Wednesday, February 15, 2012
Mobile Banking Updates - Feb 15
Banks Seek Sticky Relationships from Mobile Apps
"Mobile banking continues to dominate banks' application development initiatives, as it has for the past several years, a recently released American Banker survey shows.
The survey of the American Banker Executive Forum found that 42% of banks currently offer mobile banking or mobile payments. And among those that don't, 40% have firm plans to offer them within the next 12 months."
Mobile Banking App Usage Increases Dramatically in 2011
"In Q2 2011, 16 percent of the total U.S. mobile audience age 13+ reported using their mobile devices for accessing financial information or carrying out a financial transaction. While browser usage continues to be the dominant channel for banking services on a mobile device, app usage has seen a dramatic increase in the previous year – largely due to the popularity of smartphones and investment of financial institutions into their mobile channels. By Q2 2011, banking app usage had risen 74 percent from nearly a year go, followed by app usage among credit card users (up 58 percent)."
The Rise of Mobile Banking: Will Cash Become Obsolete?
"If you like carrying cash and sorting through a wad of bills to find the correct change, you're not only a merchant's nightmare, but you could soon be the one being asked to wait while a clerk runs off to make change.
And it's not just cash that's coming under fire, credit and debit cards are too. Industry research shows that the average "plastic" transaction takes close to one minute to process, whereas through mobile payments, you can pay and be on your way in less than 12 seconds."
Trends in mobile banking today
"Today's consumers are Internet-savvy and want the convenience of checking their bank balances on the fly and performing transactions as quickly and effectively as possible. In response to the ever-increasing demand for portability and convenience, many financial institutions have been ramping up their mobile banking efforts and coming up with ways to please today's consumers. Here are some mobile banking trends you can expect."
Oracle Introduces Oracle FLEXCUBE Multi-Channel Solution on Direct and Mobile Channels for the Financial Services Industry
"To help financial services organizations deliver more personalized services and offerings via direct and mobile channels, Oracle Financial Services today introduced Oracle FLEXCUBE solutions for multi-channel banking.
Oracle FLEXCUBE Multi-Channel Solution, with new versions of Oracle FLEXCUBE Direct Banking and Oracle FLEXCUBE Private Banking, enables banks to offer complete portfolio view-based products and services on multiple direct channels, including mobile devices. Banks can introduce highly personalized offerings while reducing customer acquisition costs by offering a comprehensive range of products through a one-stop portal."
"The mCommerce suite includes the mobile solutions—mBanking, mPayments and mRemittance. Based on the Sybase Mobiliser Platform, Sybase mCommerce 365 includes a number of value added services including our advanced Marketing module.
This highly adaptable mobile commerce solution enables the mobile economy by allowing anyone with a mobile phone to pay, buy, bank and remit money. With the mCommerce product suite, you can introduce a standard, convenient communication and transaction channel that supports anywhere, anytime mobile commerce services."