Mobile Baking Updates - Sept 13

FIS Drives 150 Percent Growth in Mobile Clients as Bank Customers Go Mobile in Record Numbers
"Eager to transact banking around the clock and around the world, consumers are adopting mobile phone and other Web-connected devices in record numbers. The Federal Reserve reports 1 in 5 customers of financial institutions are already using mobile banking services, and 1 by the end of 2013, roughly 43 percent of bank customers are expected to be using their smartphone for banking on the go."

Mobile banking becoming more common, Andera says
"American consumers are becoming more comfortable conducting banking business on mobile devices, according to a new report from financial software company Andera Inc. The 30-month study of application traffic sources showed that consumers in the U.S. are becoming more comfortable conducting more complex banking functions and transactions on smartphones and tablets."

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International Mobile Banking Updates - Sept 11

European Mobile Banking Users Get Smarter
"In the EU5 (France, Germany, Italy, Spain and the UK) 30 million people accessed a bank accounts via their smartphone in July 2012, an increase of 85 percent compared to a year ago. The UK had the largest user base with 7.3 million smartphone owners accessing bank accounts in the month, nearly twice as many as just one year ago. Spain showed an even stronger increase with 113 percent more users making use of service compared to last year."

RBI cold to mobile wallet
"Reserve Bank of India deputy governor H R Khan on Wednesday said mobile telephone operators cannot be permitted to provide a cash-out facility from virtual wallets to customers, as such an activity would amount to ‘bypass banking’. However, they could do so if they acted as a business correspondent (BC) to a bank, he added. Recently, Airtel had launched m-wallet services that enable a customer to make utility payments and transfer money from one user to another. By the norms, mobile transactions are permitted only if attached to a specific use, such as paying electricity bills or shopping at retail establishments that accept mobile payments."

Getting mobile banking right
"M-PESA, Kenya’s popular mobile money transfer system via mobile phones, has inspired several similar models all over the world. Kenya’s mobile penetration plus the simplicity and effectiveness of M-PESA are reasons for its popularity – 68 percent of Kenyans use their mobile phones to transfer money. Soon, remittances from the UK to a dozen African countries should be possible via Barclays Bank’s pingit, a money transfer app. First made for BlackBerrys and Barclays’ customers, the app can now be downloaded by non-customers of Barclays with smartphones to send and receive money. UK residents will be able to beam money first to Kenya, then Botswana, South Africa, Zambia, Tanzania, Ghana, Nigeria, Egypt, Zimbabwe, Uganda, Seychelles and Mauritius."

Keeping mobile banking secure in an unsecure world
"MOBILE phones today are multipurpose, so it is no surprise that the number of mobile banking users has doubled over the past three years. Most banks have worked to make it easy by optimising their websites for mobile devices, allowing you to check your account and make payments and transfers on the go. But while a number of mobile users find this incredibly convenient, they are still in the minority, representing about 12% of online adults."

Absa mobile banking a hit
"Banking group Absa says it has 3.6 million customers registered for mobile banking. The group says that growth patterns in the use of its mobile website have exceeded expectations seeing over 1.3 million page views each month. The bank has also seen year-on-year growth of 450% in mobile traffic, largely due to the portal’s redefined user experience, optimised for mobile visitors, it said."

USAID-backed mobile banking project to be launched in PH
"An officer of the United States Agency for International Development (US AID) will be in the country to launch a mobile banking project aimed at expanding Filipinos’ access to financial services. In a statement, the US Embassy in Manila said that USAID Chief Innovation Officer and Senior Counselor to the Administrator Maura O’Neill would be in the Philippines from September 9 to 12. 'O’Neill will lead the launch of USAID’s Scaling Innovations in Mobile Money (SIMM) project, which aims to give Filipinos easier and more efficient access to banking and payment services through mobile phones,' it said."

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Mobile Banking Updates - Sept 9

Don't Be Afraid of Mobile Banking Apps
"In today's world, people can do almost anything with their smartphones or tablet devices. From checking email, to staying connected via social media, to turning off the lights in the house while out on the town, people rely heavily on their handheld devices. There's one trend, however, that has many smartphone owners worried: mobile banking. According to the Federal Reserve, only 21 percent of mobile phone users have used mobile banking applications in the past year. Yet most major financial institutions have mobile applications available for popular mobile phones. So why is only one in every five smartphone users utilizing those apps? Fear."

One-touch access to mobile account information
"Malauzai launched SmarText capability that provides registered users with access to account balances and recent transaction history without having to perform a traditional login on the mobile application. The functionality is in use by Lubbock, Texas-based City Bank Texas."

Study: Use of Mobile Banking Channel Exploding
"New numbers released by Providence, R.I.-based Andera highlight dramatic increases in use of mobile banking channels over the past 30 months. Andera, a financial software company that provides many credit unions with online account opening technologies, noted that while mobile has primarily been used for simple tasks such as balance checking, 'that is changing,' per Andera founder Charles Kroll."

Explore banking options beyond the community
"Here’s how I selected my first bank, the one I’ve now been with for decades. A branch was a few blocks from where I had my first job after college and on the way to the bus stop. Over the years, I’ve gotten frustrated with the customer service and the fees that kept adding up. I’ve threatened on numerous occasions to kick this big bank to the curb. But I haven’t yet (service got better, fees dropped because of how my husband and I bank). But if I ever do feel we need to change, it won’t be because I was put off by the inconvenience of switching banks."

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Mobile Banking Updates - Sept 6

CapTech Develops Navy Federal's Updated Mobile Banking Applications
"CapTech is pleased to announce the release of Navy Federal Credit Union's updated mobile banking apps for iPhone and Android. CapTech architected, developed and project managed the mobile apps and service tier based on business requirements and designs created by Navy Federal. The updated mobile apps provide Navy Federal members with a beautiful and simple native experience to deposit checks, transfer funds and pay their credit card from anywhere in the world using an iPhone or Android mobile phone. CapTech worked with Navy Federal's design team to implement a new native app experience that as a result has nearly doubled the average user rating for both apps."

Branch Banking Is Still a Moneymaker for Banks
"With the proliferation of Internet and mobile banking, you might think the old-fashioned branch bank may be falling out of favor. While it's true that some banks have closed branch locations to save money, evidence abounds that bank branches are still popular with customers -- and lucrative for banks."

How to manage your company’s cash flow through online and mobile banking
"Is cash more important than profits? It actually may be, as profitable companies fail every year simply because owners don’t have enough cash to pay their bills. The problem is so pervasive that the U.S. Small Business Administration cites insufficient capital as the No. 2 reason that small businesses fail. And insufficient cash flow may keep owners from making advantageous hires or acquisitions, or even from receiving a paycheck."

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Mobile Banking Security - Sept 5

Mobile, Cloud Security Guidance Needed
"Last year, federal regulators issued FFIEC authentication guidance for online transactions. But, unfortunately, regulators apparently don't plan to issue additional guidance on the security issues involved in mobile banking and cloud computing. Larger institutions don't really need guidance on these topics. Most are addressing risks out of necessity. Higher transaction volumes expose them to more fraud. Besides, they have the staff and budgets in place to help mitigate risks."

The liability question in electronic banking fraud
"Who is liable for the lost funds when fraud happens in a customer’s bank account through the illegitimate access/use of ATM or internet banking or mobile banking? Answer to the question depends on the country in which the account is being operated. Currently, in India, the liability equation is completely skewed in favor of the bank. Customer is responsible for the safe keeping of his/her ATM card, pin, internet banking and mobile banking credentials. When a customer discovers and reports fraud in his account through the use of ATM, Internet Banking or Mobile Banking, customer is liable for the full funds lost. Not to forget, the bank has to face the consequence of reputation loss in the market."

Banks turn their eyes to mobile failings: McAfee
"Financial institutions want customers to do more mobile banking, but they don't have the mechanisms to ascertain whether the mobile devices used to access financial information have been compromised, according to McAfee CTO of cloud and datacentre solutions, Greg Brown, speaking at the Intel Cloud Summit in Bangkok, Thailand, on Tuesday. Financial institutions having been working to revamp their online banking portals and releasing new mobile apps to make personal banking convenient for customers. As such, online and mobile banking adoption have skyrocketed in recent years."

Mobile banking foils theft
"Batman has his batarang, Dirty Harry his .44 magnum and Brooklynite Dina Wohlhendler has her … mobile banking text alerts? In what might be the first case of mobile-banking vigilantism, Wohlhendler was shopping in Manhattan when she noticed her wallet was missing from her purse. Then, text alerts from her bank started hitting her phone, letting her know that someone was racking up sizable purchases at nearby retailers on her debit card."

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International Mobile Banking Updates - Sept 4

Nimbus‚ Finaccess join hands to offer mobile financial services to unbanked
"Nimbus Holdings and Finaccess entered into an agreement today to enable various businesses of Nimbus with a ubiquitous distribution network throughout the country — specifically in the rural parts and comprising over 500 dealers and sub dealers — to offer an end to end mobile financial service provided through the Hello Paisa Network."

Mobile Banking and Payments for Emerging Asia Summit 2012
"Bringing Senior Mobile Banking & Payments Stakeholders Together to Reach Commercialization. Clariden Global will be hosting a 2-day summit, Mobile Banking & Payments for Emerging Asia Summit 2012 - themed "Unleashing the Potential of Mobile Channels to Penetrate Emerging Markets in Asia,, on 8 to 9 October, at Conrad Bali."

DBBL launches Mobile Banking in partnership with Airtel 
"Dutch-Bangla Bank Ltd Saturday formally launched mobile banking in partnership with Airtel Bangladesh Ltd, said a press release. As per the permission of the Bangladesh Bank, only a commercial bank can launch mobile banking services in Bangladesh. Under this initiative, Airtel subscribes will enjoy mobile banking services such as, cash-in, cash-out, remittance collection, salary disbursement, mobile top-up facility and person to person money transfer using DBBL mobile banking account."

Middle East consumers embrace mobile wallet services
"Mobile wallet services, which enable payments via mobile devices, are a potential growth industry in the Middle East, according to experts. While Asian markets look to be ahead of the pack, with a quarter of Japanese mobile users already managing their finances and paying for products via a mobile wallet, there is good potential for increased adoption in the coming year in the Middle East region, according to a study on mobile device usage by TNS, a technology and business strategy firm."

Nedbank app hits Play Store
"Nedbank has finally launched its mobile banking application, although only on Android-powered smartphones for now. The app, known as the Nedbank App Suite, has been available to the bank’s staff since the end of June and can now be downloaded from Google’s Play Store. The Nedbank App Suite includes online share trading as well as the ability to do corporate batch authorisations, reset business banking passwords, check balance enquiries and make payments."

Bank offers remote sign up
"Consumers sitting at home in their pyjamas can sign up to a bank without having to go near a physical main street branch. BNZ's upgraded iPhone app, launched today, allows anyone to join the bank using just an internet connection and a camera phone. The development follows the lead of TSB Bank, which pioneered a similar sign-up system in April with its [my]bank app. Would-be customers take a photograph of their passport or driver's licence, a recent bill or statement, and a self-portrait holding their ID."

Kwame Pianim calls for stronger regulations of mobile money and banking services
"Economist, Kwame Pianim is calling for stronger regulation of mobile money and mobile banking services in the country. This follows what he describes as a worrying trend of unfair competition posed by Telcos to other service providers. Mr. Pianim who is also the Board Chairman of Electronic payment Provider, E-Transact explains to JOY BUSINESS, mobile financial service-delivery is being unduly affected by the dual role of Telco’s."

Tagit helps MayBank Singapore offer mobile banking
"Since going mobile is the hottest trend, Maybank Singapore followed suit by offering mobile banking services Maybank mBanking App using Tagit’s proprietary Mobeix platform. The mobile banking service from Maybank is unique because of the level of personalisation it offers, and allows the users to connect to social media platforms for better service. This is possible because Mobeix works on a new design approach to mobile banking. Maybank’s mobile banking app is available for download in the Apple App Store starting August 24."

SA’s FNB Expands Mobile Services Through Cell C
"FNB and Cell C have announced that FNB Cellphone Banking customers are now able to buy Cell C SMS and Data bundles on the channel. Until now, the only Cell C product that was offered was prepaid airtime. FNB is the first and currently the only bank to enter into a partnership with Cell C to enable its customers to purchase SMS and Data Bundles. Shadrack Palmer CCO, of FNB Cellphone Banking says, 'This is an opportunity for us to increase our product and service offering to meet the needs of all our customers, especially on products that are currently in demand in the market. It is also an opportunity for us to attract new customers.'”

Mobile banking set to become user-friendly
"Banking transactions on mobile phones are set to become easier in a few days time. You will just need to key in the service code ‘*99#’ in your mobile to initiate funds transfer and check the balance in your bank account. To begin with, about 20 banks will offer the service code based mobile banking facility to customers who are subscribers of Mahanagar Telephone Nigam Ltd and Bharat Sanchar Nigam Ltd. State Bank of India, Bank of India, Bank of Baroda, Canara Bank and Union Bank of India will be part of the initial roll-out."

Mobile Wallet awareness is on the rise in Canada, but security is still a concern
"Canadian smartphone users, specifically those who access the various mobile banking apps, have reached a “critical mass” when it comes to being aware of the ability to pay for products and services at the point of purchase via their device. According to SRG’s Digital Life Canada Survey this key demographic represents about 4 million Canadians. Their study was conducted of 1,000 Canadians sometime in the spring of 2012."

Did you know you have five ways to bank with your mobile?
"Variety’s the very spice of life, that gives it all it’s flavor —English poet William Cowper Spoilt for choice: This is how you would feel when you think of making a mobile banking transaction. There are five options you can choose from. If you are not sure which mobile banking option you should choose, the following are a few simple ways to help you decide which option suits you better."

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Mobile Banking Updates - Sept 4

Fast-Growing Companies in 2012: Technology
"Mobile banking technology developer mFoundry has announced a number of notable additions to its list of clients this year, following an $18 million infusion of growth capital in late 2011. The Larkspur-based firm, launched in 2004, currently provides cloud-based mobile banking and payments to over 700 banks and credit unions nationwide and one-third of the top 50 financial institutions in the United States. The company reports 10 million users, and also operates the Starbucks Card Mobile platform for Starbucks Coffee Company."

For Popular of Illinois, Small-Business Mobile Banking Is All About Entitlements
"To provide mobile banking for their small-business clients, some banks recast and remarket their consumer mobile banking programs rather than create something new. The critical piece that such an approach lacks is entitlements — giving the small-business owner a say in who can do what in the business account, says Javier Reyes, vice president, manager of cash management services for Popular Community Bank, Chicago. The bank last week launched a homegrown small-business banking application."

Want banking innovation? Stop hiring bankers!
"The shifting landscape of providers offering banking services is likely to force the (till date) in-bred banking sector to make acquisitions outside, bringing in leaders with techno-business backgrounds at the helm of bread-and-butter businesses divisions rather than just at the fringes (e.g. "Head of Mobile Banking") as has been the case so far. From being the "electronic data processing" department, technology in banks has come a long way."

How Mobile Is Changing Community Banks
"Some community banks are quickly leveling the playing field with larger ones in the mobile channel, introducing services like mobile remote deposit capture and mobile P2P almost immediately after (or sometimes even before) the bigger banks get around to it. But mobile is also changing the traditional value proposition of a community bank where you walk through the branch door and everyone knows you. Instead of going to the branch, people are using their mobile devices for simple transactions, potentially making it more difficult for community banks to deliver the personal touch that is at the heart of their value to the customer."

Numbers: Sunny Outlook for Mobile Banking (U.S.)
"ComScore's latest mobile usage numbers provide useful context as you head in to the 2013 business planning cycle. With 42 million monthly smartphone users, mobile banking penetration (38%) is similar to other specialized information services such as sports (39%), news (49%), and movie info (30%)."

SunTrust updates smartphone app to accept mobile deposits
"In keeping step with banking giants Bank of America, Wells Fargo and First Tennessee, SunTrust Banks Inc. has released an update to its mobile banking smartphone app to include mobile deposits. Using their smartphone’s camera, SunTrust (NYSE: STI) customers can now take a picture of the front and back of their checks to submit them for deposit."

Do Banks Really Need To "Own" Mobile Banking?
"Australian Banks have often been at the forefront of global banking trends, or at the very least, fast followers that learn quickly from the mistakes of others. In Australia, mobile banking has quickly become a "war" amongst the majors with a range of different banking services and approaches - from basic access to transactional histories, transfers, payments, integrated retail services, and even near-field-communications-based micro-payments systems. But how much of the mobile banking channel do banks really need to own? Most banks no longer own or operate their own ATM networks. They control the flow of transactions through that channel, but they generally have little to no interest in owning the assets or operating ATM cash management processes."

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