Mobile Banking's Future to Include Voice Recognition, Wells Fargo's Ellis Says
"Steve Ellis will never forget the day it dawned on him that people would want to bank on their phones. "I was walking in San Francisco, I was on my BlackBerry and I walked in front of a bus," recalls Ellis, who is executive vice president and group head of the Wells Fargo Wholesale Services Group, which includes the Enterprise Payments Strategy, Technology Services, and Treasury Management groups, along with commercial loan services, customer analytics, marketing and communications, risk management, and mobile and social media strategies."
U.S. mobile banking soars 50% in 2011
"Mobile banking in the U.S. has soared 50% since 2011, according to a new global survey. Another survey found that marketing mobile banking can help credit unions and other financial institutions double the average adoption rates. And recent announcements indicate both credit unions and banks are taking advantage of mobile opportunities.
Asia has the highest mobile banking penetration, but survey respondents in the U.S. reported the highest frequency of use--an average 4.9 mobile transactions in the previous three months, according to Bain & Company's annual "Customer Loyalty in Retail Banking Report" for 2012."
Mobile Banking: A Bonanza (or Bust) for Banks?
"Mobile is top priority for many banks. It gulps lots of money and management attention, and generates new risks. But the road ahead is blurry.
We can visualize it much more clearly by checking the rearview mirror, observing how prior consumer payment innovations have played out – and what they have or haven't contributed to bank market shares and profitability."
Mobile banking will take time to catch on and pay off
"Banks shouldn’t count on a quick bonanza from mobile banking technology, the American Banker reports today. Why? In large part, because old habits die hard.
'(C)onsumer transaction volume growth through new payment mechanisms is glacially slow, almost always much slower than projected.'"
Mobile banking innovation stimulates banks’ IT spending
"European banks are racing to catch up with the mobile services available in the US but remain twitchy about over-extending budgets. Despite a stagnating economy and the resource-draining process of adhering to thousands of pages of regulations, UK banks are investing time and money on mobile and internet technologies to improve customer services."
Mobile Banking, Identity Theft & Credit Reporting Agencies
"Twelve million mobile banking customers may sound like a satisfactory number, but Bank of America wants more. As part of a drive to sign up more people for mobile banking, the bank is outfitting its teller stations with quick response (QR) codes that can be scanned by mobile devices to download the mobile app. David Godsman, senior vice president of online and mobile solutions, says the teller station registration is part of a multi-pronged campaign to grow mobile banking. The bank’s current 12 million mobile subscribers are a fraction of its 58 million total consumer and business customers."