International Mobile Banking Updates - Oct 31

Ethiopia to Introduce Mobile Banking
"Ethiopia is one of the few remaining African countries to introduce mobile banking. With the booming economy and a population of 80 million this country could be the next gold mine for mobile banking companies. Mobile banking has proved to be a lucrative venture in the developing world, where large parts of the population belong to the so-called "unbanked." In Africa, only Ethiopia and Zimbabwe do not provide mobile money services. That will change soon for Ethiopia."

Why you can bank on mobile banking
"Several banking activities today can be carried out at the tap of the keys on your mobile phone. But for the uninitiated, the multiple ways of using the mobile phone for banking purposes can be difficult to decipher. Is SMS banking synonymous with receiving alerts for transactions? What is the advantage of using a mobile banking application on your phone over other mobile-based banking services? Is an IMPS transfer different from an NEFT transfer? Here’s a low down on the services , their suitability and the costs involved."

Smart, PlaNet Finance bring mobile banking services to Leyte 
"The mobile banking pilot project of Smart Communications Inc. in the province of Leyte has affirmed the Filipinos’ readiness for mobile phone-driven financial services. Dubbed as the Banking the Unbanked (BTU) project, this is the country’s first cohesive attempt to provide branchless, cashless banking services to the countryside, using one of the most ubiquitous tools of today – the mobile phone."

ICICI Bank offers mobile phone recharge via SMS
"After launching its mobile banking app, ICICI Bank has now announced another new service for its m-banking customers which enables them to recharge their mobile phones via SMS. As the internet is not required here, it makes the service relevant for feature phones as well. To avail this service, just send the text message MTOPUP to 9222208888 and you can get recharge of up to Rs 1,500."

EcoCash Mobile Money: Interview with Econet Services CEO
"Last week, after a tour of EcoCash Business (well, EcoCash Commuter mostly), we got the opportunity to interview the Econet Services CEO, Darlington Mandivenga and Econet Wireless Mobile Money Executive, Francis Matseketsa. Econet Services, as we wrote last week, is now managing such strategic services as EcoCash for the entire Econet Wireless group. In the interview, we talked about the uptake of EcoCash services by merchants, Bulk EcoCash transactions, bill payments, the mobile banking services part of the MMT services, the role of traditional banks, the regulation of mobile money services, and also touched on the relationship and role of TN Bank. We post below an edited transcription of the interview."

Tanzania: Amana Introduces Mobile Banking
"Amana Bank, has introduced mobile banking services that would enable customers to carry out banking transactions through mobile phones. 'The service offers convenience of accessing banking services anytime, anywhere. It will enable customers to perform transactions at their fingertips,' says Amana Bank's Head of Business, Mr Sudi Marungu."

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Mobile Banking Updates - Oct 30

Young adults drive popularity up
"The popularity of mobile banking has increased significantly since 2010, the American Bankers Association (ABA) said in a recent report. According to a recent survey from the ABA – conducted by Ipsos Public Affairs in early August – mobile banking is now the preferred banking method of six percent of banking customers, which represents a 100 percent increase from 2010. In the age group of 18-34 year-olds, 15 percent of banking customers preferred mobile banking."

Legally blind
"Most major banks have treated mobile banking as an enigma wrapped in a paradox over the last two years. They have convinced themselves that the growth of mobile banking was an unpredictable occurrence. In insurance terms they would probably claim it was "an act of God." The real truth is that this so called overnight sensation was at least a decade in the making. Since South African bank Absa launched the first mobile banking solution in 2002, leading experts, analysts and futurists have predicted the mass adoption of mobile banking services."

Google, Apple Expand Micropayment Systems for Web Content and Mobile Purchasing 
"Efforts to monetize web content have largely failed in the past, with users preferring to switch rather than pay for information. Earlier this month, Google Wallet expanded its micropayment capabilities to include web content. Websites can now set up their pages so that users can sample some portion of the web content and then see a banner (bottom figure) that tells them that seeing more of the content will require paying a fee. The system also works for buying other types of products over the web."

Mobility Matters: Tracking the Mobile Banking Revolution in Credit Unions
"What mobile banking users are actually doing – and how much real money they are moving - now is starting to come into focus as more players in the field hike their kimonos, at least a bit. A big data dump from Malauzai, the Austin, Texas, mobile banking apps developer with ties to Catalyst Corporate, has offered many – sometimes surprising – insights into what is happening in the mobile channel."

Global Digital Economy - The E-Commerce and M-Commerce Landscape
"The global e-commerce market has been recently invigorated by the growing use of smart phones leading to a fast growth in mobile commerce. E-Commerce and m-commerce have become very important areas of focus for mobile operators, IT, Internet media players, financial institutions, retail, and payment processing firms alike. With so many interested parties, the sector has become very competitive and created a heady mix of industry activity."

EXPLODING MOBILE-BANKING INDUSTRY WORTH BETTING ON
"There's a big opportunity for service providers and application developers in emerging markets. A new report from Berg Insight says that the number of active mobile money users in emerging markets will grow from 61 million last year to 381 million by 2017. That's a compound annual growth rate of 36 percent. Several of the most successful mobile money services today are in Africa, Berg noted, but Asia-Pacific is expected to become the most important regional market, accounting for nearly two-thirds of the active user base in 2017. The total value of mobile money transactions is projected to grow from $44 billion in 2011 to $395 billion in 2017, a CAGR or 44 percent."

Are Americans Ready for Banking via Social Media?
"A bank in South Africa announced this summer that its mobile banking customers will now be able to conduct transactions and monitor their accounts through Facebook. This type of cross-pollination between banks and social media does not yet exist in the United States, but it could be coming."

Retail banking's new threat
"This is an increasingly crucial issue for banks. Mobile banking is a major technological development, and history suggests that incumbents can be reduced to obscurity as new players, or “market disruptors”, use improved technology to upset the old order. For example, companies such as Netflix, which uses postal and later online distribution of rented films, are revolutionising the way consumers access movies. A consequence has been that Blockbuster, a traditional bricks-and-mortar DVD rental company, has lost enormous market share."

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Mobile Banking Security - Oct 29

Protecting Yourself from Mobile Banking Attacks
"It’s true – mobile banking is an easy and efficient way to view your account balances, review individual transactions, and send or receive payments while you’re on the go. But its convenience isn’t just attracting smartphone users worldwide – it’s also attracting cybercriminals, and it’s easy to see why. According to a recent report by the Federal Reserve, 42 percent of mobile banking users have transferred money between accounts; meanwhile, 21 percent of mobile payment users have transferred money directly to another users’ bank, credit card or Paypal account."

Mobile Banking's Security Advantages
"As demand for mobile banking and payments transactions grows, banking institutions face increasing pressure to ensure security, says Dennis Simmons of SWACHA, a Texas-based electronic-payments adviser for banks and credit unions. As a result, Simmons says, banks and credit unions must take advantage of mobile device features, such as geo-location, biometrics and device identification, to enhance authentication."

Blackhole Exploit Toolkit 2.0 and Mobile Banking Malware Are Top Trends in AVG's Q3 Threat Report
"AVG Technologies (NYS: AVG) , the provider of Internet and mobile security to 128 million active users, today released its Q3 2012 Community Powered Threat Report. This quarter's report investigates a number of malicious software developments including the newly launched 2.0 version of the Blackhole Exploit Toolkit, the evolution in malware targeting mobile banking services, a surge in malicious ads targeting social network users and a trick to hide malware inside image files."

iovation Presents Mobile Banking Impact on the Financial Services Fraud Landscape
"iovation, the Device Reputation Authority™ protecting online businesses from fraud and abuse, today announced its upcoming panel presentation discussing the increase in mobile service offerings by financial institutions and the impact that increased mobile usage is having on the fraud landscape. John Haney, Sales Executive at iovation, will share recent mobile trends based on iovation’s cybercrime intelligence network, and explain how banks and other financial institutions are detecting mobile fraud early in the process."

Report: Mobile banking could be more secure than online banking
"London-based research and consulting firm Goode Intelligence has released a report and white paper that indicate that the mobile banking channel has the potential to be more secure than online banking. The report, “Mobile Banking Security,” looks at the current security measures of mobile banking and how banks are working with technology companies to create means to prevent fraud and identity theft."

bile banking attacks on Android platforms are here
"The growing popularity of mobile banking and the Android platform for smartphones is combining to make this a fertile area for cyber criminals to target. AVG’s latest Threat Report confirms this trend and believes it will only continue to grow as cyber criminals are increasingly targeting the Android mobile platform with sophisticated social engineering attacks to hack into unsuspecting users’ mobile bank accounts."

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Windows 8

As Windows 8 Launches, Banks Ready Mobile Banking Apps
"Financial institutions are readying apps for Microsoft's new, radically different Windows 8 operating system for desktop, laptop and tablet devices, which officially launches today. Bank of America, the second-largest U.S. bank by assets, is one. 'We're developing an app for Windows 8 that will provide another convenient way for our customers to interact with Bank of America,' said a BofA spokesperson in a statement emailed to BTN. BofA's app is for PCs and tablets."

NEW - Dell Shop Application for Windows 8
Tap into the app to find everything at Dell. With Dell Shop, you can find the perfect new Dell PC or get more from your current PC with custom-recommended electronics and accessories from top manufacturers. Using your System ID, Dell Shop can identify your Dell PC and make compatible suggestions. And even if your PC isn’t a Dell, you can still use Dell Shop to buy those must-have items. You’ll find easy access to the most popular accessories, from monitors, printers, projectors, mice and bags, to wireless routers and external storage. And if you’re looking to outfit a home theater, home office, dorm room or a creative studio, you’ll find complete solutions right here.

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Mobile Banking Updates - Oct 25

Consumers Readily Adopt New Mobile Banking Tools
"As smartphone and tablet penetration continues to rise, so too does the use of mobile banking, bill paying, money transfer, remote check deposit and other personal money-management services, according to a new eMarketer report, “Bigger Money on the Small(er) Screen: How Smartphones and Tablets Change the Way Consumers Manage Their Finances.” On-the-go consumers are turning more frequently to their devices to keep tabs on their money and conduct increasingly complex financial transactions—simply because they can."

  Diebold Aims to Merge Mobile Banking and ATMs
"As mobile banking and payments take off, self-service manufacturers will be increasingly challenged to weave mobility into their ATM and kiosk technology. Diebold (DBD) this week debuted a cloud service that aims to pre-stage and complete ATM transactions without cards. The new tech allows users to scan a Quick Response (QR) code on the ATM and enter an authentication code to initiate withdrawals and deposits. The smartphone is used as an authentication device, which Diebold says reduces security risk related to lost cards, stolen cards and skimming."

Breaking the Glass Ceiling of Mobile Banking Adoption
"Credit unions of every shape, size and type recognize the benefits that mobile banking offers – a lower cost to serve, increased member satisfaction, retention and a higher return on investment. But for many, breaking through the mobile banking adoption glass ceiling has been challenging. The mobile banking glass ceiling lies just beyond the threshold of early adopters, designated as the first 20% of a financial institution’s online banking user base. Many credit unions are on a mobile banking adoption path that attracts the early adopters within a year of offering the service, but the trajectory then stagnates to include just a small additional percentage of adopters over the next two years."

Mobile banking: 9 ways you must protect your account
"If you are among the millions of consumers who have embraced mobile banking, you could be putting your financial life at risk. Many consumers make careless errors with their phones that open the door to having con artists steal from their bank accounts, says Adam Levin, co-founder of Credit.com and IdentityTheft911."

Meriwest Adds Bill Pay to Mobile Offerings
"Meriwest Credit Union announced it has turned on bill pay inside its mobile banking app and, said community relations manager Greg Meyer, adoption has been brisk. Meriwest has promoted the new bill pay feature in an email blast to members. The technology was provided to Meriwest by Access Softek, said Meyer. That company claims some 175 mobile banking customers. Apps for iPhone and Android were released earlier by Meriwest. Meyer indicated that although mobile remote deposit capture is not presently featured, it will be made available to members imminently."

Mobile Banking
"Mukherjee was pacing furiously at the lounge of our building when I arrived after a long day. He generally waited for me there when he wanted to ask me something. He was an impatient man and I knew from experience that I did not have a choice. I will have to answer his questions before I was allowed to proceed to the elevator. Reluctantly, I asked him the reason for his anger. Mukherjee: I had to transfer money to my daughter studying in Delhi for her college fees. It was urgent. I went to the bank so that I could take out cash from my account and deposit it in her account."

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International Mobile Banking Updates - Oct 23

Aussies way ahead in mobile banking
"Latest research from Google shows Australians are 65 per cent more likely than the British to do banking via their smartphone and 14 per cent more likely than Americans. St George Bank has more than 390,000 mobile banking customers and growing fast, especially in the demographic of those aged up to 35, who make up 75 per cent of the users.St George Banking Group's head of eChannels, Travis Tyler, says the explosion of consumers who have turned to phone apps to do their banking is continuing to skyrocket."

Namibia: Bank Launches Mobile Banking
"In its continuous efforts to improve the service offering to its customers Standard Bank Namibia (SBN) has announced the launch of Mobile Banking to the Namibian market. The service will be available to customers on Friday 12 October 2012. Mobile Banking offers a more flexible way of banking anytime, anywhere. It involves the access to and provision of banking and financial services through mobile devices."

Carfinance247.co.uk reveals how 86% of Brits shun mobile devices when applying for finance
"While mobile banking and contactless payments are hot topics now, surprising data from car finance and dealer specialist carfinance247.co.uk reveals that only 14% of people would actually feel comfortable applying for finance via a mobile device. An independent study asked: 'Would you feel comfortable applying for guaranteed car finance via a mobile device such as an iPad, mobile phone etc?'"

RHB Bank expects 1.5m internet, mobile banking clients by 2013
"RHB Bank Bhd expects to garner 1.5 million internet and mobile banking customers by next year, said its retail banking director Vince Au Yoong. The bank currently has 850,000 customers who use its online and mobile banking services, almost double the 450,000 users last year."

Mobile Phone & Smart Card banking accounts surge
"The Deputy Governor, State Bank of Pakistan (SBP), Kazi Abdul Muktadir, has disclosed that Mobile Phone and Smart Card banking accounts have surged to nearly 1.45 million in the country, which indicates that Pakistan's financial sector is now going through a dynamic transition led by the latest technology solutions. Speaking at the launching ceremony of a new product, `Easy Paisa Khushaal' of Tameer Microfinance Bank (TMFB) and Telenor at a local hotel on Tuesday, he said: `The existing active players- the Tameer Microfinance Bank (Easypaisa) and UBL (Omni), have so far registered more than 1,447,381 mobile wallet accounts (mWallet accounts) of un-banked and under-banked population of the country."

Say goodbye to the branch — the future for banking is upwardly mobile
"In developed countries such as the United States, United Kingdom and Australia, mobile banking — describing the use of mobile phones to make financial transactions — is transforming banking from a physical (requiring visits to a bank branch) to non-physical activity. Visits to banks to deposit cheques, and cheques more generally, appear to be disappearing. A recent report from The Economist cited a finding from JP Morgan that over the past year in the United States, customers deposited 10 million cheques by taking pictures of them rather than visiting a branch. In the Netherlands, only half of all bank customers have stepped inside a branch in the past year."

10-month-old bank launches mobile services
"Customers of the first Tanzania’s fully Sharia compliant bank, Amana Bank, will now be able to use modern technology to access the bank’s products after it launched internet and mobile banking services. Amana Bank’s head of Business, Mr Sudi Marungu, said they have decided to introduce the services to enable their clients to experience maximum enjoyment as they access the bank’s services from wherever they are and in convenience all the time."

Digitization: Banking won’t change until banks do
"Across Asia consumers are becoming increasingly comfortable with technology, with growing numbers using smartphones and tablets to bank on the go. Channels have multiplied, giving customers more choice than ever before. However, for all the innovation in banking in recent years, the drop in loyalty rates across Asia suggests banks are failing to get closer to their customers, or provide them with sufficiently useful and convenient products and services."

Wincor Nixdorf: Cross-Channel Integration Brings Mobile Banking to Customers
"To meet the fast-paced lifestyle of their consumers, banks are increasingly networking their services between the branch, Internet, mobile banking and self-service delivery channels so that customers can manage their transactions on the go. To help financial service providers meet their customer’s needs and be competitive in the marketplace, Wincor Nixdorf showcased its PC/EMobile Cash application as part of Wincor World, Oct. 16 in Germany."

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Mobile Banking Updates - Oct 21

ABA Survey: Popularity of Mobile Banking Jumps
"A new survey by the American Bankers Association shows a sharp increase in the popularity of mobile banking, driven mainly by customers in the 18 to 34-year-old age group. The survey of 1,000 U.S. adults, conducted August 2-6, 2012 by Ipsos Public Affairs, an independent market research firm, revealed that while the Internet remains the most popular banking method, mobile banking is now preferred by six percent of customers, a 100 percent increase from 2010, and by 15 percent of 18-34 year olds, also known as 'millennials.'”

SME Mobile Banking: A Revolution Just Around the Corner
"Small and medium enterprises (SMEs) want mobile-based banking that helps them run their businesses smarter. This spells a new opportunity that can unlock services that generate revenue streams. SMEs are major contributors to a nation’s GDP. In G7 countries, SMEs contribute about 53 percent of the GDP. In spite of the importance of these companies, banks have not focused on the this segment. However banks are increasingly recognizing the potential of the SME market and the need for differentiated servicing for these customers."

At BAI, Mobile Banking Rings the Cash Register: Onsite Coverage
"Mobile banking will save you money. And it will make you money. Those are the two top-line messages from an opening day BAI Retail Delivery session at the Washington Convention Center on Tuesday with Zions Bancorporation senior vice president Matthew Wilcox and Drew Sievers, CEO of mFoundry, a mobile banking apps developer."

Consumers Readily Adopt New Mobile Banking Tools
"As smartphone and tablet penetration continues to rise, so too does the use of mobile banking, bill paying, money transfer, remote check deposit and other personal money-management services, according to a new eMarketer report, “Bigger Money on the Small(er) Screen: How Smartphones and Tablets Change the Way Consumers Manage Their Finances.” On-the-go consumers are turning more frequently to their devices to keep tabs on their money and conduct increasingly complex financial transactions—simply because they can."

Innovation, Revenue Creation and Mobile Solutions Highlight BAI Retail Delivery
"I realized how long I have been in this business as soon as I hit the expo floor. I go back to much simpler days when trade shows were filled with display vendors (brochures and signs, not video), checking account premiums (from teddy bears to pots and pans), newsletter publishers (the paper kind) and cash counting machines."

Malauzai Releases Mobile Banking Research Report Based on Actual Usage Data
"Malauzai, a leading provider of mobile banking SmartApps for community financial institutions, has released Monkey Insights, a monthly research service based on the company’s Real-Time Experience Behavioral Analytics (REBA). Monkey Insights will reports on two indices: The Mobile Engagement Index (MEI) which tracks end-user engagement with mobile banking and the M-Money Index (MMI) that summarizes statistics related to mobile money movement such as transfers, bill payments and deposits."

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