Mobile Banking Updates - Mar 17

Mobile Deposit Combines the Old and New in Bank Technology
"Remote deposit capture (RDC), long tied to the PC and desktop scanner, has arrived at its ultimate destination -- anywhere, anytime check deposits through popular mobile banking capabilities and smartphones. By combining powerful technology trends and strong consumer demand with a traditional banking process, mobile deposit enables financial institutions banks to retain customers, prevent the fragmentation of customers’ banking relationships and, ultimately, forever change the bank’s relationship with its customers."

Onsite Coverage: Mobile Message at BAI is ‘Go Big or Go Home’
"What a change a year makes. The loud message at a morning session on mobile banking at the BAI Payments Connect conference in Phoenix is this: "Go big or go home." Mobile banking adoption now is occurring at a “dizzying rate,” said panelist Bob Hedges, a managing director at research firm AlixPartners. Before, AlixPartners had talked about mobile banking “nearing” a “tipping point” – but it’s there and well beyond that now, Hedges said at the Monday session."

Centier Bank Improves Banking Security with Mobile-based Card On/Off Support
"In an effort to increase mobile adoption and enhance customers' security options, Merrillville, Ind.-based Centier Bank has implemented new mobile banking functionality from Computer Services, Inc. (CSI) (OTCQX: CSVI) to allow its customers to better manage debit cards from their mobile devices. CSI's newest mobile application enhancement, referred to as Card On/Off, allows users to manually enable or disable the use of their debit card within the bank's mobile app in the event the card is lost or stolen."

Millennials embrace mobile banking
"Meryn Oswald is 23, just out of college and can’t remember the last time she was in a bank branch office. Her father, Jim Oswald, who’s executive vice president and chief lending officer for Affinity Bank of Pennsylvania, is amazed watching his daughter bank on her phone. This is one reason the Spring Township bank is exploring mobile banking."

Report: 1 billion mobile banking customers by 2017
"Bill payment from a tablet is, not surprisingly, on the rise. Analysts at Juniper Research said that growing acceptance of mobile banking coupled with a rise in tablet adoption will push users of transactional tablet banking to nearly 200 million consumers in 2017. That's about 19 percent of all mobile banking customers, the report said. Juniper said adoption of bill payment via tablets will be higher in developed areas, as they have a higher adoption of tablet devices overall."

Mobile Banking Updates - Nov 4

Image Processing Tech Limitations Could Stymie New Mobile Banking Apps
"Financial institutions have been experimenting for a few years with new and creative ways of taking advantage of smartphone cameras to provide mobile banking services. They started with mobile check deposit and have moved on to mobile capture of mortgage documents and drivers’ licenses."

Banks and telcos must partner for the long haul
"Partnerships between financial institutions and other firms such as telcos offer a chance to bring new services such as mobile banking and payments to millions of customers. But innovators should be prepared for the long haul, according a panel of senior industry representatives speaking this week."

As Windows 8 Launches, Banks Ready Mobile Banking Apps
"Financial institutions are readying apps for Microsoft's new, radically different Windows 8operating system for desktop, laptop and tablet devices, which officially launches today. Bank of America, the second-largest U.S. bank by assets, is one. 'We're developing an app for Windows 8 that will provide another convenient way for our customers to interact with Bank of America,' said a BofA spokesperson in a statement emailed to BTN. BofA's app is for PCs and tablets."

Consumers Share Their Mobile Banking Pet Peeves
"A vast majority – 72% – of U.S. adult smartphone users have encountered difficulty when trying to use a mobile banking app, research released this week has found. The survey of 600 smartphone users was conducted by The Adcom Group of Companies and commissioned by Virtual Hold Technology. Consumers shared their specific issues with mobile banking apps: 28% said the mobile app freezes or crashes, 26% have experienced a dropped internet connection while mobile banking, 25% said there were insufficient transaction details or filtering options, 21% said they could not easily speak to a customer service representative, 20% had problems opening an app, 19% have had problems logging in or setting up an app, 18% reported missing pending transactions or balance discrepancies, 17% said there were missing historic transactions, 16% have experienced delays due to payment fulfillment constraints, 15% were unable to schedule or modify payments or transfer funds, and the list goes on."

Mobile Banking Update - Oct 7

For Credit Unions, Mobile Deposits Are a Lifeline — But Are They a Fee Generator?
"Mobile remote deposit capture (RDC), or the use of the camera on a mobile device to create an image of a check for deposit, is expanding across financial services. While larger banks offered the service initially, credit unions and community banks are also quickly adopting mobile RDC, a move that can boost overall use of electronic channels. While almost all financial institutions want to boost mobile and web banking, it's vital for smaller institutions to do so to reduce service costs and accommodate the lack of a geographic footprint."

Apple iPhone Users Most Likely To Research Products, Buy And Bank On Their Devices
"People who own iPhones are much more likely to research buying decisions, comparison shop, and actually purchase things on their devices than are mobile users on Android, BlackBerry or Windows Phone devices, according to a new study by Forrester which polled over 50,000 mobile device owners. 85% of iOS device-toting adults 18 or older use their iPhones for shopping-related research, and 69% percent have pulled the trigger and actually bought something."

Sound Bytes from SM2: Marketers Place Their Bets and Dollars in Mobile
"The Mobile Marketing Association (MMA), the leading global trade association for the mobile marketing industry, celebrated its inaugural SM2 conference, Smarter Mobile Marketing, with a stellar line up of speakers including Michelle Peluso, Global Consumer Chief Marketing and Internet Officer, Citigroup, as well as David Kenny, Chairman and CEO, The Weather Channel Company. Sprint also used the SM2 stage to unveil an exclusive mobile announcement."

Customers Increasingly Rely on Mobile Banking
"Smart phone growth has completely remolded the way people manage their accounts and finances day-to-day. The release below reveals powerful numbers reflecting the growth of mobile banking over the past several years, forecasts what's to come as it continues to grow and how Arvest Mobile Banking has become a key product to keep up with customers' needs."

Reader Forum: Top-up, remote payments, mobile banking – not NFC – are the real opportunity for m-commerce
"Most conversations today surrounding mobile payment solutions are overly focused on the opportunities promised by near field communications technology and how this functionality will transform the point-of-sale experience in developed markets. Inevitably, however, these discussions quickly digress into the complexity surrounding handset and chip manufacturing, the security of cardholder data and payment information and the challenges involved in point of sale integration."

Mobile Banking Updates - Aug 26

Nearly half of cellphone owners expected to start banking by phone by next year
"One in five people who have a cellphone have used it recently to do their banking. By next year, nearly half of cellphone owners are expected to use them to check their bank account balances, pay bills or deposit checks. That may not surprise the 44 percent of people who currently own smartphones and already use them for everything from real-time traffic updates to comparison shopping while standing in a store aisle. It may surprise the 32 percent of consumers who have never even accessed their bank accounts from their home computer."

Mobile banking expected to skyrocket by the end of 2013
"By the end of 2013, roughly 43% of bank customers are expected to be using their smartphone for banking on the go, according to The Federal Reserve. The report said that it is the younger customers leading the trend. But not all young smartphone users are ready for mobile banking. 'I would never use my phone for banking personally, I don't even use the Internet, I don't think it is secure,' said Cleveland State University senior Megan McKenney."

Barclays introduces new mobile banking app
"Barclays PLC has introduced a free mobile banking app, Barclays Mobile Banking app, allowing its personal and small business customers to view their balances and last 30 transactions, make transfers between accounts, pay bills and find branches or Barclays ATMs. In addition, Barclaycard UK personal customers who also hold their bank account with Barclays will be able to view their credit card balance and recent transactions and make a repayment off their last statement balance."

Web - The Forgotten Channel?
"According to many recent analyst reports, including the World Retail Banking Report 2012 co-authored by Cap Gemini and EFMA, customers are viewing the Internet - alongside the branch - as one of the two most important channels of retail banking worldwide. In this context, I find it odd that many banks and nonbanking financial service providers are virtually treating the web as a non-existent channel while communicating the value proposition of their phone, mobile banking and mobile payment services. Let me cite a few examples of this trend."

Fiserv and Mitek Sign Deal

"Mitek Systems, Inc., an innovator of image analytics and mobile document capture applications, today announced that it has signed an OEM agreement with Fiserv, Inc., the leading global provider of financial services technology solutions, for Mitek's Mobile Deposit(TM) application that enables customers to deposit their personal or business checks using a cell phone camera. Mobile Deposit gives financial institutions the ability to provide consumers and merchants with quicker availability to funds and an extra level of convenience." >> Continue Reading