International Mobile Banking Updates - Dec 13

Bank of Ireland upgrades mobile banking app
"Bank of Ireland is upgrading its mobile banking service with a facility enabling users to transfer funds to other customers of the bank, using only their mobile phone numbers. The new Pay to Mobile service is due to launch to its customers early in the New Year, but customers are being asked to register in advance."

How often do expats in Pakistan use their mobile or smartphone for mobile banking?
"We recently undertook an online poll amongst expats around the world to see how often they use their mobile phone or their smartphone for mobile banking. We were able to split down the results into the top nine countries around the world and Pakistan is in this group of countries. Even though mobile phones and the Internet are intrinsically linked there are a number of interesting factors with regards to the Pakistan mobile phone market which differ greatly from your average developed country."

New M-Pesa mobile banking service, M-Shwari, runs on TEMENOS T24
"Temenos (SIX: TEMN), the market leading provider of banking software, today announced that its award-winning banking application T24 is being used as the platform for M-Shwari, the latest iteration of the hugely successful M-Pesa mobile money offering. Launched in 2007, M-Pesa's basic mobile banking services have been a massive hit, attracting more than 17 million subscribers or more than 80% of the adult population in Kenya 1 . M-Shwari, which launched this week, takes the M-Pesa service to the next level, opening a broad range of banking services including interest bearing savings accounts and micro loans to M-Pesa subscribers."

Kenya: Mobile Money Fights Banks
"Nairobi — Mobile phone service providers in Kenya have taken the battle for banking services right at the door steps of traditional banking service providers. In what will definitely spur a rush for banking customers, Mobile service provider Safaricom Tuesday unveiled a service the will enable Kenyans to save money, borrow loans and even earn interest by use of mobile phone."

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Mobile Banking Security - Dec 12

Major £30m cyberheist pulled off using MOBILE malware
"Cybercrooks swiped £30 million (€36m) from the banks accounts of 30,000 customers in Italy, Germany, Spain and Holland over the summer using an elaborate mobile banking fraud scam. The malware-based attack targeted both corporate and private banking users, performing automatic transfers that varied from €500€ to €250,000 to intermediary accounts controlled by members of the gang. The fraud used malware based on the infamous ZeuS cybercrime toolkit to target the PCs and mobile phones of banking customers."

How Secure is Mobile Banking
"Mobile banking is on the rise, with increasing numbers of financial institutions offering access to their services via mobile websites, apps and text messages. How secure these services are for users is an incredibly hard thing to quantify. Thankfully there have been no examples of mobile banking fraud on a global scale, and the fact that banks so far have provided mobile access with the same tight security measures as they have on their full desktop websites is encouraging."

Array Application Delivery Controllers Enable Anytime, Anywhere Mobile Banking Applications
"Array Networks Inc., a global leader in application mobility, security and performance, today announced that Axis Bank, one of the most trusted banks in India, has chosen Array’s APV2600 application delivery controllers to ensure the availability, security and reliability of its Axis Mobile mobile banking applications. Leveraging the latest in wirespeed encryption technology, APV Series application delivery controllers ensure high availability and scalability for the mobile application."

Hispanics Concerned with Security when Mobile Banking, Zpryme and ThinkNow Research Reports"Based on a recent survey by Zpryme and ThinkNow Research, the most cited (44.0%) reason why Hispanics do not turn to mobile banking is due to information security, while (21.0%) don’t have smartphone, cell phone, or tablet with internet access (16.0%) my mobile screen is too small, and (5.0%) internet connections take too long or don’t hold."

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Mobile Banking Updates - Dec 11

Farmers and Merchants CIO Shares Mobile Banking Strategy
"After some fits and starts, Farmers & Merchants Bank (FMBL) is now plowing into mobility and imaging via the deployment of a series of mobile services and an upgrade to its ATMs. The Long Beach, Calif.-based institution was slow out of the gate; many banks have been offering mobile banking for some time. But it's making up for lost time. Basic mobile services such as transfers are on the menu, as well as new payments and tablet applications."

Mobility Matters: The Dark Side of Mobile Banking
"Time to take off the cheerleader outfit because the reality is that, in lots of ways, mobile banking continues to disappoint many credit unions and members. The bright potential to truly revolutionize how and where we consume financial services is there, but there also are many bits of gloomy news that suggest new, better ways of deploying mobile banking need to be found."

Welcome to the digital and mobile banking revolution
"As the telecom world announced major steps forward with the availability of 4G last month, the banking world is also set for change with mobile likely to overtake the desktop as the primary online mechanism in the next 5 years. Of course this is not solely down to the 4G revolution. For some customer groups and certain transactions, mobile is already the easiest way to access banking information online. This is driven by availability and convenience of mobile banking on smartphones. Within some customer segments ‘everyone’ has a smartphone and their bank details are easily accessible for quick and easy transactions. In this era, mobile will lead the way and is quicker and more convenient than the desktop."

Community Bank to Roll Out Standalone Mobile Pay App in '13
"Basic features such as checking account balances are to mobile banking apps what getting your teeth cleaned is to a dental appointment: Expected. But those consumer expectations will change. A community bank out of Boston, for one, is shaking up the mobile banking basics by readying a standalone mobile payments app that will let customers unlock exclusive deals."

Banking goes mobile
"As adoption of advanced mobile devices such as smartphones and tablets has exploded in recent years, consumers have grown more comfortable using phones and tablets to conduct all types of financial transactions. In response, banks have introduced applications that allow consumers to transfer money, purchase goods and complete other transactions."

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Mobile Banking Updates - Dec 9

Mobile Banking's Legal Dark Side
"Heard of Maxim Inc.? If you're a bank interested in developing mobile payments innovation, you should have, because the company claims it invented key technology that entitles it to a piece of the mobile payments pie."

Citizens Bank Mobile Banking Apps For iPhone®, Android™ Receive #1 Ranking For Customer Satisfaction
"Citizens Bank’s Mobile Banking apps for iPhone and Android have been named the “best integrated apps” in the industry by Javelin Strategy & Research following its review of customer ratings in the Apple App Store and in Google Play. Citizens Bank’s average customer rating of 4.25 out of 5 stars was the best in the industry, tied only by USAA, Javelin reported this week."

U.S. Payments Market: Mobile & Alternative Payments Analysis with A Business Case for Mobile Banking
"RnRMarketResearch.com adds "Mobile and Alternative Payments in the U.S., 3rd Edition" , "The Business Case for Mobile Banking" , "Mobile Banking and Payments" and "Alternative Payment Channels" reports to its store. With mobile taking over daily, dedicated personal space and time of people, banking and financial industry has the most exciting and equally challenging task on hand of offering mobile payments and mobile banking services with all security and personal touch of the non-mobile payments and banking experience to the end users."

Bank of America CEO's Desperate Mobile Banking Pitch
"Is Bank of America (BAC_) CEO Brian Moynihan really excited about mobile banking--or is that just the best he can do to try and change the conversation from lawsuits, fees and regulations? Inevitably, Moynihan was asked about fees during an appearance on CNBC Tuesday. The Wall Street Journal had reported on its front page Sunday that the bank was backing away from fees in a bid to get customers to hate the bank a bit less."

Research and Markets: Mobile Banking Gains 10 Million Users As Smartphone And Tablet Adoption Soars
"The ability to securely manage banking transactions, especially on smartphones and tablets, has become extremely appealing. Mobile banking gained 10 million new users in 2012 and currently reaches one-third of the mobile adult U.S. population. As smartphones outnumber feature phones and tablets surge, Android and Apple delivered and defined the market in 2012. Consumer adoption of mobile banking at small, medium, and giant institutions and credit unions varies by the quality of mobile services offered. This report contains an annual roundup of five-year forecasts for the U.S. consumer market for mobile banking adoption, mobile phone usage, smartphone adoption, smartphone adoption by operating system, tablet adoption, and tablet adoption by operating system."

For These 4 Banks, the Future Is Now
"For banks looking for innovative ways to serve customers without incurring costs to themselves, mobile banking is the perfect area in which to grow. Overall, banks have been somewhat slow to develop and promote these services. Here are four that are actively pushing mobile offerings, placing them ahead of their more sluggish competitors."

U.S. Bank Partners with Mitek for Mobile Photo Bill Pay; Will Launch to Consumers in Early 2013
"U.S. Bank, fifth-largest bank in the United States and lead bank of U.S. Bancorp (NYS: USB) , and Mitek Systems (NAS: MITK) , a leading mobile imaging software solutions provider and the pioneer of Mobile Deposit® technology, have entered into a strategic mobile technology partnership to offer Mitek's Mobile Photo Bill Pay™ product to U.S. Bank customers."

Javelin Research: It’s a Mobile World
"The newly issued 2012 Mobile Banking Financial Institution Scorecard: from Javelin Strategy & Research hammers home one point, loudly: Financial services have become a mobile world. Mobile banking now is used by 33% of mobile consumers, per Javelin, a jump from the 24% who used it in 2011. Of the top 25 financial institutions in the U.S., half now offer mobile person-to-person payments as well as mobile remote deposit capture, numbers that have “more than doubled” since the 2011 report."

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Mobile Banking Updates - Dec 6

Mobile Banking Adoption Grows
"Chase, Bank of America, and USAA are the top mobile banking providers equipped to deal with rising expectations from consumers, according to a new report from Javelin Strategy and Research. Javelin Strategy & Research’s latest report evaluates the 25 leading U.S. retail financial institutions (FIs) mobile banking offerings by comparing features, mobile access, app, Web and text banking, and mobile alerts."

LevelUp to Provide Mobile Payments at Louisville's KFC Yum! Center
"The KFC Yum! Center is the first sports arena to allow visitors to pay with their mobile phone at all hospitality and merchandise stands thanks to hospitality partner Centerplate, which announced that it has tapped LevelUp to provide the KFC Yum! Center's mobile payment experience at 200 merchandise and hospitality stands."

Applying Developing-Market Mobile Banking Models in the Developed World
"A U.S. federal report released in September found that 8.2 percent of households in the country are unbanked. That’s nearly 10 million households, and 17 million adults. Another 20.4 percent are underbanked—or 24 million households, and 51 million adults. Those numbers add up to more than a quarter of the population of the U.S. The percentage of both unbanked and underbanked has increased slightly since the last survey (conducted in 2009). Americans are also using alternative financial services more, including payday loans, check cashing, money orders, pawn shops, etc. Both increases are most likely due to the economic recession and resulting high unemployment rates."

Mobile banking and 'the real world' come together at the ATM
"With all the talk of 'the death of cash,' the trusty old ATM spitting out cash isn't going anywhere anytime soon. But financial services companies are exploring ways to more closely connect smartphones and apps with the ATM, seeing the ubiquitous cash machine as way to link mobile banking and payments to the 'real world.' One way ATM manufacturers are looking at the connection is by offering mobile 'prestaging' of cash withdrawals at the ATM."

New Boston Fed Report on Mobile Payments Technology
"The Federal Reserve Bank of Boston has released a new report entitled, "Mobile Phone Technology: 'Smarter' Than We Thought"."

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International Mobile Banking Updates - Dec 4

Indian banks flip the switch on unified mobile banking platform
"India's push to provide access to financial services through mobile means took another step forward when Shri P. Chidambaram, India's Finance Minister, recently announced the launch of a National Unified USSD Platform by India's National Payment Corporation. The NUUP allows the millions of Indians who lack access to physical banking locations use a single SMS texting number to access services across all banks, regardless of wireless service provider, mobile handset maker or region."

Safaricom opens M-Pesa mobile banking service
"Safaricom is to begin offering M-Pesa customers a new mobile banking service, offering interest-bearing deposit accounts and loans. The telco has partnered with Kenay's largest commercial bank, CBA, to create the account, dubbed M-Shwari, which can be activated on deposits as low as one shilling. Safaricom CEO Bob Colllymore says M-Shwari will have no ledger fees, no limits on the frequency of withdrawals, no minimum operating balance and no charges on deposits for M-Pesa to M-Shwari accounts."

CBA responds to mobile banking demand
"In response to customer demand for a simple, personalised and mobile banking experience, Commonwealth Bank (CBA) will be launching Kaching for Facebook, a redesigned Kaching for Android App and new sharing and tagging capability in NetBank. For the first time in Australia, CommBank will launch SmartSign technology that will allow Asset Finance customers to execute loan documents electronically from anywhere in the world."

Mobile banking in South Africa: Can MTN crack the market second time around?
"The network has partnered with the South African Bank of Athens as well as retailers Pick n Pay and Boxer Stores to introduce Mobile Money, it announced last week. Mobile Money is operated by TYME, a distribution channel of the South African Bank of Athens. The service allows customers to make payments from their mobile phones, including person-to-person money transfers as well as purchase prepaid electricity and airtime vouchers."

Banking services in your palm, just dial *99# from any handset
"Checking your bank balances or placing a request for a cheque book has been made as simple and hassle-free as dialling *99# from your mobile. Just dial *99# from your mobile of any make, every banking service, be it fund transfer or checking balances, comes at platter. Formally rolled out by Finance Minister P Chidambaram last Saturday at the national banking conference in Pune, as part of the government's financial inclusion programme, the service, one of the unique empowerment initiatives, is being facilitated by National Payment Corporation of India (NPCI)."

Mobile Banking SA Conference to address untapped opportunities outside the formal banking sector
"Developing simple, user-friendly mobile banking services with low-technology orientated solutions opens a world of opportunities for financial institutions who swiftly role out mobile banking offerings to the informal banking sector. The Mobile Banking Southern Africa Conference to take place on the 13 & 14 March 2013, at the Emperors Palace, Johannesburg, will focus on why financial institutions cannot afford to lag behind with development of mobile banking products that service over 27% of South Africans that are unbanked and the 10% that are under-banked."

Mobile banking trend sparks fear of new fees
"Small businesses are worried that so-called mobile wallets will give banks and credit card companies a new way to gouge them and consumers both. A task force recommended nearly a year ago that Ottawa introduce legislation to give Canadians and businesses better tools to make payments digitally. But a committee set up by the Finance Department to further study the issue has been told businesses worry they’ll be hit with new fees as consumers adopt payment systems designed for their mobile devices."

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Mobile Banking Updates - Dec 2

Banks Cling to iPhone as Consumers Take to Android
"Steve Jobs would be pleased. The thing that strikes you most when looking at Javelin's latest research on mobile banking and talking to its author, Mary Monahan, is the devotion banks still have to Apple's iPhone, even as Android devices lead in consumer market share, as they did last year. According to Javelin Strategy & Research's latest consumer survey (the group polled 3,000 consumers this quarter), Google's Android smartphones and tablets now claim 48% of the U.S mobile market, up from 34% last year. Apple's mobile device market share is 32% this year, up from 27% last year. (RIM dropped from 25% last year to 12% this year; Windows Mobile dropped from 13% to 8%.)"

Wells Fargo Expands Mobile Deposit Service Nationwide, Increasing Anytime, Anywhere Banking Convenience for Customers
"In a move to deliver innovation and added convenience in the rapidly growing mobile banking space, Wells Fargo & Company (NYSE:WFC) today announced the nationwide expansion of Wells Fargo Mobile® Deposit. Using an Android or iPhone device, customers across the nation can easily deposit checks into their eligible Wells Fargo accounts by taking pictures of the front and back of the check."

Spike Mobile Deposit Adoption Rates With Free $5 Demo Checks 
"Old habits die hard. If you want people to try a new technology like mobile remote deposits, it may take cash bribes. Numerica Credit Union paid members $5 each to do just that. To teach people how easy it is to deposit checks using a smart phone, the credit union gave $5 checks away to those participating in live demonstrations."

How often do US expats use their mobile or smartphone for mobile banking?
"The world of the Internet and the world of mobile/smartphones are intrinsically linked and when you bear in mind the number of people who have access to a mobile phone on a constant basis this is perhaps the most powerful communication tool we have ever seen. As a consequence, many of the everyday services which are used to have now been transferred to the mobile Internet arena but is mobile banking as easy to transfer as general Internet use?"

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