International Mobile Banking Updates - Aug 15

Mobile payment platform tPago expands across Latin America to cater for the unbanked
"Mobile transaction platform tPago is expanding across Latin America to cater for the unbanked, its parent company GCS International has announced. As you may know, it has been operating in the Dominican Republic since 2010, and will now be available to users in Colombia, Guatemala, El Salvador and Puerto Rico. Mobile payments are an attractive and fast-growing segment; according to Pyramid Research, the number of users of mobile transaction platforms in the region will reach 140 million in 2015, a huge jump from 18 million today."

Mobile-banking: A win-win combo
"It was August 2002. The Indian mobile market was yet to show its true potential despite the early promise. We were miles away from the revolution we are experiencing today. Though everyone was more or less convinced about the impending communications revolution, the debate over the relative growth potential of ‘fixed line’ and ‘mobile’ still raged."

National Bank to Hire Mobile Banking Consultant
"The National bank of Ethiopia is to hire a consultant to support its plans to prepare a regulatory framework for the launch of mobile and agent banking services in the country. The technology is expected to be helpful but it prudent to be careful in regards to security issues before implementing a new system said an official with the Banking Supervision Directorate of the NBE."

Westpac launches Android NFC payments app
"Westpac Banking Corporation has joined the throng of Australian financial services giants attempting to stay ahead of the growing trend towards payments from mobile phones, launching an app yesterday that will allow those with Android smartphones to make mobile payments through their embedded NFC chip."

APAC Banks Fighting To Gain Mindshare In Mobile Banking
"Banks in Asia/Pacific are ramping up their mobile banking propositions as they race for mindshare among the region's increasingly technologically savvy customers. The mobile channel is the top priority channel for most banks in 2012, and leading banks in Asia/Pacific have deployed their best resources to this "channel of the future", launching standout features and functionalities, ensuring growth in activity rates among customers, and better managing the technology requirements of this channel."

Tanzania: Mobile Phones Help Spread Financial Services
"THE rapid use of mobile phones in Tanzania is seen as an opportunity to expand formal financial services to the market. That is why the Tanzania Postal Bank (TPB) seeks to embrace the technology of mobile phone banking, to serve the remote rural areas. Mr Alphonce Kihwele, the previous TPB'S Chief Executive Officer, says that nearly 25 per cent of Tanzanians have access to a mobile phone. TPB sees that as an opportunity and appropriate technology to include the rural savings into the mainstream of the economy, to enable customers access financial services for improvement of their well being and poverty reduction."

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Mobile Banking Security - Aug 14

Banking trojan targets BlackBerry users
"Criminals are targeting BlackBerry devices with four new variants of the dangerous ZitMo mobile banking trojan. ZitMo (Zeus in the mobile) appeared two years ago and is designed to steal mobile transaction authentication numbers (mTANs), or one-time passwords."

Security fears hit mobile banking
"Mobile banking has yet to take off in the UK due to a lack of trust in security, according to a new YouGov survey. The survey, carried out on behalf of outsourcing company Firstsource Solutions, revealed that 80% of smartphone users have not embraced mobile banking and 58% are unlikely to use their phone as a 'Mobile Wallet'."

Security fears wrecking trust in mobile finance, survey finds
"A spot survey of UK smartphone users has uncovered a cool attitude to mobile banking with security worries cited as the main reason for users' reluctance. Using a reasonable sample of 2,148 adults, YouGov found that 80 percent either didn't or barely used mobiles for banking or financial transactions, with 58 percent seeing themselves unlikely to use a mobile as a wallet even if that feature was made available."

Mobile Security Still a Race Between Bad Guys and Good Guys
"Pop quiz: Which statement is true? Mobile banking is becoming more secure. When it comes to mobile security, the crooks are gaining. Actually, both choices could be the right answer, experts have said."

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Mobile Banking Updates - Aug 12

Wells Fargo Again Named Best Internet Bank in U.S.
"In its 13th annual World’s Best Internet Banks competition for North America, Global Finance magazine also recognized Wells Fargo, among corporate/institutional banks, as Best Mobile Banking (for the second consecutive year), Best Online Treasury Services, and Best Web Site Design."

Bank of America Is Going (More) Mobile
"Mobile banking is gaining in popularity, and banks are beginning to take notice. One of these forward-looking institutions is Bank of America (NYS: BAC) , and it has just taken a great stride toward maintaining its leading position in this arena. Hot on the heels of an announcement that B of A would be closing more ATMs nationwide came the good news: The bank would soon be rolling out updated mobile banking apps for Apple's (NAS: AAPL) iPad and iPhone, as well as for Google's Android-based tablets and smartphones."

Chase App Makes Mobile Banking Easier With 24 Month Transaction Display, Access to Chase Liquid Acounts, and More
"While other mobile banking applications are just now receiving features such as deposit scanning, Chase is moving onward and upward, updating their Android app with new features and enhancements."

How Mobile is Reshaping Every Banking Channel
"The emergence of new banking channels has significant implications for financial institutions, particularly when it comes to cross-channel information and service delivery. Financial institutions have to have a strategic plan to not only deliver appropriate capabilities through the appropriate channels, but to make sure the channels work together in a complementary fashion."

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Mobile Banking Updates - Aug 9

Predictive Customer Service Tech Wins Award
"The ability to predict a customer's problem before he or she even reports that problem is a clever innovation, and for Personetics it was enough to be honored by a roomful of bankers at SourceMedia's Mobile Banking and Commerce Summit."

Mobility Matters: Tracking the Mobile Banking Revolution in Credit Unions
"Freedom of choice. Call that the theme of this week’s column which looks at how credit unions that want can tell their core providers to take their mobile apps and shove them. Even more startling: it is possible to home-brew mobile RDC, dodging hefty monthly licensing and maintenance fees. And, lastly, it may be time for a complete rethink of how to protect mobile banking users from crooks, starting with a shift of responsibility away from the member."

Mobile banking extends beyond normal services to include social media
"Americans bought 100 million smartphones in the fourth quarter of 2011 alone, according to International Data Corp. With sales figures like that, it’s no wonder that all businesses, and banks in particular, are stepping onto mobile platforms."

Bank of America Working for Apple
"For some pretty stodgy companies -- often seen as being out of step with younger Americans -- the big banks are laboring to show how cool they are when it comes to mobile services. The Wall Street financial war chests are stockpiling press releases about new mobile offerings in a race not unlike the way in which the White House and Kremlin once stockpiled nuclear warheads to prove supremacy."

More area banks to offer mobile deposits
"Jen Faber has grown accustomed to depositing checks into her bank account while sitting on her couch. It takes her 10 minutes to take photographs of 30 checks and submit them to her bank. Within hours, the deposits show up in her account. 'It’s super-fast,' said Faber, who uses MT Bank’s mobile banking program for small businesses. 'One of my biggest priorities is saving time.'"

Mobile banking, once a gee whiz feature, is becoming ubiquitous
"Just in the last few months, a number of financial institutions have enabled their smartphone-wielding customers to transfer funds, look up their balances, pay bills and handle other banking chores while on the go. -Raleigh-based Coastal Federal Credit Union launched its mobile banking service to its "social media followers" in late April and broadened the service to all of its 193,000 members at the end of May. About 8,900 members had signed up as of June 24."

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International Mobile Banking Updates - Aug 7

The Slow Shift from Cash Economies to Mobile Banking
"As I have written previously on the blog, mobile banking has the potential to make daily life for the world’s poorest not only more convenient, but also more financially secure. In fact, given the significant drawbacks of cash economies, mobile banking is now recognized as an effective antipoverty tool. After all, when someone stores her money in her home or on her person instead of in a formal bank account, she runs the risk that robbery or disaster will wipe out her assets. Studies show that when people save informally, they stand to lose between 15 percent and 25 percent of their savings each year—a huge loss for anyone but especially for those living on the edge."

NAB hits 2m mobile transactions at $1.5bn value
"MOBILE banking transactions are booming with the National Australia Bank reporting 2.1 million transactions from mobile browsers and apps for the month of July at a value of about $1.5 billion. The bank's mobile banking transaction rate is growing at 10 per cent a month, according to Ben Forsyth, NAB's head of mobile technologies."

UK smartphone users averse to mobile banking
"Just 20 per cent of UK smartphone users have embraced mobile banking services, with fears over the security of personal data chief among the barriers to adoptions, according to a recent survey conducted by YouGov. The survey, initiated by outsourcing firm Firstsource Solutions, also suggested a resistance to mobile wallet services in the UK, with almost 60 per cent of respondents ‘unlikely’ to use such a service."

A journey of banking for generations
"Up to 1994 - Remember when you had had to visit a branch to do your banking? Banking transactions were done manually, customers had to travel to branches or agencies to do their banking and transactions were all recorded on paper."

Now buy online rail tickets without cards or net banking
"State Bank of India customers will be able to pay for online train bookings through mobile banking using the Interbank Mobile Payment System that is available to all depositors."

Mobile banking has more hackers
"The shift to mobile banking has resulted in increased risks associated with hacking by those wanting to access personal information, says software company Netxactics. Delivering the 2012 Sophos Security Threat addressnin Durban company COO Cornel Swart said the incentive for hackers to attack mobile devices like cellphones and tablets was growing along with increased reliance on these devices for banking and other transactions."

Mobile Banking Security Lab launched
"The Reserve Bank of India Governor, D. Subba Rao, on Friday inaugurated a mobile banking security lab set up by the Institute for Development and Research in Banking Technology. The institute, established by the RBI, supports the Indian banking industry through innovative technology initiatives and interventions."

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Mobile Banking Updates - Aug 5

MOBILE 2.0 BBVA Compass develops own apps
"Mobile banking today is where online banking was about ten years ago, but its development is accelerating rapidly. Following a lukewarm start with software vendors three years ago, BBVA Compass bit the bullet and brought its mobile banking entirely in-house. Now it's rolled out updated apps for Android, iPhone, iPad, and Blackberry and has plans to steadily increase functionality. The bank estimates that 20% of its customers use its mobile apps."

New Mobile App Leads to New Core
"With six total branches, of which five are located inside the walls of the manufacturing facilities and corporate offices of Indianapolis-based pharmaceutical giant Eli Lilly and Co., executives at Eli Lilly Federal Credit Union know how important it is to make access to services quick and easy for members who reside in every state and 37 foreign countries."

Simple Money Handling App For iPhone
"Mobile banking has seen progress in recent years, but it has mostly been based on the networks’ accessibility and willingness to provide the service. However, the flexibility of the iOS has given banks a new way to promote their services wirelessly through applications. Developing applications for Apple’s platforms has become the top priority for most banks while some of the bigger ones such as Citibank and Chase already have functioning applications that let you handle your transactions from your phone. Some pure payment companies such as PayPal have even developed apps that enable you to scan the credit card with the camera and use it to transfer money."

Digital Money, Mobile Wallets and Latin America
"A recent wave of global and regional announcements regarding mobile wallets and payment systems has casual and close followers alike asking some the same questions. What exactly are they talking about? Whether the statements are promoting digital money, mobile payments, mobile banking, prepaid or a mobile wallet, one thing is certain: the lack of consistency in terminology and the vagueness typical of early product releases has made the task of distinguishing all the more difficult with each new announcement, confusing would-be industry participants and potential end-users. So, it would seem that some demystifying is in order:"

Mobile Payments: Can Banks Seize the Moment to Transform Consumer Finance?
"Although payments have existed in some form since the dawn of civilization, there probably never has been as much innovation, uncertainty and activity in the payments space as there is now. Much of that uncertainty has to do with the role -- today and in the future -- of banks in payments. Banks and financial services firms, including the major card companies, continue to provide much of the infrastructure that processes, supports and maintains payments. But it often seems as if most of the innovation around payments that is capturing the hearts and minds of customers (consumers and corporates) is coming from non-bank players, ranging from Internet behemoth Google to a host of much smaller and less-well-known technology firms."

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Mobile Banking Updates - Aug 2

Isis mobile pay service may start trials in August
"Isis, a joint venture among Verizon Wireless, ATT, and T-Mobile USA, will likely start trials of its mobile-payment service in August, according to a person familiar with the launch plans. The August target, however, isn't set in stone. CNET has gotten indications elsewhere that the timing may change. A representative for Isis only said the service would begin trials in Salt Lake City and Austin, Texas, this summer, pushed back from the prior forecast of a mid-year launch."

Great Potential in Mobile Services for Small Business Clients, FundTech Survey Says
"Bankers see SME (small and medium enterprise) clients as their biggest opportunity for growth, while regulations and compliance remain they're biggest concern, according to survey results released today by FundTech, a transaction banking solutions provider. The survey of 137 banking executives from more than 100 institutions was conducted at FundTech's annual North American Insights client conference in Arizona last month."

payvia Launches Bill-to-Carrier Mobile Payments Service
"payvia announced the launch of its next generation mobile payments platform and latest direct carrier billing agreements with Sprint and T-Mobile USA."

Visa: Mobile payments will hit mainstream in 2 to 3 years
"That vision of paying for goods and services with your phone anywhere you go? You shouldn't hold your breath. While there are trials and select deployments of payment terminals and cash registers that can accept mobile payments, the method won't hit the mainstream in the U.S. for another two to three years, according to Bill Gajda, head of mobile for Visa."

Braintree Wants to Make Mobile Payments History
"If you’ve ever searched Amazon (AMZN) using your i-Phone and decided you wanted to buy something, you’ll understand Braintree. And due to its unique technology, Braintree makes it easier for merchants to let you pay for those purchases quickly using your mobile."

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