Mobile Payments - July 10

Will 2014 be the year that mobile payments succeed?
"2011...2012...2013… each have been touted as the year that mobile payments will reach a tipping point, yet it would seem that adoption is lagging behind the news hype, at least in the UK. While mobile banking is now mainstream and accepted (even demanded for by some consumers), we just don’t seem to have taken to mobile payments at the point of sale as quickly. But is all this is about to change?"

Will Consumers Cash in on Mobile Payments?
"Whether it’s checking the weather, getting directions or sharing photos, people use their smartphones for just about everything these days. However, there’s one function that has yet to capture widespread attention: mobile payments. Despite a relatively slow start, a Gartner report predicts a 44% global increase in mobile commerce by the end of 2013, totaling $235 billion in transactions. However, mobile consumer purchases will remain a distant third to bill payments and money transfers."

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International Mobile Banking Updates - July 9

Nigeria: CBN Explains Restriction of Telcos From Mobile Banking Services
"The Central Bank of Nigeria (CBN) yesterday gave reasons for the restriction of telecommunication companies from offering mobile banking services in the country. The Director, Banking and Payment System Department, CBN, Mr. Dipo Fatokun, stated that telcos were not given the opportunity to provide mobile payment services because the central bank did not have direct control over them."

CBN Blames Failure Of Telecoms Synergy On Mobile Payment Hassles
"The CBN says its inability to regulate operation of the telecoms is responsible for their exclusion in the mobile banking system, an approach which is being criticised by analysts. CBN’s Director, Banking and Payments system department, Mr Titus Fatokun, however, says that despite this development, mobile money transfer has recorded N9.2 billion in value and 275,558 in volume as at May 2013."

ING GROEP : European consumers empowered by mobile banking
"More than a third (37%) of almost 12,000 internet users surveyed in 12 European countries are already using mobile banking - and many credit the technology with providing more control over their money. While being able to bank on the go is very popular, cash is still favoured for ultimate control of budgeting and spending. Social media is booming and is mostly used to get better insight into money matters and is set to grow as many young people expect to be able to make payments via social media, according to the ING report entitled Financial Empowerment in the Digital Age."

Monitise and Telefonica Enter Mobile Money Partnership
"Monitise plc UK:MONI -1.38% announces it has become the preferred Mobile Money technology partner for Telefonica Digital to develop and manage new and existing mobile payment and commerce services for its customers."

HSBC Bank Oman launches secure key for internet banking and upgrades mobile banking app
"Having been the first bank to provide Internet Banking in the Sultanate, it is now one of the first banks in Oman to offer this service. Secure Key provides customers with an extra layer of security when they access their accounts online, bringing the best of HSBC's global capabilities and technical expertise to customers across the Sultanate in a simple, secure and efficient way. The bank has also upgraded its mobile banking app which is available for Android powered devices. With its new look and feel and simplified navigation, the new app allows customers' funds transfer facilities between their HSBC accounts, in addition to a better user experience."

Standard Bank closes WAP mobile banking
"Standard Bank is set to discontinue its Wireless Application Protocol (WAP) cellphone banking service from 8 July 2013. The bank notes that this service makes up only a fraction of its total mobile banking registered customer base, saying further that its app service has achieved 170,000 unique registered users since it launched a year ago. As at 31 December 2012, the bank claimed to have 11 million retail and business customers in South Africa."

Product review: Barclays’ CashSend, Hello Money
"The single biggest weapon in the mobile money transfer services (MMT) arsenal — EcoCash — is, however, effectively in the hands of a non-bank player and it has made significant inroads into traditional banking territory. While banks are expected to wage a sustained battle for a piece of the unbanked pie, it would be unwise for them to concentrate only — or mainly — on that without also coming up with strategies for protecting their existing customers from the onslaught of game-changing MMT products such as EcoCash. In their quest to craft appropriate strategic responses, banks have responded in basically two ways."

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Mobile Banking Updates - July 7

Mobile Banking Fees On The Rise
"Banking fees appear to be coming to your phones and tablets. As more and more banks offer the speed and convenience of mobile banking they are also finding that it can be a lucrative revenue stream as well."

Jack Henry Service to Help Banks Prepare for Digital Banking Rules
"Although there are few industries as heavily regulated as banking, Washington has yet to provide clear rules around online and mobile banking. With that in mind, Jack Henry & Associates is launching a framework to help banks navigate federal and state standards for their online and mobile banking operations. The service is called Gladiator."

How to Modify Mobile Banking Behaviors to Maximize Cost Savings: Javelin
"Financial institutions are reaping huge cost savings as consumers, in droves, switch from brick and mortar banking to mobile banking, but most are leaving money on the table because they fail to take a few, small steps to modify consumer behaviors, claims a new study from Javelin Strategy & Research. Javelin numbers peg the average cost of an in-branch transaction at $4.25. The same transaction performed with a mobile device costs a dime, said Mary Monahan, who underlined that this highlights the economic incentives in driving mobile traffic."

Research and Markets: Leveraging An Omnichannel Approach To Drive $1.5B In Mobile Banking Cost Savings
"Mobile bankers are valuable customers: rich, young, and flush with profitable bank products and services. The products and services are saving financial institution money as the number of mobile bankers has grown, branch visitation has decreased considerably. However, mobile channels have not yet offset physical channel preference among mobile bankers."

100 mobile industry leaders to take MobileBeat by storm
"MobileBeat 2013 is coming up next Tuesday and Wednesday, July 9-July 10, in San Francisco, and we’ve got over 100 thought leaders lined up. This is your chance to learn from the top people in the mobile industry, from executives at major handset manufacturers to the founders of some of the hottest mobile startups."

Union Bank launches new website, mobile banking
"Union Bank has announced the launch of a new corporate website as well as a mobile site and mobile banking application (app). The website offers a number of new features including online applications for opening a new account, online help and resources, and several educational modules on getting smart about credit, fraud protection and more.

Credit Union Mobile Banking Adoption Rates Skyrocket
"Mobile banking adoption rates are exploding, soaring from 20% in 2011 to 33% today, according to a 2013 survey by non-profit electronics payment organization, SWACHA. Only four years ago mobile banking adoption rates were at a meager 7%, demonstrating that the available technology has ignited a revolution and direct shift in how consumers do business with their financial institution."

Interneer Selected by Los Angeles Firemen's Credit Union to Streamline and Automate Member Services and Online Banking
"Interneer, Inc., a leading provider of Business Process Management (BPM) software for process automation applications and smart mobile apps, today announced that Los Angeles Firemen's Credit Union (LAFCU) selected Interneer Intellect 7 to streamline and automate member services and online banking, resulting in an improved customer experience, greater operational efficiency, and audit compliance."

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Mobile Banking Security - July 5

Banking fraud targets device vulnerabilities
"A statement released by the South African Banking Risk information Centre (Sabric) has highlighted the importance of vigorous security measures for both PC and mobile consumers to avoid banking fraud. According to Sabric, criminals are able to send malware, or malicious software, to customers’ devices, enabling them to capture keystrokes, while mobile banking takes place from that device. The malicious software can include worms, viruses or Trojans, and devices are often infected when users download software from unverified sources."

Is Mobile Guidance on the Way?
"U.S. banking institutions should be bracing now for new mobile banking and payments security guidelines from regulators or updates to existing guidance, a growing number of banking leaders and mobile experts are concluding. Recent discussions among regulators and banking leaders about mobile risks, as well as the issuance of papers related to mobile best practices, suggest some type of security update related to mobile is on the way."

ACI Worldwide Bolsters Online and Mobile Fraud Management Capabilities
"ACI Worldwide (NASDAQ: ACIW), a leading international provider of banking and payment systems, today announced the release of the latest version of ACI Proactive Risk Manager, the company’s payments fraud management solution. Designed to help customers better detect and prevent fraud across a range of payment types, Release 8.2 offers unprecedented flexibility in monitoring both online and mobile channels, as well as wholesale transactions including wire and ACH for potential fraud. This will enable businesses to more quickly and easily uncover and mitigate incidents before they adversely impact the bottom line."

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Mobile Banking Updates - July 4

Would You Pay a $5 Mobile Banking Fee (Video)

To Boost Mobile Banking Adoption, Engage Branch and Call Center Staff Says Fiserv White Paper
"Fiserv, Inc. FISV -0.74% , a leading global provider of financial services technology solutions, has published a new white paper that explains how financial institutions can boost mobile banking adoption by utilizing frontline staff at branches and call centers as mobile banking experts. The complimentary white paper, "Mobile Banking Adoption: Your Frontline Staff Holds the Key to Growth," can be downloaded at fiserv.com/frontline-staff."

Q2ebanking Partners With Banking Software Firm Andera
"Austin-based Q2ebanking, the developer of mobile banking software, said today that it has signed a strategic reseller partnership with Andera. Andera is a software-as-a-services company focused on account opening and lending for banks and credit unions. Q2ebanking said the move adds Andera's platform to its ebanking platform, letting financial institutions open accounts, originate loans, and sign documents electronically. Financial details of the partnership were not announced."

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Mobile Banking Updates - July 2

Pay-what-you-want GoBank puts mobile users first
"A new player has emerged at the forefront of mobile banking with the hopes of capturing the nation's youngest banking audience and setting the tone for what it means to bank virtually. Launched to the public on Tuesday, GoBank is the first bank designed specifically for mobile use. All functionality is available through its app, everything from opening your account to paying bills to managing your budget."

Mobile Banking Activity Rose in May
"Along with temperatures in most parts of the country, mobile banking activity continued to increase in May. The overall value of American Banker's Mobile Banking Intensity Index was 73.8 for that month, a significant increase over April's value of 70.4. Many of the bankers surveyed for the index said adoption of mobile banking continues to grow as more customers become comfortable with it."

First Data Survey: Smartphones Are Shaping Mobile Banking
"If credit unions need more evidence about the importance of offering mobile banking, another study concludes that consumers want it all--in the palm of their hand. Consumers expect strikingly similar mobile and technology-powered experiences from financial institutions and businesses, and their expectations are fueled by skyrocketing smartphone use, according to a new study from Atlanta-based First Data."

Banking on smartphones
"When online banking first came on the scene it heralded a new era where customers could check their balance and pay their bills any time, day or night. A few banks integrated it immediately into their strategy, others felt compelled to set up a separate brand, as if they were afraid of it themselves. In the end it became a normal part of everyday life. But 24 hr banking is no longer enough."

ING Direct unveils new mobile banking app
"Online bank ING Direct has updated its mobile banking capabilities with a new app that lets users view their balances across all accounts before logging in, and transfer money to anyone in Australia with email or SMS notifications. The new ING Mobile Banking app, developed by local tech firm Oakton, Deloitte Digital and ING, was created by rebuilding a native mobile banking application and the related backend services. The goal of the rebuild was to improve app usability, security and performance based on customer feedback, according to ING."

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International Mobile Banking Updates - July 1

Kenya: Barclays Bank Launches Mobile App
"In Kenya, The Star reports that Barclays Bank of Kenya has introduced a mobile banking app (BarclaysKenya), said to have similar functionality of the financial institution’s full online banking platform. The service is freely available and accessible to customers who have registered successfully for Barclays Internet Banking writes The Star."

Mobile-solution company Tagit to expand in the Philippines
"SINGAPORE-based mobile-solution company Tagit is planning to expand its business in the Philippines by offering mobile-banking application software to banks, its top official said. Sandeep Bagaria, chief executive officer of Tagit, in a recent interview with the BusinessMirror said he is talking with some banks in the country and offer mobile banking applications using Tagit’s Mobeix platform software."

NAB opens digital wallet and takes aim at CBA’s Kaching
"National Australia Bank is poised to kick off digital wallet trials with payments rivals Visa and MasterCard, as it assesses plans to take advantage of growth in mobile banking. The bank will also unveil its response to Commonwealth Bank of Australia’s Kaching payments app at the end of next month, after an internal trial. NAB’s executive general manager of digital and direct banking, Antony Cahill, said the bank was focusing on developments for smartphones and tablets after 76 per cent growth in uptake of mobile banking among its customers in the past 12 months."

High street banks unveil Zapp mobile payments system
"VocaLink has today unveiled a new mobile payment service backed by the UK's major high-street lenders, which provides the infrastructure behind Bacs, Direct Debit and Mobile Top-Up. VocaLink, which is owned by a consortium of 18 banks and building societies, including Barclays, RBS, Lloyds, HSBC and Santander, has named the service Zapp and set up a web page touting its advantages to businesses and individuals at zapp.co.uk."

Money On The Move Has Africa Clicking
"The ability to transact, to withdraw, deposit and manage personal finances anywhere at anytime is an attractive proposition for consumers. This is one of the core advantages of mobile banking services that mobile service providers and financial institutions are looking to invest in- and transfer to their markets. Another driver behind the market is the intention to bridge the gap between Africa’s increasing number of un-banked citizens and its banked community, particularly in terms of access to banking services."

Mobile banking doesn't pay off: Credit Suisse
"Banks are spending too much on digital banking, despite the rapid growth in customers managing finances on their mobile phones and tablets. A report by brokerage Credit Suisse said competition among banks was spurring on a massive investment in mobile technology although it was yet to have little material benefit to the banks. Mobile banking still accounts for less than 10 per cent of the value of digital transactions, despite the number of mobile banking customers surging to 6 million earlier this year."

Lloyds Bank Commercial Banking arm to roll out mobile card acceptance
"Lloyds Bank Commercial Banking is to develop a suite of mobile card acceptance solutions aimed at small retailers and business owners. The brand has announced a partnership with Monitise, which will see the release of the mobile point of sale (mPOS) payment products, while also intending to offer additional banking services and businesses solutions."

Some 50% of account holders prefer mobile banking
"THE Bank of Philippine Islands (BPI) on Thursday said the bank anticipates double-digit growth on mobile-banking transactions this year, its top official said. Carlo Gatuslao, BPI vice president and head of Channel Marketing and Sales Division, said more than half the number of account holders make use of their mobile-banking applications or apps to transact with the bank. BPI launched its first mobile-banking apps for Apple and android smartphones in 2011."

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