International Mobile Banking Updates - Jul 2

Mobile Banking: Is it a Banking Solution To The Unbanked in Africa?
"Banking the unbanked especially in African countries has for along time been a major predicament. Due to the low level of technology, illiteracy, under development, and lack of proper awareness, the banking sector has been lagging unlike others such as IT and other sectors in the industry."

Emerging economies embrace banking innovations
"When it comes to reaching the unbanked in developing countries, there's room for all players. Worldwide, the unbanked population is estimated at 2.5 billion adults, including 80 percent in Africa, 40 percent in India and 64 percent in rural China. The established means of reaching out to the unbanked in such markets is the ATM. And research indicates that over the next five years, China, India and Africa will be three of four biggest markets for deployment of new or replacement ATMs — with North America rounding out the list."

Connected consumers go where banks haven't
"iWallet, PayPal, apps may grow faster than banking innovation. The banking industry has been given a warning: beware of new competitors stealing traditional financial services via technology. Consumers with mobile devices have the potential to access financial services outside bank offerings, says Bob Hayward, a keynote speaker at the Retail Financial Services Forum in Sydney last week."

Rise of the 'Smartphonatics'
"A recent report by ACI Research and the Aite Group identified a new category of smartphones users, or “Smartphonatics”, who change their financial, payment and shopping behaviour as a result of owning a smartphone. The report is based on a survey of 4 200 consumers, in 14 countries, in the first quarter of this year. The survey was conducted in order to gain insight into the worldwide adoption patterns for mobile banking and payments."

CIBC Continues its Leadership in Mobile Financial Services with the Launch of New Text Message Alerts
"CIBC today announced it has launched powerful new text message (SMS) customer Alerts, continuing its leadership in mobile financial services. The new Alerts bring important financial information to clients at a time and place that's convenient for them through their smartphone, or through email or online banking, to help clients manage their day to day finances. The Alerts range from reminding clients about upcoming credit card payments and due dates so they don't inadvertently miss a payment, to information on future-dated bills or transfers to ensure clients have adequate balances and can avoid late payment fees. Text message Alerts to mobile devices, combined with CIBC's award-winning Mobile Banking, empowers clients to effectively and conveniently manage their finances, wherever they are."

Sungard introduces new ‘solution’ to improve banking services
"As the global financial crisis continues to take its toll on financial institutions and countries worldwide, Sungard introduces its Ambit Core Banking Solution that aims to help banks improve their management processes. Ambit Core Banking Solution “is a universal banking system that provides comprehensive instrument and product coverage for retail deposits and lending, commercial banking, trade finance, and treasury management,” Sungard said in a statement."

Kiwibank’s iPhone App Puts A Service Rep In Everyone’s Pocket
"Kiwibank has released its mobile banking app for iPhones. The app is part of a suite of online innovations pouring from the bank intended to revolutionize how people bank online. Kiwibank’s first iPhone app has been much anticipated. While most of the world’s big financial institutions have had smart phone apps deployed for months, even years, Kiwibank was among the few holdouts. But it was worth the wait."

FNB banking app hits transactions landmark
"Since launching its mobile banking application on the 20th July 2011, FNB has seen over R4 billion in transactions go through the app. This is according to Michael Jordaan, who announced the figures this afternoon (26 June 2012) via his Twitter account."

Mobile Banking Wallet and Payments

Mobile Banking: Apple Customers Hungry For iBank
"Personal banking with Apple? It could happen. With the growing trend toward mobile banking, Apple is already serving as a digital "bank branch" for many iPhone and iPad users. All the Cupertino-based company needs to do now is provide their own virtual teller-like services. And it looks like they might be doing just that."

Blaze Mobile Awarded Another Patent for NFC Payments
"Blaze Mobile, a leader in mobile payment and NFC solutions, has been awarded a notice of allowance for a new patent for mobile banking and payment transactions. This new patent covers any mobile banking transactions that comprise bill payment, peer-to-peer (P2P) funds transfer, funds transfer between bank accounts, between credit cards, and between bank accounts and credit cards."

Security concerns and lack of compelling offer 'holding back mobile wallets'
"Digital banking provider Intelligent Environments polled companies within the mobile banking and payments sector, including O2, Microsoft and Lloyds. A quarter of the companies were confident mobile banking would become a mainstream offer by next year, with a third opting for 2015. The survey said this summer's Olympic Games in London would be a means for businesses to showcase their mobile banking products."

SIM Card Tricksters Target Mobile Payments
"The criminal activity that targets mobile banking has not yet reached the levels of web banking, mostly because the volume of mobile banking to this point hasn't made it as attractive a target. But as mobile banking grows, that's starting to change — particularly since mobile banking is vulnerable to a wide variety of criminal threats. A new strain of crime that tricks users out of their subscriber identity module (SIM) cards has quickly emerged to threaten banks and other enablers of mobile payments such as telecoms."

PayPal announce new mobile banking device
"PayPal introduced its new "PayPal Here" device in San Francisco today, enabling small firms to transfer funds via credit card reader direct from their phone. Powered by card.io, PayPal Here is directly competing with rivals Square and Google Wallet."

10% of mobile users to pay bills using mobile phones by 2016: Report
"Mobile life styles will see about 80% of total mobile banking customers paying their bills through a mobile device by 2016, says Juniper Research. With the growing user acceptance of 'push' mobile banking and an exponential increase in smartphone adoption will drive users of transactional mobile banking services up from 185 million in 2011 to over 550 million in 2016, according to Juniper Research's 'Mobile Banking for Developed & Developing Markets' report."