UK Smartphone Owners: Mobile Banking Not Safe Enough

- Alert) was working on, or the voice transmission capability of a smartphone in a voiceprint identification system.

No matter what form the solution actually takes, however, it's clear that banking by smartphone will have to come a long way in terms of security before people start taking to it in earnest.

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Edited by Rachel Ramsey


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Commonwealth Bank Indonesia Becomes Latest Institution to Embrace Mobile Banking Technology

- Alert) and iPhone platforms. Perhaps this is not all that surprising, however, given the fact that Indonesia is the biggest user of Blackberry outside of Canada and is the world’s top user of Facebook (News - Alert) and Twitter. Simply put, the country is very tech-forward.

Of the 20,000 customers who have downloaded the app, 7,500 are active users of the platform and 35 percent of Commonwealth Bank’s total customer base relies on the bank’s Internet banking services. The bank’s mobile banking applications offer all features that are available in its Internet banking service, such as internal and external money transfer, as well as investment. Not only are the bank’s customers embracing the latest technological innovations but the technology is also transforming customer’s banking habits.

“Before the mobile banking services, customers’ transactions peaked only during lunch time. After mobile banking, the number of transactions was also high before and after lunch time,” Whitehead said.

While the bank has already seen its mobile banking services grow by leaps and bounds in the past year, it is still setting its sights on widespread adoption for its customer base.

“Our target is that 100 percent of our Internet banking users will use our mobile banking services too, by the end of this year,” Whitehead said.

Indonesia is not the only place lately to embrace mobile banking with open arms. Similarly, On Device Research recently released a report looking at the mobile finance activities of mobile Internet users in emerging markets, and found that 53 percent of mobile Internet users in India, Kenya, Indonesia, Ghana and Nigeria have engaged in mobile banking and payment activities.

However, even though these individuals have engaged in mobile banking, less than one percent of mobile phone users in India actually use their mobile devices for conducting banking transactions even though the technology is widely available – an issue that is in large part due to the technology.

For more on adoption of mobile banking in these countries, click here.

Edited by Rachel Ramsey


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Mobile Banking Security Concerns Can't Stop Consumers from Mass Adoption

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RTN Scouts Tyfone for Mobile Banking Services

By Carrie Schmelkin
TMCnet Web Editor

The mobile banking revolution is here and the train is still accepting new passengers. One recent member, RTN FCU, a credit union, enlisted the help of Tyfone and its mobile banking services in order to make a big splash in the space. Tyfone’s mobile banking services will be integrated directly into RTN’s Fiserv hosted XP2 core.

After considering various mobile banking solutions, RTN decided to go with Portland, Ore.-based Tyfone’s multi-layered mobile wallet which includes mobile banking and the ability to buy gift cards. Moreover, the smartphone can be used to make purchases at large national retailers including McDonalds, J.C. Penney and Rite-Aid.

“We are gearing this to a younger membership. We are ahead of the curve, that’s where we want to be,” said Christopher White, a senior vice president at RTN, a $720 million institution with 37,000 members. 

“Members have been asking us for mobile banking and remote deposit capture -- we are giving them both.  But we are doing more,” said White.

Among the reasons Tyfone was chosen was for its ability to have its app tie directly into RTN’s core. It is also independent of online banking which made it stand out from most mobile banking apps out there which piggyback on online banking, according to White.

For RTN, the credit union is hoping that by employing the help of Tyfone the company can remain competitive in a technology focused region and have a “mini branch” right within reach. The RTN mobile banking, which will be available for iPhone, Android (News - Alert), and BlackBerry, is still in testing and the union hopes to roll it out before the end of quarter two.

“Our members tell us that mobile banking is a must-have service, and after a thorough review of mobile banking providers, RTN chose Tyfone because of their ability to connect to the XP2 core, allowing us to provide mobile features relevant to their increasingly digital lifestyles,” said White in another statement.

“Tyfone’s mobile banking solution makes it possible for RTN to quickly and painlessly build a high caliber mobile banking service with more features than our largest competitors, and with a roadmap for expanded mobile financial services that will provide even more benefits to our members,” he added. “Tyfone’s Fiserv core integration also gives RTN the ability to offer unique features right out of the box, such as account aggregation and the ability for our members without online banking to participate in mobile banking.”

According to company officials, Tyfone’s mobile banking platform was designed to augment bank profitability and to unify banking customers and their financial institutions by making banking possible from any place, any time. This added convenience grows the number of transactions and other activities made by each customer, and makes it easier for financial institutions to keep customers and stem attrition, officials said.

“RTN is a very technology savvy credit union with a comprehensive mobile strategy,” said Mark Miyamoto, director of mobile banking at Tyfone. “Tyfone makes it possible for RTN to deliver leading edge mobile banking technology to its members while making security and convenience top priorities. With the integration of Tyfone mobile banking, RTN will now be able to offer mobile banking to 100 percent of its client base. RTN benefits by creating a self-servicing member while avoiding the cost of another online banking account. Furthermore, the ability to enroll and manage mobile banking without a computer expands the potential market for mobile banking adoption.”

Edited by Rich Steeves


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