Mobile Banking Updates - July 21

Future Mobile Awards - Winners Announced for Mobile Commerce
"Companies at the forefront of new developments in Mobile Commerce have been honoured in this year’s Juniper Research Future Mobile Awards."

Ad Lab: Banking Billboards, Print Ads And Outdoor Galore
"Here are two more excellent examples further illustrating the powerful relationship between that can be forged between outdoor marketing messages and their environmental context. In the first example from Palmetto Bank, you have to look closely to realize that it is actually a branch entrance in disguise — visitors have to walk right through the bank’s mobile app (quite a metaphor, if you think about it)."

We're witnessing the fastest ever shift in banking
"This week we're celebrating 5 years of the Apple App store (see Wired's commentary.) The realization that in 5 years mobile and apps have had such a huge impact on banking, can not be understated. Of course, there were many in the financial services space that were massively skeptical of the iPhone and Apps when they first launched in 2007. My favorite quotes come from a January 14th, 2007 article on Bloomberg, that contain the following gems:"

Diebold working on cardless ATM project
"Smartphones could replace the plastic card when stopping at the automated teller machine. Diebold has begun fitting ATMs for Wintrust Financial Corp., based in Lake Forest, Ill., so customers can make cash withdrawals using a smartphone. The test project has Diebold working with Paydiant, a company that provides cloud-based mobile payment services for banks and merchants. Wintrust is working with Fidelity National Information Services on the pilot program."

Mobile Banking on the Rise
"Banking has gone mobile. With over half of all American adults, about 56%, sporting smart phones, banks and other financial management tools have quickly adapted their systems to be compatible, secure and easy to use on mobile devices. Many smart phone users have already made the change from traditional to mobile banking and according to Consultants at the Aite Group, the number of people banking on their phones will triple by the year 2016."

Banks struggle to keep up with mobile demand
"While banks all have a mobile banking app, their clients are still pushing for more and more mobile capabilities. So says Mary Monahan, executive vice president and research director for Javelin Strategy & Research, a California company that rates banks on their mobile offerings. She says that many tech-savvy customers still 'cannot open accounts via smartphone, make payments, or deposit checks by snapping photos of them.'"

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Mobile Banking Updates - July 18

Banks ‘galloping ahead’ to help you manage your money on mobile
"Most of us will not consider our bank to be a hotbed of innovation. But banks are toying with various open-source projects and are rapidly developing ways to help you manage and share money from a smartphone. “For an industry that has been tarred with the brush of being old-fashioned, banks have realized they need to innovate fast and are galloping ahead,” said Mark Curtis, chief client officer for Fjord, onstage today at VentureBeat’s MobileBeat 2013 conference."

Nina the mobile accessibility assistant
"I went to the opera last week with some friends; they bought the tickets and I paid for dinner. At the end of the evening I owed them over a hundred pounds (the opera was excellent but expensive!!). How was I going to pay them? I do not carry that much cash, nor would they want it. I do not carry a cheque book with me, nor would they want the hassle of paying it in. Ringing up the telephone banking service on my mobile would take too long, credit and debit cards could not help. My mobile banking app would do the trick but is fiddly, so I went home, logged on to my online banking system went through the menus and transferred the money."

Banno scores assist on success of New York firm’s first mobile banking app
"When New York-based Generations Bank launched its first mobile banking app in February, Cedar Falls startup Banno was there to help power it. The app, called mygenmobile, has since grown twice as quickly as projected, according to a Banno press release today. Banno partnered with Allen, Texas-based software company ProfitStars on the project—a familiar pairing as the two companies collaborated last year on ProfitStars' iPay Solutions platform."

Big Data Innovation in Banking
"As financial institutions grapple with evolving business landscapes and increased information demand, finding optimal ways to store, organize and monetize the ever-increasing crush of data they possess is of crucial import. How effectively banks can make better business decisions based on the so-called "big data" they process on a daily basis will be crucial for the industry going forward, said Andy Hirst, senior director of Industry Marketing for SAP. Hirst, speaking on big data innovation at the International SAP Conference for Financial Services this week, noted that banks are inundated with new sources of information constantly."

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Mobile Banking Payments - July 17

NFC mobile payments: overcoming the barriers for banks
"The past few years have seen major changes to the way consumers make low value payments, from pre-paid wallets such as the Oyster Card through to Contactless Cards in retail transactions – thanks to Near Field Communication devices, writes Ben Leighton. Contactless cards in particular are gaining a good deal of momentum in the UK; the majority of major banks now issue them, and large retailers are increasingly accepting them. Only recently, Starbucks pledged to roll out contactless terminals at over 550 of its company-owned stores across the UK."

Mobile Bill Pay, RDC Outpacing P2P
"Major American banks have widely adopted mobile bill pay and remote deposit checking, a new report says, with person-to-person payments lagging behind. The Celent report – titled “The U.S. Mobile App Landscape: An Annual Evaluation of Mobile Banking at the Top U.S. Banks” – found that 55% of large banks offer bill pay, 31% offer mobile RDC and only 14% have rolled out P2P."

Braintree Collaborates with Simple, Launches Venmo Touch for Banking Customers
"Braintree, the global payment platform behind many of the best next-generation online and mobile purchasing experiences—including Hotel Tonight, Fab, Airbnb, Uber and Angry Birds—today announced it will offer Venmo Touch to card issuers and mobile banking providers, delivering one touch mobile payments to their customers. Braintree is collaborating with Simple, a leader in online and mobile banking, to give Simple customers access to Venmo Touch, extending their seamless mobile experience through to checkout. This is Braintree's first collaboration to offer direct banking integration for Venmo Touch."

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Mobile Banking Security - July 16

New Report: Consumers Say Security No. 1 Concern in Mobile Banking
"Security fears are the no. 1 barrier banks must face when introducing mobile banking to customers, according to a recent survey conducted by Monitise, which found that 70% of the respondents viewed security as a major concern in mobile banking. The survey also found that 71% of respondents ranked security as “highly important” in choosing or switching banks. Roughly 90% of users say they enter a user name and password to access mobile banking apps. Approximately half prefer to combine user name/password with knowledge-based answers and visual keys. And 68% indicated biometric features are important to them, while 35% say they are willing to pay extra for those features."

Fake CommBank Android security app targets mobile customers
"Online criminals are peddling a new mobile banking scam designed to bypass the Commonwealth Bank’s SMS authentication process for online transactions, by intercepting text messages and hijacking verification codes. Russian forensics firm Group-IB has uncovered the mobile banking trojan “hardcore88” being sold on Russian-language underground forums for Android devices. The trojan poses as a security app from CommBank, and is designed to block calls from the victim’s bank and capture incoming SMS messages that would otherwise carry the one-time verification passcode required to complete an online transaction."

Mobile Check Deposit Boom Brings Risks
"Mobile check deposit, once a low priority technology for banks, has become one of the most sought out mobile banking app features. But along with popularity and increased use, the potential for fraud is emerging for smartphone check deposits. A recent report from ath Power Consulting identifies remote deposit capture as mobile banking users' most desired app feature."

New Breed of Software Detects Malware from a Distance
"The biggest security threat banks face — malware that pervades their online and mobile banking users' devices — is being met by an increasingly sophisticated class of software called clientless malware detection. Mobile malware increased more than 600% in the past year, according to a recent survey from Juniper Networks — the number of malicious mobile apps has grown to 276,000."

Better Business Bureau: Mobile banking requires safeguards
"I listened intently as my wife worked her cellphone, punching in numbers, speaking to an automated answering system and entering verification codes. 'Make a payment,' she said in a loud, monotone voice. She completed her transaction, and I interjected: 'I thought you said you'd never use your cellphone to do your banking.' Her reply? 'Everything is getting safer in banking with mobile devices. Why not?'"

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International Mobile Banking Updates - July 15

BPI sees mobile banking transactions rising rapidly
"THE Bank of Philippine Islands (BPI) anticipates a sharp rise in mobile banking transactions this year. In a statement sent by e-mail, BPI executives said that since the first launching of their mobile banking application in 2011, more than half of mobile banking enrollees transact with the bank using their mobile apps. According to BPI executives, the number may rise further in the wake of the adoption of the latest version of the BPI Express Mobile App."

Mashreq Qatar launches smart banking with Snapp mobile banking app
"In its efforts to continue leading the banking space, the region's leading financial institution, Mashreq Qatar has officially launched state-of-the-art mobile banking app 'Snapp'. The fully-functional mobile banking service can be downloaded free of cost and is available to customers on Android and iOS platforms throughout Qatar."

Citi PH's mobile banking app offers 'one-time PIN'
"Citi Philippines has launched a "one-time personal identification number" (PIN) feature in the Citi Mobile banking app. Citi clients can now get a "one-time PIN" via SMS or on the online security device, offering greater convenience when making online banking transactions. The "one-time PIN" is a unique six-digit PIN that serves as a dynamic second-level authentication and allows users to access their account details and complete online transactions on their computers, tablets or mobile phones."

Polish banks unveil mobile payments standard
"Mobile payments looks set to receive a boost in Poland after six banks announced they will collaborate to create a new standard in the country. Alior Bank, Bank Millennium, Bank Zachodni WBK, BRE Bank, ING Bank and PKO Bank Polski intend to build a common infrastructure including standard authorisation and settlement. The system will be open to all market participants, including other banks, and will support abilities such as mobile cash withdrawal from ATMs and mobile money transfer."

Westpac launches home loan approval via mobile
"In a first for New Zealand and Australia, Westpac NZ customers can apply and secure approval for a home loan within minutes via their mobile phone. The new capability is part of the latest update for Westpac’s mobile banking app and is available now. Customers can fill out a home loan application, submit it and receive approval all via their phone. The entire process, including receiving the approval, takes just minutes and adds a new dimension to weekend house hunting, participating in auctions and the planning process in buying a home."

Africa's first Bitcoin wallet launches in Kenya
"Africa's first Bitcoin transfer service has launched in Kenya, piggybacking on M-Pesa, the country's highly successful mobile banking platform. The service, called Kipochi, will allow Kenyans to move money abroad while dodging the hefty transaction fees charged by companies like Western Union and MoneyGram. Kipochi -- which means purse in Swahili -- describes itself as a lightweight, easy-to-use Bitcoin wallet. Users only need an email address, phone number and passport or national identity number to sign up and can currently transfer up to one bitcoin a day using the service -- although this is expected to increase soon."

FNB revamps online banking
"First National Bank has given its online banking portal an overhaul. The new site is more minimalist and allows clients to use the full, online service on smartphones and tablet computers, in addition to laptops and desktops. The new website will be available to consumers on Sunday."

Santander unveils mobile banking service for small business customers
"Santander Business Banking has rolled out a new mobile banking service for small business customers, in a bid to offer convenient online payment channel to execute various banking services through their mobile phones. In order to access banking services through mobile phones and handheld devices with internet access, customers will have to register to Santander Online Business Banking, prior to sign up for the mobile banking service."

Kenya: CIO 100 - Old Mutual's Mobile Based Unit Trust Proves to Be a Hit in Kenya
"The last seven years have seen the mobile phone become quite a useful tool in East Africa, and especially in Kenya, where M-Pesa has become a global case study of the impact of mobile money. On Twitter, Carole Kimutai, editor - Management Magazine says "I am so amused watching bank CEOs brag about mobile banking. I remember how scared they were of M-Pesa. Times really change!" Mobile also emerged also prominently featured at the third CIO East Africa CIO 100 Annual awards and Symposium in Kigali, Rwanda."

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Mobile Banking Updates - July 14

Allied Payment Network and Malauzai Software Expand Picture PayTM Solution as a Stand-Alone Mobile Bill Payment Application
"Allied Payment Network, a provider of online bill payment services to the financial industry, and Malauzai Software Inc., a provider of mobile banking SmartApps for community financial institutions, announced that Picture PayTM is now available to any financial institution as a stand-alone mobile bill payment solution, even those that use a different mobile banking provider. Picture Pay can now be implemented by any bank or credit union as a separate mobile application. The stand-alone Picture Pay solution is compatible with any core banking system or mobile platform and no technology integrations are required. The app can be live and in use by customers and members within 60 days of the project start date."

Yet another bank fee could be a pain in the app
"Al Falussy is on the go. A sales executive at lighting company Stan Deutsch Associates, the Long Island, N.Y., resident is a frequent user of his mobile banking app to get balance alerts, send money to employees and family, and deposit money from places where no branches are nearby. But if Falussy's bank of choice — JP Morgan Chase — started charging to use the app? He'd switch banks."

Why Mobile Banking Needs an Upgrade
"Mobile is often touted as banking's most efficient delivery channel. But gaps and glitches suggest that banks' mobile apps sometimes fail to deliver."

The mobile m-banking revolution is being led by consumers and reaching collections
"Bankers will undoubtedly take the credit for the advances in mobile banking, but should they? Who is really leading the mobile banking and collections revolution, asks Daniel Melo, a banking analytics consultant for Fico in Europe, Middle-east and Africa (EMEA). In my opinion the answer is consumers. It is the consumerisation of IT trend that is pushing banks to do more with the mobile channel. Consumers are rewarding tech savvy banks by paying overdue debts faster, accessing self-service options, and responding quickly to fraud alerts he says in this debt collection focused article."

5 Cool Tech Tools to Boost Efficiency, Service, Membership
"To enhance customer service, improve operational efficiency and entice new members, especially younger ones, credit unions of all sizes are tapping into new technology such as social media and rolling out cool tech tools such as mobile apps and video tellers. Yet, credit unions face challenges selecting from the plethora of products and providers entering the market. Tighter IT budgets make it imperative to find cost-effective solutions that engage members across multiple channels."

Consumer Reports: Save time, money with these bank perks
"Paying your bills and taking care of other banking chores is a pain. Even more painful: the fees you'll face if you don't do them when you need to. But here's good news from ShopSmart, the shopping magazine from the publisher of Consumer Reports: Banks have introduced five services that make those tasks easier and more rewarding."

Interview: Ian Bright of ING on the 2013 edition of the Mobile Banking & Social Media Survey
"The lead author of the ING International Surveys, ING senior economist Ian Bright, talks through some of the highlights of a major, new survey of 12,000 people on mobile banking and social media; A very revealing and quite enlightening piece that's worth sharing (and "Twitting" and "Facebooking")."

Banking goes mobile (with a few hitches)
"Dan Brower fished a much-awaited check from his mailbox but didn't have time to swing by his bank's branch. So the Kansas City resident fired up his 2-week-old iPhone, and with just a flick of his finger — disappointment. Commerce Bank's mobile banking application doesn't accept deposits."

Generations Bank Deploys First Mobile App
"Generations Bank ($264 million assets) has launched its first mobile app, mygenmobile.The app is powered by the partnership between Banno and ProfitStars®, a division of Jack Henry & Associates Inc.®. Seneca Falls, N.Y.-based Generations Bank launched mygenmobile in February and customer adoption is growing twice as fast as what the bank projected. Furthermore, usage is strong; in one month, half of the app's subscribers accessed it more than 10 times. The top 10 percent entered mygenmobile at least 45 times, the top 5 percent at least 60 times, and the top 1 percent at least 95 times."

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Mobile Banking Updates - July 11

Mobile Banking? There’s an App for That — and Often a Sizable Fee Too
"Banking with your smartphone? There’s an app for that. But some customers are finding there’s a fee for it as well. Mobile banking has grown significantly in the past couple of years. The Pew Research Center says more than half of Americans now have smartphones. Consultants at the Aite Group said in a report last year that the number of people banking on their phones will triple by 2016."

BBVA Compass economists examine mobile banking, crowdfunding, other trends in latest quarterly report
"The financial industry faces its most dramatic transformation in modern history because of increased online and mobile device usage, which will make banks more productive but also boost competition from nonbanks, BBVA Compass economists say in their latest report. This "transformation will result in a more efficient financial system that will be in a stronger position to support economic growth and wealth creation," the economists say. Every quarter, the bank's economic research team publishes its Economic Outlook, a report focused on a variety of issues that affect the U.S. as a whole as well as the Sunbelt states where BBVA Compass operates."

Key Considerations for Testing Voice Recognition in Mobile Banking Applications
"Traditionally, banks have been burdened with high regulations and slow processes. Mobile is completely changing all of that. Mobile has quickly forced banks to catch up with their customers and embrace mobile apps. According to an inforgraphic produced by analytics solutions provider FICO, one billion people are projected to use mobile banking by 2017. Banks are continually innovating and improving their mobile services and even incorporating voice recognition."

New Access publishes a white paper on mobile banking apps
"New Access SA, a leading provider of front office solutions to banks and financial institutions, announces the publication of a white paper on Mobile Banking Apps by David Sikorsky, Head of Market Research. Tablet apps offered to wealth management advisors are in a transition phase right now. While all research points to the fact that it will become a transformational technology for the sector, very few software solutions vendors seem to take it seriously and very few banks, outside of the US, have a clearly defined strategy. Larger IT vendors are not yet very well organized and many banks are still defining their strategies. In terms of functionality, research shows that the tablet apps will initially be used to create a better client experience and facilitate interaction between client-adviser, during account opening and account review processes.

Virtual Piggy Hires Creative Director with Mobile Banking Chops
"Virtual Piggy, the parent-controlled money management platform for children, added an experienced mobile banking designer as its new creative director of mobile design. Ivo Weevers will lead and manage the mobile consumer experience team for Virtual Piggy, a company that enables young people to make purchases under the supervision of their parents. His past work includes leading mobile design at Royal Bank of Scotland and he is a recipient of the British Interactive Media Association's Innovation Award for his work developing mobile payments technology."

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 [recently], 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."

Intuit Pares Back, Refocuses with Financial Services Sale
"Intuit is selling a division that provides software to financial institutions in a deal worth about $1.03 billion as it focuses on products for consumers and small businesses. Intuit Inc., based in Mountain View, California, makes TurboTax, QuickBooks and other personal finance software. The company is still paring back its business. It also said Monday that it wants to sell a division that serves the health care industry."

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