Mobile Banking Updates - Apr 29

Infosys Survey Finds Mobile Banking Customers Love Ease and Convenience, Yet Reliability and Security Concerns Remain
"An overwhelming majority (94 percent) of U.S. consumers say that banking on their mobile device is easy and more than three quarters (77 percent) feel it is convenient, but only 42 percent cite that it is reliable, according to a new study released today by Infosys, a global leader in consulting, outsourcing and technology."

Chase earns top marks in Forrester’s new mobile banking benchmark
"With the rising popularity of mobile banking — reaching 17 percent of U.S. consumers by the end of last year, a figure that’s grown 4X in the past five year — the research firm Forrester has developed a “Mobile Banking Functional Benchmark” to evaluate how banks approach the new wave of devices. Forrester applied its new benchmark to the top four banks in the U.S. and found that Chase rose to the top, with a score of 74 out of 100 points. The big break for Chase was in the transactional functionality category, where it earned 26 points more than the average."

Mobile Banking Set To Explode, Here’s What Marketers Need to Know
"One study commissioned by the Federal Reserve System examines the increasing impact mobile tools have had on consumers’ banking, budgeting, shopping and payments behaviors. The report titled “Consumers and Mobile Financial Services” presents findings from an online survey with over 2,200 participants, conducted in December 2011 and January 2012. The report explores the use of mobile technologies as a means to access financial services and make financial decisions."

Capital One Updates Mobile Banking App
"Customers can use the updated app for the Android and iOS to view their rewards history and rewards account information in addition to requesting transfers to other rewards accounts, Capital One said Monday. Additionally, customers can browse credit card products through the mobile home screen and the mobile website, which does not require a log in. Customers can click a "call to apply" button to talk to a representative about a product or choose the "apply now" option and apply online."

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Mobile Banking Updates - Apr 26

Online Banking Vs. Mobile Banking
"While PC-based online banking is not much older than a high school student, mobile banking is still in elementary school. With the proliferation of smartphones, however, online banking’s younger sibling is quickly catching up to the slightly more established option. Banking through your PC’s web browser offers a full menu of services. You can easily and conveniently schedule payments, transfer funds, add new payees, open new accounts, apply for loans, view current and past statements, and access information about specific checks that have been deposited. A PC or Mac allows you to view an extensive array of details and options, giving you full control of your accounts."

J.D. Power and Associates Reports: Satisfaction with Bank Facilities and Routine Interactions Offset Decreasing Satisfaction with Fees
"While consumers are growing increasingly dissatisfied with fees, banks are able to offset it with higher satisfaction in other areas, such as banking facilities, account activities, and problem resolution, according to the J.D. Power and Associates 2012 U.S. Retail Banking Satisfaction Study(SM) released today. The study, now in its seventh year, finds that overall retail banking customer satisfaction has improved by one index point in 2012 to an average of 753 (on a 1,000-point scale) from 2011. Customer satisfaction with the retail banking experience is measured in six factors: account activities; account information; facility; fees; problem resolution; and product offerings."

Bank Freedom Teams with FIS Mobile to Provide New Mobile Banking Offerings as a Safe and Convenient Alternative for Underbanked Consumers
"Bank Freedom, a wholly-owned subsidiary of PrepaYd, Inc. (otc pink:PPDC), today announced that Bank Freedom has a multi-year agreement for the FIS Mobile offering in support of Bank Freedom's mobile application for the underbanked market. FIS is the world's largest provider of banking and payments technology."

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Mobile Banking Updates - Apr 25

Bank of America's David Godsman promises to support mobile payments
"Bank of America's Online and Mobile Solutions Executive David Godsman has only been in the mobile banking business with Bank of America for under a year, but the company has already made huge strides in its mobile strategy under his leadership. The company touts 29 million active online banking users and over nine million who use mobile banking. Godsman recently spoke to FierceMobileContent about Bank of America's changing digital strategy and mobile security measures that help keep users' financial information safe and secure. This is an edited version of that conversation."

Use phone to move funds
"A mobile phone is no longer a simple device to make calls. It's become the hub for all your activities, from e-mailing and browsing to paying bills and transferring money. Banks may have been the first to dip their feet into this technological pool, but telecom companies have begun to catch up. The RBI's step to remove the 50,000 cap that it had imposed earlier on daily mobile transactions has also provided the much-needed boost to mobile banking."

Mobile banking 2012
"A look at trends in mobile banking and whether a mobile app or mobile website makes more sense."

Local Touch Should be Key to U.S. Banks' Future Plans, Says Research
"Banking customers in the U.S. prefer localized, personalized services to be at the center of their relationship with their financial services institutions, according to a new international study by BT and Avaya. The study - which reflects results of a survey of more than 2,000 financial services customers in the U.S., U.K., Germany and Spain -- found that despite the growing use of telephone and Internet banking in recent years, two-thirds (66 percent) of U.S.-based customers see their local branch as the most vital link with their bank - second only to cash machines."

Analyst: Android has 35% of U.S. tablet market, will overtake iPad
"That startling statistic and prediction comes courtesy of Javelin Strategy & Research of Pleasanton, California. A boutique research firm known for its bank technology coverage, Javelin published a paid report today on tablets and their impact on mobile consumer banking. I was able to read the report and interview the primary author, Javelin research director Mary Monahan."

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Mobile Banking Security - Apr 24

Making Mobile Banking Safe
"The financial industry and banking customers are facing the age-old security balancing act of gauging convenience versus risk as the new battleground for fighting fraud shifts from traditional desktop-based online banking to mobile banking. As financial institutions work to provide mobile banking apps to customers clamoring for them, these organizations are struggling with offering the right functionality without giving the farm away to criminals. But all of that work is done under the covers and in an inconsistent manner across the industry, leaving customers to fend for themselves in evaluating whether or not their institution's mobile banking app is safe enough for their personal risk appetites."

Q2ebanking, Trusteer Partner to Further Help Financial Institutions Strengthen Multi-layered Fraud Protection
"Q2ebanking, a provider of highly secure electronic banking solutions for banks and credit unions throughout the U.S., announced today at its 2012 Client Conference, Focus in Motion!, that it has partnered with Trusteer, the leading provider of cybercrime prevention solutions to add an additional layer of security to Q2ebanking's platform. The partnership integrates the Trusteer Product Suite, including Trusteer Rapport, with Q2ebanking's single platform of e-banking solutions. As a result, Q2ebanking clients have access to another fraud protection solution, which can strengthen their security and FFIEC compliance for multi-layer fraud protection."

Mobile banking popularity puts smart phones at risk for theft
"Cell phone theft is becoming the number one crime trend in the United States. In fact, 40 percent of robberies in major cities now involve cell phones. In Washington, DC alone, cell phone-related crime is up 54 percent since 2007. What makes this so disturbing is the fact that it's not just the phone that's stolen. That device can be a key to all sorts of personal information. Like many people April Tucker has lost her phone a time or two."

BNZ app 'turns mobile into a security device'
"Bank of New Zealand has incorporated secure two factor authentication into mobile phone apps for its internet banking customers, effectively cutting one step required to log on to its mobile banking. The application 'turns smartphones into a security device', says Paul Bartlett, BNZ project manager www, mobile and online. Bartlett says BNZ is the first local bank to deploy the MobileNetGuard developed from technology provided by Entrust. It will be available for users of the bank’s mobile apps for iPhone and Android."

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Mobile Banking Updates - Apr 22

Five Myths of Mobile Banking
"The buzz about mobile banking is at an all-time high so maybe it’s time to take the hype down a notch. Below, we have debunked some common myths about mobile banking so that financial institutions can focus on what really matters and provide a roadmap to meet customer needs and improve their bottom line. First Myth: We can wait. Shortly after their launch dates, first movers witnessed as many as 10% of retail customers adopting mobile banking. This implies that customers value, and will increasingly expect, mobile capabilities from their banks."


 Mobile Banking On The Rise, Users Twice As Likely To Do Their Banking On A Tablet
"Gone are the days of walking into a bank with your passbook and having your deposit stamped and recorded. Technology and the advent of online banking has eliminated the need to shuffle through the mouse maze line of your local banking institution and has replaced our favorite smiling teller with bright LED screens and Helvetica font. Online banking is a major convenience that saves us time and allows us to stay in our pajamas that much longer."


 New Core to Enable Mobile Banking, Call Center Upgrades at American Savings
"With its core conversion out of the way, American Savings Bank is ready to put its new tools to work on a series of new initiatives, ranging from branches to call centers to mobile. 'What we're doing is adding more channels, such as mobile, and automating other activities that could improve efficiencies,' says Rick Robel, executive vice president of operations and technology at the $4.9 billion, Honolulu-based bank."


Mobile wallet, the next big idea, is catching up
"First came the cards that advocated ditching cash for plastic money. Now mobile phones want to do the job. So what are the options in mobile wallet today? And how is it different from mobile banking? Apart from taking away the load from your wallet, the mobile wallet allows you to transact on the fly. The place where it manages to leave its big brother, mobile banking, behind is that to access your mobile wallet your phone does not need to be internet enabled."


Mobile banking a hit with young adults
"One of every 5 U.S. consumers used a mobile phone to access a bank, credit card or financial account during the 12-month period that ended January 31, 2012, according to a recent survey of 2,300 people by Knowledge Networks. I'm Clark Palmer with your Bankrate.com Personal Finance Minute. The survey's findings suggest that mobile banking is poised to expand further with usage possibly increasing to 1 out of every 3 mobile phone users by next year, according to a Federal Reserve statement about the survey."

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Mobile Banking Updates - Apr 18

Mobile Banking & Payments by the Numbers
"Statement rewards provider and BillShrink parent, Truaxis, published a nice summary of mobile banking and payments on its blog (reprinted with permission below). A few Industry Players metrics at the bottom of the infographic have recently been updated:

* Starbucks said this week it has processed 42 million mobile payment, up from the 26 million (Venture Beat, 9 April 2012)
* Square has now shipped 1 million readers, up from 500,000; and is now processing $11 million per day, up from $4 mil (Splatf, 5 March 2012) "

Accenture Introduces New Software to Help Banks Integrate Customer Channels, Streamline Product Development and Pricing
"Accenture ACN -2.46% has introduced two new software products -- Accenture Multichannel Platform and Accenture Product and Fee Factory -- to help banks quickly and efficiently integrate customer channels, such as mobile, branch and online banking, and streamline product development and pricing.

Developed by Accenture Software, the new products are designed to help banks increase revenues, improve commercial offerings and reduce distribution costs by strengthening customer channels and product management."

Monitise launches HSBC banking app
"The iOS app allows customers to access up to 10 accounts on their smartphone, check balances, review recent transactions, and top-up airtime on up to five mobile phones. As part of the deal, Monitise will develop further mobile banking services for HSBC UK. Monitise COO Mike Keyworth said: 'Monitise is a proven partner to the world’s largest financial institutions which know they can trust it to deliver world-class, bank-grade products and services."

Orange adopts 'Quick Tap' mobile banking for Android
"Mobile network provider Orange has announced that 'Quick Tap' contactless payments will be opened to Android phones and all UK credit and debit card accounts, The Telegraph reports.

Although the company has yet to announce which Android handsets will be compatible with the contactless payments technology, it's the latest step in the evolution of mobile banking - following in the wake of similar applications such as Barclays' Pingit. "

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Mobile Banking Updates - Apr 17

Business mobile banking launched
"In March Bank Millennium launched phone banking for business accounts. It is available to all self-employed users of Biznes accounts with access to Millenet. An urgent transfer while on a train, termination of a deposit just before payment for a service, phone top-up while riding in a lift is run-of-the-mill in mobile banking, at the same time being services, which make life easier for small businesses. Operating business accounts by phone works the same as for private accounts - it only takes a change of context i.e. with a single click to toggle between private and business accounts. Mobile banking is available with use of a special Mobile Application for Android smartphones and iPhones as well as in a "light" browser version for cellphones."

E-wallets put money back in your pocket
"Your 16-year old daughter is going out for a night on the town, and you are worried that she might run out of money. In the past few days a new solution has emerged. If need be, you can use your mobile phone to transfer money within seconds to her account, and she can then take it out immediately in cash from an ATM.

Barclays launched this transmission service for its smartphone users a few weeks ago and on Thursday extended it to non-customers. People have been signing up at the rate of 10,000 a day."

M-PESA extends its reach
"New data from the fourth round of a survey of Kenyan households confirm what every visitor to this East African nation knows: the spread of mobile technology and its adoption by broad swathes of the population continues. Probably the most successful of all the innovative mobile solutions is M-PESA, Safaricom’s mobile banking product that allows users to send money across the country (and recently, beyond) in an instant, as well as providing a safe and secure savings instrument, and a convenient bill payment capacity."

Mobile Banking Vendor Selection: Not A Straightforward Journey
"As I started my Market Overview of Mobile Banking Solutions, one thing was apparent: the vendor landscape is in flux. To further demonstrate this point, over the last few weeks, Montise announcedacquisition of Clairmail and Clairmail announced Clairmail Plus, a solution targeting mid-tier regional banks, community banks and credit unions. With the constant movement, it’s not easy to navigate through the vendor landscape."

Mobile Payments Startup Beamit Raises $2.4M From Founder’s Co-op, Jeff Bezos, Eric Schmidt & Others
"Mobile payments platform Beamit, which focuses on international money transfers between the U.S. and developing markets, has just closed a $2.4 million seed round led by Founder’s Co-op, with participation from Bezos Expeditions (the personal investment company of Jeff Bezos), TomorrowVentures (the investment vehicle for Eric Schmidt) and a small group of angel investors. The funds will be used to further product development as the company moves towards public availability, currently slated for Q3 2012. The company says the first market being targeted is the Philippines."

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