Mobile Banking Updates - June 16

What Tops Consumers' Mobile Banking Wish List?
"As plastic and digital transactions boom, the use of paper checks is in decline. Although checks still represent about 20 percent of all non-cash payments, the Federal Reserve processes less than a third of the checks it did 20 years ago. With fewer checks in circulation, you may be surprised to learn that the most desired improvement to mobile banking is … the ability to deposit checks."

Big data to drive banks' mobile wallet strategies - Finextra research
"Research from Finextra finds that banks around the world are looking to discounted offers and big data analytics to beat off the competition from telcos and tech start-ups as they battle for control of the consumer mobile wallet. For the research - conducted on behalf of Clear2Pay and NGData - Finextra surveyed more than 183 bankers on the key issues around the monetisation of mobile payments."

Itinerant customers embracing mobile banking faster than military banks expected
"Many banks treat mobile banking like an ancillary service channel, but it’s quickly becoming the main game for the highly-mobile customers of USAA and Australia’s Defence Bank. The head of customer strategy for military bank United Services Automobile Association (USAA) admits to being “a little scared” after recently watching mobile banking services usage rocket past the levels initially expected by the end of 2015 — but he relishes the challenge as USAA and contemporaries like Australia’s Defence Bank embrace new technologies to keep the personal touch."

Banking goes mobile
"Dan Brower fished a much awaited check from his mailbox but didn’t have time to swing by his bank’s branch. So the Kansas City resident fired up his 2-week-old iPhone, and with just a flick of his finger — disappointment. Commerce Bank’s mobile banking app doesn’t accept deposits."

Portland banking startup Simple raising more money, filing suggests
"Portland online banking startup Simple Finance Technology Corp. is raising more money, according to a regulatory filing this afternoon. The filing suggests Simple, as the company is known commercially, has raised $2.3 million in new investment. But such filings often give an incomplete picture, and Simple said it will have more to say soon."

KeyBank Expands Mobile Capabilities for Commercial and Consumer Clients
"KeyBank is making banking more convenient for all clients - commercial and consumer - to manage money while on the move with an expanded suite of mobile banking services. 'We're seeing double-digit growth in our clients' use of consumer mobile banking, and we know our commercial clients have increasing interest in mobile,' said Matthew D. Lehman, head of KeyBank's Community Bank online and mobile banking. KeyBank's mobile banking use increased by 45 percent between 2011 and 2012."

Popular Community Bank Launches New iPad App in Latest Expansion of Mobile Banking Platform
"Popular Community Bank,* a subsidiary of Popular, Inc. and one of the nation’s premier community banks, expanded its “anywhere, anytime banking” program with the launch of its new application optimized for the iPad, available at the Apple iTunes store. The Popular Community Bank free iPad app compliments the bank’s iPhone® and Android™ apps, Business Mobile Banking and recently enhanced Internet banking. Through the iPad app customers can:"

Mobile Banking Updates - Mar 28

Oklahoma CU Deploys Tyfone Mobile Banking
"Communication Federal Credit Union is deploying Tyfone's mobile banking software. Tyfone's suite enables mobile banking via mobile app, mobile web or SMS. It is capable of integrating with Fiserv's XP2 core account processing software and is said to provide financial institutions a path to deploying mobile payments through its iCashe mobile wallet. The Oklahoma City-based credit union—which has about $850 million in assets and serves 55,000 members in Oklahoma and Kansas—and Tyfone did not immediately return requests for comment on the scheduled rollout of mobile banking and payments."

FIS Looks Forward On Mobile
"When Jacksonville, Fla.-based FIS completed its acquisition of mobile banking and payment solutions provider mFoundry last week, it was not just a one-off business transaction but part of a larger mobile strategy the company is planning over the next decade. "We see mobile as being a huge part of our future at FIS and the future of the clients we serve," Susan Hawkins, Group Executive and General Manager of eBanking, Mobile and Commercial Treasury Solution at FIS, recently told Bank Systems & Technology."

Snap happy mobile banking customers deposit checks via photos
"Earlier this month, Juniper Research released their "Mobile Banking: Handset & Tablet Market Strategies 2013-2017" report revealing that, within the next four years, 19% of tablet owners will carry out bill payments via their mobile device compared to the 9% that currently do so. New research, this time from mobile document capture software firm Mitek, found that Americans are increasingly comfortable with depositing money into their accounts simply by taking a photo of a check. More than 12 million have now done so, depositing more than $40 billion in to accounts. According to Mitek president and CEO, James B. DeBello, mobile banking is not only fast, easy, and gratifying, it's also fun."

Tablet Banking Forecast 2013-2017: Mobile Banking Users to Exceed One Billion by 2017
"Online banking is common enough these days, but Juniper Research believes the practice is heading to the mobile world. The March 12 report shows that users have become accustomed to pushed financial services, particularly tablet banking. The acceptance of mobile banking apps, plus the vast numbers of tablets in circulation among consumers, will encourage people to look up and pay their bills on mobile devices."

Banks Now Able to Enrich their Consumer Banking Offerings with New Online and Mobile Banking Range of Products from Misys
"At the 'Misys MENA Market Forum 2013' today Misys is announcing its new innovative range of online and mobile banking products, Misys BankFusion Digital Channels, which significantly enhances the way banks provide products and services via the Internet or mobile devices. Misys BankFusion Digital Channels comprises a range of proven and mature modules covering online banking, mobile banking, personal financial management and Internet brokerage, which enable banks to extend their services and add more value to their customers. The innovative solution enables banks to keep up to date with the changing needs of consumers. It allows banks to provide a better digital service all the time and allows them to optimise their costs, as customers migrate from transacting in branches to banking via digital channels."

Mobile Banking Updates - Mar 24

Mobile Banking Innovations
"In 2006 Muhammad Yunus received the Nobel Peace Prize for his achievement with Grameen Bank. It gives microcredits to people too poor to qualify for traditional bank loans and the bank made a signficant profit with this business model. If the Nobel Committee was composed of international CEOs you can be sure Mr. Yunus would probably have received the Nobel Prize for Economics as well. He was able to create business opportunity where it was mostly overlooked or deemed impossible. He did that by offering new services and out-of-the-box thinking."

Loyalty To Mobile Banking Kept Some From Switching To CUs
"Credit unions could have gained even more members than the 2.2 million members they added in the weeks surrounding Bank Transfer Day, if they had made it easier for consumers to transfer their mobile accounts, according to Jim Van Dyke , CEO of Javelin Strategy & Research."

City National Bank aims mobile banking suite at small and mid-sized businesses
"Banks big and small are scrambling to "mobilize" their offerings, including those aimed at business clients. Today, City National Bank, a financial institution with $28.6 billion in assets, announced that it's offering a new online and mobile business banking solution called Book2Bank. The new suite of services includes connections to accounting software such as QuickBooks, as well as the ability to automate payment activities."

Infographic: What’s Really Going On in Mobile Banking
"By 2017, an estimated one billion people will use mobile banking. Even today, mobile banking has become an accepted – if not routine – part of daily life. But according to the data presented in a new infographic from FICO, there’s often a gap between what mobile services customers want and what their banks offer."

Check depositing via mobile banking reaches $40B threshold
"According to findings from mobile document capture software firm Mitek, Americans 'are increasingly comfortable with depositing money into their accounts simply by taking a photo of a check.' Sure, this survey came from a vendor who found that people just love what they do, but there is some interesting data nonetheless. The findings state that more than 12 million have deposited funds via check capture software. So far, this translates into more than $40 billion into accounts."

Future of Mobile Banking: Fewer Banks, More Apps
"Mobile banking is increasingly popular, according to a report from consulting firm Bain & Company, offering banks a chance to cut costs but also increase customer loyalty. The December 2012 report from Bain found that 20 percent of mobile users in the U.S. had accessed a mobile banking app in the past 12 months, with 64 percent performing a simple balance inquiry. Forty-one percent used a remote deposit capture system on their phone, while 26 percent paid bills with a mobile device."

Mobile Banking Updates - Mar 7

Google Glass Could Spur Mobile Banking on Steroids
"Since their inception, computers have morphed. Once bulky, now small. Once obvious, now discreet. Soon they will be wearable. So, when you walk down the street, a message will brilliantly appear in the corner of your eyewear: Look, an ATM! What seems like a futuristic fantasy could become reality later this year. Google's (GOOG) latest foray into wearable computing, Glass, is ripe for financial services innovation. It is similar to what you'd imagine to be the heads up display inside a fighter pilot helmet."

The Future Of Mobile Banking Fueled By Smartphone Cameras
"The impetus for financial institutions to provide mobile remote deposit capture and mobile photo bill pay is growing. A full 58% of iPhone users finding mobile deposit desirable, and 42% of mobile bankers say they’d like to use photo bill pay. Mobile remote deposit has created a buzz and it is a surprisingly popular service among consumers. For many consumers looking for a reason to try mobile banking, remote deposit seems to fit the bill."