International Mobile Banking Updates - Aug 13

Western Union Gets Into Nigeria's Mobile Money Game, Partnering With eTranzact
"Banking systems are changing rapidly in the digital age, and nowhere is this clearer than in Africa, where the vast majority of people save, spend and exchange money without using any formal banking institution. For them, mobile phones can be a lifeline. Most Africans own one, and at least 55 million people -- and counting -- use a system called mobile money to manage their finances. Customers can pay bills, transfer money and withdraw or deposit funds using only their cell phone."

Azerbaijan mobile wallet makes debut
"Azerbaijan card processing company AzeriCard has partnered with software firm OpenWay to create a mobile wallet that helps Azerbaijanis to withdraw cash from ATMs using a mobile phone and transfer money without using a bank card. The service uses Way4 Cash By Code technology to generate a code on the mobile which can then be used by the customer to withdraw cash. AzeriCard says that 14 partner banks are using the service. The Cash by Code option was added to the menu of 1,300 ATMs in Azerbaijan, and works on iPhone, Android and BlackBerry smartphones as well as Java-enabled feature phones. AzeriCard supports MasterCard, Visa and American Express."

Study: Fiserv looks at mobile and tablet banking trends
"Consumers are increasingly banking through mobile and tablet devices, but this is only the tip of the iceberg when it comes to changes in how consumers use these channels, according to Daniel Steere, director of product management for mobile payments at Fiserv. To illustrate the trend, Steere rounded up some of the most compelling mobile and tablet statistics from the 2012 Fiserv Consumer Trends Survey."

Mobile banking fraud
"A number of recent news reports have chronicled the use of mobile money transfer services by miscreants to carry out extortionist activities. Fraudulent activities, in whatever form or shape, are bad. At the same time, we need to take things into perspective. Not doing so may result in raising an alarm in people’s minds. That would be harmful for any product or service, but especially for a service that has the potential for broader socio-economic benefits while it is in the infant stage of development."

Uganda: Banks Stretch Hours As Mobile Competition Bites
"You have an emergency late in the night. Your bank is miles away from your residence, so you can't access any money. Ah, someone offers to send you money through mobile money and you get it right away, because there are telecom shops scattered all over the suburbs and operating 24/7. 'They (banks) either have to work 24 hours or they will run out of business,' says a source in one of the telecoms."

Zain Group to offer eServGlobal mobile money solution
"Kuwaiti telecoms group Zain has entered into a partnership with Paris-based software vendor eServGlobal to provide its customers across Africa and the Middle East with end-to-end mobile money transfer services. According to a press release, the solution encompasses a complete mobile money platform, and will enable Zain Group subsidiaries to offer services such as electronic top-ups , mobile banking, online payments, salary disbursements, money transfers, micro-financing, airtime top-ups and bill payments."

We Will Focus on Smart Mobile Banking: Preeti Malhotra
"Technology will be the differentiator for us and we will focus on smart mobile banking. It is the most cost-effective solution. The cost of one physical transaction is Rs 40-60, and through a mobile is Rs 1-1.5. An ATM transaction costs Rs 15-20. Of our six lakh villages, only 5 percent are covered by commercial bank branches. Forty-six per cent of the population is still unbanked. At the same time, almost everyone has mobile phones. They access the internet through the mobile phone."

India banks explore voice biometrics for added security
"For banks in India, voice authentication is increasingly an important part of their implmemenation of biometric security features such as fingerprint or iris recognition. Introducing voice biometrics would further prevent fraudulent use when using telephone banking."

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Mobile Banking Updates - Aug 11

Hope Credit Union rolls out Bluepoint mobile remote depost capture tech
"Bluepoint Solutions today announced Jackson, Miss.-based Hope Credit Union (HOPE) has implemented its mobile remote deposit capture (RDC) solution QwikDeposit ToGo as part of the credit union's mobile banking app powered by Malauzai Software."

Constant Access To Online Banking Solutions Driving Increased Uptake Of Mobile Platforms
"ABI Research forecasts that cumulative online ID and authentication shipments into the banking market vertical will total 1.6 billion in 2018; an increase of 945 percent when compared to 2012. Cumulative shipments include secure USB tokens, standalone OTP generators, portable smart card readers, and mobile device software applications. Of the 2018 shipment total ABI Research forecasts that mobile software applications will account for 81 percent of the total 2018, which only accounted for a mere 22 percent in 2012."

Citizens Bank Recognized for Industry-Leading Customer Satisfaction in Mobile Banking for Android™ and iPhone®
"Citizens Bank’s Mobile Banking apps for Android and iPhone are generating the most-positive customer feedback in the industry, according to a new report issued by Xtreme Labs. In announcing its findings of the Top Three mobile banking apps, Xtreme Labs noted that 'Citizens Bank is the only bank with the highest rated apps on both Android (4.5 stars) and iOS (4.5 stars) platforms.'”

51% of U.S. Adults Bank Online
"Fifty-one percent of U.S. adults, or 61% of internet users, bank online. Thirty-two percent of U.S. adults, or 35% of cell phone owners, bank using their mobile phones. Both types of digital banking are on the rise. In 2010, 46% of U.S. adults, or 58% of internet users, said they bank online. In 2011, 18% of cell phone owners said they have used their phone to check their balance or transact business with a bank."

Mobile banking update allows BBVA Compass customers to pay people using text, email
"BBVA Compass enhanced its mobile banking capabilities by adding the Pay People with Popmoney service to its iPhone and Android apps, allowing customers to send money to anyone in the U.S. using just the recipient's email address or mobile phone number."

The Fine Line: collaboration vs. competition in mobile payments
"Following the news that Polish banks will work together on establishing a common mobile payment infrastructure, European banks should learn from the Polish market, writes Philippe Eschenmoser, head of business consulting at SIX Payment Services. Last month came the announcement that in Poland rival banks are coming together on a collaborative project to encourage mobile payments. Alior Bank, Bank Millennium, Bank Zachodni WBK, BRE Bank, ING Bank and PKO Bank Polski intend to build a common infrastructure which is open to all market participants, including other banks. Comprising of standard authorisation and settlement, the system will support abilities such as 4G mobile banking and mobile shopping."

Five Ways You Can Combine Banking and Mobile
"With everything becoming more mobile, many traditional industries are undergoing fundamental changes. The financial sector is one of them. Banking and mobile now seem to go hand in hand, with more people and businesses relying on apps and payment systems like PayPal to check their balances, transfer funds and even process transactions. Customers still have to step into a branch on occasion, but mobile tech can make it quick and painless. That said, here are five ways banks are using mobile to their advantage:"

Kearny Federal Savings Bank Selects Premier from Fiserv for Account Processing as Part of an Integrated, Enterprise-wide Banking Solution
"Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced that Kearny Federal Savings Bank, headquartered in Fairfield, N.J., has chosen the Premier® bank platform for account processing, along with additional Fiserv solutions for mobile banking, person-to-person payments, check capture, online banking and bill pay. The $3.1 billion bank cited Fiserv integration, innovation and scalability as factors that will help the bank increase efficiencies and attract new accounts."

Non-compliance creates significant risk with mobile banking products
"Regulations on mobile-banking products, services, and practices continue to evolve alongside the technology that supports these next-generation solutions. Keeping up to date on the rules and requirements is imperative for financial institutions that are entering the brave new world of mobile."

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Mobile Banking Updates - Aug 8

Mobile Banking, Payment, Core Sales Drive Fiserv Profits
"Fiserv shared solid results for the second quarter Tuesday night, including revenue of $1.1 billion and an 18% increase in adjusted earnings per share to $1.50. Revenue came from three main sources: mobile banking software and services, payment services and core banking software sales (the latter mainly through Fiserv's acquisition in Open Solutions earlier this year)."

Podcast: Mobile Banking Threats
"Kaspersky Lab expert Denis Maslennikov explains the vulnerabilities and possible threats of mobile banking apps."

Sterling Bank Expands Its Digital Capabilities through Retail and Business Digital Solutions from FIS
"Engaging customers on their own terms is the future of banking, and Spokane, Wash., based Sterling Bank, the principal operating subsidiary of Sterling Financial Corporation (NASDAQ:STSA), is meeting those needs with the help of FIS™ (NYSE:FIS). FIS, the world’s largest provider of banking and payments technology, today announced that the $9.94 billion bank signed a multi-year agreement to deploy FIS’ Business eBanking and Mobile Banking solutions – creating new and easier ways for customers to manage their money, while also supporting the bank’s plans for growth."

Q2 Ties Banking Software With Geezeo
"Austin-based mobile banking software developer Q2 (formerly Q2ebanking), said today that it has partnred with financial technology firm Geezeo. Geezeo is a developer of personal finance management software, aimed at consumers."

Thoma Bravo Completes Acquisition of Intuit Financial Services; Newly Launched as Digital Insight
"Thoma Bravo, a leading middle-market private equity firm, announced today it completed the previously announced acquisition of Intuit Financial Services, a division of Intuit, Inc., to form a stand-alone company that provides digital banking and payments capabilities to financial institutions. The transaction, valued at $1.025 billion, establishes a new company with a familiar name in banking, Digital Insight."

Mobile Payment Startup Secures Head Honcho & New ‘Dream Team'
"Zapp, which enables real-time payments on people’s mobiles through their mobile banking application, allowing secure payments between consumers and merchants, is set to hit the market in 2014. Ahead of its debut the company, which is part of the VocaLink group, has today announced key founder members of a senior management ‘dream team’ – who are responsible for launching the new mobile payments system."

Mobile banking innovations
"As you're standing in line at your local grocery store waiting to checkout, you quietly observe the people in front of you. They pull out a checkbook and begin to write a check. You silently sigh and roll your head because you now have to wait for this ancient process to finish- when they could have just slid a debit card and be done."

Shop Smart: Banking services you can bank on
"In recent years, banks have introduced new products and services that have significantly enhanced consumer convenience, notes Consumer Reports Money Adviser. For example, rising consumer preference for paying by debit card at the cash register has reduced the need to find automated teller machines. With smartphone banking apps, you almost never have to set foot inside a bank branch."

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Mobile Banking Updates - Aug 7

Too Many Banks Still Treat Mobile Banking as an Afterthought
"I have spent a fair amount of the past three years or so researching, writing about, consulting and presenting on mobile banking. I think about the channel a lot and instinctively look out for new developments in the space on news sites or when I attend conferences. As an advocate of mobile banking, I feel that I should be entirely sold on making it my channel of choice with my bank. But I'm not. At least, not yet."

Segmented consumer experience key to mobile banking future - study
"A new study conducted by Cognizant (NASDAQ: CTSH) and Monitise plc (LSE: MONI) finds that retail banks can realize the full potential of mobile banking by offering segmented consumer experiences and advanced digital wallet capabilities."

Mobile is the new table stakes for banks
"As smartphone and tablet use accelerate in the United States, consumer expectations are growing as well. Banking customers, for example, now expect their financial institutions to offer mobile applications, and U.S. banks are responding, according to a report from Aite Group. And mobile banking apps are a particularly important way to reach younger consumers, because many of them bypass PCs completely in favor of smartphones."

Banks, Mobile Technologies and SMAC, Part 1
"The mega-trends of SMAC (social, mobile, analytics and cloud) plus IoT (Internet of Things/Connected devices/M2M) are changing entire industries. I am being asked frequently now to meet with IT and business teams to review how SMAC and related trends are impacting various industries so companies can better plan to meet these transformations. My colleague at Cognizant, Peter Abatan, is both a banking expert and a mobile technologies expert. Recently Peter has been sharing his thoughts with me on the topic of how SMAC (social, mobile analytics and cloud) trends are impacting the banking industry. Here are some excerpts from our exchanges:"

Banking Industry Predictions: 4 Trends to Expect Over the Next 10 Years
"Considering the staggering changes in banking we’ve experienced over the last decade, it’s safe to say predicting what will happen next is like trying to guess who is going to win the World Series. We can make some educated guesses, but — to really hammer the metaphor — there’s always a chance a curve ball is thrown our way. That said, a number of trends have emerged that say a lot about where the industry is going. And understanding where it’s headed can help better shape your finances today."

Mobile Banking Activity Continued to Grow in June
"Banks continued to report increases in mobile banking usage in June, according to the latest Mobile Banking Intensity Index. The overall value of the index, 72.5, was roughly in line with the intense growth of last month's reading of 73.8. Almost all the 336 bankers who shared information about their mobile banking offerings and adoption for the month of June reported steady growth in the service, which for many is relatively new. The overarching theme was fast adoption and growth with fluctuations and the occasional small hiccup."

Mobility Matters: At The Mobile Banking Tipping Point
"In Sweden, already mobile banking is at a tipping point with several financial institutions reporting that, out of nowhere, usage has surged beyond the online channel. Ditto for New Zealand where mobile access now outstrips online. Word in the United Kingdom also is that mobile banking has reached a tipping point."

Banks can gain by turning digital-savvy: A study
"A new study conducted by Cognizant and Monitise plc finds that retail banks can realize the full potential of mobile banking by offering segmented consumer experiences and advanced digital wallet capabilities. According to the study, consumers are increasingly expecting banks to help improve their mobile lifestyles by providing anytime, anywhere capabilities, customized user experiences, shopping and social features, and value-added services. This, the study states, represents a new opportunity for retail banks to drive customer loyalty, attract new business, and generate more revenue."

Study: Enhanced mobile payment options will drive customer loyalty for banks
"Retail banks that offer segmented consumer experiences and advanced digital wallet capabilities are likely to realize a good return on investment, according to a new study from Cognizant and Monitise plc. The study surveyed a diverse group of more than 700 consumers to understand their mobile banking expectations, emerging trends, and current and future needs. Increasingly, the study found, consumers expect banks to provide anytime, anywhere mobile capabilities, including customized user experiences, shopping and social features, and value-added services, and that represents a new opportunity for retail banks to drive customer loyalty, attract new business and generate more revenue."

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International Mobile Banking Updates - Aug 6

More payments via mobile devices in 2015: report
"Online payment transactions handled by Chinese mobile payment service providers will exceed 9 trillion yuan in 2015, according to an industry report published on Monday. In 2012, the country's mobile banking sector handled 800 billion yuan in online payment transactions, an increase of 265.3 percent from a year earlier, according to a report published by the Internet Society of China, Xinhua news agency reports."

VIPERA PLC : Vipera – KPMG Commercial Partnership Agreement
"Vipera announces today that it has concluded an agreement with KPMG Advisory Spa ("KPMG"), a leading consulting and IT services company in Italy. Under this agreement KPMG, who are looking to expand their business in the area of mobile services and mobile financial services, have become a commercial partner and system integrator of Vipera's mobile financial services and solutions based on Motif."

Knocking on the M-commerce Door
"The past few months have seen more telcos inserting themselves into the mobile money and mobile commerce value chains. In Spain, Telefónica SA announced partnerships with financial institutions CaixaBank and Santander to create a new business in mobile banking, including a mobile wallet. (See Telefónica Brokers Mobile Money Alliance.)"

Surprising FNB mobile device stats
"FNB recently revealed that 76% of their clients visiting their online banking services are using an iPhone or iPad – much higher than all other brands put together. FNB launched its new website on Sunday 14 July, aimed at creating a consistent experience across all devices. The focus on a mobile friendly experience is very evident in the new design. Around 10% of FNB’s banking clients are currently accessing the website via a mobile device – up from 4% a year ago."

Software quality problems show need to “shift left”
 "In the private sector, software errors are causing both financial and reputational damage. A study by software quality specialist SQS identified private sector businesses in the banking, retail and mobile sectors, more likely to suffer software malfunctions than public sector organisations."

Bank of Kigali launches mVISA-Rwanda
"The Bank of Kigali, in partnership with Visa, has launched a new mobile banking platform, mVISA, an interoperable mobile branchless banking solution. BK mVISA is a digital wallet that targets 55 per cent of the country’s population of 10.5 million that currently have mobile phones."

ANZ Extends Mobile Financial Services to Unbanked and Underbanked Consumers with Mobiliti Reach from Fiserv
"Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced that Australia and New Zealand Banking Group (ANZ), a $642.12 billion asset banking group, has launched an extensive mobile banking and payment service in several nations in the Pacific."

Aussie Bank Crowdsources Product Ideas in Mobile App Challenge
"Westpac will invest $50,000 to develop two concept apps from the public. The bank already has an aggressive mobile strategy, and is threatening to shake things up further with more bold moves like this before year’s end."

Kenya: Press Releases: Barclays Bank Offers Bulk Mobile Payment Solution
"Barclays Bank has partnered with mobile telephony service provider Safaricom to offer a mobile banking service that enables corporate clients to disburse bulk payments such as salaries, dividend payments, per diem allowances and pension payments to various beneficiaries through their mobile phones."

Canadians growing increasingly comfortable with mobile payments
"Mobile payments have gone mainstream in Canada. According to a report a by Technology Strategies International, more than half of smartphone owners in the country have used their phones to make payments this year. The bad news, according to the report titled "Canadian Payments Forecast — 2013," is that most of these mobile payment transactions have been for e-commerce purchases or bill payments via mobile banking apps and mobile banking websites. In other words, they're not happening in brick-and-mortar stores."

Updated: Westpac Australia online, mobile banking services still down
"Westpac Australia has confirmed that its online and mobile banking services are experiencing intermittent issues today. Westpac said its services were restored at 7pm Australian Eastern Standard Time (AEST) on Thursday night after being down for most of yesterday."

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Mobile Banking Updates - Aug 4

Americans Rate the Best and Worst U.S. Mobile Banking Apps in New Report From Xtreme Labs
"Xtreme Labs, the leader in mobile strategy and product development, today released a new report on the best and worst mobile banking apps in the U.S. as rated by customers themselves. The U.S. Banking Apps Report: Customer Reviews by Xtreme Labs analyzed customer reviews from the Apple App Store and the Google Play Store between May 18 and June 25, 2013 for the top 53 U.S. banks (as ranked by total assets)."

The Circuit: Innovating Incrementally in Mobile Banking
"So many banking conferences reinforce the same idea: banks must think differently about their businesses to stay on the industry's leading edge. That certainly was one of the takeaways from a recent conference on mobile banking. But so was this: in the near future, if not already, banks will have to think differently just to keep pace with the world around them."

MOBILE SAVINGS Big potential savings from switching branch transactions to mobile
"Mobile bankers are valuable bank customers; rich, young, and flush with profitable bank products and services. And the service is saving institutions money; as the number of mobile bankers has grown, branch visitation has decreased considerably, says a report by Javelin Strategy and Research."

Innovations continue to change banking industry
"In June 1978 when Jerry Jacobson started working at Northwestern Bank in Chippewa Falls, the paperwork for most loans consisted of just one piece of paper. Now, a loan for a home mortgage frequently runs 30 or 40 pages."

Marketing Strategies To Shatter The Mobile Banking ‘Glass Ceiling’
"At most financial institutions, mobile banking adoption rates typically hit a 'glass ceiling' of 15 to 20 percent of all online banking customers. But you don’t have to settle for that as the maximum cap. Here’s what you need to send adoption rates through the roof."

BBVA Compass courts micro-businesses with new mobile banking solution
"BBVA Compass today introduced its Business Mobility Bundle, designed to provide micro-businesses — the smallest of small businesses — everything needed to manage their finances on the go. Representing about 95 percent of all small businesses, micro-businesses are extremely mobile, with many of their financial transactions occurring away from owners' homes or offices. Micro-businesses typically generate less than $500,000 in annual revenue."

Mobile and Beyond: How Banks Are Catering to Tech-Savvy Customers
"Technology has become an integral part of daily life for most people. And with greater technological capabilities comes steeper demands from users. With a dramatic shift in customer preferences, banks are trying to keep up with that demand -- and some are falling short. Though some are slow to catch up, there are plenty of options for banks with vision to give customers what they want."

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Mobile Banking Updates - Aug 1

What Are the Best and Worst Mobile Banking Apps?
"There’s something perversely satisfying about depositing a check in bed. While in a recumbent position, I’ve been known to whip out my iPhone, launch my bank’s app, snap a photo of the check’s back and front, type in the amount, and boom. My money wings its way into my account while I return to reading Entertainment Weekly on my iPad. Alas, not all mobile banking apps make it that easy. And a new report from Xtreme Labs, entitled the “U.S. Banking Apps Report: Customer Reviews,” shows that some banks are doing are a better job than others with their mobile apps."

FFIEC may be prepping guidance for mobile banking
"The word going around is that the Federal Financial Institutions Examination Council could introduce guidelines on mobile banking security within the next 12 months. But while that particular aspect of mobile payments may be in the regulatory eye, experts do not expect strictures to be more broadly applied."

Mobile Banking Trends: Find Out What is Hot and How to Stay Protected
"The security precautions for smartphone and tablet banking are the same as those for your PC. Smartphones are not inherently more risky, except for one important thing: It’s a heck of a lot easier to lose a phone than a computer. The likeliest way for a hacker to access your bank account information is if they have your phone in their hands. To guard against this, always maintain a password protected system, and if you have to, use security software to wipe the phone clean so valuable data can’t be stolen."

Is Technology Making an Impact in the Banking Industry?
"With TV, music and shopping available with the merest swipe of a screen, it's vital that the banking industry adapts to meet the needs of tech-savvy customers. Considering the focus on the banking industry of late, and the much-talked-about state of the economy, the banking industry's ability to adapt to changing technology could be vital to its recovery from the economic downturn."

More from F.N.B.: mobile banking update
"Earlier this month, I wrote about how F.N.B. Corp.’s online banking tools played into its acquisition strategy. F.N.B. (NYSE:FNB) upgraded its offerings late last year, adding bill payment and remote deposits to its mobile-banking capabilities. Executives talked strategy but were holding off on numbers: I figure CEO Vince Delie might give a progress report during the second-quarter earnings call Wednesday and I was right."

Anywhere/Anytime Access to Online Banking Solutions Driving Increased Uptake of Mobile Platforms, Says ABI Research
"ABI Research forecasts that cumulative online ID and authentication shipments into the banking market vertical will total 1.6 billion in 2018; an increase of 945% when compared to 2012. Cumulative shipments include secure USB tokens, standalone OTP generators, portable smart card readers, and mobile device software applications. Of the 2018 shipment total ABI Research forecasts that mobile software applications will account for 81% of the total 2018, which only accounted for a mere 22% in 2012."

Founders Federal Credit Union Enhances Online, Mobile Banking with Fiserv Solutions
"Fiserv, Inc. (FISV), a leading global provider of financial services technology solutions, today announced that Founders Federal Credit Union (Founders), a $1.6 billion credit union headquartered in Lancaster, S.C., has expanded its relationship with Fiserv in order to enhance its members' digital banking experience. Founders has deployed Corillian Online and Mobiliti from Fiserv to deliver feature-rich online, mobile and tablet banking services."

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