Mobile Banking Updates - Apr 12

Mobile Banking Users Cite Lack of Tech Support as Biggest Void
"A recent survey of 1,527 mobile banking users found a gaping void in the typical mobile banking application — a lack of technical support, tutorials and advice. Asked about the one improvement they'd most like to see in their mobile banking application, 60% of these consumers said links/contact information for technical support."

Fiserv White Paper Evaluates How Mobile Access is Reshaping Banking Across Channels
"Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced the release of a white paper exploring how the rapid adoption and evolution of mobile banking is impacting the way consumers are utilizing other banking channels. The complimentary whitepaper, "Snacking, Lunching and Fine Dining: How Mobile is Reshaping Every Banking Channel," can be downloaded at www.fiserv.com/mobile-reshaping."

J.P. Morgan rolls out mobile app for depositary receipt clients
"Financial institution J.P. Morgan is expanding its mobile portfolio with a mobile application that lets its depositary receipt clients manage their investments. The app is an extension of the company’s Web portal and claims to be the first of its kind in the depositary receipt industry. The app is available for free from Apple’s App Store for J.P. Morgan DR issuer clients."

Tapping Into Money in the Mobile Wallet
"Gold bugs will seethe, but money may soon reach the ultimate destination in its evolution: the smartphone. Transactions via mobile phones are forecast to grow 56% a year from 2011, reaching $1 trillion globally by 2015, according to research firm Yankee Group. Visa Europe thinks half of its transactions will be carried out on a mobile device ..."

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Mobile Banking Security - Apr 11

New security flaws detected in mobile devices
"Findings of two recent examinations of mobile devices highlight how designers of smartphones and tablet PCs failed to fully account for security and privacy implications. 'Today's smartphones and tablet devices perform the same functions as a PC,' says Dan Hoffman, chief of mobile security at Juniper Networks. 'However, the vast majority of devices lack security software and mistakenly rely upon the operating system to keep people safe.'"

Are your mobile banking apps safe?
"How safe are your mobile banking apps? Not very, based on the findings of a 2011 study by digital forensics and security firm, viaForensics. According to the study, 25% of the mobile banking apps tested didn’t provide adequate security: passwords, partial credit card details, payment history and transaction details were easily retrieved from the handset."

Mobile malware on the rise
"Threats posed by mobile devices are increasing at a tremendous rate, as fraudsters are becoming more successful in infecting hundreds of thousands of these devices. So say security experts, who also point out that hackers and criminals are increasingly targeting mobile devices to steal banking information because consumers are moving more and more of their banking and shopping activities onto these devices."

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Mobile Banking Updates - Apr 5

Mobile Expert Video Series: The Sybase 365 Team
"I have said it before, and I will say it again, I believe the Sybase 365 platform is one of Sybase's most interesting mobile platforms and one of their best kept secrets. It is huge in m-Commerce and in mobile banking. It is also widely used around the world for mobile commerce. In this interview, I talk about Sybase 365 with Sybase's Allen Lau and Gabe Thendean."

Banking via mobile phone to become the norm
"Talking and tweeting might be OK for mobile phones, but banking is another thing altogether.

At least that’s the verdict of a global survey which found Australians are surprisingly reluctant to embrace mobile banking. A little more than one in three Australians have banked via mobile phone over the past six months, well below the global average, according to the KPMG poll."

Bank of America boosts mobile strategy for investors with Android app, new functionality
"Bank of America is introducing a number of new mobile capabilities to meet the investment needs of Merrill Edge customers.

With the financial institution’s research showing that Merrill Edge customers are avid users of mobile banking, it has added an Android mobile application to a lineup that already includes offerings for iPhone, iPad and BlackBerry. Additionally, Merrill Edge iPhone app users will now be able to deposit checks remotely using their mobile devices while iPad app users will be able to pay bills."

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Mobile Banking Security - Apr 4

Hacker Intrusion Worries Slow Mobile Banking, Fed Official Says
"U.S. consumer concerns that hackers may gain access to private financial information are slowing use of smartphones and mobile devices for personal banking, said Sandra Braunstein, director of the Federal Reserve’s consumer and community affairs division.

'Consumers expressed concerns about hackers gaining access to their phones and exposing their personal financial information,' Braunstein said in remarks prepared for testimony today to the Senate Banking Committee in Washington."

Experts Ponder Which Security Threats May Gain Speed
"Wake up and smell the hack. 'Mobile banking, I would argue, presently, is significantly more secure than is online banking,' said Kevin Travis, a partner with Novantas, a New York-based management consulting firm.

For skeptics, that may be the shocker. Some financial IT consultants insist that, although online banking is 20 years old and mobile is younger, maturity has not necessarily produced a safer banking platform when users log into their accounts, typically via a Windows PC or laptop. Windows claims about 92% of computers versus 6% for Apple and 2% for all others."

How safe are your mobile banking apps?
"How safe are your mobile banking apps? Not very, based on the findings of a 2011 study by digital forensics and security firm, viaForensics. According to the study, 25% of the mobile banking apps tested didn’t provide adequate security: passwords, partial credit card details, payment history and transaction details were easily retrieved from the handset. What’s more, another 31% of banking apps had less severe security issues with 44% offering adequate security."

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Tablet Mobile Banking - Apr 3

How To Create A Superior Tablet Banking App
"Tablet use in the United States is expected to more than double over the coming year, from its current base of 16 million consumers, according to a Mobile Banking, Smartphone and Tablet Forecast: 2011-2016 report from Javelin Strategy and Research. The Pleasanton, Calif.-based firm also projects that by 2016, 40% of U.S. mobile consumers, or 87 million people, will own a tablet.

Considering the enormity of these numbers, including a tablet-specific application in their mobile offerings should be a no-brainer for banks, especially since mobile banking users are prevalent among early tablet adopters, asserts Mary Monahan, EVP and research director at Javelin. However, she warned, 'Just porting over a smartphone app to a tablet doesn't count as a tablet-specific offering.'"

Canada's First Mobile Banking App Comes to the iPad
"CIBC introduces a Mobile Banking App designed specifically for iPad users. CIBC, the first bank in Canada to deliver a mobile banking app in 2010, today announced the launch of a Mobile Banking App designed specifically for the iPad.

Today's launch makes CIBC the first major bank in Canada to deliver a native iPad mobile banking app, building on CIBC's leadership in mobile financial services. The app enables CIBC clients to bank on their iPad using new interactive graphics and visuals, and leverages the full screen and capabilities of the iPad."

CIBC launches mobile banking app for iPad
"Canadian banks of hopping on the mobile banking app train. The last stat to be released was from last November that showed 35% of Canadians surveyed have done some banking on their mobile device, but security was still an issue. Most banks (CIBC, RBC, ING, TD, HSBC, Desjardins, BMO) have an app that does basic features such as finding an ATM, bill payment, transfer funds, account status."

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Mobile Banking Updates - Apr 2

6 Essential Mobile Banking Features For Community Banks
"Financial institutions have many choices when implementing a mobile banking solution. The majority of community banks do not have the resources to develop a mobile application in-house so they will most likely implement a mobile platform from a software vendor.

Community banks must offer robust and intuitive mobile banking apps to compete against large national banks and attract new customers, especially tech. savvy Gen Y consumers. Banks also benefit with the ability to sell more services to existing customers, retain current customers and reduce operational costs. In order for a bank to reap these benefits their mobile app must include many key features."

Mobility Matters – Tracking the Mobile Banking Revolution: Online Only
"Credit Union Mobile Banking Debut of The Week: “We are gearing this to a younger membership. We are ahead of the curve, that’s where we want to be,” said Christopher White, a senior vice president at Waltham, Mass-based RTN FCU, a $720 million institution with 37,000 members."

Consumers want mobile banking at its highest level
"Throw away the deposit slips. Forget about the zipper coin pouches and the locking night deposit bags.
This month Rivermark Community Credit Union became the first Oregon credit union to offer the latest in mobile banking technology — the ability to deposit a check by simply taking a picture of it with an android phone, iPhone or iPad."

ath Power Research Shows Customers Willing to Pay as Much as $11 Per Month for Mobile Banking
"ath Power Consulting, an industry leader in financial services research and customer experience strategy development, today announced the release of The ath Power 2012 Mobile Banking Study(TM). Key findings revealed that banks are not adequately promoting their mobile banking offerings, and that Remote Deposit Capture is the missing feature most sought by customers. The National study ranked customer satisfaction with today's mobile banking offerings, and USAA earned the top spot with 73 percent of its users claiming high satisfaction."

Mobile banking service
"Pageonce is a Mobile banking service is made easy and simple for you, allowing you to manage money on your smartphone screen anywhere you want. And this is also a free service and provide positive benefits to manage a variety of important transactions."

Boom mobile banking, Allpoint ATM network partner on services
"Boom, a mobile banking provider, and money transfer service owner m-Via have announced both a new low-cost pricing model and a deal with surcharge-free ATM network provider Allpoint to offer Boom users access to more than 37,500 ATMs located in retail stores across the U.S. and Mexico.

Boom operates on a membership-based business model for banking and money transfer. Membership in the U.S. costs $25 per year; outside the U.S., membership is free to individuals who receive money from a U.S.-based member."

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Mobile Banking Updates - Apr 1

UPLEX Global Launches Powerful Secondary Loan Market
"Paul J. Giefing, CEO and Founder of UPLEX Global, today announced the release of a powerful, global, online secondary loan market to allow banks, credit unions, private investors and numerous other financial institutions to efficiently and affordably trade whole loans, loan portfolios and loan participations.

'I’ve found that the old way of buying and selling loans and portfolios has simply become too expensive and time consuming, especially during these challenging economic times,' said Giefing. 'With UPLEX Global, we’ve truly changed the way the way secondary markets work by offering an online ‘broker-less’, paperless platform to efficiently and securely manage loan portfolios. Our technology allows financial firms to maximize time and make more money by putting them in total control of their own portfolios.'”

Mobile Banking Consolidation: Monitise Buys Clairmail For $173 Million
"One more sign of the mobile money space continuing to grow up: some significant consolidation underway. Today, the UK-based mobile banking specialists Monitise announced that it is buying Clairmail, a U.S.-based competitor, for $173 million, as part of its global expansion.

The combined group says it will serve 13 million customers world-wide processing some $10 billion of payments weekly, and will give Monitise a much bigger and direct presence in the North American market: one-third of the top 50 U.S. financial institutions are now clients of the group."

Why did Monitise acquire Clairmail?
"The traditional mobile banking category, of performing PC based on-line banking tasks on the phone is stabilizing. The growth of mobile banking is in mobile payments including person-to-person, interbank transfers and the mobile wallet.

The competition in this more broadly defined mobile banking + payments market is heating up fast. PayPal and Square have made merchant as well as person-to-person announcements in the last week. ISIS (with is operator partners) and Google have also announced several new partnerships and function so far this year. These vendors plan a revolutionary approach to mobile payments."

USAA Tops Mobile Banking App UX Study
"USAA wins out when it comes to customer experience and satisfaction with mobile banking offerings. That's according to the 2012 ath Mobile Banking Study, which was recently conducted by financial services research and customer experience strategy development firm ath Power Consulting.

The study combined an online survey of more than 1,500 mobile banking users with hands-on user audits of mobile banking applications from about 240 banks and credit unions. Seventy-three percent of users surveyed claimed high satisfaction with USSA's mobile offerings. Huntington Bank and BB&T ranked right below USAA in terms of in customer satisfaction."

Smart Phones Helping Consumers Manage Their Money
"Using a mobile device to access your bank account is not only convenient, but it appears to be helping consumers better manage their finances. A new Federal Reserve study shows that mobile phones and Internet access are in widespread use and changing the way that consumers access their financial services. According to the study, 21 percent of mobile phone owners have used mobile banking in the past twelve months, and an additional 11 percent think they will probably use it within the next year."

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