International Mobile Banking Updates - Feb 28

Benefits of bringing mobile banking to the unbanked
"There is no doubting the growth in popularity of mobile banking. According to Juniper Research, the market for mobile payments is expected to reach more than $600bn (£393bn) globally this year – double the figure of February 2011. And many development organisations are riding that telecom wave to reach people who don't have access to financial institutions."

Over 30 Million Sign Up for Mobile Banking
"The number of people using mobile banking services surpassed 30 million last year for the first time as smartphone use grew explosively. The Bank of Korea on Thursday said a total of 37.05 million people had signed up for mobile banking services as of the end of last year, an increase of 13.3 million people from the previous year. Two thirds of them were smartphone users."

Research and Markets: Mobile Money: Mobile Payments, Mobile Remittance, Mobile Banking & Mobile Commerce Market - Advanced Technologies, Value Chain, Worldwide Market Forecasts; Analysis (2013 - 2018)
"The growth in mobile telecommunication services and ubiquitous availability of mobile phones are creating unexplored business opportunities not only for the mobile operators, but to a range of other industry participants. Mobile phones are known to transfer information, where as Mobile money enables it to transfer cash from one entity to another, it acts as an alternate payment method to transfer cash/ credit/ check and make financial transactions with the mobile phone. The success of M-PESA, which was launched in 2007 in Kenya and other African regions, has made the operators to focus on this market."

Kenya’s M-Shwari crosses Ksh1 billion in mobile banking transactions a month
"Recent estimates put adoption for M-Pesa, Kenya’s wildly successul mobile payment service for the unbanked, at 17 million users. The service that allows users without bank accounts to complete simple financial transactions, received a boost through M-Shwari, a bolt-on service that allows M-Pesa users access to savings accounts and loans, in late 2012."

‘Mobile banking will see explosive growth in emerging markets’
"Mobile banking will be the front runner among various trends and technologies in the emerging markets banking landscape. Justice M.N. Venkatachaliah, former Chief Justice of India, expressed this view while delivering the Karnataka Bank Founders’ Day lecture here on Monday. Stating that the country has around 675 million active mobile telephone connections, he said mobile banking will witness explosive growth and change the entire banking scenario. Because of their reach, ease and capabilities, mobile devices have recorded penetration of more than 50 per cent in countries with per capita GDP as low as $500. A majority of mobile subscribers around the globe are located in emerging markets, he said."

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Mobile Banking Updates - Feb 26

If This Is Mobile Banking
"Many banks tend to view Mobile Banking as a truncated version of Internet Banking and most of them offer mobile banking only to their existing Internet Banking users. This approach completely negates the true potential of mobile - after all, if I check my account balance once a week, make one or two fund transfers per month and don't buy more than 10 banking products all my life, I don't need a mobile phone to carry out these infrequent banking activities "here and now". No wonder adoption rates of Mobile Banking are nothing to write home about and, according to the recently published World Retail Banking Report 2012, Branch and Internet Banking continue to remain the two most important channels for retail banking."

Mobile Banking Now Vital To Customer Acquisition
"Since the third quarter of 2010, interest in mobile banking as a “must have” feature among those consumers actively shopping for new checking accounts has grown by a whopping 63%. In January 2013, over 18% of all shoppers that used the comparison tool on FindABetterBank.com indicated mobile banking is a “must have” feature. A survey recently fielded on FindABetterBank uncovered that 88% of shoppers who said mobile banking is a “must have” feature are already mobile banking users. Therefore, as more consumers download their bank’s mobile apps and begin using them, you can expect the number of consumers demanding mobile banking when they’re shopping for a new institution to increase steadily. Few people, however, defect from an institution simply because mobile banking isn’t offered."

RBS and NatWest banking apps arrive on Windows Phone
"Windows Phone users will now be able to move their money on the go far easier thanks to Royal Bank of Scotland (RBS) and NatWest Mobile Banking apps arriving on the Windows Phone OS. Enabling customers to check their balance and transaction history with ease, the RBS and NatWest mobile banking apps are available now from the Windows Phone store for Windows Phone handsets such as the Windows Phone 8X by HTC and Nokia Lumia 920."

Mobile banking revolution renewed by Samsung boom
"The internet conspired to close branches across the country, and now the smartphone is wreaking a banking revolution of its own as Samsung-wielding consumers drive a renewed charge to mobile banking. Roy Morgan’s ‘Mobile Phone Monitor’ found the number of Australians banking on their smartphones grew from 17.1% at the start of the year to 20.3% in December, driving a downturn in banking online via computers, which dropped from 55.2% to 49.3% over the same period."

Mobile banking: How to be safe
"Instead, she whips out her tablet or smart phone and logs on to her bank's app. 'I use it for everything,' she said. 'It sends me text messages to tell me my account balance and how much I spent in certain categories for my budget.' By the end of this year, an estimated 43 percent of bank customers will be using mobile devices to bank on the go."

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Mobile Banking Updates - Feb 24

Imaging Brings Coveted Ease of Use to Mobile Banking: Study
"A re-evaluation of mobile banking services is going on at many banks, and much of it revolves around the use of imaging to deposit checks, pay bills and make credit card payments. 'Mobile banking is driving a difference in consumer behavior,' says Mary Monahan, executive vice president and research director, mobile, at Javelin Strategy & Research."

CUs' Mobile Banking Enters Second Generation: Special Report
"Mobile banking is here to stay at credit unions. Today, about one-third of all credit unions offer mobile banking. The rest are likely to roll it out within the next 48 months. By comparison, online banking took about twice as long to reach similar numbers. So says Robb Gaynor, chief product officer of Malauzai Software Inc., a provider of mobile banking applications for community financial institutions, including credit unions, for News Now's special report."

Mobile Banking: The Future of Finances
"Mobile banking gives you instant access to the financial information and services that you need on a daily basis. More secure than online banking, mobile banking allows you to bring your credit union with you. To learn more about the features, check out this infographic from GCS Credit Union."

Are Mobile Banking Apps Safe?
"Mobile banking apps are architected to be secure and transactions are channeled through encrypted tunnels, but these measures are not enough to safeguard users if the mobile operating system is inherently vulnerable or if the handset is already compromised by malware. The risks related to the mobile operating system's vulnerabilities and the wireless network can provide a way in for attackers to either intercept or spy on the user's banking transactions. These risks are increased when users jailbreak their devices, regardless if it is Apple's iOS or Google's Android powering the handset."

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Mobile Banking Updates - Feb 21

Banks to spend $118B on tech, mobile banking in 2013
"Retail banks worldwide will increase their IT spending by 3.4 percent this year — to a total of $118.6 billion. Industry analysts at Ovum predict that spending in Asia will rise 5.1 percent, followed by North America at 3.3 percent, and Europe at 1.8 percent. In a new business trends report, Ovum said that mobile banking would be a 'clear IT investment priority in 2013.' The company suggested that total spending for online channels — including online and mobile browser-based services — will grow by 6.2 percent in 2013."

Banks responding to mobile banking expectations
"Smartphones and even tablets are becoming increasingly ubiquitous in the U.S., and as a result, it’s no surprise that expectations for the ways in which people can use their mobile devices for day-to-day tasks are rising. An October 2012 survey conducted by Performics, a global performance marketing agency, reported that 71 percent of U.S. smartphone and tablet users expect to be able to conduct their banking via their mobile devices."

Mobile Banking, not my cup of tea...
"At a Finserv conference this week, it emerged that compared to their early adopter counterparts in the US, UK consumers are seriously lagging behind in the adoption of mobile banking services. In fact, the UK is also behind many developing countries in the take up of m-banking. This is borne out when you look at the success of mobile banking applications on the market. Of all the Lloyds customers who use online banking, only a small percentage has embraced mobile banking. Ping It, Barclays toe dipping exercise in the m-banking space hasn’t really delivered – reports of uptake amongst Barclays’ customers have been pretty poor."

With 590M Mobile Banking Users Expected in 2013, New Insights From 41st Parameter Warn of Growing Fraud Threat
"41st Parameter, the global leader in fraud detection and prevention, warns that financial institutions are facing serious vulnerabilities as the usage of mobile banking skyrockets. To educate the industry, 41st Parameter has published a whitepaper that looks at adoption trends, threats and potential solutions to help mitigate the mobile risk to consumers and institutions alike. Mobile banking and m-commerce have gained massive global traction over the past three years, with almost 600M people expected to use mobile banking services in 2013, up from 185M in 2011. With so many devices from smartphones to tablets to PCs, so many transactions and growing consumer demand for mobile banking, it's easy to understand why this is a major focus for many financial institutions."

Mobile Payments & Banking Market: mCommerce Analysis, 2018 Forecasts in New Research Report at RnRMarketResearch.com
"The growth in mobile telecommunication services and ubiquitous availability of mobile phones are creating unexplored business opportunities not only for the mobile operators, but to a range of other industry participants. Mobile phones are known to transfer information, whereas mobile money enables it to transfer cash from one entity to another; it acts as an alternate payment method to transfer cash/credit/check and make financial transactions with the mobile phone. The success of M-PESA, which was launched in 2007 in Kenya and other African regions, has made the operators focus on this market."

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Mobile Banking Updates - Feb 20

How to Keep Mobile Banking from Becoming a Bust
"The establishment of mobile banking gained momentum in 2012 thanks to two major factors: Smartphones have become the norm, and it's easier than ever to develop more powerful and more secure apps. As customers continue embracing banking from their phones and tablets, retail bankers should keep the following points in their mind to truly maximize the benefits of mobile banking."

Consumers Expect More From Mobile Banking Apps Than They’re Getting
"Mobile banking apps fall short of consumer expectations, with nearly half admitting they’ve thought about deleting the app they downloaded from their bank or credit union. A national survey of more than 600 U.S. adults across revealed a surprising disparity in what consumers want in a mobile banking app versus what they actually get from their banking provider. Americans increasingly want… nay, expect to be able to deposit checks and receive real-time notifications on account activity from their mobile banking apps. And yet that’s not what most get."

Your Customers Are More Ready for Mobile Banking Than You Are
"That is a bold statement, but – with a few noteworthy exceptions – it’s true. For evidence, just look at the report yesterday in Retail Banker International that 20,000 Bank of Ireland customers signed up in advance for the bank’s new Pay to Mobile service. People are not just ready for standard mobile banking, they’re ready for an expanded version. They’re ready for you to text them when fraud is suspected, send them automated reminders to pay overdue bills and allow them to do more self-service banking on their phone."

Today In APIs: Rise of Mobile Banking, Backplane Protocol and 13 New APIs
"Most consumers are comfortable downloading a variety of applications on their Smartphones. But when it comes to conducting financial transactions on their phones, a large number of us are not that comfortable and still prefer old-fashioned ways of completing the transaction. A report in WSJ indicates that the trend is slowly but surely changing, thereby making it a challenge for financial institutions to cater to an increasing segment of users who prefer to do the transactions via their mobile application."

Moven gives sneak peek of new mobile banking app
"At Finovate in London tomorrow, banking and budgeting startup Moven will give people a glimpse at what its app and Web products look like as it gears up for a February 25 closed beta release."

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International Mobile Banking Updates - Feb 19

Al Salam Bank Bahrain launches 'Mobile' banking service
"Al Salam Bank-Bahrain, one of the leading Islamic banks in the Kingdom of Bahrain, announces the launch of its new mobile banking service "mobile", adding another unique feature to its bouquet of products and services. "Mobile" will enhance your banking experience by providing many convenient features at your fingertips."

Mobile banking helps Monitise
"TECHNOLOGY firm Monitise said people using its mobile phones to do their banking on the move had helped first-half revenues rise 63 per cent to £27.8million.It said its recent £108million acquisition of US rival Clairmail, now called Monitise America, had helped drive up demand but the cost of the deal had left it in the red at £24.4million compared with a £1.1million profit last time."

UCPB launches new mobile banking service
"The United Coconut Planters Bank reaffirmed its commitment to provide excellent customer service and further enhance day-to-day banking transactions through UCPB Connect, an online facility meant to provide banking flexibility and convenience to clients. UCPB Connect is a state-of-the-art technology that allows clients to access the bank’s services 24 hours a day for seven days a week and perform essential banking transactions such as paying bills, transferring funds, viewing balances or ordering checks even at the comfort of their own homes, offices or anywhere else that has access to the Internet."

Standard Bank and SAP Bring Mobile Banking to Over Half a Million "Flip-Phone" Customers in South Africa via SAP® Mobile Platform PR Newswire
"SAP AG (NYSE: SAP) today announced that Standard Bank has been successful in introducing its new AccessBanking offering in South Africa, aimed at meeting the banking needs of the previously "unbanked." This includes the AccessAccount, a transactional banking account based on SAP® Mobile Platform. SAP Mobile Platform integrates SAP and third-party back-end systems, which allows users to create visually rich mobile apps to extend the information from enterprise systems straight onto mobile devices. Since its inception in March 2012, the model has attracted more than 550,000 new customers onto the AccessAccount."

Why mobile banking’s not too big
"If data were to be believed, a lot of you would have graduated from using Internet banking to mobile banking already but a lot of us have still not made the leap. Reserve Bank of India (RBI), 67% of overall banking transactions still happen through cash, according to a 2011 Deloitte-Assocham study."

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Mobile Banking Updates - Feb 17

Startup Prepares Alternative to Online, Mobile Banking Passwords
"As banks struggle to move past passwords, a Silicon Valley startup is taking a stab at a fingerprint and facial recognition standard backed by some heavy hitters — PayPal and Lenovo among them. Nok Nok Labs, which was created a year ago by the founder of the data security vendor PGP, says it will eventually sell server software that will make the process of verifying the identity of online and mobile bank customers easier and more effective. The company plans to release its developer tool kit in March."

Is Mobile Banking Ready For Business?
"Though mobile has become an indispensable channel in banking, it hasn't quite become a "must-have" among corporate customers. Part of that is because of the limited screen size of most smartphones; corporate treasurers need to access large amounts of information, which could prove inconvenient and awkward to display on such a small device."

What’s holding us back from using mobile banking?
"If data were to be believed, a lot of you would have graduated from using Internet banking to mobile banking already but a lot of us have still not made the leap. Though the number of transactions through mobile banking increased by 64% in the April-December 2012 period, according to data from the Reserve Bank of India (RBI), 67% of overall banking transactions still happens through cash, according to a 2011 Deloitte-Assocham study."

Banks boost mobile banking efforts
"More financial institutions are promoting their mobile banking offerings as a way to attract customers and also reduce expenses related to customer service calls and branch visits. While mobile banking has been around for five or six years now, The Wall Street Journal said banks are boosting their efforts to add new features, such as bill-paying capabilities, as customers become more comfortable using their mobile phones to conduct basic financial transactions."

Mobile Banking by Voice Next Up? Print Preview
"The question is fundamental: which is faster, and easier? Inputting commands into a smartphone by typing on glass or by talking them into the device? The fact is these are phones that were developed so that users could talk into them. Other features such as data input via typing, for instance, got added on later."

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