Mobile Payment Magazine

Report Shows Majority of Top 100 Financial Institutions Offer Mobile Banking

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2010 Mobile Banking ReportA recent report covering mobile banking reveals that over half of the Top 100 financial institutions offer mobile banking services as of September 2010.

Surprisingly, this activity is not concentrated among the Top 25 or even Top 50, with many smaller banks actively utilizing vendor capabilities to offer mobile solutions.  Of the Top 100, nearly 40% offer access via mobile web, while 32% offer SMS banking and/or alerts and 32% offer apps.

Apple’s iOS remains the main platform for launching application-based banking, but financial institutions have realized the importance of other operating system leaders.  Sixteen percent and fourteen percent now offer a RIM Blackberry or Google Android application, respectively.

A detailed evaluation of features available by channel also reveals that mobile web and app channels often provide virtually the same capabilities.  Balance inquiries and transaction history are standard, but new features help banks differentiate themselves from competition.  Seventeen percent offer GPS-enabled branch/ATM locators, and thirty-five percent allow mobile billpay (most require pre-entered payees, but not all).

Additionally, several banks are expanding their offerings to include mobile deposit capture, P2P, offers and loyalty programs, and rewards management and redemption.

The  study, released by First Annapolis, covers  mobile banking and payments capability and activity among the Top 100 U.S. financial institutions (ranked by deposits).  The report is the first data-intensive study of its kind and provides unique insights into how banks currently leverage mobile as a new channel to reach consumers.

Source: First Annapolis

Mobile Phones Leapfrog Traditional Financial Institutions in Developing World

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When a devastating earthquake struck Haiti in January, phones enabled Haitians to withdraw cash at local banks or access account funds to pay for groceries.

The spawning of a “mobile money” market in Haiti illustrates how mobile funds-transfer applications could develop elsewhere. Now card companies and mobile carriers in various parts of the world are coming together to meld the popularity of cell phones with access to financial services.

via Worlds of Differences in Mobile Money Strategy – American Banker Article.

Mobile Banking in Africa

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Mobile operators and industry experts see the mobile payment, also called Mobile Banking, MBanking, M-payment or SMS

Banking, as the future of a cashless society.

The mobile payment works by storing a consumer’s credit or debit card within the SIM card and employing the near-field communication (NFC) technology1 or sending money by text message. Clients can convert cash into electronic money (and vice

versa) through any retail outlets and then use their mobile phone to instantaneously send and receive money wherever they have cell coverage.

via Financial Technology Africa | Will You Pay By Credit Card? No, I Have My Mobile Thanks.

New Mobile Banking via SMS in Jamaica

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Anyone with a mobile phone can now bank on the go, thanks to FirstCaribbean International Bank’s Mobile Banking service. Customers of FirstCaribbean can do their banking via SMS text messaging and immediately receive their account information via return SMS text.

After a successful launch of this new service in Barbados, Cayman, and the Eastern Caribbean Islands, FirstCaribbean is making this service available to Jamaica customers starting today.

With FirstCaribbean Mobile Banking, customers can:

  • Request their account balance
  • Request the last 5 transactions that occurred during the past 30 days.
  • Transfer funds between their accounts
  • Set up weekly account balance alerts
  • Set up threshold alerts.  For example, they can set an alert to come to them if their account balance falls below a certain amount or if it goes above a certain amount.

FirstCaribbean’s Chief Marketing Officer, Peter Steenveld, noted that the new service means the bank’s customers can now do their banking anywhere, at any time and on the go. “What’s so exciting about our service is that you can access it on any type of mobile phone. You don’t need to have one of the latest models of smart phone to be able to use our mobile banking service. Any phone that can send or receive text messages will put your latest account information right in the palm of your hand. Our service is safe, convenient, and it’s fast, so there’s no waiting for web pages to download.”

Customers signing up for FirstCaribbean Mobile Banking can access up to 6 of their Checking or Savings accounts, and is available to customers of any mobile phone service provider. SMS charges will be the same as what any customer would pay for their cellular service provider for text messages.

Apart from being convenient and easy to use, FirstCaribbean’s Mobile Banking service is safe.  Stringent security measures are in place to protect their customers’ financial information and details.  Text messages will only be sent to the mobile phone number that is registered with the bank by the customer, who must verify his/her identity at the time of registration. Account details or any financial information will not be sent to any third party.  Account numbers are never sent to the mobile phone.

Director, Retail, Wealth & Small Business Banking in Jamaica, Christopher Denny added: “Our staff participating in the pilot this new service, loved it. We received many positive comments about the speed and convenience of the service. One feature that was particularly well received was the balance threshold alerts. People testing the service were pleased to be able to get an alert when they received a deposit – for example when their salaries were deposited to their accounts – or if their balances went below a certain limit, and then to be able to transfer from one account to the other – all without setting foot in the bank!”

FirstCaribbean is not charging any fees for the Mobile Banking service.

Source: FirstCaribbean