.1 billion and an 18% increase in adjusted earnings per share to $1.50. Revenue came from three main sources: mobile banking software and services, payment services and core banking software sales (the latter mainly through Fiserv's acquisition in Open Solutions earlier this year)."

Podcast: Mobile Banking Threats
"Kaspersky Lab expert Denis Maslennikov explains the vulnerabilities and possible threats of mobile banking apps."

Sterling Bank Expands Its Digital Capabilities through Retail and Business Digital Solutions from FIS
"Engaging customers on their own terms is the future of banking, and Spokane, Wash., based Sterling Bank, the principal operating subsidiary of Sterling Financial Corporation (NASDAQ:STSA), is meeting those needs with the help of FIS™ (NYSE:FIS). FIS, the world’s largest provider of banking and payments technology, today announced that the $9.94 billion bank signed a multi-year agreement to deploy FIS’ Business eBanking and Mobile Banking solutions – creating new and easier ways for customers to manage their money, while also supporting the bank’s plans for growth."

Q2 Ties Banking Software With Geezeo
"Austin-based mobile banking software developer Q2 (formerly Q2ebanking), said today that it has partnred with financial technology firm Geezeo. Geezeo is a developer of personal finance management software, aimed at consumers."

Thoma Bravo Completes Acquisition of Intuit Financial Services; Newly Launched as Digital Insight
"Thoma Bravo, a leading middle-market private equity firm, announced today it completed the previously announced acquisition of Intuit Financial Services, a division of Intuit, Inc., to form a stand-alone company that provides digital banking and payments capabilities to financial institutions. The transaction, valued at $1.025 billion, establishes a new company with a familiar name in banking, Digital Insight."

Mobile Payment Startup Secures Head Honcho & New ‘Dream Team'
"Zapp, which enables real-time payments on people’s mobiles through their mobile banking application, allowing secure payments between consumers and merchants, is set to hit the market in 2014. Ahead of its debut the company, which is part of the VocaLink group, has today announced key founder members of a senior management ‘dream team’ – who are responsible for launching the new mobile payments system."

Mobile banking innovations
"As you're standing in line at your local grocery store waiting to checkout, you quietly observe the people in front of you. They pull out a checkbook and begin to write a check. You silently sigh and roll your head because you now have to wait for this ancient process to finish- when they could have just slid a debit card and be done."

Shop Smart: Banking services you can bank on
"In recent years, banks have introduced new products and services that have significantly enhanced consumer convenience, notes Consumer Reports Money Adviser. For example, rising consumer preference for paying by debit card at the cash register has reduced the need to find automated teller machines. With smartphone banking apps, you almost never have to set foot inside a bank branch."