International Mobile Banking Updates - Aug 28

Airtel introduces mobile banking in association with DBBL
"Airtel Bangladesh Limited, one of the operations of Bharti Airtel Saturday announced its partnership with Dutch-Bangla Bank mobile banking. With complete adherence to the Bangladesh Bank Guideline on Mobile Financial Services, the Dutch- Bangla Bank mobile banking will now be commercially available for all airtel subscribers. This is going to offer multiple services like cash in, cash out, send money, mobile top up, remittance and salary disbursement etc."

Unlocking Barriers: Advances in Rural Mobile Banking in Mexico
"The banking industry in Mexico estimates there are at least 30 million people that could be integrated to the formal financial system during the following years. However, this is not likely to happen through traditional banking, but through new schemes that leverage existing retail infrastructure and mobile phones to reach the lower segments of the population. Mexico allows third-parties (merchants, mom and pop stores) to process transactions on behalf of banks, and several national and regional retail chains are currently working to be certified as banking correspondents leveraging their existing footprint to bring new customers into the banking system."

BT 24 Mobile Banking service clients increased by 50 pc
"22,500 clients use now Mobile Banking service of Banca Transilvania, BT 24, up by 50 per cent in three months, based on a press release. The bank has thus reached the target aimed for the end of this year, contributing to the increase of accessibility of bank operations conducted by smartphone."

Maybank Singapore launches bank-on-the-go iPhone app
"Maybank Singapore announced the launch of its mobile banking service for customers to bank on the go on Wednesday. The Maybank mobile banking application will be available for iPhones during this initial launch and for other mobile platforms in the second quarter of 2013. Recognising that customers are increasingly turning to electronic channels for their banking needs, the bank is providing a mobile banking platform to complement other electronic channels such as internet banking."

No Absa app this year
"Absa says it expects to launch its long-awaited application in Q1 2013, but the bank promises a more integrated and broader approach to mobile banking than other platforms in the market currently offer. Absa’s mobile banking app was first planned for launch in November 2011, but after reported security issues, the bank’s mobile offering was put into “delayed” status, with no reconvened date announced."

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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."

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International Mobile Banking Updates - Aug 23

Banking and mobile money - a powerful convergence
"THE power and versatility of the mobile phone to enable financial transactions is quickly being taken up by financial institutions as they strive to deepen their presence. Mobile money is only about four years old but has attracted close to five million users while less than 15% of the Ugandan population use formal banking services in over 100 years of banking. But the recent decision by dfcu Bank and other institutions to connect their services and clients to the mobile phone will kickstart deeper financial penetration and allow access to more financial services by the backward linkage between the phone and the bank, according to observers."

  Phones ring in banks' future
"THE battle for technology supremacy between Australian banks is accelerating, with the industry preparing for an era in which cash matters less and transactions occur in real time anywhere. Banks are launching smartphone apps aimed at connected customers and retailers, trying to get an advantage over rivals."

ING Direct Mobile App Encourages Savings Through Small Sacrifices
"ING Direct Canada has rolled out a new addition to its existing mobile banking app called Small Sacrifices. The tool helps customers visualize how cutting out everyday indulgences can lead to big savings over the long term. The Small Sacrifices tool is pretty simple. First, users choose what small sacrifice they can make, like passing on a daily coffee purchase. Then users decide which goal to redirect the money to, like their retirement fund or savings account."

The Secret of Africa’s Banking Boom: Mobility
"While U.S. and European banks suffer hangovers from the Great Recession and continued shock waves inside the eurozone, Africa’s top lenders have never looked stronger or been more ambitious. Why is a continent better known for political instability and foreign aid riding a banking boom characterized by aggressive pan-African expansion and swelling balance sheets?"

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Mobile Banking Updates - Aug 22

Bank of America Promotes Cash Back Deals
"Bank of America released its online and mobile cash back deals program nationally, so that with the click of a button, customers can choose deals they want through the company’s online banking and mobile banking app. With BankAmeriDeals, customers can get deals from a variety of retail categories in online banking, offers via mobile apps, cash back in their accounts and other rewards."

APAC Banks Evaluate NFC Models and Mobile Wallet Alternatives
"The face of mobile banking in the Asia Pacific region is set to change in a big way. Be it for Singapore, Australia or New Zealand, going by what’s happening in these countries, new forms of digital payments are finding their way in. International Data Corporation (IDC) has highlighted that now major banks in the region are set go beyond basic mobile banking services."

Cool Tech: Mobile Banking With Siri-Like Voice Commands
"Members of USAA will soon be able to ask their iPhone what their current balance is, how much they spent last week and when their next loan payment is due — all through voice commands. The voice recognition service, dubbed Nina, will be embedded into USAA’s iOS and Android application. To activate it, all a member needs to do is press the speech button in the USAA app and say “my voice is my password.” Then they can use natural language to make a wide range of banking inquiries."

Trying to Deposit Checks With My New iPhone
"Bank of America has (finally) begun offering a check deposit feature on its mobile banking app for smartphones and tablets. The addition gave me the push I needed to try mobile banking on my new iPhone. So I tested it, with varying results. Bank of America recently introduced the deposit feature with little fanfare. Citibank and Chase already offer 'remote deposit capture,' as it’s called, and some smaller banks, like USAA, have been offering it for even longer."

How APIs Are Fueling the Mobile Banking Wars
"While some folks tend to think about APIs are being little bits of arcane code that only developers care about it, the truth of the matter is that billions, possibly even trillions, of dollars are at stake in what will soon be a series of API wars. In no place is this more important than in mobile banking, where companies ranging from Google, the PayPal unit of eBay and lesser known entities such as MineralTree are all vying to usurp the role of traditional financial institutions."

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Mobile Banking Security - Aug 21

Mobile banking fraud hits Brazil
"It finally hit – in Brazil which reminds me of how Internet banking fraud started – also in Brazil. It looks like the same mode of attack. One mobile device is used to illegally access multiple online bank accounts and to transfer money out of them to new payees or existing mule accounts. Apparently, the banks in Brazil are more liberal with online banking functionality (e.g. money transfers) on mobile devices than the North American and European banks are."

Is mobile banking really safe?
"Your smartphone is your camera, your calendar, and your communications center. Why shouldn't it be your bank too? Between apps, the browser, and text messaging, you can check balances, pay bills, transfer funds, receive alerts, and even deposit checks on the go. Some 29% of U.S. mobile users already deploy their devices for such purposes, Javelin Strategy & Research reports."

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Mobile Banking Updates - Aug 19

Mobile Banking Adoption Triples in Two Years
"Mobile banking adoption has tripled in the past two years, according to research from Dallas-based SWACHA, a not-for-profit electronic payments association. According to SWACHA’s Consumer Insights Survey, which polled 600 Texas residents in August 2011 in partnership with research and marketing firm Decision Analyst, 20 percent of respondents said they currently bank on their phones, compared to 7 percent in 2009."

Report: 108 Million U.S. Mobile Banking Users by 2017
"Forrester Research in its newly issued “The State of Mobile Banking 2012” dropped a huge bomb: Much quicker than many expected, mobile appears primed to emerge as a dominant banking channel with a predicted 108 million users by 2017, per Forrester. That pencils out to some 46% of all U.S. bank account holders. By contrast, around 13% of present U.S. account holders have done mobile banking."

Online vs. mobile banking
"A new study from Javelin Strategy & Research shows that banking customers are still primarily relying on online tools over mobile apps to manage their money. According to two surveys of 8,400 consumers, only 8 percent of customers have transferred funds between their own accounts using a phone."

BofA Mobile Deposits: Better Late and Great Than Never
"Bank of America's iOS app is one of the oldest in the App Store, but it's been given a facelift that brings in some useful new features. Chief among them is mobile deposit, which lets users deposit checks simply by sending photos of checks to BofA via the app. Banks like Chase beat it to the punch on this feature by a matter of years, but BofA customers will still likely appreciate the upgrade."

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Mobile Banking Updates - Aug 16

Mobile Banking Trends and Innovations

Nuance’s Nina Platform Adds Speech Interface to Corporate Mobile Apps
"If you’ve ever wanted to talk to the mobile banking application on your iPhone or Android device, you soon may get the chance. Nuance, the voice technology company best known for its Dragon Naturally Speaking line of voice applications for personal computers and Dragon Dictation on the iPhone, today announced Nina, a voice platform that’s aimed at enhancing customer-service applications with a Siri-like voice-control interface."

McGraw-Hill Federal Credit Union One of the First Credit Unions Nationally to Launch Mobile Banking Tablet App
"McGraw-Hill Federal Credit Union (McGraw-Hill FCU), a leader in providing advanced financial technology, announced the launch of its new mobile banking iPad app. McGraw-Hill FCU is a first mover among an approximate four percent of credit unions nationally to implement a tablet app, placing the credit union at the forefront of its industry in mobile banking technology."

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