This Week’s Reads: Security, Mobile Banking Malware, ATMs

Below are interesting stories the Banking.com staff has been reading over the past week. What have you been reading? Let us know in the comments section below or Tweet @bankingdotcom.

What We’re Reading: Branches, Mobile Going Mainstream, Banking Alerts

Below are interesting stories the Banking.com staff has been reading over the past week. What have you been reading? Let us know in the comments section below or Tweet @bankingdotcom.

  • Tech-Savvy Bankers Make the Case for Branches

American Banker

Bank branches may be falling out of favor, but even the most tech-savvy bankers aren’t prepared to renounce them entirely. Take Manolo Sanchez, the chief executive of BBVA Compass, whose bank is spending $117 million to buy the branch-less online startup Simple. You might expect him to declare brick-and-mortar bank locations passé — and yet his company just opened two new branches last week. That’s because customers still want to see branches — even if they don’t go in, and even if they do most of their banking on the computer, the tablet or the mobile phone. Just seeing a physical bank location actually increases a person’s interest in doing business with BBVA Compassonline, he says.

Read more 

  • Mobile is Now Mainstream: Report

Bank Systems & Technology 

Mobile banking features play an increasingly critical role in the consumer’s decision to switch primary banks, according to a survey from AlixPartners. Mobile now plays a crucial role in bank-switching decisions made by consumers, according to a new report from AlixPartners.  According to the “AlixPartners Mobile Financial Services Tracking Study,” 60 percent of smartphone or tablet owners who switched primary banks reported mobile banking capabilities as “important” or “extremely important” in their decision to switch, up from 48 percent in a similar survey in the first half of 2013.

Read more 

  • Apples and Payments

Celent Banking Blog

What is becoming apparent is that the update is not without its flaws, to say the least. My iPhone, for example, lost half its charge in under an hour, doing nothing. Whilst battery life has never been the iPhones strong point, this was taking the biscuit! Twitter and internet forums have seen significant amounts of discussion on the issues, and it seems to be impacting a large number of people. What was noticeable is that most of the fixes transformed the iPhone to, well, just a phone. Suggestions included turning off apps, turning off search, deleting various elements – in short, many of the reasons why we bought iPhones originally.

Read more

  • Banks buying more time for Windows XP-powered ATMs

Dallas Business Journal

Earlier this year, we told you about the impending problems that many banks might face as Microsoft Corp. (Nasdaq: MSFT) ends its support for Windows XP on April 8. Roughly 95 percent of the nation’s ATMs operate on the aging system, and many banks now are having to buy extended support contracts with Microsoft as they try to convert the machines to a new operating system. JPMorgan Chase (NYSE: JPM) , for example, has bought a one-year extended life support for its Windows XP machines, CNN/Monday reported. In January, Chase told the DBJ earlier that it was working to upgrade its machines as part of normal operations.

Read more

  • Amazon Tests the Loyalty of Its Prime Members With a 25% Price Hike

Javelin Strategy & Research Blog

After 9 years, Amazon has finally decided to increase the price of its Prime membership – and it’s not an insignificant amount. The cost of Amazon Prime will increase on April 17, 2014 by a hefty $20 (from $79 to $99), and the Prime membership will continue to include free two-day shipping, access to Prime Instant Video, and the Kindle Owner’s Lending Library. The Amazon Prime membership is undoubtedly one of the best online loyalty programs available today, and so this significant price change will likely be a true test of just how much consumers are willing to pay for the perks of free shipping and digital perks.

Read more  

  • Monitise launches Alerting+ for interactive m-banking

Mobile Payments Today

Mobile banking technology provider Monitise has launched Alerting+, an alerting solution which enables two-way interaction between financial institutions and their mobile banking customers.

Read more 

  • Mobile Banking: Critical Switching Trigger Today… Table Stakes Tomorrow

The Financial Brand

Mobile continues to play an increasing critical role in bank-switching decisions, with 60% of smartphone and tablet users citing mobile banking capabilities as “important” or “extremely important” in their decision to switch banks. According to the “Mobile Financial Services Tracking Study” from AlixPartners, 60% of smartphone or tablet owners who switched primary banks in the fourth quarter said that mobile banking capabilities were an “important” or “extremely important” component in their decision to switch. That’s up dramatically from 48% in a similar survey fielded in the first half of 2013.

Read more

What We’re Reading: Online Banking, Mobile Wallets, Retail Banking

Below are interesting stories the Banking.com staff has been reading over the past week. What have you been reading? Let us know in the comments section below or Tweet @bankingdotcom.

  • Why Cost-Conscious Bankers Should Cheer an Appless Future

American Banker

Attention cost-conscious bankers: tiny University of Wisconsin Credit Union may have begun cutting a path to building mobile apps at a fraction of today’s typical cost. In what appear to the first such move of its kind, the $1.6 billion-asset outfit has done so by designing a mobile bill-pay function for an off-the-shelf web browser. The upside of this approach is that creating smartphone and tablet software is expensive, especially when it involves developing multiple versions for multiple types of devices. At most banks, that involves building apps for Android, Apple and even the fast-fading BlackBerry.

Read more 

 

  • Is Online Banking Dead?

Celent Banking Blog

Banks can’t afford to drop the online banking ball. There are several key reasons for this: The online channel is still the most popular with consumers of all ages. The results of our most recent consumer survey (September 2013) are quite clear.  While mobile is certainly growing in importance and popularity, online still rules. Most tablet banking apps are pitiful. Kudos to the banks that have ventured down this road as it’s an interesting and exciting space. However, we recently reviewed the tablet apps of the top banks in the US, and most can’t compete with the features, functionality or experience of classic online banking. I recently spoke with a bank that had just finished doing some customer research to evaluate how customers were using their tablet app.

Read more

 

  • A Tale Of Two Futuristic ATMs

Credit Union Journal

As Fexco and First Data demonstrated their futuristic ATM concept, which allows consumers to use a mobile phone instead of a card for access, they emphasized that the CU or bank is at the heart of the offering – everything about the technology could be changed to the bank’s whim. And as Lamassu took the same stage to pitch a very similar device, which reads from a consumer’s mobile phone to access a Bitcoin wallet, a very different message came across: “Our machines are, in a sense, bankless ATMs,” said Lamassu co-founder Zach Harvey. Each company presented its product during the Payments Innovation Day session of PaymentsSource’s ATM, Debit and Prepaid Forum here.

Read more

 

  • With IPO In Sight, Lending Club Looks To Upend Banking Industry

Forbes.com

Laplanche is recounting the five-day Transpacific yacht race in July from Los Angeles to Hawaii on the company-sponsored yacht. His team won the multihull division race with the second-fastest time ever. The most harrowing part of the race was when the vessel was struck by what looked like a telephone pole, seriously damaging the center board of the boat. But Laplanche recalls the incident like it was a walk to the corner store. Laplanche is no stranger to sailing; he started sailing at age 10, began sailing competitively at 14, and later won two French sailing championships.

Read more

 

  • PayPal Nudges out Visa in Javelin “TIP” Mobile Wallet Rankings

Javelin Strategy & Research Blog

Who is winning the mobile wallet race? The answer might surprise you. PayPal moved up strongly in Javelin’s TIP (Trust-Innovation-Privacy) consumer rankings to grab the lead from Visa this year. PayPal is the most trusted brand among consumers compared to Apple, Google, Amazon and Facebook, and compared to the top banks, major payment networks and largest mobile network operators.

Read more 

 

  • Three Essential Priorities for the Retail Banking IT Roadmap of 2014

Tower Group Blog

As we move into the Q4 2013, retail banking IT executives should consider three crucial priorities as they begin to assemble an IT investment roadmap for 2014. Optimize the IT Delivery Model: The pace of technology development and acquisition continues to accelerate, amplifying the difficulty of integrating new technology with outdated legacy systems. Target Channel Investments to Maximize Customer Engagement: Customers are rapidly migrating to digital channels, performing an increasing proportion of banking tasks through online and mobile channels rather than through the branch or call center. Identify the ROI of Investments in Mobility: Many banks are making significant investments in mobile technology despite a lack of clarity about mobility’s impact on loyalty or revenue.

Read more