Mobile Banking Updates - June 30

Consumers More Willing to Pay for Mobile Banking: Study
"Over the past year, consumers have become more willing to pay for mobile banking services, according to a new report by ath Power Consulting. 'Mobile is a unique channel in so many different ways,' says Michael McEvoy, managing director of the consultancy and author of the report. 'There's an opportunity to charge.'"

Wells Fargo Makes Text Receipts Available at ATMs
"Wells Fargo & Company (NYSE: WFC) announced today that in addition to its popular email or e-receipt option, it is introducing text receipts at its more than 12,000 ATMs across the country. This new service is available to all Wells Fargo Online or Mobile Banking customers who provide their mobile phone number. As the first bank to offer e-receipts to its customers at its ATMs in June 2010, Wells Fargo also is the first to introduce a text receipt option."

Mobile to overtake web at online bank
"ING DIRECT has launched a new mobile app designed to meet the demand of its growing mobile customer base, in response to the staggering 280% increase in mobile interactions in 2012. 'The consistent trend in web visits has been around 15% year on year, but this spike in mobile interactions is proof of ever-growing consumer demand and comfort to be able to ‘do’ while on the go,' said Executive Director Distribution at ING DIRECT, Lisa Claes."

Most Wanted Mobile Banking Feature: RDC
"Remote Deposit Capture, is the most wanted feature by mobile banking customers, according to a new mobile banking study conducted by ath Power Consulting. Users also ranked Voice Authentication and Mobile Photo Bill Pay high in the 2013 ath Power Mobile Banking Study, released just this March. The study was the second mobile banking study ath conducted since last year. One in 3 mobile banking users are more likely to pay for mobile banking now than they were just a year ago, when 1 in 5 stated they would pay for the service. As part of the research, ath studied 3,201 mobile banking customers from 380 banks and credit unions, while 223 current mobile banking users from 35 institutions were asked to login and perform specific tasks."

Bay Banks in Va. to Add Mobile Banking, Close Branch
"Bay Banks of Virginia (BAYK) in Kilmarnock plans to close a branch and begin offering mobile banking. The $327 million-asset company will consolidate three branches in Northumberland County into two, it announced Wednesday. It plans to close its branch in Heathsville on Sept. 30, while retaining its Burgess and Callao locations, it said."

Ally Bank Wins Customer Experience Award for Ally Mobile Banking App Design
"Ally Bank recently received three recognitions underscoring its customer-centric philosophy and commitment to offering consumers straightforward products and services. The Bank was awarded Forrester's 2013 "Outside In" Award in the Customer Experience Design category for its innovative and customer-friendly design of Ally Mobile Banking, the app that allows customers to conduct a wide range of banking tasks via their Android™ or iPhone® smartphones."

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Mobile Banking Updates - June 28

Bank of Botetourt Selects Fiserv for Account Processing, Citing Enhanced Integration and Expanded Product Offerings
"Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced that Bank of Botetourt has chosen the Precision® bank account processing platform, along with a host of customer-facing solutions, including online banking, bill pay, mobile banking, social payments and remote deposit capture. Headquartered in Buchanan, Va., the $320-million bank expects to increase efficiencies through integration offered by Fiserv solutions and by moving from in-house processing to an outsourced delivery mode."

United Texas Bank Selects Q2ebanking Platform to Accelerate Unified Virtual Banking for Anytime Anywhere Access
"Q2ebanking (Q2), the leading provider of enterprise solutions for secure virtual banking, today announced that Dallas-based United Texas Bank has selected its platform to provide a unified ebanking experience for its growing base of retail and business customers. With the implementation of Q2platform, United Texas Bank will empower customers to engage with its world-class virtual branch anytime, anywhere, on any device."

Research and Markets: Mobile Payments 2013-2017
"Analysis and forecasts for the worldwide market for mobile payment services, including mobile wallet services and NFC technology. Now published in it's 3rd all-new edition, Mobile Payments offers you detailed analysis of international mobile commerce markets, including the growth of mobile wallet services, the highs and lows of NFC technology and the growth of mobile banking and remittance services. This detailed all-new report includes all the market sizing data and 5 year forecasts you need, plus case studies, country-market assessments, vendor profiles and more."

CSI puts a new 'SPIN' on P2P payments
"Computer Services Inc., a provider of end-to-end technology solutions for FIs, has introduced its Social Payments Instant Network, which enables banks to provide customers with greater P2P payment functionality through CSI mobile and Internet banking applications. Traditional P2P providers let consumers send payments to others via Internet or mobile banking, but the process requires a series of steps and multi-day waiting periods for processing before the funds are available to the receiver."

ACI Worldwide Survey: EMV Will Accelerate Adoption of Mobile Technologies, Industry Monitoring Mobile Wallet Adoption
"ACI Worldwide (NASDAQ: ACIW), a leading international provider of payment systems, today released the results of a new survey of banks, retailers and payment processors that sheds new light on industry trends related to EMV, mobile payments and banking, fraud and innovation. This survey was conducted at the 2013 ACI Americas Exchange conference in Boston, MA from June 4-6, 2013. Visit www.aciworldwide.com/ExchangeSurvey for more information."

Bank Millennium SA : Mobile Banking for Companies wins 2013 Market Pearl
"Bank Millennium Mobile Banking for Companies won the first place in the "Best Banking Offer" category of this year's "Market Pearls - Retailers' Choice" competition. It owes its victory to the votes cast by independent market experts i.e. the customers. The awards were presented at a Gala ceremony on 13 June 2013 in the Warsaw Sheraton hotel. In the "2013 Market Pearls" competition products submitted by manufacturers and distributors were voted on by shop-owners and staff, who selected the ones, which worked best and helped generate yield."

Andera’s oFlows Platform Named Intuit Financial Services’ New Account Opening Solution
"Andera, Inc. announced an expansion of its strategic partnership with Intuit Financial Services whereby Andera’s oFlows platform will be the new account opening technology for Intuit’s financial institution clients. Andera’s oFlows platform is a full account origination suite, with support for both deposits and loans, across the computer, tablet, mobile phone, branch and call center channels. With oFlows, financial institutions can increase their operational efficiency as they reduce the number of tools and products internally used to support the opening of accounts. For example, oFlows can save both the consumer and the financial institution time with the ability for applicants to leverage their mobile device to securely and rapidly attach identity-verifying documents directly to their application for a new account."

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Mobile Banking Updates - June 27

Is Mobile Banking Safe?"
Arxan CEO Mike Dager on the emerging threat to mobile devices and banking apps."

The Rise of Mobile Technology in Higher Ed
"Between the ever-expanding popularity of tablets and the continued rise of smartphone ownership, all evidence points to an unabated focus on the adoption of new mobile devices and innovative technologies. According to a study by the Online Publishers Association, smartphone owners have increased by 44 percent between 2011 and 2012 and that figure is expected to increase to 57 percent during 2013. As mobile device adoption has increased, so, too, have the number of new applications. From mobile banking to real-time entertainment, there's seemingly no end to what Americans have come to expect from their mobile lifestyles. And, higher education is a market where mobile technology is playing an especially prominent role."

M-commerce transactions to reach $3.2 trillion by 2017, says Juniper
"Mobile commerce transactions are forecast to exceed $3.2 trillion by 2017, up from $1.5 trillion this year, according to the latest research from Juniper Research. This projected increase will be fueled by mobile banking, which will account for the "lion's share" of transaction value over the next five years, the research firm estimated."

Survey: Rising Willingness to Pay for Enhanced Mobile Banking
"New research from Boston-based financial services consulting firm ath Power underlines the immense popularity with consumers of mobile remote deposit capture ('the most sought after mobile banking feature,' said ath Power executive Michael McEvoy) and it also claims that there is rising consumer readiness to pay fees for mobile banking. In last year’s ath Power survey, 81% of respondents said they would not pay for mobile banking. This year, said McEvoy, that number dropped to 68%. That means about one in three say they might pay for the service, stressed McEvoy."

Grappling with the mobile money conundrum
"There is little doubt that mobile banking, mobile commerce, mobile money — pretty much any financial service preceded by the word "mobile" — are generating an outsized amount of hype. But all that hype is not reason to discount the very real impact that mobilized financial services are going to have on banking. A new publication called "Mobile Banking: Financial Services Meet the Electronic Wallet," sums it up the state of the industry succinctly:"

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Mobile Banking Updates - June 26

App of the day: Barclays Mobile Banking review (Android)
"It makes the world go round but you can't buy love with it. It walks, it talks, it's the root of all evil, but all we want is dirty cash. The country has none, but fortunately banks do, and some of that filthy lucre goes into app development. Mother always said that if you look after the pennies, the pounds would look after themselves, and this app might just make that easier. Today, we're looking at Barclays Mobile Banking."

Banks Turn to Fees to Make Mobile Pay
"At the recent Mobile Banking Summit in Miami, a question bankers raised several times was, how do we make money off mobile banking? Mobile app development projects can cost $1 million to $5 million, and often boards and executive committees want to see some kind of return on investment before approving such projects."

Putting Digital ‘Tech Champs’ in Every Branch Location
"Hands-on demonstrations can convince wary consumers that digital banking tools are both safe and simple. Millions of consumers have gleefully jumped on the online and mobile banking bandwagon. But there are millions more who still haven’t. What’s holding them back? Among those yet to embrace modern, web-based banking channels, some admit they are intimidated by new technologies, while others say they distrust the security of internet-connected devices particularly for financial activities."

Mobile Banking Exec Tracey Weber to Leave Citi
"Tracey Weber, Bank Technology News' Mobile Banker of the Year for 2012, is planning to leave Citigroup at the end of June. The bank says she is leaving "to pursue other interests." (Weber was not available to comment.) Her position — head of the North America Internet and Mobile and Global Product team — will be filled by Melissa Stevens, a 15-year veteran of the bank."

Mobile banking gets smarter
"Dan Brower fished a much-awaited check from his mailbox but didn’t have time to swing by his bank’s branch. So the Kansas City resident fired up his two-week-old iPhone, and with just a flick of his finger — disappointment. Commerce Bank’s mobile banking application doesn’t accept deposits. 'It’s funny because with PayPal’s app, you can take a picture of your check and put it in your PayPal account,' Brower said. Mobile banking apps are widely available, they don’t all do the same things. A photo-based check deposit tool is coming soon to Commerce’s bank app."

TD Bank's Mobile Site, ATMs Running Again After Hour-Long Outage
"TD Bank (TD) is back up and running again after an internal glitch downed its mobile banking site and in-store ATMs Tuesday afternoon, temporarily impacting customers’ ability to withdraw cash and check their balances. A spokesperson for the Toronto-based bank confirmed the outage and said it was related to an internal system glitch, not a cyber attack like the one responsible for hitting TD's consumer website in March. The system went down around 3:30 p.m. ET on Tuesday and resurfaced about an hour later. While its-store computers were down, TD said it used a manual system to handle customer business."

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International Mobile Banking Updates - June 25

Ethiopia: Mobile Banking Game-Changer in Ethiopia
"New regulations will bring m-banking to Ethiopian consumers, but limits on the companies involved and how transactions must be managed could slow growth. On 1 January 2013, the National Bank of Ethiopia (NBE) issued a long-awaited directive that allows transaction-based mobile banking. This is a report by theafricareport.com. Four major players Commercial Bank of Ethiopia, M-BIRR, BelCash and Zemen Bank's z-Birr are expected to begin operations later this year, making Ethiopia one of those African countries adopting this technology."

UAE adopts measures to encourage wider use of mobile banking
"The central bank of the United Arab Emirates (UAE) has urged the two local telecom providers Etisalat and Du to slash fees for mobile phoning and SMS services in order to increase the usage of mobile banking, local news agency WAM reported Tuesday. The central bank issued a statement on mobile banking following a meeting hosted by central bank governor Sultan Al Suwaid on Monday."

Think like Amazon to beat superficial mobile banking: ANZ Bank CIO
"Banks will "need to operate more like Amazon" as they fight technology-driven loss of intimacy with services tailor-made to prevent customer churn, the CIO of one of the Asia-Pacific region's largest banks has advised. 'While mobile banking may improve [customer interaction] channels, they also carry the risk of allowing the customer relationship to become more remote if the transactions are purely transactional,' ANZ Bank CIO Anne Weatherston told FST Media's recent Future of Banking and Financial Services Technology conference in Melbourne, Australia."

Banks start charging money for SMS alerts, mobile banking
"In another example of cartelization among bankers, several banks have increased or started imposing charges for transaction alerts through SMS as well as for mobile banking. As usual, private lenders have taken the lead, which soon would be followed by nationalized banks. There is no free lunch says a popular adage. Our banks, having lured consumers with ‘free’ services, have now started charging for them or hiking already existing fees to fatten their bottomlines. So far this year, many banks have started charging for SMS alerts on transactions and hiked the annual fees on debit/credit cards. A few banks have even increased charges to deposit cash in your accounts. The list includes large banks such as ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank and Canara Bank. Here are some areas in which charges have been increased."

Kenyan banks face challenges with secure online transactions
"A weak legal regime, fraud and security weaknesses have stymied the growth and adoption of online banking in Kenya, according to industry insiders. International banks such as Standard Chartered and Barclays have ventured into online services but not as successfully as in other markets. Standard Chartered recently launched a paperless branch, where all transactions are virtual, while Barclays launched a banking app aimed at attracting more mobile and online users."

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Mobile Banking Security - June 24

Be safe with mobile banking
"Gone are the days when you wait for the bank to mail a bank statement and you balance your account before you spend any more money. Many of us now rely on online banking on our computer, smart phone or tablet. We check our accounts often and rely on this to make financial decisions."

Biometric Authentication Provides Better Mobile Device Security, Heavy Reading Finds
"Biometrics Offer Promise for More Secure Smartphones examines the market for biometric authentication on smartphones, analyzing the most lucrative verticals for the market, and discussing drivers and challenges in the industry. It includes a comparative analysis of solutions available and details trends that will likely occur in the industry over the next 18-24 months."

Double Cashing With Mobile Banking
"The case of a Kentucky man arrested this month for using mobile banking to steal thousands of dollars from a local supermarket chain highlights the security loopholes that thieves can exploit in mobile check deposit schemes being deployed by financial institutions across the country."

Five Tips for Mobile Banking
"In this tech-savvy world, everything is readily accessible and convenient…even banking. Gone are the days of waiting in line at the bank or even waiting for the computer to boot up. Now, bank accounts are accessible from anywhere in the world via a smart phone or tablet. But consumers need to be more cautious than ever when banking through any device, as hackers can prey on the unsuspecting."

HOW MOBILE PAYMENTS MIGHT BE THE GLOBAL MONEY-LAUNDERING MACHINE CRIMINALS HAVE DREAMED ABOUT
"Earlier this month, US prosecutors took down the global currency exchange Liberty Reserve and charged it with being the largest online money laundering operation in history, the “bank of choice for the criminal underworld.” More than a million customers used the Costa Rica-based company to wash more than $6 billion,according to an indictment. Besides drug traffickers, it alleged, Liberty Reserve’s illicit users included a wide array of gangsters and thugs, and criminal organizations engaged in credit card and investment fraud, identity theft, computer hacking, and child pornography."

Mobile banking software flaw adds to consumer wariness
"Customers of Britain’s Royal Bank of Scotland Group, which includes NatWest and Ulster Bank, were recently saddled with the latest in a string of technical errors when an outage in the bank’s mobile app occurred. The outage, which lasted around two and a half hours, heightened concerns about the integrity of bank IT systems, particularly given other recent software troubles at RBS."

Extension News Column ~ Mobile Bank Safety
"Gone are the days when you wait for the bank to mail a bank statement and you balance your account before you spend any more money. Many of us now rely on online banking on our computer, smart phone or tablet. We check our accounts often and rely on this to make financial decisions. More than three million people used mobile banking last year, up 10 times over a year earlier. If you’re not yet using your phone to check your balance, pay your bills or move money from account to account, you will soon."

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Mobile Banking Updates - June 23

Mobile banking trends continue to expand 
"When was the last time you went to the bank? We took the question to Nicollet Mall.'6 months ago, maybe?' was the first response we got. 'Does an ATM count? I would say I went a couple of months ago with my kids, to cash their piggy banks,' was the second answer we got."

Must-Have Mobile Banking Services In 2013
"As much of the country has become mobile-reliant, it makes sense to check out the available mobile apps and features in regard to your banking needs. Mobile apps can be useful in many ways, especially when you’re on the go and need to take care of your finances. Apps make it easy to keep track of your bank accounts as well as your personal finances as a whole."

Mobile banking shifts into overdrive
"Online banking was a big hit with customers from the start. They loved being able to sit at their home computer and pay bills with a keystroke, or check account balances with ease. Today, electronic screens are smaller, but online banking, and its latest incarnation – mobile banking – is bigger than ever, said Bill Russell, executive vice president of retail banking at Bell State Bank & Trust, which is based in Fargo."

Banks embrace mobile as trend picks up speed
"Mobile banking is rapidly shifting some customers' expectations of the total banking experience, digital strategy executives in the industry say. 'Mobile is the fastest-growing channel in the company's history,' said Armin Ajami, vice president for mobile products management at Wells Fargo. 'It's far surpassed online.' The ratio of Americans using mobile banking, from downloadable apps to texting services, grew from one-fifth in 2010 to one-quarter in 2011 and to one-third in 2012, according to Javelin Strategy and Research. Bank executives say that in addition to new users, more people are using multiple services."

Banking now going mobile
"Dan Brower fished a much-awaited check from his mailbox but didn't have time to swing by his bank's branch. So the Kansas City resident fired up his 2-week-old iPhone, and with just a flick of his finger -- disappointment. Commerce Bank's mobile banking application doesn't accept deposits."

ING Direct adds remote cheque deposit to mobile app
"Banking at ING Direct just got more simple and convenient. Beginning today, clients can deposit cheques into their accounts remotely using Cheque-In, a new feature of the bank's existing mobile app. Cheque-In allows clients to take a picture of their cheque using their mobile device and have it deposited immediately into their ING DIRECT account. The feature is the first available on all major platforms, including Apple iPhone, iPad, iPod, Android Phone, Android Tablet, BlackBerry Mobile devices with BB10 OS, and tablets running Windows 8."

Want To Stand Out As A Retail Bank? Try Customer Centricity
"Just last month I decided to invest some of the cash I had in my bank’s money market with the bank’s brokerage services. I met with the rep at my local branch, signed the papers, and left smiling. Five days later, having received no paperwork – no nothing – I went back to the branch. My rep was on vacation, and the folks on the floor knew little about brokerage services. Excuse me?"

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