Mobile Banking Updates - May 31

Bank of America Taking Mobile Banking By Storm
"Bank of America has slowly and steadily become a major force to be reckoned with in mobile banking. More customers, the financial titan said Thursday, now choose Bank of America to bank on-the-go more than any other bank. Over 10 million Bank of America customers are now using mobile banking, representing growth of nearly 3 million active users over the last 12 months."

Wells Fargo Launches Simplified Person-to-Person Money Transfer Service Nationwide
"Wells Fargo & Company WFC +0.16% today announced the launch of Send & Receive Money, a new service that simplifies Wells Fargo customers' payments to other Wells Fargo and Bank of America customers through online and mobile banking using an email address or mobile phone number. Wells Fargo customers no longer need to know their recipient's account number at Wells Fargo or Bank of America. Wells Fargo is the first bank to roll out nationally the clearXchange service for person-to-person payments."

San Antonio Federal Credit Union taps WRG and Vertifi for mobile banking
"The mobile solution, branded as GOTM from SACU, allows members to access their accounts anywhere and anytime with many enhanced functions including the ability to pay bills, transfer money, and deposit checks using the embedded camera on the smart phone. The check deposit feature, GoDeposit, is powered by Vertifi's DeposZip Mobile service, the leading household and business remote deposit service in the credit union industry."

U.S. Bank Tablet Banking App Built on Mobiliti from Fiserv
"The app is built on the Mobiliti Enterprise platform, which the bank also uses to support mobile banking, enabling integrated channel management and analytics. Fiserv, Inc., a leading global provider of financial services technology solutions, today announced that U.S. Bank's online banking customers now have access to an iPad(R) banking application (app) built on the Mobiliti Enterprise(TM) mobile banking and payments platform from Fiserv. The U.S. Bank app serves consumers' growing interest in tablet banking. According to the 2011 Fiserv Consumer Trends Survey, 45 percent of current and prospective tablet owners use or would like to use them for banking."

Nokia Dreams of NFC Image Sharing, Mobile Banking for its 808 PureView
"Nokia wants to enable image sharing on its 808 PureView using Near Field Communication (NFC) technology. Say that tens time fast. Speaking with Engadget, the company expressed interest in the idea and said “picture sharing would be possible across devices.” Devices, meaning the feature won’t be exclusive to 808 PureView users. Who wouldn’t want to share their 41-megapixel mirror shots with friends using NFC? We’re guessing you’ll only be able to share low-res images, since those 41-megapixel shots exceed 100MB."

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International Mobile Banking Updates - May 30

Where Does the Future of Mobile Banking Lie?
"Karl Rieder, Director of Research & Development at The GFT Group, is chairing the Marketforce and the IEA Annual Future of Mobile Banking Conference 2012, on Tuesday 29th May in London. 'This is an extremely interesting time to be in mobile banking,' Karl Rieder comments, 'While mobile technologies have significantly changed our lives and businesses, mobile banking has yet to take a real foothold as compared to other industries, but we are at a tipping point, and some big things are right around the corner.'"

The Future of Mobile Payment Systems: Rise of the Mobile Wallet 2012-2017
"Currently there are over 30 different mobile payment solutions each with their own technologies, advantages, and disadvantages. Existing mobile solutions are categorized based on the payment settlement methods that are prepaid (using smart cards or digital wallet), instant paid (direct debiting or off-line payments), and post paid (credit card or telephone bill)."

Q and A: Barclays looking to extend Pingit into full blown mobile banking
"Barclays told CBR that will be extending the functionality of its Pingit money transfer app over the coming months, with an eye to releasing a ‘full’ mobile banking app. CBR spoke to Barclay's Richard Martin, managing director, payments and cash management products, and Mike Walters, head of UK corporate payments product management about the future of its smartphone app, Pingit."

Nigeria: RenCap Seeks Policies for Mobile Banking Growth
"Renaissance Capital (RenCap) has called for policies that will stimulate the growth of mobile banking in Nigeria. The international financial advisory firm in a report Tuesday expressed concern that why the use of the banking platform has recorded significant success in Kenya, same could not be said of Nigeria. It added: 'The structure of Kenya's economy and regulatory environment supported the development of mobile banking. Following the introduction of mobile banking the number of Kenyans with bank accounts has increased from 1 million to 15 million.'"

Westpac to develop technology in-house
"Despite cutting several hundred jobs and being accused of planning to offshore the majority of its IT operation, Westpac technology chiefs say the development of new mobile applications and innovative solutions for the banking group must be handled in-house. Chief information officer Clive Whincup and chief technology officer Jeff Jacobs used a technology media briefing last week in Sydney to unveil two new iPad apps developed in Australia by a team of about 50 staff. The team, comprised primarily of former St George Bank developers and additional personnel, bases app features on insights garnered from consumer and user behavioural research."

Push to go mobile keeps bankers appy
"MOBILE banking is quickly becoming the new battleground for major banks as an explosion in the number of Australians using smartphone apps threatens their grip on customer payments. The big four are scrambling to keep up with customer demand for hyper-mobility with the number of smartphone users expected to increase globally to 631 million by 2015, up from 172 million in 2009, according to the World Retail Banking Report 2012."

Dial M for mobile banking apps
"Smartphones are revolutionising personal banking and throwing up some bizarre juxtapositions of old and new. In the United States, where cheques are still common, Chase Bank has developed an iPhone app that lets customers photograph the front and back of cheques and submit the images, via their iPhone, to the bank to be deposited into their account."

Absa online banking crashes - on payday
"It is not the first instance of a South African bank apparently failing to manage the huge migration of customers to online banking. In March First National Bank had to weather a storm of protest when it suffered a systems failure for several hours. On Friday an Absa spokesman said the bank's system engineers were trying to resolve the problem, but by 3.45pm the website was still not accessible after being unavailable all morning."

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Mobile Banking Security - May 29

80% of mobile banking apps may have security flaws
"Neal O’Farrell, executive director of the nonprofit Identity Theft Council, spoke about the seriousness of mobile security as part of San Francisco Small Business Week, Cult Of Mac reported. 'There were more data breaches than U.S. residents last year and more cases of identity theft than just about all other crimes combined,'"

Action Line: Mobile banking scam a growing concern
"The FBI warned on Jan. 11 that 'crafty criminals are aiming to steal one of the most valuable pieces of your personal property: banking information,' says a Bankrate.com email. It warns mobile banking account holders of spam emails from National Automated Clearing House Association, the Federal Reserve and the FDIC in a scheme involving a new type of malware - 'Gameover.' The scheme involves spoofed messages that attempt to trick recipients into clicking on links to resolve issues with their accounts or recent ACH transactions. When you click on links, Gameover hijacks your computer and its criminal operators steal user names, passwords and ultimately your money."

How Safe is Mobile Banking?
"Most of us are now totally comfortable with using technology to do our banking. However, when it comes to knowing whether mobile or internet banking is safest, most of us are at a loss. The truth is there are pros and cons to both. Your internet connection might be safer because you've installed a decent security system, or it could be that your mobile with its passcode is the more secure option."

NAB warns of mobile malware threat"NAB, which today revealed that its customers funnel $1 billion a month through its mobile banking applications, has warned that mobile malware and poor mobile security is going to be a much bigger issue in the future and that that companies serving up mobile content ignore the issue at their peril. Speaking at Cebit in Sydney today, Ben Forsyth, head of mobile and emerging technology at NAB, said that at present users had experienced only the 'tip of the iceberg' with regard to mobile security problems. As mobiles became an increasingly important transaction platform 'vulnerabilities are almost inevitable,' he warned."

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Mobile Banking Updates - May 28

Who Will Win the Battle for the Mobile War
"Over the next five years paying with your phone will become as commonplace as paying with cash, which is why every man, his bank and his phone company are in the battle to win the mobile wallet space. So who's going to win?"

Ally Mobile Banking
"Ally Mobile Banking has arrived for iPhone® and Android™ users! Now you can check your balance, view recent transactions, transfer money between your Ally Bank accounts and find ATMs and cash-back locations near you."

iPad and Kindle Fire: Banking on Tablets
"A young, prosperous generation is becoming increasingly mobile, and its gadget of choice on which to perform day-to-day financial business is the tablet. A handful of banks, led by Bank of America (NYS: BAC) , are frontrunners in this brave new world of banking and will most likely reap the rewards while their counterparts dawdle."

Mitek enables $10B in mobile banking deposits
"Mitek Systems' imaging technology has now enabled $10 billion in mobile banking deposits, with transaction volumes increasing more than 143 percent since the end of 2011, the firm reports. Mitek's Mobile Deposit technology allows consumers and businesses to make financial deposits by snapping photos of checks via smartphone or tablet camera."

Consumers Prefer Online Banking to Traditional Branch Banking
"More than half of consumers prefer to do their banking online and nearly half would do all of their banking online if they could. This was a key finding of the national consumer survey on retail banking trends conducted by Rosetta, an independent brand in the Publicis Groupe of global agencies and one of the nation's largest digital and direct interactive agencies."

Mobile Banking Reaches the Regionals
"Mobile banking websites and apps have become increasingly important to smartphone users over the last several years. Nearly all major national banks now offer their customers a variety of ways to perform their banking on the go, and with demand as high as it is, regional banks can’t afford to sit on the sidelines either. One interesting case is Dollar Bank, located from southwestern Pennsylvania to northeastern Ohio, which has been riding the mobile wave long before many larger firms. So it shouldn’t be a surprise that Dollar Bank is once again beating many larger firms to the punch."

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Mobile Banking Updates - May 24

3 Keys to Mobile Security
"Mobile banking is being adopted by consumers at an increasing rate, but it's just one piece of the overall mobile financial services puzzle. As the mobility trend grows, banking institutions are still figuring out how far ahead they should look, and what strategies make the most sense. But Paul Smocer, president of BITS, the technology policy division of the Financial Services Roundtable, says most institutions are doing much more than some observers give them credit for doing. Banking/security leaders are very concerned about mobile, and they're doing what they can to anticipate risks."

TMG on the Future of Mobile Payments
"The Members Group, in a wide-ranging webinar, offered up a provocative view of a banking future that in lots of ways challenges every idea credit union executives hold. 'Financial institutions do not have a God-given right to control payments,' said TMG executive Brian Day, who led the webinar on Thursday. 'Alternative payment providers want this market.' He pointed to Google, possibly Apple, certainly PayPal as aggressively on the hunt for thickening slices of the payments pie. To compete in a complex payments marketplace, said Day, 'credit unions need to look at creating new value for members and merchants.'”

SAP® Mobile Apps Connect Businesses and Consumers - from the Boardroom to the Shopping Center
"Extending its commitment to drive mobile innovation from the enterprise to consumers, SAP AG SAP -2.22% today announced a new wave of mobile apps designed to help people be more efficient whether at work, at home or pursing leisure activities. With the help of a thriving partner ecosystem, the new SAP® mobile apps lay the foundation for growth by providing real-time mobile access to human resources (HR), sustainability, finance, sales and mobile commerce functions. This includes updated versions of existing SAP mobile apps available on more mobile platforms, including Android and RIM BlackBerry. The announcement was made at SAPPHIRE® NOW, being held in Orlando, Florida, May 14-16, 2012."

Simple: Online And Mobile Banking With Style
"New services providing financial management usually evoke doubtful feelings within us, as we tend to rely on big, long-time running companies with a good reputation rather than small competitors new to the game. More or less exactly two years ago, in May 2010, Alex Payne joined and co-founded a company called BankSimple with the imagination of a bank without fees, caring for support and responsible money treatment — plus a love for good design and usability concerning its user-end products. It already sounded like an ambitious goal the day he published his announcement post."

Mobile banking app launched
"The app called Apprivo is being sold directly to banks and building societies with National Counties being the first mutual to take up the app. Customers will be able to access their accounts, access up to date product information, transfer money from one account to another and send outstanding information and documents including photos of wage slips and P60s. Advisers will also be able to use the app to submit information on behalf of clients in the same way."

To gain a competitive advantage with mobile, CIO readiness is all
"Ask Angelo Valletta, CIO at Sun National Bank, about IT's role in the company's sure-handed launch of its mobile banking platform back in early 2010, and he talks about team effort. Gaining a competitive advantage by being one of the first banks of its size to offer mobile banking was the result of a 'team going in the same direction,' says Valletta, who also heads bank operations at Sun National, a subsidiary of Sun Bancorp Inc., both headquartered in Vineland, N.J. 'IT is not the tail wagging the dog here.'"

Ally Expands Into Mobile Banking
"The latest TV commercial from Ally Bank, “Grocery,” (above) touts the brand’s "people sense" which translates into customer-centricity as good business sense, specifically, Ally’s Raise Your Rate CD, one of their most popular products. Ally Bank, a direct bank in the U.S., is a subsidiary of Ally Financial Inc., and offers a full suite of financial services including 24/7 live customer care, online savings, interest checking, money market accounts, IRA Plans and products, CD’s, reimbursement of ATM fees nationwide, an Ally Perks debit card reward program, and is a member FDIC."

Simple Releases First Mobile Banking App, Hits #13 in Finance Category of iPhone App Store
"The much-anticipated launch of the first truly virtual consumer bank is fast approaching. How do we know? From its tweets, of course (see inset). Customers who joined the wait list in 2010 are being told publically that they will receive invites "before spring is over." Others are being told "early summer," "mid-to-late summer," "early fall" and "fall." Based on those responses, it looks the company plans to work through its entire 100,000 wait list within the next 6 months."

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International Mobile Banking - May 22

Mobile payment on the way, but who’s driving the bus?
"The Canadian Bankers Association announced on Monday what amounts to the next step in the evolution of how Canadians buy stuff. Sometime soon — details are not provided — we will be able to buy stuff in stores with a mobile phone thanks to a new set of common guidelines over how electronic information is exchanged agreed to by the country’s big banks and credit unions. It is hoped that the guidelines will pave the way for a transformation in the way Canadians interact with retailers, an acknowledgement of the growing importance of smartphones in the way we live our lives."

Commonwealth taps into mobile banking
"Commonwealth Bank Indonesia, a subsidiary of Commonwealth Bank of Australia, is tapping into the growing mobile-phone banking market in the country as the total number of middle-class consumers continues to expand in the largest economy in Southeast Asia. 'Up to 80 percent of [the Indonesian] population is younger than 40 years old, 35 percent of them use social media. If you look at the way people interact and travel in Indonesia, mobile phones play a key part,' Commonwealth Bank Indonesia’s director of retail and business banking, Ian Phillip Whitehead, said in Singapore on Friday."

Firstly in Georgia – mobile banking for iPhone and Android
"In May 15, 2012, 13:00 PM, TBC Bank will open its new branch on Vaja-Pshavela avenue 49 and will present the most comfortable and ultramodern distance banking service – special versions of mobile banking for iPhones and Androids. Mobile Bank applications will be presented by Vakhtang Butskhrikidze, CEO. TBC is the first bank in Georgia to offer its customers mobile bank applications on Apple Store which could be downloaded and used from 7th of May, 2012. More than 400 customers already use TBC’s mobile bank applications. Applications for Android phones are also ready and will be available almost immediately."

Can mobile banking boost financial inclusion in Nigeria?"Nigeria’s telecommunications sector has been one of the country’s star performers over the past decade. According to Standard Bank, Nigeria is already the world’s tenth-largest mobile market. South African mobile operator MTN closely studied the Nigerian market for three years before it entered the country in 2001. Today MTN Nigeria has over 40 million subscribers, its biggest market out of the 21 countries where it operates. Many other brands such as Glo, Airtel and Etisalat have also launched operations in Nigeria."

How mobile banking can help Asia's poor
"The iPhone has become a symbol of something Steve Jobs never envisioned: Chinese sweatshops. Any of us (full disclosure: This includes me) who use one of Apple's smartphones, iPads or iPods is, at least indirectly, supporting the exploitation of electronics factory workers in China. Yet, what if the iPhone is a key to ending the poverty that forces so many Asians to toil in such abhorrent conditions?"

Rogers and CIBC make joint deal for NFC mobile payments in Canada, let you check out with your BlackBerry
"Canadians sometimes can't catch a break: while NFC payments have been relatively common for Americans, Europeans and certainly the Japanese, Canucks have had to largely make do paying with ye olde credit carde. Rogers and national bank CIBC want to put an end to these antediluvian ways: starting later this year, CIBC card holders will just need to swipe an NFC-equipped BlackBerry like the Bold 9900 (Bold 9930 for CDMA-loving Americans) at a matching terminal to pay at a given store. The only special requirement is a secure SIM card that gives customers the freedom to change phones, even if it does create problems switching banks or carriers down the line. We're just hoping that Android and other platforms get the same treatment and let more of our Canadian friends pay for poutine that much faster."

Out of Africa: Trade, Technology, and Knowledge—Part 2, Mobile Wallet and Banking Revolution
"Greater information technology share and investment through regional and South-South relationships is ushering the growth of an information technology revolution in Africa. This burgeoning African information technology revolution is not just limited to cyber cafes, media and online university level courses, but it is also allowing Africans to leap frog in the application and use of mobile phones. While energy and infrastructure constraints provide challenges to the growth of this industry, approximately 70 percent of Africans have a mobile phone. Mobile phones are being used to overcome challenges greater than the basic day-to-day needs. They have been crucial in allowing an increase of media access, medical doctors to see patients from a distance (particularly in remote villages), and mobile banking. I spoke about these opportunities and some creative ways of using mobile banking technology with Beamit CEO Matt Oppenheimer."

Barclays Pingit Mobile Banking (UK Only)
"It was with great surprise that I saw Barclays Pingit being advertised whilst watching Food Network UK this morning. This app allows users to send money to and from each other via their mobile phone numbers. I’m not sure if you folks in the United States have something similar — although I seriously suspect that you do and have had such a thing for months if not years before us. But this app, in my opinion certainly, has the ability to change how we use money."

India’s Mobile Banking Ekosystem
"Mobile banking is just one of the reasons India is a place to watch for innovations in financial inclusion. This short film profiles one such innovation, Eko, to see how businesses chasing the fortune at the base of the pyramid are serving the needs of poor customers in India. Five years’ ago, Abhishek and Abhinav Sinha created a software program that allows migrant workers in cities across India to send money to their families using a cellphone. Now their company, Eko Financial Services Ltd., is working with two major banks, the State Bank of India and ICICI, India’s second largest bank, to offer financial services to poor and low income customers using local corner stores, pharmacies, and airtime resellers as agents."

Mobile banking takes off in Rwanda
"BANKS IN Rwanda are turning to mobile phones in an effort to improve service delivery and cut costs as competition intensifies. It is now possible to pay electricity bills, top up airtime, order cheque books, pay DSTV bills and transfer money using a mobile phone. This is in sharp contrast to two years ago, when banks in Kigali limited mobile banking to basic transactions such as checking the account balance and getting financial statements."

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Mobile Banking Updates - May 21

Forrester: How do the top U.S. banks rank in their mobile services?
"Mobile is the new black: In 2011, the number of smartphone subscriptions in the U.S. grew by about 50 percent. Today, U.S. smartphone penetration is approximately 40 percent. This technological sea change is having an impact on the banking industry: In the past five years, U.S. mobile banking adoption has more than quadrupled, hitting 17 percent by the end of 2011. This represents a compound annual growth rate (CAGR) of more than 33 percent."

Finovate Spring 2012: Digital Financial Services Innovation
"I attended Finovatethis week to get a preview of new financial services digital technology vendors. I say preview because if you have ever been to Finovate, you know it’s a little like speed dating, where 63 vendors have 7 minutes each to show you their best moves. The themes at Finovate this year were not much different as previous years with the focus being on mobile banking, personal financial management, and payments. However, this year, a few new topics emerged: rewards, coupons, and mobile banking services for Pre-Paid Visas customers. Apparently, Pre-Paid Visas are the new black."

What will be the biggest mobile banking trends of 2012?
"Pieter De Villiers - CEO of Clickatell - told MyBroadband BusinessTech that the biggest mobile banking trends this year will be person-to-person payments, mobile cheque capture and customised apps. As you can see, businesstech.co.za is a South African site, but Clickatell is a global company - 'the largest Online SMS Gateway covering 819 networks in 221 countries and territories'."

RBS Citizens Financial Group, Inc. Extends Mobile Banking to Android(TM), Expands Online Banking and Mobile Banking Platforms
"RBS Citizens Financial Group, Inc. today unveiled enhanced online and mobile banking platforms for Citizens Bank and Charter One customers, with updates including person-to-person payments on the web and expanded mobile functionality that is now available to Android users in addition to iPhone users. 'Our customers have embraced the ease and convenience of online and mobile banking, and these enhancements are a direct result of our commitment to invest in the services that customers tell us are important to them,' said Brad Conner, Vice Chairman of Consumer Banking, RBS Citizens Financial Group. 'People are busier than ever, and we are committed to putting our customers in control and showing them how to take care of their banking needs anytime and anywhere.'"

Global Study Identifies Impact of Smartphone Use on Mobile Banking and Payments
"A study of mobile banking and payment adoption rates in 14 countries by ACI Worldwide ACIW -1.30% and Aite Group has discovered a new category of consumer, known as Smartphonatics, that is driving the demand for mobile payments and banking. A Smartphonatic is someone who changes their shopping, financial and payment behavior as a result of owning a smartphone. The report identifies a stark difference between mobile adoption among Smartphonatics and other consumers: while 80 percent of Smartphonatics have used their smartphones for mobile banking only one-third of non-Smartphonatics report doing so. Similarly 70 percent of Smartphonatics have used their smartphones for mobile payments, less than a quarter of non-Smartphonatics have done so."

Citi to Sponsor U.S. Olympic Team, in Campaign Promoting Mobile Banking
"For the first time, Citi will sponsor the United States Olympic and Paralympic teams, in an effort that includes an advertising campaign that will begin on Monday to help the company support athletes and advertise its mobile-banking products. It joins a number of other financial-services firms as an Olympics sponsor, including Visa."

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