The total value of mobile transactions processed throughout the world is expected to escalate to in 2019 surging at a CAGR of 122.2% over the period of 2015-2019. The massive increase in the payments, remittance and banking value is anticipated to be driven by Asia-Pacific region, with countries including China and India.
Bank of America’s mobile banking platform has more than 17 million active users and growing at a rate of approximately 5,000 users per day. During the first quarter of 2015, mobile banking customers logged into their accounts more than 625 million times, or almost 40 times per user.
USAA Federal has scored the best in overall mobile banking. USAA is the only financial institution of the top 30 financial institutions that offers contacting a CSR or virtual assistant within the app, one of the key distinctions.
Mobile banking users will likely exceed online banking users for the first time by 2019. A new report predicts 1.75 billion mobile phone users will have used their devices for banking purposes by the end of 2019, compared to 800 million this year. The scale of the mobile banking challenge has been confirmed by the decreasing number of branch visits by consumers and also the closure of physical bank branches over the past 12-24 months.
Thanks to MyBank, the customers of Zurich Connect in Italy can now pay their insurance premiums via online and mobile banking safely and simply through their bank.
MyBank will allow to all the holders of a current account opened within many banks now enabled to acquirer via online their insurance premiums on Zurich Connect site with just a couple of clicks. By offering MyBank on its website, the online insurer provides its customers in Italy with a convenient and secure payment method based on the online banking environment they know and trust. The cooperation between Banca Sella, that offers MyBank payment option throughout GestPay Payment Gateway, and the Italian online company Zuritel, owner of Zurich Connect brand, (http://www.zurich-connect.it/), has made possible for the largest insurance company in Italy to offer payments via MyBank.
Boulder Valley Credit Union implemented Tyfone’s (www.tyfone.com) mobile financial services to enable next-generation mobile banking services for its member customers. With an integrated strong ID authentication mobile security and NFC contactless payments, BVCU can now offer its members a convenient, secure and integrated mobile banking solution. Tyfone’s mobile banking solution offers a complete range of features for banking customers. In addition to standard mobile banking features, such as checking balance, account history review, fund transfers, branch and ATM location lookup and customizable alerts, Tyfone’s multimode mobile banking solution offers convenient features. These include Mobile Remote Deposit Capture (mRDC); Person-to-Person (P2P) payments; Bill pay integration; and m-banking enrollment of non-PC bankers.
Fiserv financial services technology announced Union Bank has deployed its “CheckFree RXP” electronic bill delivery and payment for online and m-banking. The “CheckFree RXP” platform leverages the Fiserv biller network to enable electronic bill payment, connecting thousands of businesses to financial institutions and consumers. Its “Payment Assistant” feature allows Union Bank customers to receive, view and pay all their bills in one place. Customers will retain control over the payment process by choosing the date they want their bill to be paid from an interactive calendar. Customers will also enjoy faster payment delivery, as most payments made via CheckFree RXP can be delivered the next business day or the same day.
Jack Henry & Associates payment processing services announced its app-based iPhone and Android versions of the “goDough” m-banking has added remote deposit capabilities provided by its Remote Deposit Anywhere (RDA) solution. The “goDough” solution offers WAP, SMS, or app-based mobile banking through 610 banks and credit unions have selected. It is currently supporting 99 mobile service carriers. It supports traditional in-branch and online transactions such as balance inquiries, funds transfers between accounts, and transaction viewing; and accommodates all account types, including checking, certificates-of-deposit, money markets, loans, and lines-of-credit. Checks are photographed using smartphone and tablet cameras or scanned using flatbed scanners, converted into electronic transactions, and processed through the ACH or Check 21 image exchange networks.
Mobile banking is now allowing more banks to drive out costs and deepen customer relationships, according to Bain & Company’s annual “Customer Loyalty in Retail Banking Report (2012 global edition).” The report finds that Asia has the highest mobile banking penetration while survey respondents in the U.S. reported the highest frequency, averaging 4.9 mobile transactions in the previous three months. Meanwhile, 64% of mobile banking users in the U.S. say that the future ability to use their smartphones or tablets to check account balances would be highly valued and 41% say using their smart device for remote deposit capture (through a digital image of an endorsed check) would be highly valued. U.S. mobile users report greater loyalty.
Allowing users to pay bills and send remittance, the Etisalat Group launched its mobile wallet solutions with “state of the art” ISO-1 compliant security features. Etisalat’s mobile commerce application is a fully functional mobile wallet that offers a full range of mobile banking and transaction services. It will provide millions of people with access to banking for the very first time. Etisalat’s Mobile Commerce service is developed in-line with its strategy of including un-banked and under-banked customers into the regulated financial services space, enhancement of financial transparency and expansion of financial transaction channels. This service will provide millions of people with access to banking for the very first time.
Malauzai m-banking SmartApps for community financial institutions launched SmarText capability that provides registered users with access to account balances and recent transaction history without having to perform a traditional login on the mobile application. SmarText combines the convenience and speed of text banking with the enhanced user-experience of mobile app-based banking. The function was developed in response to SmartApp usage data compiled by Malauzai that shows logging in as one of the most challenging tasks in mobile banking, mostly due to mis-typed information. The SmartApp usage data also determined that 76 percent of mobile banking sessions are short, and users only check their balance and transaction history during the time they are logged in. To provide a better user experience, Malauzai worked with City Bank Texas to make these features easily accessible to the bank’s customers.
Research and Markets has announced the addition of the “Australia – E-Commerce, Marketing and Advertising” report to their offering. E-Commerce and m-commerce have become very important areas of focus for the mobile operators, internet media players, financial institutions and payment processing firms alike. Governing bodies are also recognising the importance of this sector – in…