Mobile Banking International Updates - May 10

MTN Says Subscribers Advanced 3.7% to 170.6 Million in March
"Africa’s largest mobile-phone company, said subscriptions rose 3.7 percent in the first quarter as users were attracted to its data packages and mobile banking facilities. MTN had 170.6 million subscribers at the end of March, compared with 164.5 million at the end of December, the Johannesburg-based company said today. In Nigeria, the company’s biggest market, it added 1.26 million new customers while South Africa contributed 3.2 percent more users, MTN said."

RHB Now Mobile Banking app available"
Mobile Banking app is now available on iPhone, iPad, Android and other smartphones for free. Customers who download it will be able to enjoy mobile banking services such as Account Enquiry, Bill Payment, Fund Transfer, Prepaid reload, Branch/ATM locator and Assistance."

AhnLab Reports the Analysis of the Best Apps in the Android Market
"AhnLab, Inc. ( http://global.ahnlab.com ), a leading provider of integrated security solutions, today announced that its research has identified many popular Android apps are asking for excessive permissions to access to the user data. AhnLab analyzed 178 best rated android apps using AhnLab Mobile Smart Defense (AMSD), cloud-based application analysis platform which verifies the security of Android apps. AMSD scanned 178 apps in five different types of permissions including: Personal information access, service information access, location information access, service charging and device information access. In this analysis, the degree of risk was marked on a scale from 1 to 100 by each type of permission, and the apps recorded 60 and above are classified as malicious."

Tanzania: PBZ Set for Mobile Money Transfer
THE People's Bank of Zanzibar (PBZ) plans to introduce mobile money transfer (Z-Pesa by Zantel) later this year to cater for the rising demand for financial services. The PBZ's Director of Marketing and Business Development, Mr Juma Hafidh, made the remarks over the weekend in Dar es Salaam at the launching of a special local television programme 'Mwana Dar es Salaam.' 'The installation of the mobile system has been completed and what remains is finalisation of some logistics with regulatory bodies,' he said."

The Mauritius Commercial Bank Delivers the First Mobile Banking Service in Mauritius with Oracle FLEXCUBE Direct Banking
"Oracle today announced that The Mauritius Commercial Bank (MCB), the oldest and largest banking institution in Mauritius, and one of the leading banking institutions in the Indian Ocean and in the Sub-Saharan region, has implemented Oracle FLEXCUBE Direct Banking to provide internet and mobile banking services to customers. MCB is the first bank in Mauritius to introduce mobile banking services and 96 per cent of its registered mobile banking users are already actively using the facility."

Developing Countries Are Revolutionizing Mobile Banking
"Barclays of U.K. launched Pingit, a service that lets people send and receive money using a smartphone. But this isn't the first big innovation in mobile banking. These innovations are already happening in developing countries. Poor countries are jumping ahead of rich ones by building a 21st century infrastructure (because they have little legacy infrastructure to begin with). For example, India has leapfrogged from no land-line telephones to the latest in wireless telephony. That revolution, in turn, is causing India to leapfrog brick-and-mortar banking to wireless banking for the masses. We see similar patterns in other poor countries as well. Mobile money transfer in Africa, M-Pesa, is a case in point. Counterintuitive as it may seem, poor countries may be ahead of rich countries in mobile banking."

Canadians embracing mobile banking
"The benefits of owning a smartphone are many: Handling work issues when you’re not in the office, staying connected with friends and family, settling that late-night bet about John Travolta. But for millions of Canadians, smartphones are becoming their go-to device for paying bills and checking bank account balances."

Mobile banking in India does not need a one-size-fits-all solution
"Mobile banking is a new generation platform available to customers for conducting balance inquiries, account transactions, utility payments, and other banking activities using a mobile handset. Mobile banking services in India started with SMS banking way back in 2002. With an increasing mobile subscriber base in India, mobile banking has picked up steam in recent years."

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Mobile Payments - May 9

Taking a mobile and a wallet to the shops?
"Making payments on the move and at the touch of a button isn't the future of banking; it's already here. Mobile phone providers have been quick to focus on finding new ways for customers to access financial services and products from their phones. The Barclays PingIt app is now open to all UK bank and building society accounts, for example, and the Orange Quick Tap app will be available on new Android handsets in the coming weeks, but it is O2 taking all the headlines with the launch of its all-encompassing O2 Wallet this week."

Payments 2012: Mobile Banking Users More Profitable and Loyal
"Those who use mobile banking are among the most loyal and profitable bank customers, according to Ginger Schmneltzer, SVP of digital channel management for SunTrust Bank. Schmeltzer, speaking during a session at the Payments 2012 industry conference organized by NACHA - The Electronic Payments Association, said SunTrust's mobile bankers are 32 percent more profitable than those who don't use the channel and tend to be more loyal. Additionally, Schmeltzer noted they are more active checking account users, and more frequent users of ATMs, call centers and branches."

Mobile payments: Tech titans move in, but consumers still trust banks
"If you had lunch recently at Boom Noodle at Seattle’s University Village, the server handed you your check in a folder, like at any restaurant. But this folder was different. This was Rail. Rail is a wireless device that integrates with point-of-sale systems to let diners swipe credit cards and pay their bills at the table, eliminating the need for servers to deal with payment processing at all. It’s also designed for a future when patrons dispense with the card and just use their phones to pay."

Are Mobile Payments in Trouble? (Source: mobiledia.com)
"Mobiledia examine the mobile banking industry and find that despite retailers, financial institutions, carriers and phone makers all banking on mobile payments, the emerging industry could hit a significant roadblock: reluctant consumers, concerned about privacy and security:"

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Mobile Banking Security - May 8

6 Top Mobile Banking Risks
"Banks and credit unions that don't take steps now to anticipate mobile banking and payment risks will suffer consequences in the long run, according to new research from BITS, the technology policy division of the Financial Services Roundtable. 'Clearly, they need to be doing a good risk assessment,' says Paul Smocer, BITS' president. 'Banks need to understand where there might be different and unique threats.'"

Mobile Bankers Love Convenience, But Security Concerns Remain
"Slow speed and lack of confidence are among the top reasons consumers don’t use mobile banking more often. People also are more comfortable banking on home computers than in branches or on mobile phones. An overwhelming majority (94%) of U.S. consumers who use smartphone and online banking describe banking from their mobile device as “easy.” More than three quarters (77%) say it is “convenient,” but only 42% feel it is reliable, according to a study released by Infosys."

Improving Mobile Banking Security
"Mobile banking platforms and applications offer unique security risks and challenges, but many financial institutions fail to adequately address those risks upfront. What steps can financial institutions take to control and enhance security of their mobile platforms and applications? Brian Pearce and Amy Johnson of Wells Fargo start with customer communication."

Mobile banking: How to keep your personal information safe
"Are you a big fan of mobile banking…or maybe afraid of embracing the technology? Do you struggle with comparing the ease of banking over the phone to the threat of something happening to that info? Well, in either group, you'll want to know more about a recent experiment involving smart phones, and what happens when they are lost, then found by a stranger, and what you can do to protect yourself in case it happens to you!"

Nine tips to help prevent mobile banking fraud
"Though mobile banking is taking off across the country, some Canadians still have concerns about paying bills and transferring funds by phone. But with a few easy steps, you can take precautions to ensure that your banking information isn’t compromised:"

Guardian Analytics Launches Mobile Banking Security Software
"Guardian Analytics has rolled out fraud detection software for mobile banking services called FraudMAP Mobile. The software is meant to identify suspicious mobile banking activity across SMS, mobile Web and mobile applications. According to the company, it provides the anomaly detection capabilities expected by the FFIEC for all electronic banking channels."

Trusteer Mobile Secures Smartphones and Tablets Against Banking Fraud
"Trusteer, the leading provider of endpoint cybercrime prevention solutions, today announced a new version of the Trusteer Mobile service which prevents mobile and online banking fraud. Trusteer Mobile detects mobile malware infection and helps bank customers fix security vulnerabilities on their devices. End users can also turn off access to their online bank accounts from anywhere using their mobile devices and safely access the bank web site via a secure mobile browser. Financial institutions can authorize online banking transactions using Trusteer Mobile Out-of-band Authentication for Android and iOS devices."

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Mobile Banking Updates - May 6

Citi exec: Intersection of mobile and engagement happens on tablets
"A Citi executive at Mobile Commerce Daily’s Mcommerce Summit: State of Mobile Commerce 2012 conference yesterday said that tablets are driving a much deeper level of engagement with customers than smartphones. During the “Citi: Beyond Mobile Banking: The New Role of Tablets” session, the executive said tablet users have longer session lengths than smartphone users. The exec also reported that Citi has seen thousands of customers sign up for online banking for the first time via the financial institution’s iPad application."

‘Mobile banking key for customer loyalty’
"The prediction in the World Retail Banking Report 2012 warned that innovation in mobile banking was currently being hampered by security concerns. The report claimed that mobile banking could help promote customer loyalty. It said: 'The industry as a whole needs to establish a presence in mobile simply to ensure it doesn’t lose market share to non-bank entities seeking to take advantage of mobile’s ubiquity and convenience to offer banking services.'"

NACHA Speakers Say Mobile Is Redefining Banking Relationships: Onsite Coverage
"Call what is occurring now “the digital transformation of financial services,” said Geoff Knapp, a presenter at NACHA’s PAYMENTS 2012 conference and a vice president at Fiserv. His point: mobile is about much more than a new channel. In many, profound ways it is remaking the consumer’s relationship with his/her financial institution."

Mobile banking to rescue under-banked communities
"The notion that mobile banking looms as a life-altering technology service is usually discussed in the context of the developing world. But the idea is relevant as well when it comes to under-banked communities right here in the United States."

Monetizing Mobile Banking Services: Global Banks Compete, but how Will They Succeed?
"Over the next 5 to 10 years, expect mobile banking to become as routine as using ATMs. This is the key finding from the latest Global Banking: Foresight & Insights video series from Ernst & Young and Knowledge@Wharton. The series explores how banks around the world can succeed in the mobile banking space by reducing the cost of service delivery while generating new revenue streams and better connecting with customers. As banks deploy this technology, they will need to be open-minded and willing to learn marketing and security lessons from trailblazing developing markets."

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Mobile Banking Vendor Updates

Sybase 365 and Dutch Bangla-Bank recognised for “Best Mobile Banking Initiative” at Asian Banker Technology Awards
"Sybase 365, a subsidiary of Sybase, Inc., an SAP company and the global leader in mobile messaging and mobile commerce services, today announced that together with the Dutch-Bangla Bank Limited (DBBL), both companies were presented the “Best Mobile Banking Initiative Award” at The Asian Banker Technology Implementation Awards 2012."

KeyBank Launches New Mobile Banking Solution with mFoundry
"mFoundry, North America's largest mobile banking and payments provider, today announced KeyBank launched mFoundry's mobile banking technology, mBanking, to expand the bank's mobile banking offering. mFoundry's mobile banking solution is now used by nearly 10 million consumers across more than 675 financial institutions nationwide, including one-third of the top 50 banks in the United States. KeyBank is the latest financial institution to select mFoundry's mBanking solution to support its mobile banking requirements."

Ensenta and MShift Extend the Reach of Mobile Banking with Mobile Deposit
"Ensenta, the leader in self-service remote deposit capture and risk management, and MShift, the leading provider of mobile banking solutions for financial institutions, are seeing a strong uptake of MShift Mobile Banking Apps with their combined end-to-end Mobile Check Deposit service. Among the first financial institutions to go live with the Mobile Deposit service integrated into their MShift Mobile Banking Apps are EECU, State Department Federal Credit Union, Air Force Federal Credit Union, Unity One Credit Union and Nutmeg State Federal Credit Union."

Mobilearth Announces Mobile Banking Training App
"As Mobile Banking continues to gain traction at a staggering rate, we see an increasing need for additional tools that customers can use to access their information. Although Mobile Banking comes with a huge benefit in terms of convenience for members, there is a serious need for training resources to teach customers how to use Mobile Banking to the fullest extent."

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International Mobile Banking - May 2

Banking app 'unlike others'
"TSB Bank customers now have access to a groundbreaking mobile banking application that will change the way some customers handle their finances. For the past 12 months, TSB's technology services department has been researching and developing a banking app unlike any other, TSB's technology services manager Marie Collins said."

O2 launches revolutionary mobile banking service
"Consumers will be soon able to transfer money to their bank account with just a text message. Mobile network O2 has launched a smartphone app which allows people to transfer up to £500 by simply sending a text. Dubbed the "wallet", the application will help consumers "digitise" their banking accounts and help to speed up debit and credit transactions. The company has also revealed that it intends to follow the example of Barclaycard and launch near-field communication (NFC) chips to allow people to make contactless transactions in high street stores."

The bank of SMS
"AFRICA is the continent where “mobile money”—monetary transactions on mobile phones—is by far the most advanced. According to a new survey of financial habits by the Gates Foundation, the World Bank and Gallup, in 20 countries more than 10% of adults said that they had used mobile money at some point in the previous 12 months; 15 of those countries were in Africa. For the most part, mobile phones are a substitute for traditional banks, enabling people who live miles from a branch or ATM to use financial services."

Hispanics Must Make Banking & Financial Planning Part of Their American Dream
"According to a recent Nielsen's report, The State of the Hispanic Consumer: The Hispanic Market Imperative, Latino buying power will have grown 50% between 2010 and 2015, reaching an incredible $1.5 trillion. To put this in perspective, the report notes that if U.S. Hispanics were a standalone country, their market buying power would be one of the top twenty economies in the world."

NBC set to mark anniversary with mobile banking in sight
"The National Bank of Commerce (NBC) is expected to celebrate its 45 years anniversary along with plans to launch its mobile banking system in September this year. Speaking to reporters at the NBC bank ABSA Capital Economic Forum organised by the banks for its corporate clients in Dar es Salaam on Wednesday to share a regional and global economic outlook, NBC Managing Director Lawrence Mafuru said that the bank will celebrate its 45 years anniversary since it was founded early in 1967."

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Mobile Banking Updates - May 1

Mobile banking trends in 2012
"A recent study by Ericsson revealed 10 hot consumer trends for 2012. Although these are mainly general mobile trends, all of them do have a clear imprint in the financial services industry. In this post I sum up the Ericsson study and enhance their general trends with my interpretation for the financial services industry."

Anomaly detection solution for mobile banking
"Guardian Analytics announced FraudMAP Mobile, the company's latest fraud prevention innovation, purpose-built to identify suspicious mobile banking activity. The solution uses anomaly detection across the triple play of mobile banking- SMS, mobile Web and mobile applications - to provide a critical layer of security that protects financial institutions and their mobile banking users. It also provides the anomaly detection capabilities expected by the FFIEC for all electronic banking channels."

Is mobile phone only alternative for banking?
"Since first trials of WAP mobile banking from late 1990s, several players has forced banking to mobile phone. There has been a hype around this white wedding paradigma over 15 years. Why mobile wedding with mobile phone and online banking has been around? To me reasons are: * Mobile phone was first portable device, which was easy to carry * Mobile phone was affordable for consumers. * It has required data connection"

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