Mobile Banking Updates - Feb10

What's Next For Mobile Banking?
"Juniper Research estimates that by 2017 more than 1 billion mobile phone users will have used their mobile devices for banking purposes, compared with slightly more than 590 million users this year. As with any positive development, however, there are some potential downsides to this fantastic growth. Will banks be able to profit from the growth of mobile banking, or will it become a commoditized loss leader?"

APPLE MOBILE BANKING SYSTEM LETS USERS BORROW MONEY FROM PEOPLE NEARBY
"We’ve all had this happen to us at least once: you’re out and about, doing your shopping or hanging with friends, and you realize you have no cash. The place you’re at/going doesn’t accept debit or credit cards, and the nearest ATM that you can use without a ridiculous surcharge from the machine (and your bank) is ten blocks away. So what do you do? Normally, you’re forced to trek to the nearest ATM, eat the exorbitant surcharge, or have one of your friends spot you (if you’re not by yourself). There has to be a better way, and apparently Apple’s working on one."

'Me Too' Rules in Mobile Banking
"Ask Anthony Genovese, a vice president at payments company Compass Plus in St. Louis, to assess the current state of mobile banking apps and his verdict is bluntly unenthusiastic.'There’s a lot of ‘me-too’ apps,' said Genovese, who spoke in connection with the release of a new Compass Plus white paper, 'Mobile Banking: One Size Doesn’t Fit All.' (A free download is here.) 'I do not see very many truly empowering apps. Financial institutions are not signing up new customers because of their mobile apps,' said Genovese."

Mobile banking - safe as well as convenient?
"Mobile technology is all about portability, of course. But more than that, it's about the convenience and accessibility that this portability brings. Equal to the convenience of instant communication is the ability to perform tasks which once took time - and possibly required taking to the high street and joining the back of a queue. One way that mobile technology puts this power of accessibility in your pocket - and more in charge of your financial life - is with mobile banking services."

National Banking Survey: Mobile Apps Fall Short of Consumer Expectations
"Varolii Corporation, a market leader in customer interaction management, today announced the results of a national survey of more than 600 consumer adults across the United States about mobile banking applications. The survey revealed a surprising disparity in what consumers want in a mobile banking app and what they actually get from their banking institution. Americans increasingly want, and expect, to be able to conduct more advanced functions like depositing checks and receiving real-time notifications on account activity from their mobile banking apps."

Mobile banking the main IT investment priority for banks in 2013, research shows
"IT service analysts Ovum said that banks' "clear IT investment priority in 2013" would be mobile banking. It said that European banks would spend approximately 4% more on mobile banking and 'other channels' for services than they did last year. 'Other channels' also refers to TV banking and banking through independent financial advisors or other third-party providers."