International Mobile Banking Updates - Jul 31

Smartphones set to change mobile banking for good
"The way we do banking on our mobile phones is changing rapidly, very rapidly. While most cellphone banking in emerging markets like South Africa is still conducted via text messages, people are increasingly also using phone browsers for their banking. In fact, the latest survey results from tech research company World Wide Worx suggest that more than a third of South Africans now use their browsers for mobile banking. That said, only five percent of cellphone bankers exclusively use phone browsers for the purpose, but a further 36% use their browsers as well as text-based services like USSD and SMS."

Mobile banking has failed to take off in India: RBI
"The Reserve Bank of India (RBI) deputy governor H R Khan has hinted that mobile banking has failed take-off in India and hence has called upon banks and mobile companies to work together for the benefit of their customers. At a seminar in Bhubaneswar, Khan said that the growth rate in the value and the volume of mobile based transaction is much lower compared to the number of bank accounts and number of mobile subscribers."

Digicel, Boom Sign US$17m Mobile Banking Deal
"The deal, completed late last week, is expected to result in products that offer lower transaction fees than remittance services that can cost some 10 per cent on US$100 of transfer. 'Our investment in Boom Financial is a reflection of the strong value of the Boom service and the high-quality company that the team has built. Digicel's customers in the Caribbean and Central America receive more than US$5 billion a year in cash remittances from the US,' said Colm Delves, CEO of Digicel Group, in a release posted on Digicel's website."

Westpac unveils new mobile banking app for iPad
"Westpac has today officially unveiled its new iPad banking application, the Westpac Mobile Banking for iPad app. The bank says the new app focuses entirely on the customer experience and was built using "enormous amounts" of customer feedback. The app was launched in the iOS App Store on Tuesday 10 July but was formally unveiled at a media briefing in Sydney today. Despite the launch of the new app on Apple's iOS platform for iPad, Westpac declined to confirm when a version of the app would be available for Android tablets."

Mobile Banking Services Coming Up In Malaysia
"Malaysian Electronic Clearing Corp Sdn Bhd (MyClear), a wholly-owned subsidiary of Bank Negara, has teamed up with three banks and is working with another three this year to offer mobile banking services. The three banks that it has tied up with to offer mobile banking service, scheduled for the fourth quarter, are: Malayan Banking Bhd, CIMB Bank Bhd and Public Bank Bhd. It, however, did not disclose the names of the other three banks."

20% of European online shoppers already use mobile payments, finds Forrester
"One-fifth of Western European internet users use mobile banking today, according to a new Forrester report based on more than 13,600 consumer surveys. SMS alerts are still the most popular form of mobile banking in most countries, but use of mobile banking apps is growing fastest. As mobile Internet use explodes and mobile banking is displacing use of other channels, Forrester believes that ubiquitous mobile banking will mark a bigger strategic shift for the industry than home-based online banking. Banks need mobile banking to provide a platform for mobile payments and to protect their retail payments businesses from digital disruption."

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Mobile Banking Updates - Jul 29

BofA, Wells Fargo rolling out new mobile banking services
"Starting Thursday, Bank of America will allow customers to make deposits by submitting a photo of a check through their smart phones, the bank's online and mobile banking executive, Aditya Bhasin, said on Monday. The No. 2 U.S. bank is also rolling out a service allowing customers to send money to other individuals using their email address or mobile numbers, as well as expanding a coupon service that can be used by mobile customers. Wells Fargo launched its mobile check deposit service earlier this year and will gradually expand it across the United States by the end of the year, said Brian Pearce, head of the retail mobile channel at the bank."

Wells Fargo Mobile® Banking turns 5
"Five years ago, Wells Fargo launched Wells Fargo Mobile® (wf.com), that enables customers to access their Wells Fargo financial relationship on mobile devices. Since then, customers have initiated more than one billion sessions using mobile and text banking."

Checking in on mobile banking
"A year ago I wrote a piece on The Future of Mobile Banking sharing my opinion that financial institutions were well positioned to row their own boats when it came to mobile payments. (By the way, let’s use the word “banks” as a catch-all phrase for every financial institution since it just rolls nicely off of the tongue and keyboard)."

EVB Expands Technology Services
"EVB, an independent, full-service community bank, is making it easier for customers to bank anytime, anywhere with a comprehensive suite of technology services including Online Banking; Mobile Banking; a new, full-featured website; and an official Facebook page."

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Mobile Banking Updates - Jul 26

4 Ways Smartphones Will Replace Brick-and-Mortar Banks
"There's an app for just about everything these days, from blowing out your birthday candles to helping UC Berkeley measure earthquake severity. A lot of us have jumped on the smartphone bandwagon. Worldwide, 1.2 billion people regularly access the web from their smartphones. But it's not just mustachioed apps that are drawing us to our phones; we're conducting serious business on-the-go. More than half of U.S. smartphone users are accessing mobile banking features, according to a Digital Trends white paper."

Mobile banking: One channel to rule them all?
"The report, based on more than 13,600 consumer surveys, finds SMS alerts are still the most popular form of mobile banking in most countries, but use of mobile banking apps is growing fast, rapidly displacing other channels. Forrester believes that ubiquitous mobile banking will mark a bigger strategic shift for the industry than the adjustments needed to accommodate home-based online banking."

Community Banks and Credit Unions Work with Malauzai to Enhance Users' Mobile Banking Experience
"When a customer of a bank can register for mobile banking instantly on a Sunday afternoon when the bank is closed, and deposit a check minutes after downloading the SmartApp, that is a great experience. When a credit union member can turn their debit card off and on to stop fraud in its tracks, that credit union is delivering a great member experience. Enabled by a second generation mobile offering that connects directly to the core system, more than 60 community banks and credit unions now leverage solutions from Malauzai Software, Inc. to create a rich user experience."

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International Mobile Banking Updates - Jul 25

South Africa: FNB Takes Banking to Facebook 
"South Africa's First National Bank announced on Thursday that its mobile banking customers will now be able to do their banking through social networking site Facebook. It is a first for South Africa, allowing the bank's customers to link their Facebook profiles to their cellphone banking profiles. Once linked, they can access the 'FNB Banking on Facebook' application, which will allow them to check their balances, purchase prepaid products including airtime, SMS and BlackBerry bundles, as well as the option to view Lotto and PowerBall results."

Digicel to expand mobile banking to Caribbean
"Already the fastest growing telecommunications major in the Caribbean, Digicel has recently entered into a financing deal that could see it well positioned to expand mobile banking technology across this region. In an announcement released by the Silicon Valley based M-Via, a mobile banking firm which touts itself as the company that revolutionised how immigrant and unbanked families save and share their wealth, the Digicel Group was identified as the leader of a US$17 million financing round initiated by M-Via."

Banks boost mobile banking
"Agreements signed between telecoms companies and banks look set to shore up a nationwide campaign to boost mobile banking services in the country. While the cash-less initiative poses challenges, such as a lack of infrastructure and connectivity problems in rural areas, industry players are optimistic that mobile money will go a long way in bridging the divide between the banked and unbanked segments of the population."

Rackspace UK Banking Study: Progressive Mobile Computing Strategy Is Key Competitiveness Differentiator
"Investment in mobile computing capabilities by UK banks and financial institutions has become a significant determinant of competitive advantage, according to research revealed today by Rackspace Hosting RAX -2.77% , the service leader in cloud computing. Providing customers with mobile apps is now viewed as being crucial to having a competitive advantage by 63 per cent of financial services organisations."

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Mobile Banking Updates - Jul 24

University Federal Credit Union crosses 25pc mobile banking adoption rate
"Financial institution University Federal Credit Union has reached a 25 percent mobile banking adoption rate in nine months, showing how the industry is quickly gaining steam. University Federal Credit Union is using a three-pronged mobile banking strategy that includes an optimized site, applications and SMS. University Federal Credit Union is working with mFoundry."

OCEANSIDE CHRISTOPHER, THE CATHOLIC CREDIT UNION LAUNCHES MOBILE BANKING IPAD SWEEPSTAKES
"Oceanside Christopher, The Catholic Credit Union, today announced that entries are being accepted through July 31 in its First-Ever Mobile Banking Sweepstakes. One Grand Prize Winner will be named in August 2012 and receive The New iPad with Wi-Fi (16GB), a $500 retail value. As the leading provider of electronic banking services to Catholics, Oceanside Christopher has established the following eligibility requirements for this sweepstakes:"

Zions Bank Launches Smartphone App for Businesses
"Zions Bank business clients have a new option for managing their accounts on the go with the Business Mobile Banking smartphone app. The free app, which launched July 12, enables clients to:"

ANB MOBILE BANKING
"You spoke, and we listened! Now Amarillo National Bank is Absolutely Anywhere! ANB's powerful and completely new Mobile Banking app puts the ability to access your account, check balances, pay bills, transfer funds, and find branch and ATM locations as close as your iPhone. It's convenient, secure, and available 24/7."

On the Go
"Considering that banking a generation ago always involved visiting a branch — or at least an ATM — it says something that even logging on to a Web site may be too slow for some customers. But when PeoplesBank added text banking to its growing stable of online and mobile services, it established a new standard for speed."

Navy Federal Takes Mobile Banking To New Heights
"Navy Federal Credit Union’s newly upgraded iPhone® and AndroidTM apps provide a more simplified sign on process, implementing a password-only “Remember Me” feature, mobile deposits, and international availability. From form to function, both the apps are making satisfied members out of their military families for whom convenience and portability is a must."

A Philadelphia startup joins mobile banking trend with app
"East River Bank said it introduced its first-ever mobile banking app. The free download is available in the App Store for iPhones and the Android Market. The startup form Philadelphia’s East Falls section said the app allows account holders, wherever they are, to check account balances, transfer funds between accounts and pay bills."

Texas Trust CU Launches Mobile Banking Solutions
"Accessing financial information has just become infinitely easier for consumers and business owners doing business with Texas Trust Credit Union. With the launch of its convenient Mobile Solutions portfolio, Texas Trust's members will be able to conduct secure financial business remotely through the use of a mobile phone."

Strong Union Technology Brings Mobile Banking to Millions
"Many large banks in China were looking to add new services for their commercial customers. Strong Union Technology developed a mobile banking solution that uses Windows Embedded Standard to create kiosks that introduce customers to mobile banking in a way that simplifies the process and earns their trust."

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Mobile Banking Security - Jul 23

How to Make Mobile Banking Safer
"During long trips – or even short ones—it’s nice to keep up with your finances. Or to be able to log in to your bank account to pay a bill you forgot to take care of before leaving. Whatever the reason, if you think you’ll need to conduct mobile banking during your trip, be sure to get set up with your bank’s app before you leave home. That way you’ll be able to set up your account in a secure location – always be wary of shoulder surfers when you’re using a mobile device in public – and get familiar with the app."

Why Banking on Your Smartphone Is Safer Than Using Your PC
"It's easy to feel like mobile banking must be risky: Carrying around all your account information in your smartphone? Couldn't it be hacked? And what if you lose it? The big selling point of mobile banking -- its ease of use from anywhere -- has induced millions of people to overcome those fears. But mobile banking, it turns out, may be doubly blessed: IT security experts say "thumb banking" is actually more secure than online banking from your computer."

Top 5 Mobile Banking Errors by Members
"Call it banking’s Pogo moment: We have met the enemy and he is us. 'The weakest link in the online and mobile banking security chain is the end user,' said Mike Moir, an executive with security firm Entrust. The key insight: as much as credit union IT security personnel need to keep aware of what cyber-crooks are cooking up, they also need to stay well aware of what members may be doing to (unwittingly) undermine their own security and safety."

Mobile Banking: How to Balance Opportunities and Threats
"Whether by smart phone, tablet or laptop, mobile banking is where customers and their institutions are headed - and so are the fraudsters. As banking institutions globally roll out more services through the mobile channel, security leaders are challenged to stay a step ahead of the evolving risks. But what are today's top threats, and what are the emerging security components institutions must put in place to take advantage of new mobile opportunities?"

Smishing for mobile banking details increases - RSA
"Beware of smishing! The practice of sending a text message to a user’s mobile phone in an attempt to get them to divulge mobile banking details is on the rise, warns IT multinational EMC’s security division RSA. Smishing, or SMS phishing, usually involves a call to action for the intended victim that requires an immediate response."

5 Critical Strategies for Mobile Banking Security
"By 2013, one-third of mobile phone users are expected to use mobile banking services. Already, one out of five Americans accesses financial information through a mobile phone, according to March 2012 research conducted by the Federal Reserve Board’s Division of Consumer and Community Affairs.Yet the increasing use of mobile financial services has been accompanied by increased risk."

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Mobile Banking Updates - Jul 22

Customers' Banking Satisfaction Infographic

Where Banking Meets Tech: Why Businesses Must Adapt, Or Else
"If your business isn’t relevant, is it outdated, and virtually obsolete? There should be no grey area when it comes to relevance. In my recent review of Brett King’s book, “Branch Today, Gone Tomorrow,” I discuss how important it is for banks to stay relevant in order to survive."

THE FUTURE OF BANKING—PART 2 Tech is key, both for mobile and reg changes
"Looking ahead, mobile banking and other emerging technologies will help reduce the cost and time of product delivery. Could this be the dawn of a banking renaissance? In this second of a two-part series, Tech Topics moderated a panel of bankers and other experts who provided a frank evaluation of potential bank winners and losers."

Mobile banking and tweens
"Tweens – there are nearly 5 million of them in Britain alone. Aged between 10 and 16, they play a significant role in most family financial decisions. They directly influence up to $155 billion in spending annually, and have access to the Internet, money and smartphones."

Bank of America Website Again Leads on Keynote's Banking Scorecard -- Now in Its Thirteenth Year
"Keynote Competitive Research, the industry analysis group of Keynote(R) KEYN -1.20% , today announced the results of the Keynote Q2 2012 Banker Scorecard. Now in its 13th year and covering 23 large and regional banks and more than 300 criteria describing customer experience best practices, the Keynote Banker Scorecard remains the most authoritative study of online customer experience best practices in consumer banking. In other related news issued today (see separate press release), Keynote announced the winners of its new study ranking the fastest and most reliable banking websites in the United States."

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