• Big Check Volumes Aren’t Just for Big Banks, a Small Bank Says

American Banker

Business clients that receive thousands of checks per month typically can’t get automated bulk check processing services from a small bank. And if the services matter to those clients, the small banks lose their business to larger rivals. But Farmers & Merchants Bank, a $4.7 billion-asset bank based in Long Beach, Calif., is launching an image cash letter service. In doing so, the bank is demonstrating an emerging option for smaller banks to deepen relationships with business clients, speed processing and take greater control over the quality of check images that are prepared for deposit.

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• Nacha Payments 2012 Round-up

Celent Banking Blog

Last week he was in Baltimore for the Nacha Payments annual event, a regular fixture on his calendar. He just wanted to share some impressions, some of his own, others themes from the many conversations he had. Mobile loomed large on the agenda. It’s not an area that he specifically focuses on but he was struck by the diverging opinions. On one hand, some banks were saying that those customers who used the mobile service were the most profitable. However, others also said they didn’t know how or when they’d make money from mobile.

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• Why Smaller Banks Should offer Image Cash Letter Deposit Services

Celent Banking Blog

Farmers & Merchants Bank, a $2 billion-asset bank based in Long Beach, Calif., is launching an image cash letter service. The accompanying press release caught the eye of American Banker resulting in a story today on the topic, Big Check Volumes Aren’t Just for Big Banks, a Small Bank Says, written by John Adams. In a previous post, he commented on why wholesale lockbox belongs in the headlines even though it has been around as a staple treasury management offering for five decades. The post emphasized that after all these years, the market opportunity for wholesale lockbox services remains significant.

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• Social Media Needs ‘Socialnomics’

Credit Union Journal

Credit unions would be well-advised to take a course in “Socialnomics,” according to one person. Socialnomics is the intersection of social media and word of mouth, creating “world of mouth” advertising, according to Erik Qualman, an expert on social media and author of a book with that name. “Socialnomics is word of mouth on digital steroids,” he said, noting many consumers are moving past what had been considered a big deal just a few years ago-doing research online at home before going out to shop. “People are now using their smart phones to scan QR codes in stores, which not only lets them comparison shop, it lets them get recommendations on the product from their Facebook friends.”

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• Mobile Wallets Have Uphill Climb to Consumer Acceptance

eMarketer

Will mobile wallets take off in the US? If marketers, carriers and other service providers expect technology that allows mobile phones to act as credit or debit cards to gain wide acceptance, they have a lot of work to do to convince consumers to adopt. According to March 2012 panel-based research by marketing solutions agency Catapult, just one-quarter of US consumers were at least somewhat interested in using a mobile wallet for in-store purchases. In contrast, 58% were uninterested—including 41% who reported a complete lack of interest. Correspondingly, in January 2012, market research firm TNS found that 60% of US mobile phone users were not interested in mobile wallet technology.

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• Infographic: The Digital Lives of American Moms

Nielson Wire

Moms are at the center of their family’s offline life, so it’s little surprise that they’re also at the center of many of the biggest trends online as well. Whether to look up the latest product reviews or to connect with friends, families, and even brands through social networks, American moms are particularly active and influential online. American moms use social media frequently, with nearly three out of four moms visiting Facebook during March 2012. When using social media, moms are 38 percent more likely to become a fan of or follow a brand online, and moms who blog are more than twice as likely to follow brands and celebrities compared to the online average. Moms visit blogs more often, and are 27 percent more likely to visit Blogger and 26 percent more likely to visit WordPress.com than the general online population.

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• Mobile Payments Expected To Surge (INFOGRAPHIC)

Huffington Post

Mobile payments are expected to hit 21.3 percent in 2012. Mobile payment technology is making it unnecessary to carry a wallet or maintain a bulky cash register at your checkout counter. By using devices and apps like Square and Google Wallet, small businesses are getting paid faster and customers are making more reliable purchases. Data from Deloitte show that mobile payment usage is expected to spring from 6.8 percent in 2009 to a predicted 21.3 percent in 2012.

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• New free website e-mails you when you’re going over budget

Sun Sentinel

Plantation-based PowerWallet.com helps people manage their finances, sending reminders to pay bills — from credit cards to monthly cable charges — and alerting consumers when they’re near their budget limits. “It keeps your spending in control,” said PowerWallet co-creator and president, Bob Sullivan. “We looked at the market about a year ago and found people were having trouble with their finances.” So Sullivan helped set up the secure website that allows people to safely list their finances online, including their investments, bank accounts and bills.

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Skimming is the act of hijacking account information through the use of a card reader, usually installed on an ATM and fabricated to look like a part of the machine. Thieves have even utilized the readers used to unlock after-hours ATM kiosks. Often, a camera accompanies the card reader attached directly on ATMs and records customers entering their PIN.

Fraudsters can then withdraw money directly from the compromised account or sell the information to other criminals. Guns, drugs and other illicit materials can then be purchased with the stolen funds and card information, or criminals can perpetrate identity theft.

A recent post on the Krebs on Security blog, a banking and finance security blog, shows the latest in skimmer technology recovered from a compromised ATM. The unit is an all-in-one card reader with a built-in pinhole camera, seamlessly attached to an ATM — pretty sophisticated stuff.

One expert estimates more than $350,000 stolen from ATMs worldwide every day via skimming. With ATMs seemingly everywhere one could go – grocery stores, movie theaters, malls, gas stations – there is no shortage for opportunity. This reveals another part of the problem: unless you are a bank security expert, chances are remote that anyone from your FI has mentioned skimming or how to minimize the risk.

Here are some simple steps both FIs and their customers can use to lower the chance they will be victimized:

1. Before inserting your card, always scrutinize the ATM for parts that look out of place, been added on or just plain don’t belong. Check for mismatched and uneven seams or other irregularities.
2. Use your hand as a shield while you enter your PIN. This is perhaps the easiest preventative measure one can take. It will also prevent shoulder snoopers from spying on you.
3. Educate yourself about skimming (and other forms of fraud). FIs can do a better job teaching their customers about skimming to help customers and members minimize the risk of being victimized. Hang a poster next to the ATMs or print warnings right on the machines, so it is fresh on the ATM user’s mind.
4. Remind customers to check their account activity often, and report any unfamiliar transactions to the FI.

As FIs continue to utilize ATMs for both convenience and cost-savings, the frequency of skimming attacks will only increase in both volume and sophistication. Should these attacks be thwarted, FIs, customers and law enforcement must stay vigilant and ahead of the criminals and their ever-advancing technology.

Does your FI already have preventative measures in place against skimmers? Let us know in the comments section below or Tweet @bankingdotcom.

Editor’s Note: David Sutton has a BA in economics and a MS in business journalism, and his articles have appeared on Forbes.com and in the Boston Business Journal. David has had a bank account since he was three.

The challenges confronting banks that seek to bolster their bottom-line profitability, retain customers, and stay competitive in the marketplace are formidable. Research conducted by J.D. Power‘s Consumer Insight and Strategies Group to track social media activity regarding banking issues between April 2011 and March 2012 finds that:

• Online sentiment was distinctly negative not only regarding fees, but also for bank technology
• Complaints associated with website or online issues were a major source of discontent in technology-related messages

With customer feedback on critical topics discussed online going from technology to fees and service, banks should see the handwriting on the wall and provide an appropriate outlet for these customers, along with an acknowledgement and guidance for direction for immediate response.

Retail Banks aren’t the only ones that have an opportunity to engage with the vocal online customer. Credit card holders appear to be even more outspoken online, but card issuers appear to have learned this a bit faster than their Retail Banking peers.

• 43% more credit card customers indicated that their financial institution responded to their online post than for Retail Bank customers (J.D. Power and Associates 2011 Credit Card Satisfaction Study). This may not be surprising, however, given the more virtual nature of interaction associated with credit card servicing.
• Mobile apps for payments, online sites for daily transactions and much heavier reliance on phone-based rather than in-person interaction all combine to make the credit card environment more conducive to engaging the customer online.

Financial services, however, need to step up to the plate more and address the disgruntled customer. While these percentages are a step in the right direction, there is much more to be done to placate this online audience and turn the negative intensity and passion around.

• The Paper Check Prevails but the Future of ePayments Is Optimistic

Barlow Research Newsletter

At Barlow Research’s 2012 Annual Client Conference held in April 2012, a group of thought leaders gathered to discuss the state of the paper check and the electronic payments (ePayments) movement. Specifically, the group addressed questions around the drivers of electronic payments, barriers to adoption, the future of checks and electronic payments. The paper check is an instrument that is universal. It is still the common denominator amongst companies doing business.

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• Mobile RDC Is Game Changer – NACHA Expert: Onsite Coverage

Credit Union Times

Waving an iPhone, Fiserv executive Gary Brand told the NACHA audience: “This changes everything.” Then Brand explained why: the ease of use of mobile deposit apps on smartphones coupled with the ubiquity of those devices suddenly means that the ability to make remote mobile capture deposits is in just about every hand. And consumers want it: 43% of people will switch financial institutions to get mobile RDC, Brand said at his presentation on Wednesday at NACHA’s PAYMENTS 2012 conference. As mobile RDC proliferates, “this will change everything in your relationship to customers,” Brand said, because many members come into a branch only to make a deposit.

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• More Than 50% Saw Member Increase in 2011: Credit Union 24 Survey

Credit Union Times

A survey of credit unions conducted by Credit Union 24 has found that more than half of credit unions surveyed (53%) reported seeing their numbers increase last year and that almost half (46%) attributed the increase to Bank Transfer Day. The nationwide ATM and POS network collected the data as part of its fourth annual CU Industry Survey. “The industry took a very aggressive approach to member recruitment during 2011 and it was successful,” said Jim Park, president/CEO of Credit Union 24.  “Bank Transfer Day, robust marketing strategies and an overall increased awareness of credit unions in the consumer marketplace all helped advanced the credit union movement; however, credit unions are rightly concerned with how to keep this momentum going in 2012.”

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• Checks Die While Online Thrives, But Gen-Y Still Use Branches

The Financial Brand

Despite Gen-Y’s love for all things digital, they don’t just bank online or on their phones. While Gen-Y certainly prefers the digital channel, it’s not like they’ve declared a boycott against physical channels (as many in the financial industry widely believe). Indeed, it’s exactly the opposite. According to the 2011 Consumer Trends Survey from Fiserv, Gen-Y consumers are more likely to visit a branch, drive up to an ATM, or call a call center than any other age segment.

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• Who’s Ready For Mobile Payments? The U.S., Canada…And Kenya

Forbes.com

We are on the verge of one of the biggest changes in decades in how we pay for goods and services. For the first time since the 1980s, what we call the “form factor” – the physical device that initiates a financial transaction – will shift to new technology. Smartphones and tablets are becoming an integral part of people’s daily lives around the world and soon will replace the familiar plastic cards we all carry. In fact, your smart phone will become your “wallet” – replacing a host of cards, coins and cash.

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• Many Competing Paths on the Road to the Phone Wallet

New York Times

The idea of using a smartphone as a wallet has been slow to catch on in the United States. A big part of the problem has been that most stores do not have the proper physical equipment to allow customers to pay by tapping their phone. These stores also do not have the right equipment to allow the use of smart cards, credit cards embedded with computer chips that are much less susceptible to fraud. But a change is coming that will push both innovations at the same time.

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• Pew study: Overdraft fees still take account-holders by surprise

Philadelphia Inquirer

Nearly two years after the Federal Reserve began requiring banks to get customers’ permission before subjecting them to controversial overdraft practices, many account-holders are still surprised when they are charged overdraft fees for debit-card purchases or ATM withdrawals that could simply have been declined, says a new study financed by the Pew Charitable Trusts. The Pew study found that more than half of those hit with overdraft fees did not believe they had opted in to the policies, which enable banks to approve purchases or withdrawals for customers short of funds and then charge them fees for the transactions. Pew says the median bank overdraft fee is about $35. Pew has focused on unexpected overdraft fees as part of its Safe Checking in the Electronic Age Project, which says the fees pose financial risk, particularly to younger and less-affluent customers.

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This is the eighth installment of a new series where Intuit leaders, including CEO Brad Smith, Founder Scott Cook and Vice President of Design Innovation Kaaren Hanson will sit down with author Eric Ries to expand on some of the themes in his best-selling book The Lean Startup.

For more information on Ries, go to http://theleanstartup.com/.

*Originally posted on the Intuit Network. You can watch more of the series here.

• Chase Has the Best of the Big-Bank Mobile Apps, Forrester Says

American Banker

Forrester Research has evaluated the mobile initiatives of the top four U.S. banks and declared JPMorgan Chase’s the best. The research firm gave the bank a score of 74 out of 100 on its mobile banking functionality, for providing a wide array of mobile money movement options, including funds transfer, bill payment and remote deposit capture. The other three banks — Citi, Bank of America and Wells Fargo — all scored above average in the tests. The overall research report offered a few insights into mobile banking trends: The percentage of mobile banking users has crept up to 17% as of the end of 2011, according to Forrester estimates.

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• YouTube Casts a Spotlight on Banks’ Social Media Challenges

American Banker

Twitter and Facebook audiences are tough nuts to crack, but the toughest of all is YouTube. YouTube, the dominant online video site, has hundreds of millions of users, but holding their attention is far more difficult than typing out 140-character messages or encouraging customers to “Like” the bank’s brand. Many of the banks that have a YouTube account devote little attention to it; they populate it with repurposed TV ads and prohibit users from leaving comments. Putting in the effort to provide professional-quality and unique content for YouTube keeps customers engaged and even prompts conversations with branch staff, as Lakeland Bancorp’s (LBAI) Lakeland Bank has learned.

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• Where’s the Tech Support?

American Banker

A recent survey of 1,527 mobile banking users found a gaping void in the typical mobile banking application — a lack of technical support, tutorials and advice. Asked the one improvement they’d most like to see in their mobile banking application, 60% of these consumers said links to and contact information for technical support. Easier navigation and chat tools would help banks improve their overall mobile banking adoption numbers, says Michael McEvoy, managing director at ath Power Consulting, based in Boston and Washington, D.C., the firm that conducted the survey. Another thing that would help: better education about mobile banking services.

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• 7 Ways Banks Can Use Pinterest

American Banker

Financial institutions could benefit from being active on the fast-growing social media website Pinterest, Corporate Insight has found. Pinterest relies mostly on images instead of text and incorporates different aspects of Twitter and Facebook to connect users. After examining the website, Corporate Insight said Thursday that it found seven financial themes for which companies could use Pinterest to increase their digital presence. These themes were retirement, savings and investment goals, credit card rewards, lifestyle, corporate mascots, contests and charitable giving.

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• Ally Rolls Out Mobile Banking Offering

Bank Systems & Technology

Direct bank Ally announced it has released a mobile banking app for iPhone and Android mobile phones. Features of the new app include the ability to check account balances, search transaction history, transfer money between Ally Bank accounts and find ATMs and cash-back locations using the phone’s GPS capability. Additionally, Ally is offering a second app for non-customer Android and iPhone users, which will locate nearby ATMs and cash-back locations in the U.S. This app is available to the public and free to download at the App Store and Google Play Store, Ally said.

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• Leading the Bird: What Bankers Can Learn from Duck Hunting

Celent Banking Blog

Every duck hunter knows that in order to avoid coming home empty-handed, one must aim ahead of the bird – lead the bird as it is commonly referred. The idea is that if one aims directly at the bird, every shot will be a miss no matter how precise the aim. That’s because by the time the bird shot gets in the vicinity of the duck, it will have flown out of the shot pattern. What does this have to do with financial services? Tons! Today’s financial services landscape is challenged with astonishing array of changes, and the rate of change is faster than most have seen in our lifetimes.

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• Gen Y Found in Branches as Much as Seniors in Fiserv Survey

Credit Union Times

Fiserv Inc. has found Gen Y consumers are not strictly tied to online and mobile banking, based on the company’s latest Consumer Trends Survey. Fiserv said its Gen Y findings include the following: Gen Y members do not limit themselves to online and mobile banking — they’re more likely than any other age segment to visit a branch, drive up to an ATM or phone a call center. For each of the banking services mentioned, Gen Y represents the highest percentage of high volume users (five or more visits/uses per month) than any other age segment. Online banking, debit cards and bank-based bill pay are the top three financial management tools utilized by Gen Y.

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• Securing smartphones and tablets against banking fraud

Help Net Security

Trusteer announced a new version of the Trusteer Mobile service which prevents mobile and online banking fraud. The service detects mobile malware infection and helps bank customers fix security vulnerabilities on their devices. End users can also turn off access to their online bank accounts from anywhere using their mobile devices and safely access the bank web site via a secure mobile browser. Financial institutions can authorize online banking transactions using Trusteer Mobile Out-of-band Authentication for Android and iOS devices.

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• The Post-Cash, Post-Credit-Card Economy

New York Times

In London, travelers can buy train tickets with their phones — and hold up the phones for the conductor to see. And in Starbucks coffee shops here in the United States, customers can wave their phones in front of the cash register and without even an abracadabra, pay for their soy chai lattes. Money is not what it used to be, thanks to the Internet. And the pocketbook may soon be destined for the dustbin of history — or at least if some technology companies get their way. The cellphone increasingly contains the essentials of what we need to make transactions.

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Are you and your employees using mobile phones more frequently for work? Do you think employees should use company sanctioned mobile devices to do work on-the-go? Let us know in the comments section below or Tweet @bankingdotcom.

Browse more infographics.

It’s a valid question—we’re at the end of Financial Literacy Month, designated as such by the government. So has it worked? Have Washington and the all the state capitals involved moved us to make things better?

Let’s start with the designation itself. Everything about the government is byzantine, of course, and even something as innocuous as encouraging people to become more money-savvy is no exception. Turns out this initiative was actually by a non-profit group back in 200, and the U.S. Senate signed on to a youth-oriented version in 2003, although by that time at least eight states already had their own version. A few years later, the National Foundation for Credit Counseling took up the cause.

In 2006, the Financial Literacy and Education Commission, backed by a lengthy roll call of government agencies and departments, delivered a comprehensive study titled Taking Ownership of the Future: The National Strategy for Financial Literacy. Supported by reams of data and credible subject matter experts, the report lays out a broad series of initiatives and goals that are designed specifically to help individuals enhance their management of financial issues.

The report also serves a perfect snapshot in time, not because it’s obsolete now—in fact, the advice may be even more valid in today’s difficult market—but because it captures the apparent widening gulf between the real and the aspirational. The resources, the desires, and the motives are all there to do things better than we should. And yet. . .

One good example is how much money we put away without spending. The report bemoans the steep decline in this area, pointing out that 35 years earlier, in the mid-’70s, 9.4% of disposable income was set aside for personal savings (some estimates have it even higher.) By 2004, the figure had plummeted to 1.3% (some estimates have it even lower.) Then Chairman of the Federal Reserve Board Alan Greenspan is quoted as saying that while domestic savings will be critically important, actual performance in this area would be dictated by largely by the “behavior of the members of the baby-boom cohort during their retirement years.”

Of course, the year 2006 could be seen as increasingly distant from the dot-com crash at the turn of the century and closer to the financial meltdown that began, at least publicly, in 2008. But where are we now?

Savings got closer to 6% during that period (dubbed the “new frugality”) but went back down to 3.5% late last year. That’s much lower than most retirement groups recommend. In fact, those who get started late in life—say, the age of 45—at the savings game need to put away a good 18% of annual income to assure a comfortable retirement after turning 70.

Can we do this? The current Chairman of the Federal Reserve Board, Ben Bernanke, had an interesting take on this before taking the job: As an economist at Princeton University, he theorized that the problem isn’t Americans saving too little, it’s foreigners saving too much. In particular, excess savings by Chinese individuals caused them to lend money to the U.S. at low rates, which effectively financed American consumption and caused a mountain of debt.

Of course, there’s much more to financial literacy than just personal savings—we need a better handle on everything from home mortgages and health insurance to tax rates and student loans. The irony is that all these issues are playing out on a national stage right now, courtesy of the presidential election.

In sum, the information and resources exist for us to learn more and do better. It’s in our own best interest to make the effort. Otherwise, every month—including those dedicated to helping us become more financially literate—will be like the one that came before.

To better understand the community they serve, Philadelphia Federal Credit Union (PFCU) in Pennsylvania revealed the results of its first annual Financial Literacy Survey. The survey researched the financial knowledge of Philadelphia-area residents, taking particular interest in their saving practices, spending habits and financial attitudes. PFCU’s research revealed that more than one-third of Philadelphians are in critical need of improving their financial condition, indicating they were not able to save any money in the past 12 months. Additionally 45 percent of Philadelphia credit card owners typically carry a balance month-to-month and 79 percent of survey respondents were less than “very successful” at spending within their budget in the past year.

As a result of the survey findings, PFCU is ramping up its educational programs and looking to better cater to its current and prospective members. Banking.com spoke with Philadelphia Federal Credit Union’s Accredited Financial Educator Karl J. Bernhard about the survey findings and what they mean for the institution and financial industry at large.

Banking.com (BDC): What survey statistic did you find most surprising, and why?
Karl J. Berndhard (KJB): I found it most surprising that more than one-third (37%) of Philadelphians were not able to save any money in the past 12 months. This tells me that Philadelphians are in critical need of learning the skills to better manage their money. In response to this finding, PFCU is expanding its free financial education programming now through May 31 to the public in an effort to instill healthy financial habits.

BDC: For Americans and Philadelphians trying to get their financial condition in shape, what small steps can people take to try and improve their financial health?
KJB: I always say there are five steps you can take to take control of your finances immediately. The simple steps include – create a budget, track spending, open a savings account, check your credit report and then last but not least, take advantage of financial education that is available to you like PFCU’s free seminars on budgeting, saving, and credit.

BDC: What tools and/or services do you offer to your members to help them budget their money?
KJB: We offer a Budgeting & Credit Seminar on a regular basis to our members that helps them understand the importance of saving and tracking where their money goes. We give them the tools they need to create a realistic budget and manage their credit.

BDC: With the surge in online and mobile banking, do you believe that having tools available to members 24/7 is helping improve their financial literacy and financial health?
KJB: It’s certainly making the information more available to them and making it easier than ever for people to track their spending. In addition to offering free 24/7 online banking, we plan to have a mobile app up and running before the end of the year. We also recently launched a Facebook and Twitter page and regularly post and tweet financial tips and advice.

BDC: How have your members reacted to the survey findings?

KJB: I think it is human nature to be curious about how other people are doing financially. This survey for better or worse shows Philadelphians that they aren’t alone. Seventy nine percent of Philadelphians haven’t been very successful at keeping spending within their budget during the past twelve months and 84% of Philadelphians surveyed consider themselves less than very knowledgeable about personal finance.  The good news is there are simple steps everyone can take to improve their financial condition and through our financial education seminars we are making a better financial future accessible.

BDC: What do you predict will be the focus of your financial literacy campaigns and annual survey next year?
KJB: Good question. I think it will be important to continue to take the temperature of Philadelphian’s wellness on an annual basis so that we can be sure our financial education seminars and other services we provide our members are fulfilling their needs and providing the greatest value. Many of the questions we ask Philadelphians will remain the same. Hopefully the results will improve!

You can read more about Philadelphia Federal Credit Union’s survey here or reach out to them on Twitter

How are you helping customers and members to your financial institution? Tweet at @Bankingdotcom or let us know in the comments below.

Think your FI deserves special recognition? Send information to info@banking2020.com.

• Bank Tech Isn’t Cool — and Banks Know It

American Banker

As banks are well aware, many new software engineers would rather work for Google or a hot new start-up than enter the banking industry. To attract talented new workers and to make sure they are up to speed on the latest trends, banks and technology vendors work closely with universities to help prospective employees develop the right skills before they even look for their first job. “There is completely a growing need that we see across our firm,” to develop and attract new talent in this way, says Jill Pineiro, the global director of JPMorgan Chase’s (JPM) corporate development program. JPMorgan Chase developed educational programs with Syracuse University that began in 2008 and the University of Delaware that began in 2010, committing over $30 million over 10 years and $5 million over 5 years, respectively, to groom talent at each institution.

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• Amazon’s Kindle Fire Heats Up Tablet Banking App Development

Bank Systems & Technology

As tablet computers proliferate, banks continue to race to keep up with new tablet banking options. In March, both Charlotte, N.C.-based Bank of America and New York-based Citi released mobile applications developed specifically for the Amazon Kindle Fire tablet. The announcements were made little more than a week apart. The Citibank Kindle Fire Edition app features many of the same rich graphics and interactivity that the bank’s Apple iPad app offers, including in-depth personal financial management tools and interactive charts, as well as access to financial education resources and Citibanl’s real-time Twitter customer support. But while the tablet apps are similar, the bank stresses that the new app was designed exclusively for the Kindle Fire, “with every component, graphic, touch action, button and slider customized to the tablet’s modified operating system, form factor, screen size and resolution,” according to a release.

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• Mobile Adoption Lags Due To Lack Of Marketing

Credit Union Journal

Financial institutions are not adequately promoting their mobile banking offerings, according to ath Power Consulting, a provider of financial services research and customer experience strategy development. The firm said its “2012 ath Power Mobile Banking Study” also found remote deposit capture is the missing feature most sought by bank customers. The national study ranked customer satisfaction with today’s mobile banking offerings, with USAA earning the top spot with 73% of its users claiming high satisfaction. “The revenue potential for banks who add compelling features to their mobile offerings could be significant,” noted Frank Aloi, president and CEO, ath Power.

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• Customized Tools For Small Business Paying Off

Credit Union Journal

Stanford FCU wins the hearts of its “best” members with a trove of custom-built small business products and services-and a vibrant consumer mobile channel that business members seem to love, according to Jim Phillips, SVP and CIO at the $1.4-billion organization here. “All credit unions need to remain relevant by expanding tools for businesses, even if the business is a DBA,” Phillips suggested. “You don’t want to scare off your best members-they’ll go to Chase or BofA with their business account and take their personal account with it.” Business members, representing 10% of the credit union’s total membership, particularly enjoy the ability to manage their business accounts online alongside their personal accounts, he said.

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• Mobile Banking Set To Explode, Here’s What Marketers Need to Know

The Financial Brand

Two research studies on mobile banking tell financial marketers they need to pay more attention to this critical channel. One study commissioned by the Federal Reserve System examines the increasing impact mobile tools have had on consumers’ banking, budgeting, shopping and payments behaviors. The report titled “Consumers and Mobile Financial Services” presents findings from an online survey with over 2,200 participants, conducted in December 2011 and January 2012. The report explores the use of mobile technologies as a means to access financial services and make financial decisions.

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• What is the Future of Mobile Money? [Part 1]

ReadWriteWeb

To understand the future of money and transactions, one must understand the nature of currency. Foremost, it is not real. A coin, a paper bill, a debit or credit card hold no value as objects. Currency has always been a form of data. Currency is the first digital revolution, started to turn it into what we now think of as traditional data. That has set us up for the second digital evolution of currency: where mobile technology and the cloud once again change how people make transactions.

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• How the iPad Is Revolutionizing Local Businesses

ReadWriteWeb

Tablets, especially Apple’s iPad, are increasingly finding homes in restaurants and local businesses. They are changing how businesses conduct transactions and receive customer feedback. In a data-driven world, Main Street retailers are on the verge of a significant evolution. The top POS vendors, such as Aloha, Micros and POSitouch, charge thousands of dollars to restaurants and retailers to set up and maintain these systems.

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• How B2B Marketers Use Social Media: New Research

Social Media Examiner

Are you wondering, “How does social media work differently for B2B businesses?” In the 2012 Social Media Marketing Industry Report, Mike Stelzner asked marketers how they’re using social media. Of the B2B marketers who took this year’s survey, over 93% use social media to market their businesses. While that’s slightly below their consumer-focused brethren (95.2%), there’s been a significant increase since the 2010 survey when only 88% of B2B marketers responded affirmatively.

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• Tablets for mobile banking? Javelin report identifies top three banks

Tab Times

Citibank’s banking app for Amazon’s Kindle Fire got high marks for helping customers analyze their account spending, set goals and budgets. Mobile banking on tablets is booming. A new report says the number of tablet owners engaged in mobile banking is growing at twice the rate of non-tablet owners (49% vs. 22%).  Javelin Strategy & Research says it expects the growth of tablet banking will continue as overall tablet adoption is forecast to grow to 40% by 2016.

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