Mobile Banking Updates - Nov 26

2012 Mobile Banking Market Assessment
"In new research, 2012 Mobile Banking Market Assessment, Mercator Advisory Group explores how retail financial institutions can increase interaction with customers and members to include 24x7, anytime anywhere service, and also expand their reach beyond simple demand deposit account transactions."

IALING FOR DOLLARS: Mobile banking becomes the norm
"As consumers demand more convenient access to financial accounts on the go, banks have adjusted by offering mobile banking and even creating apps for ease of use on smart phones. Mobile banking is dramatically changing the way consumers bank, with features such as person-to-person payments to help friends split the check at dinner and remote deposit capture, so customers can deposit checks without going to a branch."

Ally Bank Launches Next Phase of Mobile Banking
"Ally Bank's suite of customer-centric products and features expands this month to include the second generation of Ally Mobile Banking apps—featuring customers' most-requested capabilities—including Ally eCheck DepositSM, Bill Pay, and fund transfers to and from external banking institutions."

Banking on mobile: security threats, realities and fictions
"For businesses within the financial services sector not all-consumed by RDR and auto-enrolment issues, attention may again be turning to the threats, risks and uncertainties associated with mobile banking and other trends and developments in financial services technology. While the Australian bank Westpac has suggested that "the take-up of mobile banking is much faster than any previous technological innovation in banking," and indicated, according to reports, that it "processes three times more transactions made digitally, compared to transactions made in person," security providers in other parts of the world are stressing the heightened level of intrusion into mobile environments that have occurred during the third quarter of 2012."

BBVA Compass Expands Its Mobile Banking Apps To Include Kindle Fire™ And Windows Phone™
"BBVA Compass today expanded its growing stable of mobile banking apps with the launch of native applications for the Windows Phone platform and Kindle Fire tablet. The bank remains committed to providing native applications for the most popular mobile platforms, allowing users to enjoy a mobile banking experience that is consistent with their chosen devices. BBVA Compass currently provides mobile banking apps for iPhone® and iPad® mobile digital devices, BlackBerry® devices and the Android™ mobile digital platform."

Dickinson Financial Corporation Launches Robust, Multi-Brand Mobile Banking with Mobiliti from Fiserv
"Fiserv, Inc. (NAS: FISV) , a leading global provider of financial services technology solutions, announced today that Dickinson Financial Corporation ("Dickinson"), a $2.1 billion bank holding company based in Kansas City, Mo., has launched mobile banking and bill payment capabilities using Mobiliti™ from Fiserv. Dickinson is utilizing multi-tenancy deployment, supporting six distinct retail banking brands with a single underlying mobile platform. This approach is enabling the company to deliver robust capabilities while realizing operational and product management efficiencies."

Read More

International Mobile Banking Updates - Nov 22

Rwanda: Mobile Banking Changes the Way We Do Business
"It was just a matter of seconds before Giovanni Higiro finished paying his fares to a motorcyclist, without touching his wallet. As if they were exchanging numbers, Higiro was able to pay Claude Habineza by transferring money from his mobile phone Mobile Money account to the motorcyclist's electronic wallet. Like Higiro, many people are now enjoying the new mobile banking products that now allow one to pay their bills and buy goods using their mobile phones. One can make payments of as little as Rwf100."

Ethiopia Permits Mobile Banking and Money Services
"Ethiopia is one of the last countries in Africa to permit mobile banking. Mobile banking has proved to be profitable in the developing world, where many people still do not use banks. Earlier this year, the World Bank reported that seventy-five percent of the world’s poor are “unbanked.” That is about two point five billion people. Banking through mobile telephones lets people take part in financial services even if they are not near a bank office."

Evolution of mobile payment
"Mobile phones have been a rapidly evolving channel for various payment systems, some bank-led and some agnostic of banks involving mobile operators. According to annual report by the Reserve Bank of India (RBI) on payment system trends in 2011-12, transactions pertaining to prepaid instruments (PPIs) to the tune of Rs 6,200 crore took place during 2011-12, and in the same period, mobile banking transactions to the tune of around Rs 1,820 crore were effected. These were outside of the national electronic clearing system that primarily covers internet-based funds transfer."

MTN Mobile Banking Ready to go Commercial
"MTN Ghana says it has been piloting Mobile Banking on its Mobile Money platform for a while now and it is now ready to go commercial with it. Head of MTN Mobile Money, Eli Hini told Adom News the service has been available to Fidelity Bank customers, and allowed users to move money from their mobile wallet into their bank account, and vice-a-versa; allow checking of bank balance, accessing mini statements and also allows cardless withdrawal of cash from some of Fidelity Bank’s ATMs."

Read More

Mobile Banking Security - Nov 20

Smart Phone Malware Risk Rises
"Mobile malware is exploding at a time when financial institutions are increasing their mobile banking offerings and consumers are making broader use of smart phones and tablets. A recent study from software and security firm Trend Micro finds that mobile malware attacks hit record numbers in the third quarter, with Android devices as the primary targets."

The Dangers of Mobile Banking
"Advertising for mobile banking has become as popular as traditional banking commercials. Customers like local makeup artist Alisha Cooper are increasingly going mobile these days and for good reasons. 'I travel as a licensed makeup artist and so I do work in North Carolina sometimes in Arizona, Atlanta different places, so for me not carrying a machine, I have to have my cell phone,' says Cooper."

BBB's 6 Tips For Safe Mobile Banking
"Banks have been promoting the use of mobile phones and other devices for banking for several years now, but what happens if you lose your phone? Can a thief empty your bank account by tapping a smartphone against yours? With mobile banking one of the fastest-growing trends in the financial sector, the Better Business Bureau (BBB) advises consumers to take precautions to keep their money safe, including installing antivirus software on phones. Users should take many of the same precautions they would when banking online with a personal computer."

Mobile Security Revenue for Banks?
"Increased interest in mobile wallets and growing smart phone use are paving the way for more mobile payments, and now is the time for banking institutions to identify what role they'll play in this emerging space. Javelin analyst Alphonse Pascual, who focuses on financial fraud and security, says institutions can't ignore mobile payments, despite the somewhat peripheral role they play. Banks and credit unions that sit by the sidelines will miss out on revenue-generating opportunities, he says."

How Secure Is Mobile Banking?
"Whether you’re paying for that latte with Google Wallet or simply checking your balances, mobile banking is the wave of the future. And with an estimated 30 million people using some form of mobile banking, it’s very much the present, too. With advantages like being able to check balances, depositing checks via text message, monitoring investments, paying for goods and much more — all whenever you like, wherever you are and on a diversity of platforms — this shouldn’t really come as a surprise."

Read More

Mobile Banking Updates - Nov 18

PayAnywhere jumps into mobile-payment ring
"Square is on a roll, and PayPal's triangular device is gaining momentum. But a new national mobile-payment service thinks it has enough game to disrupt the fledgling market. In the past year, Detroit-based PayAnywhere has quietly amassed a formidable retail network — Walmart, Home Depot, Amazon, OfficeMax, Sam's Club, Sears and Kmart are among its partners — to sell its $9.95 mobile credit card readers to business merchants."

Bank of America, First Data unveil mobile credit-card processor
"A joint venture between Bank of America and Atlanta payment processor First Data is jumping into the game of turning smart phones and tablets into cashless pay stations. Atlanta-based Bank of America Merchant Services unveiled on Tuesday its Mobile Pay on Demand card readers and mobile applications, becoming the latest challenger in a crowded new niche for processing credit and debit cards for smaller businesses that want to be more mobile or ones that are new to electronic payments."

Visa Moves Banks To The Virtual Wallet
"Earlier this year we forecasted the need for big financial institutions to enter e-commerce as the credit card industry matures. Several tech companies had already entered into e-commerce as a challenge to traditional banking. Visa’s (V) mobile payment program, V.me, recently exited out of beta testing and has announced the cooperation of over 50 banks and credit unions with the service. V.me largely resembles Paypal (owned by eBay) by getting rid of the need to enter all those numbers on your credit card when you buy online. The program is entering an increasingly saturated “m-commerce market” that includes products from the Square, Mastercard (MA), Google (GOOG), eBay (EBAY), and American Express (AXP)."

Bank of America Mobilizes Merchants
"When it comes to mobile banking services, Bank of America has outrun its peers every time. While JPMorgan Chase, Wells Fargo, and Citigroup all offer a varied palette of mobile options, B of A consistently offers the most -- and updates these offerings regularly. Having excelled in the customer mobile offerings department, the bank is now moving into the retailer arena, offering a new way for merchants to turn their smartphones and tablets into roaming payment terminals. Though not a new idea, the dongle-based payment system will put B of A in the same space as payment giant Square, and tech biggie Apple."

Has Square Already Won America's Mobile Payments Race?
"Back in January 2011, Starbucks became the first national retailer to offer its own mobile payment technology combined with a loyalty program. It led to more than 100 million mobile transactions occurring in its U.S. stores since the launch. Now, in a move to push mobile commerce even further, Starbucks is accepting payments in some 7,000 retail locations via Square, Twitter co-founder Jack Dorsey's mobile payment app for iOS and Android smartphones."

Mobile Banking – More Than Everyday Transactions
"You may have noticed that much of the recent industry news around mobile banking has focused on everyday banking transactions. The message we’re seemingly inundated with is that online banking is only the first step, and that truly anywhere/anytime processing of everyday transactions like balance statements, transfers, as well as credit, payment and cheque processing can more easily be accomplished with mobile banking. What’s been missing from the story, though, is mobile banking’s significance to high-value transactions, like mortgage openings and those accompanying investment and wealth management."

Read More

Mobile Banking Updates - Nov 15

Keynote Mobile Banking Scorecard Reveals Top Retail Banks Fast Adopting Mobile Strategies
"Keynote® Systems (NAS: KEYN), the global leader in mobile and web cloud testing and monitoring, today announced the results of the Fall 2012 edition of the Keynote Mobile Banking Scorecard, first launched in 2011 and the standard in benchmarking consumer mobile banking offerings. Chase Bank achieved its second consecutive win for Overall Score, while second place went to Wells Fargo and third place to Bank of America. Leaders for individual modes include BB&T for Text banking, Wells Fargo for Mobile Web, Chase for iPhone and BlackBerry App banking and Bank of America for its Android App. Looking across the five modes, the Scorecard found Chase offers the best overall Functionality and Ease of Use while Wells Fargo leads in Privacy & Security and Quality & Availability."

Everything significant we are working on is around mobile?
"Eric Schmidt, executive chairman of Google, famously said that “everything significant we are working on is around mobile,” reflecting the current core focus on mobile in the technology industry – something mirrored throughout financial services and retail. Schmidt’s quote also highlights the multitude of different mobile offerings currently on the market, and the fact that the largest companies are already choosing to keep several irons in the fire. At a recent Digital Banking Club event, this led the room to the question – should banking strategy now be mobile led?"

Mobile Banking and Payments Study: Multi-Device Mobile Support Becomes Ubiquitous; Rewards and Payments Grow
"First Annapolis Consulting’s third annual Mobile Banking and Payments Study reveals that 81 of the top 100 U.S. financial institutions currently offer some form of mobile banking, an 11% increase over the same figure one year ago. In addition to offering access through smartphone applications and the mobile web, 60 of the FIs offer some form of alerts or account management functionality via SMS (text message), and 26 banks have also launched an application optimized for tablets. This data highlights the omni-channel approach financial institutions are pursuing as mobile banking services become more widely accepted by customers."

This Exec Has An Outrageous Plan To Make SAP Bigger In Mobile Than Apple
"SAP, the enterprise software company, has a crazy ambition. It wants to get a billion people using its software by 2015. That's about double the footprint the company has now—and a lofty goal for a company that, despite its reach into the innards of businesses, is hardly a household name. The plan largely rests in the hands of Sanjay Poonen, who heads the company's mobile division and is also responsible for its analytics, database, and technology products."

Tech Companies Start Creating Windows 8 Mobile Banking Apps
"On the heels of Windows 8 officially hitting the market, financial services technology vendors have begun supporting Microsoft’s (MSFT) overhauled operating system for laptops, desktops and tablets. Harland Financial Solutions and Kony Solutions are among the first to create mobile banking apps for this platform."

80% of Consumers Deem Mobile Banking Important: Survey
"It’s a mobile world, and more and more consumers are hoping to use their devices to take care of their banking business. Indeed, new research shows that 80% of those surveyed say mobile banking is important. The survey of 200 consumers, published by Verve Mobile, a U.S. mobile advertising company specializing in location-powered solutions, also shared some insights on the most commonly used location services related to mobile banking, including an ATM locator by current location (51%), branch locator (19%), ATM by zip code (19%) and branches filtered by services (12%)."

Social Banking: When Financial Innovation Helps the 99 Percent
"For the world’s 2.5 billion people living on less than $2 a day, 80% of whom do not have access to a formal bank account, savings may seem like a foreign concept. Yet, in the book, Portfolios of the Poor: How the World’s Poor Live on $2 a Day, the authors reveal that, despite limited formal options, lower-income populations do engage regularly in savings behavior — from informal networks and family ties to sophisticated savings clubs."

Read More

Mobile Banking Security - Nov 14

Tackling the Top Mobile Risks
"The two greatest threats facing mobile banking today come from the risky behavior of mobile users, and their download of third-party applications. And while banks and credit unions have little control over users and third-party apps, mobile expert Tom Wills says institutions can take steps to mitigate their risks. Among his top recommendations: mobile transaction limits, enhanced authentication, device fingerprinting and fraud analytics."

New Blackhole Targets Mobile Banking Services
"According to a report published by antivirus software developer AVG, there is a significant growth in malicious software and malicious ads with hidden malware behind images posed on social media. The report revealed details about the newly released 2.0 version of Blackhole Exploit Toolkit that targets mobile banking services."

Mobile banking is not for the unwary
"Mobile banking is fast becoming a reality as European smartphone penetration continues to rise. Operators are also keen to exploit the service in the hope that it will reduce churn and provide them with some additional revenue. Of note, Deutsche Telekom CEO Rene Obermann recently confirmed that the company is actively looking at m-banking, while its rival Vodafone is pushing ahead with the expansion of its M-Pesa service, and has also recently announced a partnership to launch M-Pesa in India with the giant Icici Bank."

How Secure is Mobile Banking?
"The Internet continues to become mobile, meaning in the future even more consumers will use their smartphones and tablets for online banking. Most banks have already rolled out mobile apps and are encouraging customers to use them. But how secure are they? A new report from Reportlinker.com suggests mobile banking is fairly secure for now. Its Mobile Banking Security Insight Report suggests the financial services industry will continue to benefit from the immediacy that smart mobile devices (SMDs) offer but there are significant risks that must be counteracted before consumers are confident in accepting them."

Read More

International Mobile Banking Updates - Nov 13

Mobile banking expands to include microfinance
"Mobile banking in the Philippines is expanding into microfinance to serve the lower-income market outside of the country’s major urban centers. Tricia Dizon, head of financial services at Smart Communications, said in a statement the telecommunications giant was helping launch mBank Philippines."

Mobilink to launch mobile financial services
"Mobilink is all set to enter the mobile banking segment as Waseela Bank – sister concern of Pakistan’s largest cellular operator – has obtained central bank’s approval to launch Mobile Financial Services (MFS) in Pakistan, sources familiar with the matter said and the company’s spokesperson also confirmed on Tuesday. A subsidy of Orascom Telecom – Mobilink’s parent company – Waseela Bank is said to launch its MFS operations by December this year; the State Bank of Pakistan (SBP) issued the licence on Monday, according to sources."

Leading Pakistan Mobile Banking Provider Uses IBM Cloud
"The FINANCIAL -- IBM announced that Monet, one of Pakistan’s leading mobile-commerce providers, has selected a customized IBM cloud-based solution that will enable the company to enhance service efficiency and expand its presence across the country. Launched in 2012, Monet provides banks, mobile network operators and branchless banking agents in Pakistan with a technology platform that offers end-users a simple interface through which they can access a wide range of financial services on their mobile phones."

Mobile banking to overtake online
"More people will be banking on their mobile phones and tablets than online within five years, Westpac group executive, retail and business banking, Jason Yetton says. Mr Yetton said the explosive growth in mobile banking over the past two years, with more than 1.58 million Westpac customers using their devices for transactions, will accelerate. Westpac estimates that the number of payments made across its digital platforms will exceed one billion transactions within five years, with a total value of $6.8 trillion."

Good banking apps can make consumers jump ship: ANZ Bank
"The quality of a banking app can have the power to make consumers switch banks, according to ANZ Bank's Group General Manager for Innovation Peter Dalton. All the major Australian banks have poured money into customer-facing mobile application development as smartphone and tablet penetration continues to soar. Around one in 10 ANZ Bank customers do their banking exclusively on their mobile devices. Its competitors are all going through similar growth in mobile banking, with Westpac boasting 1.58 million customers engaging the bank through mobile devices."

Federal Bank rolls out mobile fund transfer facility to merchants
"Federal Bank has launched a funds transfer facility to merchants and enterprises through mobile phone. The Kochi-based private sector lender’s IMPS-Merchant Payment Service, in association with National Payment Corporation of India, will enable customers to use their mobile phones to access bank accounts and transfer funds."

PC Financial to launch a mobile banking app “in the upcoming months”
"While some Canadian banking institutions are already plugging away at mobile payments, PC Financial is wrestling with launching a mobile app. The Loblaws driven financial service, provided by CIBC, has approximately 2.3 million customers and some people have been requesting an app for months. Having a mobile banking app is basically standard these days. Offering simple features like checking account status, transfer funds, find ATM’s or contacting the closest branch makes the banking experience a more pleasant one."

Going mobile
"First National Bank customers are now able to track their spending habits, check their balance and make electronic bill payments from their smartphones. FNB has created an enhanced Online Banking System and also introduced Mobile Banking. 'For generations, personal service has been the signature of The First National Bank of Brundidge,' said John Ramage, senior vice president of FNB."

Use of Mobile Banking Continues to Grow: Canadian Bankers Association
"The Canadian Bankers Association (CBA) today released the results of its latest study on How Canadians Bank, which explores the role that modern technologies are playing in consumer banking. The results reveal that Canadians continue to embrace new approaches to banking and see these innovations as adding value to their daily banking. Going forward, the research suggests change will continue, driven by the convenience of the Internet, and led by younger generations who tend to be the first adapters."

Mobile Phones Empowering the Rural Poor through Mobile Banking
"Mobile phones are as numerous in Rwanda as the beautiful panoramic views of its famous 'Thousand Hills'. This was all the more confirmed as Vestine Nyirabagande, Urwego Opportunity Bank’s (UOB) client, sat with a mobile phone on her lap. She laughed when asked how many of her neighbors have mobile phones. 'I don’t think there is anyone in this area who doesn’t have a mobile phone!' she said."

St George customers getting smarter and smarter with their banking
"The St George Bank says it is seeing an “unprecedented demand” from its customers wanting to do as much of their banking as possible on their smartphones, and that more than 60,000 of its 400,000 mobile banking customers are already only using their smartphone to do their banking."

Read More