There are numerous advantages to mobile banking on your smart phone, tablet or laptop computer. Besides the convenience factor, there's the quick access to your accounts that mobile banking affords, which can be helpful when you're traveling or doing business at odd hours. Plus, in many instances, mobile banking means that you're helping the environment, since banking on your computer devices involves less paper and ink used for bank statements, checks and so forth.
With proper precautions (and a reliable, experienced banking partner), mobile banking is a safe option for conducting personal or commercial banking business. However, whether you're just dipping your toe into the mobile banking pond, or you're a savvy early adopter, there are a few precautions all consumers must take in order to safeguard their account and protect themselves from identity theft. Here are a few tips to consider:
Tip One: Know before you download.
Many computer criminals will attempt to gain access to your accounts via illegitimate applications (apps) masquerading as authentic apps from your bank or other provider. If the app logo looks a bit "off", is suggested to you via an unknown source, or requires personal information to be entered in order to download, stay away.
Tip Two: Don't use your mobile banking apps in unsecured environments.
The free wi-fi hotspot at the coffee shop may be convenient, but it also may not be very secure. Whenever possible, use your mobile apps at home, at work, or in other secure environments that are not open to the public.
Tip Three: Don't click on links.
Your bank should never ask for you to submit any personal information via email or text. If you get a message saying something like "action needed" or "your account's been compromised", call your bank's 800 number and ask for verification before proceeding. Chances are the message is a criminal's attempt, known as "phishing" or "spoofing", to fool you into believing you're receiving an official communication from your bank.
Tip Four: Don't keep personal details unsecured on your phone or laptop.
If you use your laptop or phone to access your account, make sure you clear your cookies and cache on a regular basis, so that your accounts can't be accessed should your computer or phone get stolen. ("How to" information on clearing cache can be readily found via an Internet search or by placing a call to your phone or computer provider.) Also, set up your phone and computer so that they require a password to be entered in order to gain access to the device.
Tip Five: Ask your bank for help.
Your bank likely has a wealth of information on its website about security and privacy best practices. Take some time to read through it, and follow-up with your banker with questions. Ask if the bank has a security brochure or handbook you can keep in your desk or car in case of a security emergency.
Bonus Tip: Your kids' names or high school mascot may be easy-to-remember passwords, but they aren't very secure. Change your passwords every 90 days, being sure to use words and phrases that aren't easy to guess. For extra protection, incorporate capital and lowercase letters, and use symbols and numerals.
Learn more about mobile banking options and other banking products at www.greenbank.com
By: Marsha Gordon
Friday, June 14, 2019
Sunday, May 12, 2019
Mobile Banking Applications Are Changing
Mobile banking applications are changing with the introduction of the mobile wallet. New mobile phone apps will enable us to trade stocks from our mobile phones. The mobile wallet will give us the ability to run our smartphone over a bar code scanner at the store to pay for purchases. IT specialists are working on new mobile apps to allow us to do this. Customers also use WAP billing as an alternative to paying for products online with a credit card, debit card or by using premium SMS for billing purposes.
The GFT Group, one of the world's largest providers of IT services, is working on new mobile apps for large financial organizations. These organizations will soon be able to use mobile banking applications, not only to manage their accounts and pay bills, but they will also be able to receive investment counseling and buy and sell stocks. The GFT group helps clients set up mobile apps by offering IT specialist's services and solutions specifically for their financial needs.
We already have the ability to use mobile banking apps to pay bills, access our bank accounts and credit card accounts, to get alerts in our email, and deposit checks in our bank accounts if the bank we use is set up to do this. The GFT AppStore is helping financial organizations develop mobile apps and platforms to specifically fit businesses needs. They are now setting up testing sites for their employees which enables them to fine tune this process.
The mobile wallet is moving to the forefront of banking solutions. Once NFC abilities (near field communications) are set in place, meaning banks, stores and other businesses, both online and off, are able to offer consumers the means to use them, we will see a change in the world of online banking. Experts say that by next year one in five cell phones will be NFC equipped to use mobile wallets.
Many banks and credit card companies enable their customers to pay bills and deposit checks over their mobile phone, although not all banks are set up for all types of mobile phones. WAP billing has become a viable method of paying for downloading music, games, wallpaper and ringtones by being billed via a mobile phone. Mobile banking applications are changing. Newer innovative apps are being designed and developed by IT specialists everyday and some companies now have the capabilities to allow consumers to use them.
For more information on WAP billing , visit our web site: http://www.wbresearch.com/emergingpayments/mobile-banking.aspx
By: Jeremy B Thompson
The GFT Group, one of the world's largest providers of IT services, is working on new mobile apps for large financial organizations. These organizations will soon be able to use mobile banking applications, not only to manage their accounts and pay bills, but they will also be able to receive investment counseling and buy and sell stocks. The GFT group helps clients set up mobile apps by offering IT specialist's services and solutions specifically for their financial needs.
We already have the ability to use mobile banking apps to pay bills, access our bank accounts and credit card accounts, to get alerts in our email, and deposit checks in our bank accounts if the bank we use is set up to do this. The GFT AppStore is helping financial organizations develop mobile apps and platforms to specifically fit businesses needs. They are now setting up testing sites for their employees which enables them to fine tune this process.
The mobile wallet is moving to the forefront of banking solutions. Once NFC abilities (near field communications) are set in place, meaning banks, stores and other businesses, both online and off, are able to offer consumers the means to use them, we will see a change in the world of online banking. Experts say that by next year one in five cell phones will be NFC equipped to use mobile wallets.
Many banks and credit card companies enable their customers to pay bills and deposit checks over their mobile phone, although not all banks are set up for all types of mobile phones. WAP billing has become a viable method of paying for downloading music, games, wallpaper and ringtones by being billed via a mobile phone. Mobile banking applications are changing. Newer innovative apps are being designed and developed by IT specialists everyday and some companies now have the capabilities to allow consumers to use them.
For more information on WAP billing , visit our web site: http://www.wbresearch.com/emergingpayments/mobile-banking.aspx
By: Jeremy B Thompson
Friday, April 26, 2019
Mobile Banking - Good or Bad?
According to research done by the Neilsen Company, 9 out of 10 people have a cell phone and more than half of those people have smartphones. A smartphone is basically a small hand-held computer that allows you to access email, the Internet, make a phone call, or run applications. A growing number of financial institutions now offer mobile banking so customers can use their smartphones to check their balance, find the nearest ATM, pay a bill, or even transfer funds from one account to another. With all this technology, consumers need to understand the services offered and to be careful to protect their personal and financial information.
There are many mobile banking services available. For example, some institutions offer to send customer alerts to cell phones in the event that an account becomes overdrawn or if suspicious activity is detected on their account. This is a great tool for someone who travels and may not access their account on a regular basis or for someone who uses debit cards worldwide. Some institutions have created their own "app" that is available as a smartphone download in order for people to access accounts and process transactions.
But with all of this great technology, consumers need to decide what is right for them and what are they comfortable using. Some consumers are more open to the concept of mobile banking and are willing to pay for those services while others are more reserved and concerned about security or fees associated with the technology. Here are three basic things to think about if you are considering using mobile banking:
Mobile banking certainly can help you keep better tab on your accounts if you are busy or if you travel a lot. However, you need to decide if the risk is worth the gain. Taking the time to be informed and understanding the latest and greatest product may save you a lot of money and hassle. Talk to your institution and let them explain how their mobile banking works, talk to your friends and co-workers to see how they like it and figure out what works best before you decide. Making an informed decision means taking a little time now to potentially save a lot of time and effort later.
Joanna Murphy is Certified in Bankruptcy and is a Certified Financial Counselor by the Credit Union National Association. Her company, New England Credit Consultants is the ONLY licensed and bonded credit repair agency in the State of Maine. For more information about NECC and to read other articles about Financial Fitness, please visit http://www.necreditconsultants.com.
By: Joanna Murphy
There are many mobile banking services available. For example, some institutions offer to send customer alerts to cell phones in the event that an account becomes overdrawn or if suspicious activity is detected on their account. This is a great tool for someone who travels and may not access their account on a regular basis or for someone who uses debit cards worldwide. Some institutions have created their own "app" that is available as a smartphone download in order for people to access accounts and process transactions.
But with all of this great technology, consumers need to decide what is right for them and what are they comfortable using. Some consumers are more open to the concept of mobile banking and are willing to pay for those services while others are more reserved and concerned about security or fees associated with the technology. Here are three basic things to think about if you are considering using mobile banking:
- Does your banking institution charge for mobile banking? Most do not, but don't just assume this is the case.
- What can you do to protect your information should you choose to use mobile banking? Always make sure your phone and your mobile banking application is password protected. Don't choose an obvious password like 1234 or your initials. By password protecting your mobile banking, you are protecting yourself should you lose your phone. A web or application-based mobile banking system is more secure than those that use text messaging. It may sound silly, but you may want to consider purchasing an anti-viral software for your phone or mobile device. It is only a matter of time before the very viruses that invade home computers will try to invade smartphones.
- Know the risk. Before you sign up for mobile banking, know and understand the risk if something goes wrong. Be sure to understand how the system works and if there are time lags between you making the transaction on your phone and when the funds are available. Also, understand what happens if you transfer money to the wrong place... what is your liability? Some institutions now allow you to do "P2P" transactions where you can transfer a small amount of money to a family member or friend from your phone. They are called "person to person" payments and can be very convenient. But be informed and ask what fees and liabilities might be associated with this service.
Mobile banking certainly can help you keep better tab on your accounts if you are busy or if you travel a lot. However, you need to decide if the risk is worth the gain. Taking the time to be informed and understanding the latest and greatest product may save you a lot of money and hassle. Talk to your institution and let them explain how their mobile banking works, talk to your friends and co-workers to see how they like it and figure out what works best before you decide. Making an informed decision means taking a little time now to potentially save a lot of time and effort later.
Joanna Murphy is Certified in Bankruptcy and is a Certified Financial Counselor by the Credit Union National Association. Her company, New England Credit Consultants is the ONLY licensed and bonded credit repair agency in the State of Maine. For more information about NECC and to read other articles about Financial Fitness, please visit http://www.necreditconsultants.com.
By: Joanna Murphy
Wednesday, March 13, 2019
Mobile Banking Security - Is Mobile Banking a Secure Way to Take Care of Business?
Mobile banking security is always a hot topic. Security of cellular phones has been brought into question significantly with the news in England that one of the tabloid newspapers has hacked people's phones to gain access to personal information. This brings rise to the bigger question "Is it safe to use your mobile phone to conduct business transactions or personal banking? What steps can one take to protect themselves from having problems related to mobile banking security?
Many companies are currently developing enhanced applications to further add security features to protect their customer's mobile phone transactions. Mobile application development in the form of client applications is a focus of some major financial institutions like Citibank and Bank of America. Developing customized applications for the exclusive use by their customers, these companies are creating applications that can be downloaded directly to the customer's smart phone. Other company's like AT&T are creating third party downloads that can be used to access accounts at many other banks enhancing mobile banking security.
One reason specialized client applications are becoming so popular is because they are faster and more secure than logging into your bank's website. In most instances these user interfaces are simpler to navigate on the small displays that are common with smart phones. Often these applications will take some effort to install, but theoretically these applications are much more secure due to the fact that they have been design to work exclusively with your bank's own security algorithms. By avoiding the use of web browsers, mobile application development downloads are also immune to web based phishing scams. Considering downloading these far superior applications to your smart phone is an important step towards improving mobile banking security.
If you decide to download mobile application development software to your mobile phone, there are some downsides that come along with all of the benefits. One of the most serious concerns after you downloaded one of these client applications to your mobile phone is you now need to be very concerned if you should happen to lose your phone. A smart phone with client based banking applications installed on it can be very dangerous in the hands of the wrong person. One is cautioned to disable these options on the phone after each individual use and to make sure that you inform your bank in the event that you lose your smart phone to ensure mobile banking security.
One also needs to take into consideration that with these downloads your mobile smart phone is now carrying very sensitive information on the smart phone itself. Since many of these client applications allow for the user to remain connected for long periods of time, discipline in shutting down these applications after use is a must. One must also make sure that their application downloads are coming from a reliable source like your bank itself or a trusted source as there is significant danger in obtaining rouge downloads that will jeopardize your mobile banking security as well.
Reducing fraud and protecting your money while having client applications installed on your smart phone requires taking a few common sense steps to make sure that you remain protected:
You should now be aware of many of the benefits, and some of the risks, of having your mobile phone setup to provide direct access to your bank through client applications. Being forewarned is being forearmed, and following these simple guidelines will make your use of today's technological advantages a safe one. Mobile application development is serious about providing customers with the latest benefits while also offering mobile banking security for all involved as well.
For more information about mobile application development, visit Magenic Technologies [http://magenic.com/] who have been providing innovative custom software development to meet unique business challenges for some of the most recognized companies and organizations in the nation.
By Chandra Heitzman
Many companies are currently developing enhanced applications to further add security features to protect their customer's mobile phone transactions. Mobile application development in the form of client applications is a focus of some major financial institutions like Citibank and Bank of America. Developing customized applications for the exclusive use by their customers, these companies are creating applications that can be downloaded directly to the customer's smart phone. Other company's like AT&T are creating third party downloads that can be used to access accounts at many other banks enhancing mobile banking security.
One reason specialized client applications are becoming so popular is because they are faster and more secure than logging into your bank's website. In most instances these user interfaces are simpler to navigate on the small displays that are common with smart phones. Often these applications will take some effort to install, but theoretically these applications are much more secure due to the fact that they have been design to work exclusively with your bank's own security algorithms. By avoiding the use of web browsers, mobile application development downloads are also immune to web based phishing scams. Considering downloading these far superior applications to your smart phone is an important step towards improving mobile banking security.
If you decide to download mobile application development software to your mobile phone, there are some downsides that come along with all of the benefits. One of the most serious concerns after you downloaded one of these client applications to your mobile phone is you now need to be very concerned if you should happen to lose your phone. A smart phone with client based banking applications installed on it can be very dangerous in the hands of the wrong person. One is cautioned to disable these options on the phone after each individual use and to make sure that you inform your bank in the event that you lose your smart phone to ensure mobile banking security.
One also needs to take into consideration that with these downloads your mobile smart phone is now carrying very sensitive information on the smart phone itself. Since many of these client applications allow for the user to remain connected for long periods of time, discipline in shutting down these applications after use is a must. One must also make sure that their application downloads are coming from a reliable source like your bank itself or a trusted source as there is significant danger in obtaining rouge downloads that will jeopardize your mobile banking security as well.
Reducing fraud and protecting your money while having client applications installed on your smart phone requires taking a few common sense steps to make sure that you remain protected:
- One should make sure that their smart phone is setup to require a password to access the phone upon power-up and that the phone is also setup to go into a sleep mode after a certain period of time. If the phone is lost, it will hopefully power-down before someone else can attempt to access the phone and then the phone is password protected.
- Don't allow your phone to be setup to automatically log into your account. This may sound like you are making your life more difficult, but you are also making it more difficult for an unauthorized user as well.
- Never share your password, pin number, or account number.
- If you lose your phone, contact your bank immediately to maximize your mobile banking security.
You should now be aware of many of the benefits, and some of the risks, of having your mobile phone setup to provide direct access to your bank through client applications. Being forewarned is being forearmed, and following these simple guidelines will make your use of today's technological advantages a safe one. Mobile application development is serious about providing customers with the latest benefits while also offering mobile banking security for all involved as well.
For more information about mobile application development, visit Magenic Technologies [http://magenic.com/] who have been providing innovative custom software development to meet unique business challenges for some of the most recognized companies and organizations in the nation.
By Chandra Heitzman
Tuesday, February 12, 2019
Challenges of Nigeria Mobile Banking
Mobile Banking refers to provision of banking and financial services with the help of mobile telecommunication devices. The scope of offered services may include facilities to conduct bank and stock market transactions, to administer accounts and to access customized information. Also known as M-Banking in Nigeria or in some instances SMS Banking etc. It is a term used for performing balance checks, account transactions, payments and others transaction services via a mobile devices. Some mobile Banking applications in Nigeria use pre programmed configurations settings.
Mobile Banking in Nigeria started from the transaction based activities whereby Bank customers are Notified via sms when transactions are conducted on their account or via Atm. This is a one way event and only for informational purposes only. GT Bank was on of the earliest Banks to provision this service to customers.
That was the early days on Mobile Banking in Nigeria. Nigerian Banks are now deploying full fledge banking via the Mobile Phones with array of services which were only possible in the Banking Halls before. Zenith Bank, UBA , GTBank, Diamond and Intercontinental Banks are the fore runners of this innovation.
Despite the watch and see attitude that some very leading Banks are taking about Mobile Banking in Nigeria, The mobile remains the Only and most available feasible means to provide mass market alternative to Branch Banking in Nigeria. The internet has only a penetration rate of 6 percent in a population of 140 million but mobile technology is close to 50 percent penetration with prospects for growth.
Mobile devices are the most promising way to reach the masses and to create a tie-in among current customers, due to their ability to provide services anytime, anywhere, high rate of penetration and potential to grow. Deployment of 3G in coming months will also enable Banks to offer more robust Mobile Banking technologies.
Key challenges in developing a sophisticated mobile banking application are Interoperability. The single reason for is the manner in which mobile phone applications evolved over time, device manufacturers focused on particular standard and and this led to a proliferation of applications. The Financial Regulator CBN should look in this issue at this early stage so that Mobile Banking ecosystem can be robust with National standard that cuts across all Banks. Bank specific Mobile Banking platforms is akin to having each bank deploying its own ATM Technology which other bank customers cannot access.
Interoperability can also help to evolve a standard that will enable low end phones which are currently excluded, to do Mobile Banking. Some countries like India and South Africa are already using some standards like R-World and USSD.
Application distribution for Mobile Banking is another area where some Banks are facing Challenges. While some forward looking Banks are overhauling their gateways and reducing their reliance on Mobile Operators settings to enable customer's phones, Some Banks are actually asking that Customers come with regular Operator settings which in many instances might not be correct configurations settings..
Operator settings are not really meant for critical operations since most of the settings are used for entertainment based activities. Nigerian Banks that are looking at competing at this sector must look beyond operators settings which might not be correct, delayed in arrival,may not come at all and not regularly updated. Some Mobile operators do update like every three months while some do not at all. For wap and Gprs based Mobile Banking applications, mobile network coverage will also be an issue.
As part of their marketing strategies, I will expect that by now, customers do not need to visit local Branches to download Banking applications. Over-the-Air (OTA) Settings should be readily available online and some innovations can even come to play by Banks deploying Bluetooth application machines in Shopping malls and some strategic places where customers can visit and download Mobile Banking applications for free or for a fee..This will increase the addressable market of the Banks offering Mobile Banking exponentially in Nigeria.
Emmanuel Okoegwale
emmanuel@gomobileng.com
Emmanuel Okoegwale works for Gomobile Nigeria. He is an experienced Mobile marketing specialist.
Mobile Banking in Nigeria started from the transaction based activities whereby Bank customers are Notified via sms when transactions are conducted on their account or via Atm. This is a one way event and only for informational purposes only. GT Bank was on of the earliest Banks to provision this service to customers.
That was the early days on Mobile Banking in Nigeria. Nigerian Banks are now deploying full fledge banking via the Mobile Phones with array of services which were only possible in the Banking Halls before. Zenith Bank, UBA , GTBank, Diamond and Intercontinental Banks are the fore runners of this innovation.
Despite the watch and see attitude that some very leading Banks are taking about Mobile Banking in Nigeria, The mobile remains the Only and most available feasible means to provide mass market alternative to Branch Banking in Nigeria. The internet has only a penetration rate of 6 percent in a population of 140 million but mobile technology is close to 50 percent penetration with prospects for growth.
Mobile devices are the most promising way to reach the masses and to create a tie-in among current customers, due to their ability to provide services anytime, anywhere, high rate of penetration and potential to grow. Deployment of 3G in coming months will also enable Banks to offer more robust Mobile Banking technologies.
Key challenges in developing a sophisticated mobile banking application are Interoperability. The single reason for is the manner in which mobile phone applications evolved over time, device manufacturers focused on particular standard and and this led to a proliferation of applications. The Financial Regulator CBN should look in this issue at this early stage so that Mobile Banking ecosystem can be robust with National standard that cuts across all Banks. Bank specific Mobile Banking platforms is akin to having each bank deploying its own ATM Technology which other bank customers cannot access.
Interoperability can also help to evolve a standard that will enable low end phones which are currently excluded, to do Mobile Banking. Some countries like India and South Africa are already using some standards like R-World and USSD.
Application distribution for Mobile Banking is another area where some Banks are facing Challenges. While some forward looking Banks are overhauling their gateways and reducing their reliance on Mobile Operators settings to enable customer's phones, Some Banks are actually asking that Customers come with regular Operator settings which in many instances might not be correct configurations settings..
Operator settings are not really meant for critical operations since most of the settings are used for entertainment based activities. Nigerian Banks that are looking at competing at this sector must look beyond operators settings which might not be correct, delayed in arrival,may not come at all and not regularly updated. Some Mobile operators do update like every three months while some do not at all. For wap and Gprs based Mobile Banking applications, mobile network coverage will also be an issue.
As part of their marketing strategies, I will expect that by now, customers do not need to visit local Branches to download Banking applications. Over-the-Air (OTA) Settings should be readily available online and some innovations can even come to play by Banks deploying Bluetooth application machines in Shopping malls and some strategic places where customers can visit and download Mobile Banking applications for free or for a fee..This will increase the addressable market of the Banks offering Mobile Banking exponentially in Nigeria.
Emmanuel Okoegwale
emmanuel@gomobileng.com
Emmanuel Okoegwale works for Gomobile Nigeria. He is an experienced Mobile marketing specialist.
Friday, February 1, 2019
Mobile Ecommerce As a Mobile Banking Technology
Like the other businesses, banks too have tasted the increased revenue income with mobile technologies and from then onwards mobile ecommerce solutions are constantly reviving the banking industries. With the availability of the bank related financial services via Smartphones, banking technology has arrived at a new milestone called mobile banking.
Mobile banking or mbanking is getting popular among banks around the world as it has proved additional revenue generation by reducing costs and simultaneously catering to the needs of the tech savvy customers. The customers are served the best by mobile banking solutions as this technology enables secure financial transactions even via unsecured networks.
With the advancements in mobile technologies customers plan and strategize their banking transactions while on the move with a sense of security. Within an empirical research poll, it was found that banking industries profit heavily from three kinds of people.
The three target audiences of mobile banking technology are:
Youngsters: The teenagers on an overall analysis might not have relevancy in contributing to the revenue or financial inputs but these are the folk that will determine the banks' future economy with respect to technological upgrades. The 'school group' will be the future entrepreneurs and business professionals who are used to ubiquitous computing and will definitely expect their banking transactions to be done with a simple click or touch. So banking industries should keep track of their future customers' habits and behaviors to frame a successful long term mobile banking solution.
Young Professionals: Admittingly this lot is unstable with their financial conditions but then, this scenario is just a passe with this group and banking professionals ought to consider their behaviors or activities to turn them into their loyal customers in the future that would contribute heavily in the incoming revenue for banks. This young generation set of people are innovative in their ventures and as tech savvy as the previous group but also sensitive when it comes to making monetary assets in trusted financial institutions. Thus, banks should frame policies that would enable investments in future from this core group of audience.
Business Clientele: Undoubtedly, the business owners of all niches are a muse to the banking industry. They are knowledgeable, economically sound and are time conscious. This set of the people look up to the banks for quick guidelines and financial transactions with respect to their investments and funds. Mobile device as medium of fund transfer between individual accounts is something this group will be interested in and by serving to this demand the bankers earn the trust and commitment from the business class people.
For all these unlimited demands from the various groups, mobile banking solutions help the banking industries to overcome the limitations posed by geographical barriers, demographic intensity and this step towards mcommerce in banking will ease out the pressure on the banking staff in remitting heavy amounts of currency. Mobile banking is also a safe option when it comes to foreign exchange transaction as this technology seamlessly encourages financial transactions over cross borders. Android, iPhone, Blackberry and Window Phone 7 are some of the best mobile phone operating systems on which bank related mobile apps are built.
Endeavour - The Mobility Company specializes in developing mobile ecommerce [http://www.techendeavour.com/Mobility_in_Retail] solutions for retail owners, insurance companies and banking sectors. Some of the major clients who trust Endeavour for mobility services with respect to the above mentioned business platforms are TESCO, Digi-Data, RMB Capital Partners along with many more fortune 500 companies.
By: Anand Raju
Mobile banking or mbanking is getting popular among banks around the world as it has proved additional revenue generation by reducing costs and simultaneously catering to the needs of the tech savvy customers. The customers are served the best by mobile banking solutions as this technology enables secure financial transactions even via unsecured networks.
With the advancements in mobile technologies customers plan and strategize their banking transactions while on the move with a sense of security. Within an empirical research poll, it was found that banking industries profit heavily from three kinds of people.
The three target audiences of mobile banking technology are:
Youngsters: The teenagers on an overall analysis might not have relevancy in contributing to the revenue or financial inputs but these are the folk that will determine the banks' future economy with respect to technological upgrades. The 'school group' will be the future entrepreneurs and business professionals who are used to ubiquitous computing and will definitely expect their banking transactions to be done with a simple click or touch. So banking industries should keep track of their future customers' habits and behaviors to frame a successful long term mobile banking solution.
Young Professionals: Admittingly this lot is unstable with their financial conditions but then, this scenario is just a passe with this group and banking professionals ought to consider their behaviors or activities to turn them into their loyal customers in the future that would contribute heavily in the incoming revenue for banks. This young generation set of people are innovative in their ventures and as tech savvy as the previous group but also sensitive when it comes to making monetary assets in trusted financial institutions. Thus, banks should frame policies that would enable investments in future from this core group of audience.
Business Clientele: Undoubtedly, the business owners of all niches are a muse to the banking industry. They are knowledgeable, economically sound and are time conscious. This set of the people look up to the banks for quick guidelines and financial transactions with respect to their investments and funds. Mobile device as medium of fund transfer between individual accounts is something this group will be interested in and by serving to this demand the bankers earn the trust and commitment from the business class people.
For all these unlimited demands from the various groups, mobile banking solutions help the banking industries to overcome the limitations posed by geographical barriers, demographic intensity and this step towards mcommerce in banking will ease out the pressure on the banking staff in remitting heavy amounts of currency. Mobile banking is also a safe option when it comes to foreign exchange transaction as this technology seamlessly encourages financial transactions over cross borders. Android, iPhone, Blackberry and Window Phone 7 are some of the best mobile phone operating systems on which bank related mobile apps are built.
Endeavour - The Mobility Company specializes in developing mobile ecommerce [http://www.techendeavour.com/Mobility_in_Retail] solutions for retail owners, insurance companies and banking sectors. Some of the major clients who trust Endeavour for mobility services with respect to the above mentioned business platforms are TESCO, Digi-Data, RMB Capital Partners along with many more fortune 500 companies.
By: Anand Raju
Thursday, January 10, 2019
Unique Models Associated With Mobile Banking
Since the development of cell phones and wireless technology, the ways in which phones are used has changed dramatically. Today, it is estimated that approximately 15 million people in the United States alone use mobile phones, with numbers expected to hit around 90 in the next five years. Then when looking at the European market, currently some 10 million people use mobile phones with it anticipated numbers to reach 115 million by 2015. Obviously, Europeans are more eager to purchase mobile phones but remember this technology is available around the world, even in remote countries.
Using mobile banking offers a number of incredible and fascinating advantages to conducting banking in other ways. Among the top mobile phone companies, a variety of banking business models now exists. Remember that each of these companies such as Sprint, Nextel, T-Mobile, Singular, and so on are all vying for your business while trying to keep up with growing demand by the public for more innovative solutions, especially when it comes to finances. Therefore, mobile banking models are quite broad.
For instance, when mobile banking models are developed as a means of attracting low-income populations, which is common in many rural areas, the model would depend heavily on banking agents, such as retail stores, post offices, etc for financial transactions to be processed on behalf of the bank. In this particular case, the banking agent is crucial to the mobile banking model to work. Models such as this are used around the world, with some banking agents being airports, bakeries, pharmacies, grocery stores, and so on.
Another model specific to mobile banking is known as the "bank-focused model". This particular mobile banking model would be used whenever a conventional brick and mortar bank uses some type of non-conventional and inexpensive delivery channel as a way of providing services to existing bank customers. A perfect example would be mobile banking, although online banking and ATMs are also possibilities for providing customers with banking services. Keep in mind that this model provides only limited services of what the conventional bank would offer.
Next, the bank-led model for mobile banking is an alternative solution from using a traditional bank. Unlike the bank-focused model where services via mobile phone would be limited, with this model the customer would have the same range of services that a brick and mortar bank offers. Because the delivery channel is different, services are more robust. For this model to work a JV would need to be created between the bank and non-bank agent or a correspondent arrangement would need to be established.
When mobile banking is used where a bank has limited involvement in the daily management of accounts, perhaps only being responsible for protecting money with FDIC insurance, the model is called a "non-bank-led model". Because of these and other models used to make it possible for people to use mobile banking, various services can be enjoyed by customers, some to include:
For instance, customers would enjoy a variety of options for obtaining information about accounts to include mini-statements, checking and savings account history, account activity alerts based on set criteria, deposit monitoring, access to all bank statements, ordering new checks, balancing accounts, transferring money, changing a PIN code, reporting or blocking a lost credit card, and much more.
The different models also make it possible for customers to perform a number of functions through the mobile phone such as handling payments online, making withdrawals and deposits at a banking agent, managing stock portfolios, and more. Of course, along with all this, mobile banking also comes with quality support whenever the service is through a reputable bank.
Learn More about Mobile Banking App visit Breeze by Standard Chartered [http://breeze.standardchartered.com/]
By: James A Jackson
Using mobile banking offers a number of incredible and fascinating advantages to conducting banking in other ways. Among the top mobile phone companies, a variety of banking business models now exists. Remember that each of these companies such as Sprint, Nextel, T-Mobile, Singular, and so on are all vying for your business while trying to keep up with growing demand by the public for more innovative solutions, especially when it comes to finances. Therefore, mobile banking models are quite broad.
For instance, when mobile banking models are developed as a means of attracting low-income populations, which is common in many rural areas, the model would depend heavily on banking agents, such as retail stores, post offices, etc for financial transactions to be processed on behalf of the bank. In this particular case, the banking agent is crucial to the mobile banking model to work. Models such as this are used around the world, with some banking agents being airports, bakeries, pharmacies, grocery stores, and so on.
Another model specific to mobile banking is known as the "bank-focused model". This particular mobile banking model would be used whenever a conventional brick and mortar bank uses some type of non-conventional and inexpensive delivery channel as a way of providing services to existing bank customers. A perfect example would be mobile banking, although online banking and ATMs are also possibilities for providing customers with banking services. Keep in mind that this model provides only limited services of what the conventional bank would offer.
Next, the bank-led model for mobile banking is an alternative solution from using a traditional bank. Unlike the bank-focused model where services via mobile phone would be limited, with this model the customer would have the same range of services that a brick and mortar bank offers. Because the delivery channel is different, services are more robust. For this model to work a JV would need to be created between the bank and non-bank agent or a correspondent arrangement would need to be established.
When mobile banking is used where a bank has limited involvement in the daily management of accounts, perhaps only being responsible for protecting money with FDIC insurance, the model is called a "non-bank-led model". Because of these and other models used to make it possible for people to use mobile banking, various services can be enjoyed by customers, some to include:
For instance, customers would enjoy a variety of options for obtaining information about accounts to include mini-statements, checking and savings account history, account activity alerts based on set criteria, deposit monitoring, access to all bank statements, ordering new checks, balancing accounts, transferring money, changing a PIN code, reporting or blocking a lost credit card, and much more.
The different models also make it possible for customers to perform a number of functions through the mobile phone such as handling payments online, making withdrawals and deposits at a banking agent, managing stock portfolios, and more. Of course, along with all this, mobile banking also comes with quality support whenever the service is through a reputable bank.
Learn More about Mobile Banking App visit Breeze by Standard Chartered [http://breeze.standardchartered.com/]
By: James A Jackson
Wednesday, December 26, 2018
6 Essential Mobile Banking Features for Community Banks
Financial institutions have many choices when implementing a mobile banking solution. The majority of community banks do not have the resources to develop a mobile application in-house so they will most likely implement a mobile platform from a software vendor.
Community banks must offer robust and intuitive mobile banking apps to compete against large national banks and attract new customers, especially tech. savvy Gen Y consumers. Banks also benefit with the ability to sell more services to existing customers, retain current customers and reduce operational costs. In order for a bank to reap these benefits their mobile app must include many key features.
Security
The number 1 feature that all mobile apps must have is security and fraud controls. Mobile payments in North America alone are estimated to reach $288.4 billion by 2014, a fact that has the attention of hackers and enterprising criminals. Banks should choose a mobile platform that ensures all standard Internet banking security features are applied at login including multifactor authentication and 128 bit SSL encryption while the app is in use. The banking session should also automatically end when the app is closed. It is interesting to note that Javelin Strategy & Research estimates 30 million people in the United States engage in mobile banking, and half of those customers do not think mobile banking is secure. Clearly the benefits of mobile banking outweigh the possible risks in the minds of consumers.
Graphical User Interface
Consumers have become accustomed to interacting with many types of mobile applications ranging from games to online newspapers. When choosing a mobile banking application it is important for financial institutions to choose a platform that is intuitive for consumers and it easy to navigate. Large buttons and full screen menus with limited scrolling requirements are good features to have in a graphical user interface (GUI). Apps that rely solely on SMS text messaging commands should be avoided. Consumers are used to interacting with full service applications at the touch of a button not texting specific commands such as BAL CHK1 to check a specific account balance. People enjoy texting their friends, not their bank.
Bill Pay
Bill payment along with balance inquires are simple features that all mobile banking applications should have and are important to customers. The ability to check account balances and pay bills on the go is the main reason why many customers use mobile banking apps. The software should provide real time account balances and integrate smoothing with a FI's Internet banking system. Apps that do not routinely sync with Internet banking platforms are frustrating for customers to use and may increase calls into customer support.
Fund Transfer
Fund transfers are another basic feature that consumers expect when using a mobile banking app. The ability to transfer money between accounts quickly and securely is a trait that community banks should be sure to offer their customers. Many community bank customers do not utilize a community bank as their primary financial institution and will find the ability to transfer funds to accounts at other institutions attractive. Community banks can strive to win over these customers and eventually become their primary financial institution (PFI).
Mobile Deposit
Mobile deposit [http://cpay360.com/american-banks-need-mobile-to-attract-gen-y] allows customers to deposit checks with a smart phone by taking a photo of the check and submitting it to the bank for processing via the application. Mobile deposit is a popular feature because it is convenient and saves customers a lot of time. Mobile deposit also increases cash flow and allows customers quicker access to their money. If a bank chooses to offer mobile deposit it is important to ensure that the software vendor includes tools to assist in risk management such as duplication detection and fraud monitoring.
P2P
Person-to-person (P2P) payments or fund transfers are becoming more popular. Javelin Strategy & Research forecasts that 60 million American households will use P2P transfers by 2014. The most popular form of P2P transfers is PayPal but there are many other providers available. P2P payments allow customers to send money to each other by mobile device, from one bank account to another. Customers may also use the service to pay bills from businesses that accept P2P payments. The best P2P applications allow customers to transfer funds between accounts that are not held at the same financial institution.
By: Matt Sharpe
Community banks must offer robust and intuitive mobile banking apps to compete against large national banks and attract new customers, especially tech. savvy Gen Y consumers. Banks also benefit with the ability to sell more services to existing customers, retain current customers and reduce operational costs. In order for a bank to reap these benefits their mobile app must include many key features.
Security
The number 1 feature that all mobile apps must have is security and fraud controls. Mobile payments in North America alone are estimated to reach $288.4 billion by 2014, a fact that has the attention of hackers and enterprising criminals. Banks should choose a mobile platform that ensures all standard Internet banking security features are applied at login including multifactor authentication and 128 bit SSL encryption while the app is in use. The banking session should also automatically end when the app is closed. It is interesting to note that Javelin Strategy & Research estimates 30 million people in the United States engage in mobile banking, and half of those customers do not think mobile banking is secure. Clearly the benefits of mobile banking outweigh the possible risks in the minds of consumers.
Graphical User Interface
Consumers have become accustomed to interacting with many types of mobile applications ranging from games to online newspapers. When choosing a mobile banking application it is important for financial institutions to choose a platform that is intuitive for consumers and it easy to navigate. Large buttons and full screen menus with limited scrolling requirements are good features to have in a graphical user interface (GUI). Apps that rely solely on SMS text messaging commands should be avoided. Consumers are used to interacting with full service applications at the touch of a button not texting specific commands such as BAL CHK1 to check a specific account balance. People enjoy texting their friends, not their bank.
Bill Pay
Bill payment along with balance inquires are simple features that all mobile banking applications should have and are important to customers. The ability to check account balances and pay bills on the go is the main reason why many customers use mobile banking apps. The software should provide real time account balances and integrate smoothing with a FI's Internet banking system. Apps that do not routinely sync with Internet banking platforms are frustrating for customers to use and may increase calls into customer support.
Fund Transfer
Fund transfers are another basic feature that consumers expect when using a mobile banking app. The ability to transfer money between accounts quickly and securely is a trait that community banks should be sure to offer their customers. Many community bank customers do not utilize a community bank as their primary financial institution and will find the ability to transfer funds to accounts at other institutions attractive. Community banks can strive to win over these customers and eventually become their primary financial institution (PFI).
Mobile Deposit
Mobile deposit [http://cpay360.com/american-banks-need-mobile-to-attract-gen-y] allows customers to deposit checks with a smart phone by taking a photo of the check and submitting it to the bank for processing via the application. Mobile deposit is a popular feature because it is convenient and saves customers a lot of time. Mobile deposit also increases cash flow and allows customers quicker access to their money. If a bank chooses to offer mobile deposit it is important to ensure that the software vendor includes tools to assist in risk management such as duplication detection and fraud monitoring.
P2P
Person-to-person (P2P) payments or fund transfers are becoming more popular. Javelin Strategy & Research forecasts that 60 million American households will use P2P transfers by 2014. The most popular form of P2P transfers is PayPal but there are many other providers available. P2P payments allow customers to send money to each other by mobile device, from one bank account to another. Customers may also use the service to pay bills from businesses that accept P2P payments. The best P2P applications allow customers to transfer funds between accounts that are not held at the same financial institution.
By: Matt Sharpe
Monday, November 19, 2018
Mobile Banking Integration
Mobile banking, referred to some as M-Banking, is a term that references to completing tasks such as balancing checks, mobile purchases made with a bank account, completing credit forms, along with other financial transactions with mobile technology like cellphones, PDAs and tablets. The introduction of the world wide web has opened different ways to carry out banking business, leading to the development of innovative institutions, that include internet banking, web based broker agents and finance managers.
A great number of people are convinced that mobile customers have merely began to make use of the functions their cellphones are capable of. In Asian countries around the world such as India, Japan, and Indonesia, where the mobile communication systems offer a lot more quality than the infrastructure offered in western countries. Their mobile phone penetration is also quite high, in which at least 80% of consumers are using a cellphone and the with the ability of banking anywhere means it will probably draw a lot more users.
During the last several years, the mobile phone and the wireless industry has become one of the quickest and most effective expanding markets across the world, in fact it's continuing to expand at a continuous rate. As outlined by the GSM Association, the amount of mobile customers went beyond 2 billion clients in 2005, and today the numbers are larger than 2.5 billion, which has 2 billion GSM users.
Portable technology is changing the methods clients wish to connect and transact with banks. Based on a study research by a personal finance consultant company, 35% of online banking individuals will likely be making use of mobile banking in the future. Exceeding 70% of bank facility call frequencies is expected to originate from mobile phones. Banking on the go will enable clients to complete payments at the actual point of sale.
Financial service providers are realizing that a consumers mobile phone life styles, as well as desires, are now offering them better mobile imaging options. Mobile applications make it possible for customers to produce a deposit, pay a bill or sign up for a different bank card, easily by using a photo of a document with a camera on a cellphone. This is an example of integrating cellphone technology which makes banking less of a struggle and a bit more pleasant.
While technology continues to innovate mobile devices, such as smart phones and tablets with increasing capabilities and how customers apply them to everyday life, the use of mobile banking functions may allow clients to communicate with their banks more thoroughly compared to the earlier years of mobile devices.
If you are evaluating mobile banking applications [http://www.wbresearch.com/emergingpayments/mobile-banking.aspx], browse our website for more detailed information.
By: Jeremy B Thompson
A great number of people are convinced that mobile customers have merely began to make use of the functions their cellphones are capable of. In Asian countries around the world such as India, Japan, and Indonesia, where the mobile communication systems offer a lot more quality than the infrastructure offered in western countries. Their mobile phone penetration is also quite high, in which at least 80% of consumers are using a cellphone and the with the ability of banking anywhere means it will probably draw a lot more users.
During the last several years, the mobile phone and the wireless industry has become one of the quickest and most effective expanding markets across the world, in fact it's continuing to expand at a continuous rate. As outlined by the GSM Association, the amount of mobile customers went beyond 2 billion clients in 2005, and today the numbers are larger than 2.5 billion, which has 2 billion GSM users.
Portable technology is changing the methods clients wish to connect and transact with banks. Based on a study research by a personal finance consultant company, 35% of online banking individuals will likely be making use of mobile banking in the future. Exceeding 70% of bank facility call frequencies is expected to originate from mobile phones. Banking on the go will enable clients to complete payments at the actual point of sale.
Financial service providers are realizing that a consumers mobile phone life styles, as well as desires, are now offering them better mobile imaging options. Mobile applications make it possible for customers to produce a deposit, pay a bill or sign up for a different bank card, easily by using a photo of a document with a camera on a cellphone. This is an example of integrating cellphone technology which makes banking less of a struggle and a bit more pleasant.
While technology continues to innovate mobile devices, such as smart phones and tablets with increasing capabilities and how customers apply them to everyday life, the use of mobile banking functions may allow clients to communicate with their banks more thoroughly compared to the earlier years of mobile devices.
If you are evaluating mobile banking applications [http://www.wbresearch.com/emergingpayments/mobile-banking.aspx], browse our website for more detailed information.
By: Jeremy B Thompson
Saturday, October 13, 2018
The Popularity of Mobile Banking
Today a mobile phone plays an important role in many facets of our busy lives. Banking via mobile phone is a relatively new concept, but it is one area of mobile possibilities where convenience and real-world usefulness can readily be identified. Consider the expediency of being able to transfer funds between accounts while commuting, or pay bills while waiting for a flight, or verify whether a transaction has posted to your account while you sit in the lobby waiting for a client meeting - all from your own mobile phone. Mobile banking allows customers to do these things and at the same time provides the data security necessary for financial transactions.
According to recent research, although over 80% of US households have internet access, only 75% of those (between 60 and 65% overall) have the high-speed access required for the secure transactions involved with online banking. That means that, at present, almost 40% of US households cannot realistically do their banking online. Contrast that with 90% of households that possess at least one mobile phone, and the convenience and accessibility of mobile banking become even clearer.
With mobile or online banking, the primary concern for users is - and should be - the security of their financial transactions. To that end, banks have instituted many different strategies for keeping financial information secure. Controls such as data encryption and user authentication - preferably with visual as well as text-based authentication, are widespread. For example, many banks, in addition to your user name and password, require you to confirm that a displayed image is your previously selected "authentication" image. This practice ensures your protection from hackers who may log your keystrokes and therefore know your passwords, but are not able to see what subject matter your security photo depicts.
There are two distinctly different technologies utilized by banks for their mobile banking products. In one case, the banking functions will be available via a browser-based application designed to run over WAP, the wireless application protocol. The other option is a downloadable, stand-alone application stored on your phone that is specific to your bank's mobile banking product. In either case, these applications must be developed to function with the increasingly wide variety of different phones available and must take into consideration factors that are unique to mobile phones; the small screens, for example.
Even with the potentially high cost of mobile banking application development, banks across the world are aware that flexibility and convenience are what customers want, and they are responding with a variety of options for banking. Mobile banking is perhaps the most widely available of these options!
More and more banks are offering mobile banking to their customers, making banking more accessible and more convenient than ever before. Texas Gulf Bank, a community bank with several branches in the Houston and Texas Gulf Coast area, provides free mobile banking for their customers. for additional information, refer to http://texasgulfbank.com/mobile_banking.asp
By: Ellen Debboli
According to recent research, although over 80% of US households have internet access, only 75% of those (between 60 and 65% overall) have the high-speed access required for the secure transactions involved with online banking. That means that, at present, almost 40% of US households cannot realistically do their banking online. Contrast that with 90% of households that possess at least one mobile phone, and the convenience and accessibility of mobile banking become even clearer.
With mobile or online banking, the primary concern for users is - and should be - the security of their financial transactions. To that end, banks have instituted many different strategies for keeping financial information secure. Controls such as data encryption and user authentication - preferably with visual as well as text-based authentication, are widespread. For example, many banks, in addition to your user name and password, require you to confirm that a displayed image is your previously selected "authentication" image. This practice ensures your protection from hackers who may log your keystrokes and therefore know your passwords, but are not able to see what subject matter your security photo depicts.
There are two distinctly different technologies utilized by banks for their mobile banking products. In one case, the banking functions will be available via a browser-based application designed to run over WAP, the wireless application protocol. The other option is a downloadable, stand-alone application stored on your phone that is specific to your bank's mobile banking product. In either case, these applications must be developed to function with the increasingly wide variety of different phones available and must take into consideration factors that are unique to mobile phones; the small screens, for example.
Even with the potentially high cost of mobile banking application development, banks across the world are aware that flexibility and convenience are what customers want, and they are responding with a variety of options for banking. Mobile banking is perhaps the most widely available of these options!
More and more banks are offering mobile banking to their customers, making banking more accessible and more convenient than ever before. Texas Gulf Bank, a community bank with several branches in the Houston and Texas Gulf Coast area, provides free mobile banking for their customers. for additional information, refer to http://texasgulfbank.com/mobile_banking.asp
By: Ellen Debboli
Sunday, September 30, 2018
Use These Tips to Improve Mobile Banking Security
Modern bank customers rarely think twice about logging into a mobile device to check accounts and schedule transactions. Mobile apps are convenient and user friendly. According to a Federal Reserve report, over half of smartphone users with bank accounts used mobile banking in 2015. Online banking via a mobile device also represents a security risk. Cybercriminals use a variety of techniques to gain entrance to individual user accounts and bank information.
Both Customers and Financial Institutions Play a Role in Online Banking Security
Financial institutions and banking customers are responsible for mobile banking security. Both parties must exercise caution and use security best practices to reduce the risk of mobile threats. Customers are responsible for using their devices in a security conscious way. Banks must develop, maintain, and optimize formal applications designed to protect end users.
Banking security breaches can lead to a loss of financial assets, identity theft, and other adverse outcomes. Every business-related security threat can cost organizations millions of dollars in remediation activities and harm institutional credibility. A proactive approach to online banking security effectively reduces the risk of cybersecurity incidents and improves customer confidence in mobile financial activities.
5 Tips Customers Can Use to Improve Mobile Banking Security
Mobile users often take device security for granted. Apple users trust in the company's security practices. The Android platform carries a potentially higher degree of risk as an open digital ecosystem. When device users presume the safety of apps they download and the security of their devices, they may accidentally open a backdoor to malicious activities. Customers can use these five tips to protect the security of their mobile online banking activities:
To know more about mobile banking security, visit: Whitecryption.com
By: Poul Smith
Both Customers and Financial Institutions Play a Role in Online Banking Security
Financial institutions and banking customers are responsible for mobile banking security. Both parties must exercise caution and use security best practices to reduce the risk of mobile threats. Customers are responsible for using their devices in a security conscious way. Banks must develop, maintain, and optimize formal applications designed to protect end users.
Banking security breaches can lead to a loss of financial assets, identity theft, and other adverse outcomes. Every business-related security threat can cost organizations millions of dollars in remediation activities and harm institutional credibility. A proactive approach to online banking security effectively reduces the risk of cybersecurity incidents and improves customer confidence in mobile financial activities.
5 Tips Customers Can Use to Improve Mobile Banking Security
Mobile users often take device security for granted. Apple users trust in the company's security practices. The Android platform carries a potentially higher degree of risk as an open digital ecosystem. When device users presume the safety of apps they download and the security of their devices, they may accidentally open a backdoor to malicious activities. Customers can use these five tips to protect the security of their mobile online banking activities:
- Only use official banking apps and secure websites. If you plan to use a mobile device for banking activities, download the official banking app. Look for information on the website to confirm the app's legitimacy, and avoid using your mobile browser to access your bank account. Some users link their bank accounts to budget apps or other money management apps. Remember that every account you connect to your bank account represents a potential risk. Safeguard your information with official and secure apps.
- Double check the security of all third party apps. Cybercriminals may gain access to your device through a third party app not associated with an official banking app. For example, someone could sneak a malware program designed to record keystrokes in with a third party app. Using this type of technology, a criminal could potentially obtain information about your login credentials and online activities.
- Avoid using bank-related links. As an end user, you may assume the validity of a link in a text message or email. Unfortunately, some criminals use phishing and spoofing practices to obtain revealing information from seemingly innocent interfaces. Always back out of a message and go through official channels to access your account.
- Never check your bank account while using a public network. Public Wi-Fi and other public networks are notoriously insecure. Use cellular network connectivity or a VPN (virtual private network) to protect your activities while in public.
- Always lock and keep track of your mobile devices. If you leave your device unlocked on a park bench, a malicious individual could take advantage of the situation. Use the lock functions on smartphones, never save login information on your apps, and try to keep track of all your mobile devices.
To know more about mobile banking security, visit: Whitecryption.com
By: Poul Smith
Wednesday, September 19, 2018
Reasons Why Many Diverted to Mobile Banking
Have you heard of the latest innovation in banking industry? I bet you heard of mobile banking already. What mobile banking is and how it works is the focus of this article. If you are one of those planning to transact online, this article is for you. This will teach you the steps on how to acquire an account. If you are those who would want to stay on the conventional way of doing everything, this article is also for you. This will let you realize how convenient banking is.
How to Activate a Mobile Banking Account
1. Of course, you must have a valid bank account. It doesn't matter if it's new only or existing for long only. Everybody is entitled to enroll.
2. Yes, this is through enrolment. The set-up is linking your account in your mobile provider.
3. Once enrolled, you may start activating your account. Usually, you will receive SMS/text from your bank. They will provide you the initial m-banking pin so you can register your account through text/SMS. Changing the default pin is vital. Do not forget to change so you won't have issues about frauds.
4. Once registration is successful, an added menu in your mobile phone will be visible. This is the m-banking menu. Inside the menu are sub-menus showing the kind of transactions you can do.
What Mobile Banking can Offer
This is the same as how other Online Banking services operate. In m-banking though, you don't have to log to the internet anymore. Since your account is connected to your mobile phone, all transactions are done through short messaging services.
1. Money Transfer
Have you ever imagine doing your money transfer through text? It is possible using your mobile phones. If you're one of those working far from home, you need not experience the hassle of going to the remittance centers that are not operating 24 hours or 7 days a week. Using hassle free mobile banking empowers you to send money to your loved ones in just one click.
2. Payments
Bills payment can also be done using this new set-up. Establishment nowadays partner with banks to make payment transactions convenient for the payers. This set-up generated increased payment rate.
3. M-Banking Coupons
Commercial establishments now use mobile banking coupons to promote their products and services. Target customers receive an SMS or MMS of the offered product. To avail the offer, you will need to pay via mobile banking.
You can learn more about banking issues at Standard bank internet banking [http://www.standardbankinternetbankingreview.net]
By: Rob Samualls
How to Activate a Mobile Banking Account
1. Of course, you must have a valid bank account. It doesn't matter if it's new only or existing for long only. Everybody is entitled to enroll.
2. Yes, this is through enrolment. The set-up is linking your account in your mobile provider.
3. Once enrolled, you may start activating your account. Usually, you will receive SMS/text from your bank. They will provide you the initial m-banking pin so you can register your account through text/SMS. Changing the default pin is vital. Do not forget to change so you won't have issues about frauds.
4. Once registration is successful, an added menu in your mobile phone will be visible. This is the m-banking menu. Inside the menu are sub-menus showing the kind of transactions you can do.
What Mobile Banking can Offer
This is the same as how other Online Banking services operate. In m-banking though, you don't have to log to the internet anymore. Since your account is connected to your mobile phone, all transactions are done through short messaging services.
1. Money Transfer
Have you ever imagine doing your money transfer through text? It is possible using your mobile phones. If you're one of those working far from home, you need not experience the hassle of going to the remittance centers that are not operating 24 hours or 7 days a week. Using hassle free mobile banking empowers you to send money to your loved ones in just one click.
2. Payments
Bills payment can also be done using this new set-up. Establishment nowadays partner with banks to make payment transactions convenient for the payers. This set-up generated increased payment rate.
3. M-Banking Coupons
Commercial establishments now use mobile banking coupons to promote their products and services. Target customers receive an SMS or MMS of the offered product. To avail the offer, you will need to pay via mobile banking.
You can learn more about banking issues at Standard bank internet banking [http://www.standardbankinternetbankingreview.net]
By: Rob Samualls
Friday, August 10, 2018
Why Are Banks Embracing Mobile Banking Eagerly?
Introduction
Looks like banks were waiting for an opportunity of this sort to come by. The good part is that even state run banks in developing economies, with their cobwebbed style of functioning are enticed to pull this rabbit out of their hats. What are we talking about? It's Mobile banking!
How about empowering yourself with banking on your palms? Read this article to let you know how.
How banking became mobile
Prior to embracing mobility, banks had invested hugely into computerizing their infrastructure, in tune with times. The arrival of internet prompted banks to set up websites and offer some over-the-counter services like account balance enquiry, cheque requests, money deposit status, enhancements to account and so on. Banks were keeping their customers informed via the Short Messaging Service utility in mobiles. Notifications of money in their account or transaction alerts were communicated via SMS. These do exist even now. All that the customer had to do was register his/her mobile phone number with the bank. After completing a few verification steps, the customer was brought into the bank's information service system.
But the customer yearned to do more than just receive alerts. Questions, provoking capability like "I want to transfer money to a friend's account but I'm stuck in this highway ", "I want to check my tax credits,", "I want to pay my utility bills" and such umpteen questions made their way into the strategy rooms of banks. Given the stiff competition in today's financial services industry, banks were looking for ways to extend their web based services to other, perhaps nimble domains. The introduction of wireless application protocol for mobile web aptly enabled banks to steamroll services into mobiles, thus heralding the era of banking mobile apps.
Why are Software Companies Salivating?
Banking and insurance constitute the largest chunk of any software developing company's revenues. They had already developed the web versions for services which were well received. Now the prospects of turning these services into mobile format meant another huge opportunity.
But all of them cannot replicate the web model to mobile platform as it is a different ball game. That is why banks started courting niche mobile application development companies developing dedicated banking apps. App developers in these firms use the mobile enterprise application platform to develop apps offering a familiar feel of the interface and ease of navigation to the customers.
Banking via mobile has brought about empowerment to even the rural populace that can afford a mobile. Customers can check their account balance, transfer funds, place requests for services, halt fraudulent transactions, view tax credits and so on, while being mobile. Mobility companies indulge in the following mobile banking app developments:
· Android application development
· Windows phone application development
· iPhone application development
· iPad application development
· Blackberry application development
These platforms provide scalable opportunities to develop and enhance banking related apps.
What is the future of mobile banking?
Banking is set to undergo further changes in the coming years. Tablets and phablets, also mobile devices, offer another opportunity to develop customized banking apps because of their larger screen size and navigation patterns. The features and safety offered are expected to increase, requiring rework of architecture to keep the app light, robust and fast.
Mobile banking is here to stay. Its metamorphosis in the coming decades would be a trend worth following.
About Endeavour Software Technologies:
Endeavour Software Technologies is at the forefront of developing apps for mobile banking [http://www.techendeavour.com/mobility-in-banking]. It also provides application development and testing services, strategic consulting, and technology services across all platforms. It has many clients extremely satisfied with wide bouquet of services.
By: Maheshwar Antony
Looks like banks were waiting for an opportunity of this sort to come by. The good part is that even state run banks in developing economies, with their cobwebbed style of functioning are enticed to pull this rabbit out of their hats. What are we talking about? It's Mobile banking!
How about empowering yourself with banking on your palms? Read this article to let you know how.
How banking became mobile
Prior to embracing mobility, banks had invested hugely into computerizing their infrastructure, in tune with times. The arrival of internet prompted banks to set up websites and offer some over-the-counter services like account balance enquiry, cheque requests, money deposit status, enhancements to account and so on. Banks were keeping their customers informed via the Short Messaging Service utility in mobiles. Notifications of money in their account or transaction alerts were communicated via SMS. These do exist even now. All that the customer had to do was register his/her mobile phone number with the bank. After completing a few verification steps, the customer was brought into the bank's information service system.
But the customer yearned to do more than just receive alerts. Questions, provoking capability like "I want to transfer money to a friend's account but I'm stuck in this highway ", "I want to check my tax credits,", "I want to pay my utility bills" and such umpteen questions made their way into the strategy rooms of banks. Given the stiff competition in today's financial services industry, banks were looking for ways to extend their web based services to other, perhaps nimble domains. The introduction of wireless application protocol for mobile web aptly enabled banks to steamroll services into mobiles, thus heralding the era of banking mobile apps.
Why are Software Companies Salivating?
Banking and insurance constitute the largest chunk of any software developing company's revenues. They had already developed the web versions for services which were well received. Now the prospects of turning these services into mobile format meant another huge opportunity.
But all of them cannot replicate the web model to mobile platform as it is a different ball game. That is why banks started courting niche mobile application development companies developing dedicated banking apps. App developers in these firms use the mobile enterprise application platform to develop apps offering a familiar feel of the interface and ease of navigation to the customers.
Banking via mobile has brought about empowerment to even the rural populace that can afford a mobile. Customers can check their account balance, transfer funds, place requests for services, halt fraudulent transactions, view tax credits and so on, while being mobile. Mobility companies indulge in the following mobile banking app developments:
· Android application development
· Windows phone application development
· iPhone application development
· iPad application development
· Blackberry application development
These platforms provide scalable opportunities to develop and enhance banking related apps.
What is the future of mobile banking?
Banking is set to undergo further changes in the coming years. Tablets and phablets, also mobile devices, offer another opportunity to develop customized banking apps because of their larger screen size and navigation patterns. The features and safety offered are expected to increase, requiring rework of architecture to keep the app light, robust and fast.
Mobile banking is here to stay. Its metamorphosis in the coming decades would be a trend worth following.
About Endeavour Software Technologies:
Endeavour Software Technologies is at the forefront of developing apps for mobile banking [http://www.techendeavour.com/mobility-in-banking]. It also provides application development and testing services, strategic consulting, and technology services across all platforms. It has many clients extremely satisfied with wide bouquet of services.
By: Maheshwar Antony
Tuesday, August 7, 2018
Mobile Banking - How Useful Is It?
There are things we can today do on our mobile that one wouldn't have even imagined a decade ago! Some of such innovations have been immensely useful while others have turned out to be unnecessary propositions with no real use. One such feature that I feel fits into the latter category is Mobile Banking! Banks have somehow themselves been confused and unclear about whether they wish to actually market it aggressively or not - as a result, we see many half hearted attempts where some of them advertise it full on for a few weeks, and then have completely forgotten about it!
So lets start by what Mobile Banking really is. I have been using Mobile Banking for almost two years now. To put it simply, the bank offers you an application that you can download from their site and install on your mobile phone (if it is supported). Next, you choose a user id and password and link your mobile with your bank account - sometimes you would need it to be done by your bank, at others it can be as simple as activating it at one of their ATMs. Once done, the app basically provides you access to your bank account's basic features. In general, you would be able to get your bank balance, a mini statement of last few transactions, etc. Though this might sound exciting, I always wonder what great use is this anyway to check your bank balance on your mobile phone??
Anyhow, a better (supposedly) feature that actually could be of good use is the option to pay bills through your mobile for supported operators. This could include bills for your landline, mobile, dish tv, etc. Yes, this feature actually worked for me, but it has its own problems. Those of us using Internet banking already have this convenience of paying our bills online - what is best is that it gets credited to your account instantly. Now again the same question - so why with the mobile phone. A few months back, I paid my phone bile through the mobile banking app - maybe just for the sake of it! And whoa! What I found was that my next month's bill showed up an added late payment fees for the previous month for Rs75 as the bill I paid through my mobile had taken more than a week to credit to my account:( I had to then run after the customer care and have that late fees waved off after trying to explain to them the whole rigmarole!!
What this brings us to is that - Mobile Banking was a technology that sounded promising on the very onset. But I seriously doubt its relevance today. The basic question as we have seen remains - when it's all so easily accessible through your internet, why do you anyway want to do it on the tiny screen of your mobile? How often does it happen that one forgets to pay his bill, is in the middle of a journey and so YES - he makes true use of mobile banking. Or probably another argument regarding not all people having a computer or internet access - well, how many of such people would you actually expect to be so tech friendly so as to use mobile banking on their mobiles?
I would leave it to you to decide whether or not its a thing you would want to try!
Visit Write A Program to read news, views, articles and opinions on mobiles, gadgets, computers and latest technology trends/news [http://www.writeaprogram.net/]
By: S Agrawal
So lets start by what Mobile Banking really is. I have been using Mobile Banking for almost two years now. To put it simply, the bank offers you an application that you can download from their site and install on your mobile phone (if it is supported). Next, you choose a user id and password and link your mobile with your bank account - sometimes you would need it to be done by your bank, at others it can be as simple as activating it at one of their ATMs. Once done, the app basically provides you access to your bank account's basic features. In general, you would be able to get your bank balance, a mini statement of last few transactions, etc. Though this might sound exciting, I always wonder what great use is this anyway to check your bank balance on your mobile phone??
Anyhow, a better (supposedly) feature that actually could be of good use is the option to pay bills through your mobile for supported operators. This could include bills for your landline, mobile, dish tv, etc. Yes, this feature actually worked for me, but it has its own problems. Those of us using Internet banking already have this convenience of paying our bills online - what is best is that it gets credited to your account instantly. Now again the same question - so why with the mobile phone. A few months back, I paid my phone bile through the mobile banking app - maybe just for the sake of it! And whoa! What I found was that my next month's bill showed up an added late payment fees for the previous month for Rs75 as the bill I paid through my mobile had taken more than a week to credit to my account:( I had to then run after the customer care and have that late fees waved off after trying to explain to them the whole rigmarole!!
What this brings us to is that - Mobile Banking was a technology that sounded promising on the very onset. But I seriously doubt its relevance today. The basic question as we have seen remains - when it's all so easily accessible through your internet, why do you anyway want to do it on the tiny screen of your mobile? How often does it happen that one forgets to pay his bill, is in the middle of a journey and so YES - he makes true use of mobile banking. Or probably another argument regarding not all people having a computer or internet access - well, how many of such people would you actually expect to be so tech friendly so as to use mobile banking on their mobiles?
I would leave it to you to decide whether or not its a thing you would want to try!
Visit Write A Program to read news, views, articles and opinions on mobiles, gadgets, computers and latest technology trends/news [http://www.writeaprogram.net/]
By: S Agrawal
Monday, August 6, 2018
Is Mobile Banking Safe?
With the rise in popularity of mobile phones and tablets, there has been a rise in the popularity of mobile banking. Add to that the busy, multitasking lifestyles that are predominant for all walks of life and you end up with a solid need for banking that has mobility. Although so many people already utilize a banking application through their phone or tablet to handle their financial business, it is still a good idea to stop and consider whether or not the method is safe. Fraud and identity theft have exponentially grown in recent years, so there is reason for concern about safety. Not to mention, the savvy consumer always asks questions.
The short answer is that yes, there is risk, but it isn't terribly high. Mobile banking, via a cell phone, tablet, or lap top is as safe as banking online through your home computer. The banking industry saw the trend coming and has invested heavily in protection levels that are difficult to hack. Fraud and scams still can happen, but not by the average thief. In fact, the security measures are so robust, that many banks offer 100% protection if anything does happen due to mobile banking, as long as you report it on time and there is no culpability on your part for sharing sensitive information that made you vulnerable.
Mobile banking can take three forms, short messaging service (SMS), mobile web, and apps. They each offer different ways to interact with the bank and each have their security risks and protections. SMS is the texts that a customer can sign up for that notifies them when their account is low, when a deposit has cleared, or a withdrawal or purchase over a certain amount was made. There are a number of criteria that can be set up for request, and the bank will automatically send a text message to notify the customer. It is a handy tool and since the interaction is tied specifically to a phone registered to your account, it is safe.
Mobile web access is another way to do mobile banking. Through access to the Internet on a phone or tablet, the bank's website can be directly accessed and you can log into your account and perform all functions, as if you were at home on your desktop computer. The rise in smart phones and devices with full QWERTY typing capabilities has increased this method of banking. The rise in busy people doing banking while waiting in a doctor's office, at a child's soccer practice, or while waiting for their order at a restaurant has only encouraged mobile web access. Access to the web is just as safe, whether you get online from home or through a device.
Applications for customer's devices is another way to do mobile banking. They are easy to use on a phone, because they are formatted for fast navigation on small screens. They are safe, because the app is not subject to scams, like text or mobile web access could be, and it was developed to specifically coordinate with the individual bank's security measures.
In the end, protection from fraud comes, like always, with being a savvy customer. Be wary of phishing scams that include text messages or emails asking for personal information, like your SSN, PIN, or account number. Even if it looks legitimate, a bank would never ask for that information in such a way, so report the issue immediately if it happens. It is also smart to notify the bank immediately if your phone or tablet has been lost or stolen. Since it has been verified in their system, they can put a hold on interactions performed through that number, to protect you from theft through the device.
If you would like to learn more about mobile banking in the Dallas area, contact Green Bank. http://www.greenbank.com
By: Angela Landrum
The short answer is that yes, there is risk, but it isn't terribly high. Mobile banking, via a cell phone, tablet, or lap top is as safe as banking online through your home computer. The banking industry saw the trend coming and has invested heavily in protection levels that are difficult to hack. Fraud and scams still can happen, but not by the average thief. In fact, the security measures are so robust, that many banks offer 100% protection if anything does happen due to mobile banking, as long as you report it on time and there is no culpability on your part for sharing sensitive information that made you vulnerable.
Mobile banking can take three forms, short messaging service (SMS), mobile web, and apps. They each offer different ways to interact with the bank and each have their security risks and protections. SMS is the texts that a customer can sign up for that notifies them when their account is low, when a deposit has cleared, or a withdrawal or purchase over a certain amount was made. There are a number of criteria that can be set up for request, and the bank will automatically send a text message to notify the customer. It is a handy tool and since the interaction is tied specifically to a phone registered to your account, it is safe.
Mobile web access is another way to do mobile banking. Through access to the Internet on a phone or tablet, the bank's website can be directly accessed and you can log into your account and perform all functions, as if you were at home on your desktop computer. The rise in smart phones and devices with full QWERTY typing capabilities has increased this method of banking. The rise in busy people doing banking while waiting in a doctor's office, at a child's soccer practice, or while waiting for their order at a restaurant has only encouraged mobile web access. Access to the web is just as safe, whether you get online from home or through a device.
Applications for customer's devices is another way to do mobile banking. They are easy to use on a phone, because they are formatted for fast navigation on small screens. They are safe, because the app is not subject to scams, like text or mobile web access could be, and it was developed to specifically coordinate with the individual bank's security measures.
In the end, protection from fraud comes, like always, with being a savvy customer. Be wary of phishing scams that include text messages or emails asking for personal information, like your SSN, PIN, or account number. Even if it looks legitimate, a bank would never ask for that information in such a way, so report the issue immediately if it happens. It is also smart to notify the bank immediately if your phone or tablet has been lost or stolen. Since it has been verified in their system, they can put a hold on interactions performed through that number, to protect you from theft through the device.
If you would like to learn more about mobile banking in the Dallas area, contact Green Bank. http://www.greenbank.com
By: Angela Landrum
Sunday, August 5, 2018
Mobile Banking at a Glance
What can be better than banking on-the-go? Mobile banking has emerged rapidly in India. This much-needed service proves beneficial in today's fast-moving business environment with unending deadlines for fulfillment, constant appointments scheduled, and several meetings to attend. The mobile banking service allows people to bank from anywhere, anytime, and through any mode i.e., through SMS or through WAP. The Wireless Application Protocol (WAP) is an open global specification that empowers mobile users with wireless devices to easily access and interact with information and services instantly. Moreover, it provides convenient and fast delivery of relevant information and services to mobile users.
It is one of the hottest areas being constantly developed in the banking sector. The following operations can be conducted through most mobile phones:
• Bill payments
• Balance enquiry
• Fund/ATM transfers
• SMS banking
• Location of the nearest branch/ATM
• Cheque payment cancellation
There are certain regulatory and supervisory issues pertaining to mobile banking that are issued by the RBI. The guidelines issued by Reserve Bank on "Know Your Customer (KYC)", "Anti Money Laundering (AML)", and "Combating the Financing of Terrorism (CFT)" from time to time would be applicable to mobile based banking services also. The RBI also says that on registration of the customer, the full details of the terms and conditions of the service offered shall be communicated to the customer.
A per transaction limit of Rs. 2500/- shall be imposed on all mobile banking transactions, subject to an overall cap of Rs. 5000/- per day, per customer. Banks may also put in place monthly transaction limit depending on the bank's own risk perception of the customer.
Though an extremely intelligent and handy service, this service has also faced slack from time to time. There are a large number of mobile phones and it is a big challenge to offer the mobile banking solution on any type of device. The security of financial transactions also complicates things. However, every product or service, alongside its bad points has its own set of advantages. Mobile banking has come in handy in many parts of the world with little or no infrastructure development, especially in remote and rural areas. Thus, it is also very popular in countries where most of their population is unbanked. In most of the countries, banks can only be found in big cities where the customers have to travel hundreds of miles to reach the nearest bank. The biggest advantage that mobile banking offers is that it drastically cuts down the costs of providing service to the customers.
Now a days various banks provide mobile banking service [http://www.kvb.co.in/personal/mobile_alerts.html] through which you know the balance, cheque status and transaction status.
By: Jesica Johnson
It is one of the hottest areas being constantly developed in the banking sector. The following operations can be conducted through most mobile phones:
• Bill payments
• Balance enquiry
• Fund/ATM transfers
• SMS banking
• Location of the nearest branch/ATM
• Cheque payment cancellation
There are certain regulatory and supervisory issues pertaining to mobile banking that are issued by the RBI. The guidelines issued by Reserve Bank on "Know Your Customer (KYC)", "Anti Money Laundering (AML)", and "Combating the Financing of Terrorism (CFT)" from time to time would be applicable to mobile based banking services also. The RBI also says that on registration of the customer, the full details of the terms and conditions of the service offered shall be communicated to the customer.
A per transaction limit of Rs. 2500/- shall be imposed on all mobile banking transactions, subject to an overall cap of Rs. 5000/- per day, per customer. Banks may also put in place monthly transaction limit depending on the bank's own risk perception of the customer.
Though an extremely intelligent and handy service, this service has also faced slack from time to time. There are a large number of mobile phones and it is a big challenge to offer the mobile banking solution on any type of device. The security of financial transactions also complicates things. However, every product or service, alongside its bad points has its own set of advantages. Mobile banking has come in handy in many parts of the world with little or no infrastructure development, especially in remote and rural areas. Thus, it is also very popular in countries where most of their population is unbanked. In most of the countries, banks can only be found in big cities where the customers have to travel hundreds of miles to reach the nearest bank. The biggest advantage that mobile banking offers is that it drastically cuts down the costs of providing service to the customers.
Now a days various banks provide mobile banking service [http://www.kvb.co.in/personal/mobile_alerts.html] through which you know the balance, cheque status and transaction status.
By: Jesica Johnson
Saturday, August 4, 2018
Mobile Banking Grows More Popular Each Year
The term "Mobile Banking" has grown in popularity in recent years, especially with the proliferation of cellular phones around the world. The term does not refer to specific technology, but instead is broadly used when discussing several different methods of using your mobile phone to perform various banking tasks, such as checking balances, transferring funds and making payments. Some mobile customers bank via text messaging, others by accessing their bank's on-line banking web site via their Smartphone browser, and yet others by using bank-specific applications developed for the mobile phone. Whichever method is selected, the overall trend is the increasing popularity of mobile banking in all demographic groups.
At the end of 2012, a survey and report were prepared by the Consumer Research Section of the Federal Reserve Board's Division of Consumer and Community Affairs, known as the DCCA. It was a follow-up to a similar study done the previous year. All findings indicate that Smartphones are becoming more and more ubiquitous in the U.S., and as a result, banking via Smartphone is on the rise. The reasons are obvious - portability and convenience make Smartphones a logical choice for keeping track of your finances. And more banks have apps available to mobile customers for a variety of devices, making it even more readily accessible and simple to navigate, even for novice users.
How many mobile owners utilize mobile banking?
87% of adults in the U.S. own a mobile phone, with 52% of those being internet-enabled; the technology referred to generically as Smartphones. Mobile phones that are not able to access the internet can bank via text message, but the survey reports that Smartphone users are much more likely to utilize banking applications than those with non-internet phones. 48% of Smartphone users have taken advantage of mobile banking, but the overall percentage of cell users banking by phone is just 28%. Even that number is on the rise, up from 21% at the end of 2011. Another 10% of cell phone users responded that they most likely would begin during 2013, indicating that the trend will continue. Of course the mobile phone has a wide variety of uses, with banking being far down on the list. It has been noted that even making phone calls is far less common on Smartphones than checking the time, browsing the internet and playing games.
What groups are most likely to bank by phone?
Younger mobile phone users are much more likely to adapt banking via their mobile than their older counterparts, with over 38% of those aged 18-29 banking on their phone versus just 8% of those over the age of 60.
The higher the household income, the more likely a person is to have banked via their phone, with those earning over $100,000 per year at a 28% usage rate compared with 16% for those earning less than $25,000.
Education also factors into banking on a mobile, with 37% of college graduates having banked by mobile phone while less than 6% of those without a high school education have done so.
What kind of banking do people do via their phones?
The study found that by far the most common banking task initiated via mobile phone was balance and transaction checking (87% of mobile banking customers), followed by the transfer of cash between accounts (53% of mobile bank users). On the rise is the usage of mobile devices to deposit checks, by utilizing a service such as Mobile Deposit, which allows bank customers who are Smartphone users to deposit a check into their account by taking a photo of each side of the check and submitting it to the bank via a Smartphone app. 21% of mobile banking users have utilized such a service.
Why don't people use mobile banking?
Of those surveyed who did not utilize mobile banking, there were 2 common reasons why. The most frequent response was that other banking methods were more useful and convenient, and the customer could see no reason to start banking by phone. The second most cited reason was a concern for the security of their information and finances. In reality, mobile banking applications do offer a high degree of security, with data encryption, strict user authentication and connection limits. If in doubt about the security of your bank's mobile application, visit their web site or contact a bank representative for additional details.
The Federal Reserve report is available for viewing on-line at the Federal Reserve web site for those interested in additional details. It does seem clear that the trend toward mobile banking is firmly implanted in our current culture, and will continue to expand as technology brings us even better security and fast, easy-to-use applications for managing finances. If you are a mobile phone user who doesn't utilize mobile banking, contact your bank for details about their options and how to get started!
By: Ellen Debboli
At the end of 2012, a survey and report were prepared by the Consumer Research Section of the Federal Reserve Board's Division of Consumer and Community Affairs, known as the DCCA. It was a follow-up to a similar study done the previous year. All findings indicate that Smartphones are becoming more and more ubiquitous in the U.S., and as a result, banking via Smartphone is on the rise. The reasons are obvious - portability and convenience make Smartphones a logical choice for keeping track of your finances. And more banks have apps available to mobile customers for a variety of devices, making it even more readily accessible and simple to navigate, even for novice users.
How many mobile owners utilize mobile banking?
87% of adults in the U.S. own a mobile phone, with 52% of those being internet-enabled; the technology referred to generically as Smartphones. Mobile phones that are not able to access the internet can bank via text message, but the survey reports that Smartphone users are much more likely to utilize banking applications than those with non-internet phones. 48% of Smartphone users have taken advantage of mobile banking, but the overall percentage of cell users banking by phone is just 28%. Even that number is on the rise, up from 21% at the end of 2011. Another 10% of cell phone users responded that they most likely would begin during 2013, indicating that the trend will continue. Of course the mobile phone has a wide variety of uses, with banking being far down on the list. It has been noted that even making phone calls is far less common on Smartphones than checking the time, browsing the internet and playing games.
What groups are most likely to bank by phone?
Younger mobile phone users are much more likely to adapt banking via their mobile than their older counterparts, with over 38% of those aged 18-29 banking on their phone versus just 8% of those over the age of 60.
The higher the household income, the more likely a person is to have banked via their phone, with those earning over $100,000 per year at a 28% usage rate compared with 16% for those earning less than $25,000.
Education also factors into banking on a mobile, with 37% of college graduates having banked by mobile phone while less than 6% of those without a high school education have done so.
What kind of banking do people do via their phones?
The study found that by far the most common banking task initiated via mobile phone was balance and transaction checking (87% of mobile banking customers), followed by the transfer of cash between accounts (53% of mobile bank users). On the rise is the usage of mobile devices to deposit checks, by utilizing a service such as Mobile Deposit, which allows bank customers who are Smartphone users to deposit a check into their account by taking a photo of each side of the check and submitting it to the bank via a Smartphone app. 21% of mobile banking users have utilized such a service.
Why don't people use mobile banking?
Of those surveyed who did not utilize mobile banking, there were 2 common reasons why. The most frequent response was that other banking methods were more useful and convenient, and the customer could see no reason to start banking by phone. The second most cited reason was a concern for the security of their information and finances. In reality, mobile banking applications do offer a high degree of security, with data encryption, strict user authentication and connection limits. If in doubt about the security of your bank's mobile application, visit their web site or contact a bank representative for additional details.
The Federal Reserve report is available for viewing on-line at the Federal Reserve web site for those interested in additional details. It does seem clear that the trend toward mobile banking is firmly implanted in our current culture, and will continue to expand as technology brings us even better security and fast, easy-to-use applications for managing finances. If you are a mobile phone user who doesn't utilize mobile banking, contact your bank for details about their options and how to get started!
By: Ellen Debboli
Friday, August 3, 2018
Banks and Mobile Banking: Fish or Cut Bait!
As we say in the south, either fish or cut bait.
When it comes to mobile banking, banks had better get on board or start looking for a closed sign. In the last couple of months, I spoke at the Nebraska Bankers Association Marketing Conference and at the Wolters Kluwer Financial Services Users Summit.
I was shocked at the number of banks that said, "We'll never offer mobile banking. It's not secure and my customers don't want it."
Maybe that explains why research from Javelin Strategy & Research says that credit unions are outperforming community banks, with nine out of 10 credit unions offering web-based mobile banking!
They also found that three out of 10 community banks do not offer a single form of mobile banking.
This consumer growth follows smartphone adoption, which is now at 52% and growing. Javelin research reported that mobile banking added 10 million more U.S. adults in the past year as smartphone usage surpassed feature phones and tablet adoption surged to 21%.
My generation didn't grow up with computers, smartphones or texting, but I personally love "text" banking. I own multiple rental properties in a couple of states and have my tenants deposit their rent directly into my bank. I get text messages instantly showing when their deposits are made and the amount.
I can type in "BAL" to see my balances instantly and "LAST" to see all of my recent history including payments that I've made.
A recent PEW Research study found that text messages have doubled from 60 to 100 per day in the 14-17 year-old age group. I know most banks aren't interested in this age group, but they need to be interested in what's going on with this younger generation. This is the future and the sooner banks embrace it, the better.
The Intuit Financial Services Financial Management Survey reveals how Generation Y banking customers (those born after 1980) differ in their banking habits from the rest of us. Half of 18-32 year-olds use their smartphones to check balances or make payments. That's compared to 20% among the public at large.
Every company in America would love for Consumer Reports to endorse their products and services. So bankers, here's what Consumer Reports says about yours:
"Mobile banking is convenient. Anytime-anywhere account access makes seat-of-the-pants money management possible. For example, you can review your account balances while waiting in a checkout line to see if you should use your credit or debt card for the purchase.
You can also transfer money between accounts, monitor availability of deposited funds, and pay bills. Your bank can send text alerts when your checking balance is low or when withdrawals and deposits are posted to your account. You can get alerts for debit and credit card purchases that exceed a set amount, which might indicate fraud.
The latest innovation, called "remote deposit capture," in mobile-banking parlance, lets you snap a photo of a check with your cell-phone camera and "deposit" it into your account. You can't get cash out of your cell phone yet, but you can use it to find the nearest ATM."
Research from multiple companies shows that mobile phone usage is exploding. Half of our younger generation is using mobile banking and we have Consumer Reports telling everyone why they should be using it.
We have many very good companies in the banking industry that offer secure mobile banking applications to financial institutions. The only reason I can see why banks don't embrace mobile banking is either that they are scared or they had rather cut bait!
Neal Reynolds has worked with hundreds of banks and credit unions around the country helping them to grow core deposits and market share without growing their marketing budgets. Contact him at nreynolds@eadshop.com.
By: Neal Reynolds
When it comes to mobile banking, banks had better get on board or start looking for a closed sign. In the last couple of months, I spoke at the Nebraska Bankers Association Marketing Conference and at the Wolters Kluwer Financial Services Users Summit.
I was shocked at the number of banks that said, "We'll never offer mobile banking. It's not secure and my customers don't want it."
Maybe that explains why research from Javelin Strategy & Research says that credit unions are outperforming community banks, with nine out of 10 credit unions offering web-based mobile banking!
They also found that three out of 10 community banks do not offer a single form of mobile banking.
This consumer growth follows smartphone adoption, which is now at 52% and growing. Javelin research reported that mobile banking added 10 million more U.S. adults in the past year as smartphone usage surpassed feature phones and tablet adoption surged to 21%.
My generation didn't grow up with computers, smartphones or texting, but I personally love "text" banking. I own multiple rental properties in a couple of states and have my tenants deposit their rent directly into my bank. I get text messages instantly showing when their deposits are made and the amount.
I can type in "BAL" to see my balances instantly and "LAST" to see all of my recent history including payments that I've made.
A recent PEW Research study found that text messages have doubled from 60 to 100 per day in the 14-17 year-old age group. I know most banks aren't interested in this age group, but they need to be interested in what's going on with this younger generation. This is the future and the sooner banks embrace it, the better.
The Intuit Financial Services Financial Management Survey reveals how Generation Y banking customers (those born after 1980) differ in their banking habits from the rest of us. Half of 18-32 year-olds use their smartphones to check balances or make payments. That's compared to 20% among the public at large.
Every company in America would love for Consumer Reports to endorse their products and services. So bankers, here's what Consumer Reports says about yours:
"Mobile banking is convenient. Anytime-anywhere account access makes seat-of-the-pants money management possible. For example, you can review your account balances while waiting in a checkout line to see if you should use your credit or debt card for the purchase.
You can also transfer money between accounts, monitor availability of deposited funds, and pay bills. Your bank can send text alerts when your checking balance is low or when withdrawals and deposits are posted to your account. You can get alerts for debit and credit card purchases that exceed a set amount, which might indicate fraud.
The latest innovation, called "remote deposit capture," in mobile-banking parlance, lets you snap a photo of a check with your cell-phone camera and "deposit" it into your account. You can't get cash out of your cell phone yet, but you can use it to find the nearest ATM."
Research from multiple companies shows that mobile phone usage is exploding. Half of our younger generation is using mobile banking and we have Consumer Reports telling everyone why they should be using it.
We have many very good companies in the banking industry that offer secure mobile banking applications to financial institutions. The only reason I can see why banks don't embrace mobile banking is either that they are scared or they had rather cut bait!
Neal Reynolds has worked with hundreds of banks and credit unions around the country helping them to grow core deposits and market share without growing their marketing budgets. Contact him at nreynolds@eadshop.com.
By: Neal Reynolds
Mobile Banking - The Future of Banking is Here
The advent of the Internet revolutionized the way the financial service industry conducted their businesses. They empowered organizations with new business models and new ways to offer non-stop accessibility to their customers. The ability to offer financial transactions online has also created new players in the financial services industry, such as online banks, online brokers and wealth managers who offer personalized services, although such players still account for a tiny percentage of the industry. Mobile devices, especially smart phones, are the most promising way to reach the masses and to create "stickiness" among current customers, due to their ability to provide services anytime, anywhere, their high rate of penetration and potential to grow has made them a dominating force in the world of e-banking. The mobile banking business model depends on banking agents, i.e, the retail or postal outlets that process financial transactions on behalf of telcos or banks. The banking agent is an important part of the mobile banking business model since customer care, service quality, and cash management will depend on them.
Mobile Banking models are classified into 3 main categories. 1) Bank Focused Models, 2) Bank-Led model, 3) Non-Bank led model. The bank-focused model emerges when a traditional bank uses non-traditional low-cost delivery channels to provide banking services to its existing customers. Examples range from use of automatic teller machines (ATMs) to internet banking or mobile phone banking to provide certain limited banking services to bank customers. The bank-led model offers a distinct alternative to conventional branch-based banking, through which a customer conducts financial transactions at a whole range of retail agents (or through mobile phone) instead of at bank branches or through bank employees.
This model promises the potential to substantially increase the financial services outreach by using a different delivery channel (retailers/ mobile phones), a different trade partner (telco / chain store) having experience and target market distinct from traditional banks, and may be significantly cheaper than the bank-based alternatives. The non-bank-led model is where a bank does not come into the picture (except possibly as a safe-keeper of surplus funds) and the non-bank (e.g: telco) performs all the functions.
Mobile Banking is the hottest area of development in the banking sector and is expected to replace the credit/debit card system in future. Currently (September, 2008), there are 47 million mobile users, with approximately 2 million being added every month While the government incurs a transaction cost of Rs 12-13 for every Rs 100 it shells out, mobile banking helps it reduce the cost to a mere Rs 2. RBI estimates that around 40 per cent of Indians lack access to formal financial services and are largely 'unbanked'.
The number of mobile users is estimated to have far surpassed the number of Internet users. Hence it is important to safeguard the secure usage of this medium for financial transactions. Some techniques that can be implemented for the same include using the phone-lock function on your mobile device when it is not in use, choosing passwords which are difficult to crack and keeping them safe and ensuring that the phone is configured securely, especially when it comes to configuring the Web browser and email software. Keeping your mobile phone updated with the latest patches and updates including anti virus updates help a lot.
Financial adviser and banking counselor employed with one of India's leading financial institutes. To read about term loans & term deposits in detail click below http://www.barclays.in/channels/mobile/mb_features.htm
By: Michal More
Mobile Banking models are classified into 3 main categories. 1) Bank Focused Models, 2) Bank-Led model, 3) Non-Bank led model. The bank-focused model emerges when a traditional bank uses non-traditional low-cost delivery channels to provide banking services to its existing customers. Examples range from use of automatic teller machines (ATMs) to internet banking or mobile phone banking to provide certain limited banking services to bank customers. The bank-led model offers a distinct alternative to conventional branch-based banking, through which a customer conducts financial transactions at a whole range of retail agents (or through mobile phone) instead of at bank branches or through bank employees.
This model promises the potential to substantially increase the financial services outreach by using a different delivery channel (retailers/ mobile phones), a different trade partner (telco / chain store) having experience and target market distinct from traditional banks, and may be significantly cheaper than the bank-based alternatives. The non-bank-led model is where a bank does not come into the picture (except possibly as a safe-keeper of surplus funds) and the non-bank (e.g: telco) performs all the functions.
Mobile Banking is the hottest area of development in the banking sector and is expected to replace the credit/debit card system in future. Currently (September, 2008), there are 47 million mobile users, with approximately 2 million being added every month While the government incurs a transaction cost of Rs 12-13 for every Rs 100 it shells out, mobile banking helps it reduce the cost to a mere Rs 2. RBI estimates that around 40 per cent of Indians lack access to formal financial services and are largely 'unbanked'.
The number of mobile users is estimated to have far surpassed the number of Internet users. Hence it is important to safeguard the secure usage of this medium for financial transactions. Some techniques that can be implemented for the same include using the phone-lock function on your mobile device when it is not in use, choosing passwords which are difficult to crack and keeping them safe and ensuring that the phone is configured securely, especially when it comes to configuring the Web browser and email software. Keeping your mobile phone updated with the latest patches and updates including anti virus updates help a lot.
Financial adviser and banking counselor employed with one of India's leading financial institutes. To read about term loans & term deposits in detail click below http://www.barclays.in/channels/mobile/mb_features.htm
By: Michal More
Thursday, August 2, 2018
Mobile Banking on Your Fingertips
Mobile banking basically refers to the availability of banking services on one's mobile phones. This service may be broadly classified into two broad categories: Mobile payments and mobile information services. Mobile payments include utility bill payments, cash transfers, payments to vendors, etc. Mobile information services include balance updates, transaction updates, etc. These are also at times offered to top customers as separate services, exclusive of mobile banking.
It has been observed that this banking service has been growing at a rapid pace, especially during the last few years.
It is expected to be the next big thing in the banking sector that banks would be increasing this service offered everyday. Some of the services offered by banks under it are: Mini-statements and checking of account history, alerts on account activity, access to loan statements, access to card statements, mutual funds / equity statements, insurance policy & pension plan management, status of cheques, balance checking in the account, recent transactions, blocking of (lost, stolen) cards, domestic and international fund transfers, mobile recharging, bill payment processing, and withdrawal and deposit at banking agent.
Mobile banking truly represents the adage of "Anytime, Anywhere banking". That said, even this banking is not immune to drawbacks. With an increase in number of mobile banking users, especially those making mobile payments, the expectations keep rising. Mobile banking being relatively new and operating in an ever changing arena, banks need to continually update themselves on the emerging trends and changing needs. Banks offering mobile banking increasingly face problems such as handset compatibility, security of mobile payments, transactions and information updates. With users being from all over the world, mobile banking needs a dependable server and system that's up and running 24x7. Programs if any, need to be up to date, and highly user friendly.
This Banking applications found in all parts of the world. People across all walks of life and from different cultures make mobile payments. Though North America and Europe are the established players in this banking, emerging markets are now Asian and South American countries. In India, surveys suggest that 43 million urban users use this service in their everyday lives. That's a reach of 15% in the urban Indian mobile user base. Surprisingly, rural areas aren't very far behind. This service also available in different regional languages, and the spread of mobile phones being far and wide, villages and towns also see a growing trend in this section especially in the banking information services.
The stage seems to be set to move into a new decade of banking from our mobile phones. With services like mchek coming into play, mobile banking may very well force out currency notes in many years to come.
Use mobile banking and pay the bills through mobile payment service. For more details visit Barclays.in. http://www.barclays.in/channels/omt/mobile_recharge.htm
By: Michal More
It has been observed that this banking service has been growing at a rapid pace, especially during the last few years.
It is expected to be the next big thing in the banking sector that banks would be increasing this service offered everyday. Some of the services offered by banks under it are: Mini-statements and checking of account history, alerts on account activity, access to loan statements, access to card statements, mutual funds / equity statements, insurance policy & pension plan management, status of cheques, balance checking in the account, recent transactions, blocking of (lost, stolen) cards, domestic and international fund transfers, mobile recharging, bill payment processing, and withdrawal and deposit at banking agent.
Mobile banking truly represents the adage of "Anytime, Anywhere banking". That said, even this banking is not immune to drawbacks. With an increase in number of mobile banking users, especially those making mobile payments, the expectations keep rising. Mobile banking being relatively new and operating in an ever changing arena, banks need to continually update themselves on the emerging trends and changing needs. Banks offering mobile banking increasingly face problems such as handset compatibility, security of mobile payments, transactions and information updates. With users being from all over the world, mobile banking needs a dependable server and system that's up and running 24x7. Programs if any, need to be up to date, and highly user friendly.
This Banking applications found in all parts of the world. People across all walks of life and from different cultures make mobile payments. Though North America and Europe are the established players in this banking, emerging markets are now Asian and South American countries. In India, surveys suggest that 43 million urban users use this service in their everyday lives. That's a reach of 15% in the urban Indian mobile user base. Surprisingly, rural areas aren't very far behind. This service also available in different regional languages, and the spread of mobile phones being far and wide, villages and towns also see a growing trend in this section especially in the banking information services.
The stage seems to be set to move into a new decade of banking from our mobile phones. With services like mchek coming into play, mobile banking may very well force out currency notes in many years to come.
Use mobile banking and pay the bills through mobile payment service. For more details visit Barclays.in. http://www.barclays.in/channels/omt/mobile_recharge.htm
By: Michal More
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