Mobile Payment Magazine

Mobile Payments Report: Opportunities and Strategies for Credit Issuers

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Mobil - Credit IssuersA new research report from Research & Markets entitled Opportunities and Strategies for Credit Issuers, examines mobile payment opportunities For US credit issuers.

The major card networks began supporting contactless payments nearly a decade ago, but consumer and merchant adoption has lagged considerably. Several startups, as well as established firms outside of the financial services industry, are marketing enhanced mobile payment services capable of causing significant disruption to the consumer payments value chain. [Read more…]

Chase Partners with Mitek Systems for Mobile Check Deposit Solutions

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Chase has entered into a strategic agreement with Mitek Systems, Inc., a developer of advanced-image analytics and mobile-document-capture applications, to develop a suite of innovative image-capture solutions across multiple smartphone operating systems.

“Mitek’s Mobile Deposit product helps us deliver on that promise by making mobile check depositing convenient and quick, across a variety of platforms.”

The agreement enables Chase to build on the success of its award-winning QuickDeposit feature by deploying Mitek’s mobile-banking and advanced image-capture and analytics products across a variety of smartphone operating systems. QuickDeposit allows customers to deposit checks anytime and anywhere with a click of their mobile phone camera.

“Customers demand an efficient and reliable mobile-banking experience from Chase,” said Jack Stephenson, managing director of Mobile, Ecommerce and Payments, JPMorgan Chase. “Mitek’s Mobile Deposit product helps us deliver on that promise by making mobile check depositing convenient and quick, across a variety of platforms.”

Mitek President and CEO James B. DeBello said: “At Mitek, we enhance the consumer’s mobile-payment experience with advanced capabilities for depositing checks and paying bills that are accurate, secure and easy to use. We are proud to partner with Chase for the use of our patented software solutions.”

In addition to its QuickDeposit feature, Chase provides consumers with industry-leading mobile banking services, including:

  • Award-winning Chase mobile banking applications for iPhone and Android users.
  • Text Banking: allows customers to request from any mobile phone and receive within seconds their account balances and transaction history on checking, savings, credit card, mortgage and home equity accounts.
  • Instant Action Alerts: text messages are sent the moment a checking account balance falls below a pre-selected amount; the customer can then instantly transfer funds through a text-message reply.
  • Chase QuickPay feature is now available for iPhone users, allowing them to send money to and receive funds from virtually anyone who has signed up for the service with an e-mail address.
  • Mobile Chase.com website, offering standard services for all mobile banking customers.

Source: Business Wire

2010 Mobile Banking Scorecard Research Report

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Javelin Strategy and Research has released its 2010 Mobile Banking Scorecard: How 19 Top Financial Institutions Compare on Mobile Channel Retail Delivery. The survey presents an overview of mobile banking services offered by 19 of the 30 largest U.S. financial institutions (FIs) based on deposits. The survey covers five key areas of mobile banking: marketing and security messaging, mobile access, general features, short message service SMS features and security.

As part of the data collection process, mystery shoppers also were employed. They searched each FI’s website and contacted each FI’s customer service representatives CSRs a minimum of four times. Of the 30 FIs researched and contacted in June and July 2010, 19 offer mobile banking services to their customers.

When scoring the FIs, Javelin reviewed a total of 47 criteria. Based on a quantitative analysis of the criteria, FIs were awarded either a gold, silver or bronze status. This report further includes a profile of Bank of America.

More information or to download a report summary: Javelin Strategy – 2010 Mobile Banking Scorecard.

Global Mobile Banking Customer Base to Reach 1.1 Billion by 2015

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Mobile banking is emerging as a key electronic channel for the global banking and financial services industry. The ubiquitous nature of mobile devices and services, and the ability of mobile banking services to reduce overall operational costs, streamline operations, and expand customer base are expected to boost prospects in the industry. Increasing adoption of mobile phones among general consumers, particularly among the younger generation in the 18-34 years age group, and rapid rise in demand for mobile payments are expected fuel demand for mobile banking services.

The industry is also expected to benefit from favorable government and regulatory specifications, which are aimed at providing banking services to unbanked customers to promote economic development.The United States, Europe and Asia-Pacific dominate the global mobile banking market, as stated by the new market research report on mobile banking. The market for mobile banking is set to achieve tremendous growth, with Asia-Pacific emerging as the predominant market in terms of customer base.

North America and Europe are characterized by high usage of mobile devices for Internet access, as a result of which mobile banking is an extension of online banking services. In Europe, mobile banking services are still in early stages, and regarded primarily as ‘convenience providers’ and ‘value additions’ rather than revenue generators. On the other hand, the Middle East and African markets are expected to benefit from the mobile banking technology’s ability to provide financial services to remote areas.Rapid growth of mobile banking services is driving banks to devise strategies to sustain presence in an intensely competitive market. Success of a bank’s mobile banking service is dependent on its ability to retain customer base and achieve cost reductions.

Key players profiled in the report include Bank of America, JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc., , ClairMail Inc, Firethorn Holdings LLC, Fronde Anywhere Ltd, Industrial & Commercial Bank of China Limited, Macalla Software Ltd, mFoundry, Monitise plc, MShift Inc., and Sybase Inc., among others.The report titled “Mobile Banking: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, competitive scenario, product introductions/innovations, and recent industry activity. The study analyzes market data and analytics in terms of number of customers for The United States, Canada, Europe, Asia-Pacific, and Rest of World.For more details about this comprehensive market research report, please visit – Mobile Banking Market Report

Source: PR Web