Sprint has come up with yet another truly excellent service for its subscribers which is an industry first PayPal, send/receive payments applications from most Web-enabled…
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The Reserve Bank of India has set a limit for maximum transaction per day through mobile phones. A customer can, now, transect Rs 2,500 to a maximum of Rs 5,000 in a day. Customers must have access to a debit or credit card to avail mobile banking. Many Indian leading banks are providing mobile...
The RBI has issued mobile banking guidelines, with a transaction limit of only $55 per transaction, and $110 per day. Banks have also been advised to set monthly transaction limits based on the customers risk profile. Some other significant elements in the guidelines, and their implications for mobile payment service providers detailed at MediaNama:M-Banking Guidelines For India Issued; Ridi
Washington Mutual, Inc. (NYSE:WM), following in the footsteps of other banks, announced today that it has launched mobile banking capabilities, delivering account information — anytime, anywhere wireless service is available, providing customers the ability to view real-time account balances, view and search real-time transaction history and locate a nearby branch/ATM.
“We have been wo
Bank of America today announced that it has surpassed one million unique active Mobile Banking customers.Mobile Banking allows customers to check balances, pay bills, transfer funds, view posted and pending transactions and even locate banking centers and ATMs, accompanied by maps and directions. The service was introduced nationwide in May 2007 as part of Bank of America's suite of Online B
The global retail banking industry is now in a period of innovative commitment to the branch, arguably not seen since the early 1990s. This quiet revolution is dealing with a more broadly-based agenda than just branch design, and is focusing on creating more customerorientated experiences and greater retail banking profitability.From a mobile banking perspective, this is of course bad news, so I t
Mobile phone users are becoming more comfortable making banking and purchase transactions while on-the-go according to a new study from Harris Interactive.
The study found that 16 percent of mobile phone subscribers currently use mobile banking services, with 60 percent doing so at least once a week. Thirty-five percent of those who do not use mobile [...]
Mobile banking is growing at a feverish pace to emerge as a powerful "right here, right now" channel for banks to connect with their retail and business customers, as well as reach new customer segments. Mobile banking is already a strategic business and technology priority for the top U.S. banks. While these major players have the financial and technical resources to make a strategic commitment to themobile channel, most mid-tier and small banks are innovation and/or cost- challenged on this front. New research from TowerGroup finds that core banking technology vendors have a big role to play in helping mid-tier and small institutions take advantage of this emerging channel that will soon be a cost of doing business.Core banking vendors sit at the center of a significant portion
Qualcomm Incorporated today announced it has agreed to acquire Atlanta-based Firethorn Holdings, LLC, an industry-leading mobile banking enabler. The addition of Firethorn's expertise in the financial industry and key relationships with wireless operators, financial institutions and payment processors supports Qualcomm's broader strategy to enable end-to-end wireless services that enhance the mobile experience and to deliver compelling applications that drive increased consumer adoption of new mobile data services. Qualcomm will pay approximately $210 million in cash for Firethorn. Completion of the acquisition, which is subject to certain closing conditions, is expected within 30 days.Firethorn's employees will remain in Atlanta supporting its existing financial institution and operator partners for mobile commerce applications. The Firethorn team will continue to be led by Firethorn's current CEO, Tripp Rackley, and will be overseen by Len Lauer, executive vice presid
Banks and other financial institutions are rushing to enter partnerships with mobile operators (wireless carriers) to offer a new breed of integrated financial products, all controlled from the convenience of your mobile phone (cell phone).
These new products integrate a traditional bank account with a mobile tariff package (rate or minute plan) and innovatively give you secure control over your finances from this mobile phone.
Competition amongst financial institutions for consumer’s current account business is intense, and differentiation by any means other than price is very desirable; hence the attraction of an integrated proposition to financial institutions. Mobile operators, keen to reduce churn (where consumers move between networks to gain a new handset or lower tariffs), see financial institutions as having developed longer lasting relationships with their customers.
When considering constructing an integrated banking and telecommunications proposition a financi
Diebold has been granted five U.S. patents covering a variety of applications that enable mobile devices to interact directly with bank ATMs. These technologies extend beyond current mobile banking practices that permit using mobile phones to conduct online banking transactions such as transferring funds or checking account balances. The new technologies covered by the patents will allow consumers to use their mobile devices to locate and get directions to the nearest ATM, "order" cash withdrawals remotely, generate electronic checks to pay for goods or services, transmit wireless payments and conduct other transactions more securely and conveniently than they do presently. Approximately 8 billion ATM transactions are performed annually in the United States, according to the Dove 2006 ATM Deployer Study. Those transactions add up to $600 billion in cash dispensed each year.
Bank of America, recently completed the rollout of its secure Mobile Banking service, enabling more than 20 million Online Banking customers to manage their personal finances 'on the go.' Consumers across the country now can use their cell phones and smartphones to check account balances, pay bills and transfer money.Bank of America began rolling out Mobile Banking service to consumers in March and now is providing the service to more than 20 million online customers across the country. Using the Web browser built into most current cell phones or smartphones, consumers can:Check balances on their checking, savings and credit card accounts, as well as mortgages and home equity lines held with Bank of America.Pay their bills and e-bills.Transfer money between accounts and to other Bank of America customers.View transactions for checking and savings accounts, mortgages and home equity lines, including posted and pending transactions.
According to a recent study by JupiterResearch, only 8% of online consumers who own a cell phone are interested in using mobile browsing to check account balances despite renewed efforts by banks to offer the service.Per the report (Mobile Banking: Assessing Servicing Opportunities via Cell Phones), "Banks should not offer mobile services that aim to mirror or duplicate the online experience," said David Schatsky, President of JupiterResearch. "Online banking brought consumers the convenience of banking anytime. Mobile banking can add an anywhere element, but banks should identify where such ubiquity is crucial."
In one of my earlier postings I have talked about the synergies whcih the Telcos & banks can enjoy in their operations. I have always been a strong supporter of Telcos (especailly in India) entering into banking sector. For those who are interested the study of South Africa can be helpful where telecom company has entered into banking space. The conditions in India (the number of people having bank account viv a vis tose having mobile/telecom subscribtion) are quiet same as the ones in South Africa. But recently I came accross a survey results on mobile-banking and thought I should share it. The highlights of the survey carried by JupiterResearch (The group advises major U.S. banks, which are working to expand mobile banking offerings, to experiment with services that leverage the mobile channel's characteristics to respond to the needs of three key consumers segments) are -- people prefer to do their banking either online or in person, with research showing that, despite renewed ef
More than a year after UK banks launched mobile banking services, the USA has finally caught up, more or less. Citibank announced the launch of mobile banking services yesterday.
Citi Mobile, the new mobile banking technology from Citibank will initially be available in Southern California, and then to the rest of the USA by mid-2007. The [...]
Gautam of RFID Weblog talks about the collaboration between Motorola and Discover Financial Services, giving a new angle to mobile banking. The collaborators would be testing RFID payment platform for mobile banking, which industrialists see to as the next big thing in m-commerce. Motorola's M-Wallet technology is behind this innovation, and this NFC technology would [...]
