MobileFI

comScore: FIs Seeing Increased Use, Engagement of Mobile Channel

comScore recently released its 2011 State of Online and Mobile Banking report and the results are excellent for mobile financial services. “Mobile banking grew solidly in 2011 as perceptions of the economy improved early in the year and financial institutions invested in further developing their digital channels,” said Sarah Lenart, comScore Vice President for Financial [...]

Mobile Commerce Growth Accompanied by Security Concerns (infographic)

Mobile commerce grew to $4 billion in 2011, and e-commerce has been rising as a percentage of total U.S. retail sales for the last ten years. 35.6 million mobile phone users are projected to use mobile coupons by 2013, according to eMarketer. However, not everyone is comfortable with mobile coupons, with Opus Research reporting that [...]

Financial Institutions are in the Mobile Payments Driver’s Seat

Many of the new entrants in the mobile payments space must face one nagging reality: consumers still trust their banks and credit card companies to drive the mobile payments market. That’s according to new research from KPMG and mobile analyst Chetan Sharma as previously reported in MobileFI. This doesn’t mean that initiatives such as Google Wallet, [...]

Why Context Matters in Mobile Banking

In financial services, until only recently, the term “mobile banking” was used almost exclusively to describe a retail banking account management performed with a mobile (or cellular) phone using SMS or WAP technology. This service was first introduced in Europe (and by some accounts, on a global level) by the likes of tech-savy Nordea (Finland) [...]

Bank Launches Mobile Text Alerts After $1 Million in Fraud Losses

DBS Bank, one of the largest retail banks in South East Asia, recently announced plans to launch a real-time SMS/text alert service after a $1 million ATM skimming scheme hit over 700 DBS Bank customers in Singapore. Tom Wills, a fraud analyst for Javelin Strategy & Research, says financial institutions (FIs) in other markets, such [...]

Mobile Banking Reaches Critical Mass for Big Banks

EMI recently analyzed the 4Q11 financials from both JPMorgan Chase and Wells Fargo. Their analysis underlined the extent to which mobile banking has emerged as a key banking channel, while concurrently indicating that online penetration may have reached a ceiling. Chase: Between 4Q10 and 4Q11, Chase grew its active mobile banking customers by 57%, while [...]

Over Half a Billion Mobile Banking Users Expected Next Year

The number of mobile banking users worldwide will reach 530 million by 2013, up from just over 300 million last year, according to a new Juniper Research report. According to Juniper’s Mobile Banking for Developed & Developing Markets report, mobile services are becoming a fundamental component of business strategies for financial institutions (FIs) as they [...]

Aite Group Warns of Mobile Fraud Risks

A recent Aite Group report, “Mobile Fraud: The Next Frontier”, advises financial institutions (FIs) to prepare themselves to fight mobile fraud. The Aite report, based on a survey of 24 global risk executives, states that while fraud has yet to become common through mobile banking channels, cyber criminals likely have mobile banking and mobile payments [...]

Mobile Banking Is More Secure Than Online Banking

Mobile banking is on the rise -- yet perceived security risks remain a hindrance to full adoption of the technology. In truth, accessing your account via your bank’s mobile website or using your bank’s mobile app is as secure, if not more secure, than banking online via PC. Why? Learn more in Pete Daffern's byline article from Businessweek.

Mobile Wallet Contenders (infographic)

Confused by the myriad players and alliances in the growing mobile wallet space? This infographic from Mashable.com may help clear things up: Click here to view the full infographic.