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Social networking Web sites will affect banks more than you think. Social banking, an emerging banking distribution model, has the potential to displace banks from the center of customers’ financial services relationships. The growth of social networking and the emergence of social-banking models will drive fundamental change in the ways that consumers manage their financial lives. (From Stessa Cohen at Gartner, Inc.)
Monthly Archive for June, 2009
MarketResearch.com has announced the addition of TowerGroup’s new report “From Niche Play to Mainstream Delivery Channel: US Mobile Banking Forecast, 2008-13,” to their collection of Banking & Financial Services market reports. The report found that adoption of mobile banking in the United States is increasing because a growing number of banks are offering mobile banking and the popularity of smart phones is rising.
Firethorn Holdings, LLC, today announced enhancements to its mobile banking and payments application to adhere to the industry’s most rigorous benchmark for secure credit card transactions – the Payment Card Industry (PCI) Data Security Standard (DSS). In meeting the PCI DSS, Firethorn reinforces its commitment to security and provides additional protection for consumers’ sensitive credit and debit card account information in connection with each mobile banking session. It also allows Firethorn’s financial institutions, wireless operator and merchant clients to offer enhanced mobile commerce options, such as contactless payments, and other point-of-sale transactions, such as gift cards and loyalty rewards.
Despite tests and innumerable press releases, the number of payment transactions from cell phones barely registers. But payments from mobile devices are about to take off thanks to a convergence of factors on the demand and supply side, according to a new report from Yankee Group Research Inc.
Visa is to take a 14.4% stake in Monitise after signing a $13 million partnership deal with the UK mobile banking outfit. Under the agreement, AIM-listed Monitise will be a strategic development partner to Visa. The five year deal has a contract value of $13 million in addition to ongoing licence, service and development fees.
Fidelity National Information Services has been ranked the number-one mobile banking vendor by ABI Research, a global research firm specializing in the analysis and quantitative forecasting of emerging trends in global connectivity.
