All Articles Tagged "mobile banking"
(Wall Street Journal) — Don’t fear mobile banking. More consumers are buying smartphones, but they’re not embracing mobile banking at the same pace – mostly because they have a misplaced fear of it, according to several studies by research firm Javelin Strategy & Research. In 2009, 26% of smartphone owners were uncomfortable using their phones for banking. A year later, that number jumped to 40%, according to the firm. ”It’s very clear to us the consumer is saying, ‘I’m nervous about mobile banking,’” says Phil Blank, managing director of risk, fraud and security for Javelin. If financial institutions don’t address that immediately, he says, “This stagnation is just going to continue.”
(Time) — Cell phones have taken all the world forward, but they are positively transforming Africa. Lack of infrastructure — few hospitals, landlines and roads; little power, education or running water; small banks; sparse insurance; tiny stock exchanges — is a large part of what economists mean when they say poverty. And much of Africa is a giant, dark infrastructural void, as anyone who has flown over the continent at night can attest. The arrival of the mobile phone changed that forever. For the first time, hundreds of millions of people found themselves on some sort of grid, one that allowed them to talk to one another and the world. The take-up was astonishing. From almost none a decade ago, there are now half a billion mobile phones in Africa, roughly one for every two Africans, according to industry analyst Informa Telecoms & Media.
The power of the mobile device has been increasing exponentially as of late. While on Twitter I saw a tweet from @IncMagazine that said “A single mobile device today has more computing power than NASA in 1969.” As absurd as this may or may not sound one has to wonder if this is now, what does the future hold?
According to The Lafferty Group; a consulting company that does banking research, it is said that by 2029 most banking transactions are going to be done on a mobile device. Currently about 13% of all banking customers use mobile banking and with 2029 being right around the corner, we are sure that number will rise. Surprisingly enough, not many banks have jumped into the mobile app game but for those that did, this is how they fared. The following is a list of the best mobile banking apps:
(Fast Company) — Jokebed Auguste, a 31-year-old single mother from Mirebalais, in Haiti’s Central Plateau, has come to see her cell phone in a whole new light. A team leader in one of the cash-for-work programs run by the international relief agency Mercy Corps — she oversaw 15 colleagues in an initiative to clean up roads and canals — Auguste was among the first Haitians to begin receiving payments for the project directly through her phone. The convenience of the T-Cash system means she doesn’t have to stand in line for hours at the bank, but even more important is the security. “There’s no cash for people to steal,” she says, “and nobody knows how much money you have, or how much you’re taking out.” The “mobile wallets” are one example of a handful of new technologies that emerged in the aftermath of the earthquake that rocked the Caribbean nation one year ago — and that will likely impact disaster-relief and development efforts for years to come. More than a third of Haiti’s banks, ATMs, and money-transfer stations were destroyed in the earthquake (and even before the disaster, fewer than one in 10 Haitians had ever used a traditional bank). So last June, the Bill & Melinda Gates Foundation and the U.S. Agency for International Development created a $10 million competition to jump-start financial services by mobile phone.
(The Root) — NPR reported over the weekend on a development in Haiti’s slow earthquake recovery: “mobile money” networks that allow cell phones to serve as debit cards, and more. In a country where we use Smartphone apps for everything from Twitter to “Words With Friends” to photography, this might not seem too exciting. But in the earthquake-ravaged nation, it’s huge. In fact, USAID has handed over millions of dollars to help get these systems up and running because they’ll allow aid groups to distribute food vouchers electronically, saving valuable time and resources.
(Black Enterprise) — The hardest part about being young and trying to navigate the sometimes confusing maze of personal finance is finding the right resources. While there are plenty of helpful books and Websites available, the hardest part is finding them. Check out these money sites that are sure to help Gen Y-ers get a handle on their finances.
(Black Web 2.0) – JP Morgan Chase Bank customers can save money, time and effort now with the updating of the iPhone mobile Chase app. This app has been transformed from a bank account monitoring app to one that allows you to complete two crucial tasks. First, you can send money to anyone as long as they have an email address. This service is called Quickpay. The second feature gives customers the ability to make a check deposit right from your handset – without ever stepping foot inside your local bank. Called Quick Deposit it allows you to deposit checks into your account from your phone. Choose the checking account you want to deposit your money into, enter the amount, and then snap a picture of the front and back of the check — confirm your details and like magic, the check is deposited into your account without ever having to leave the house. Best of all, Quick Deposit is absolutely free — no signup fee, no monthly fee, it requires just a quick sign up right from your iPhone and you’re off and running.
(Black Web 2.0) — Whether you are trying to prepare for your future or correct the mistakes of the past, money is always a factor. No matter how good we think we are at keeping track of our money, it often seems like it’s gone as soon as you get it. Goals that we set get pushed farther and farther back until they’re just distant dreams. Regardless of your income level, you need a clear and detailed management and tracking strategy to step your game up.
(Smart Money) – It’s a question that’s often raised when a bank adopts a new technology. Is a new convenience worth a potential compromise in security? Many consumers struggle with it when they use text messaging to conduct business; log in to their bank account on a public computer; or even weigh using an automatic teller machine outside their bank branch. Now, a new mobile phone application has some asking the question again. EBay’s (EBAY: 21.36, -0.06, -0.28%) PayPal Mobile app allows PayPal account holders to transfer money by bumping two smartphones together, or entering the email address of their friend’s account. The free app allows iPhone and iPod Touch users to send money to other users around the world at no cost using their PayPal balance or bank account.