Monthly Archive for August, 2010

TD Bank Mobile App Hits iPhone, Android

Toronto-based TD Bank ($160 billion in assets) announced Monday the availability of its mobile app in both the iTunes App Store and Android Market.

TD’s mobile banking app includes functionality to help customers find stores and ATMs, check deposit, loan and credit card balances, view pending transactions and account history, transfer funds and make bill payments.

“Our mobile banking app is all about giving our customers pocket-sized convenience and real-time access that is free, easy, and secure,” said Suzanne Poole, executive vice president, retail sales strategy and distribution, TD Bank. “This is just the first in a series of releases for mobile banking. There will be exciting new additions to our app features over the coming months including a BlackBerry app.”

The app is available to customers enrolled in TD Bank’s online banking.

Bookmark and Share
August 31, 2010 | Adoption, Competition and MarketWatch | Closed

The Latest Banking Checking Accounts Savings Accounts News Report rates financial institutions’ mobile banking services

Being able to access checking or savings accounts while on the go is a necessity for some as people become busier and more mobile.

And some banking institutions have followed that pattern, according to a recent report from Javelin Strategy and Research.

The firm said that of the 30 largest financial institutions, 19 provide mobile banking options to their customers.

In its report, Javelin rated the mobile services provided by these 19 banks, and in so doing considered factors such as general features, marketing, security and access. USAA, which provides for members of the armed forces, came out on top, followed by Bank of America, Morgan Chase, Citibank and Wells Fargo.

Bookmark and Share
August 27, 2010 | Competition, Cust-Partners and MarketWatch | Closed

Mobile Banking: It's Not About ROI

Tommy Sanderson, manager of electronic delivery for Miss.-based Renasant Bank, says when it comes to mobile banking, “We just want to keep on talking about it.”

Making a move toward mobile banking has to be strategic. While some institutions jumped in as early adopters, others opted for a more planned approach. What strategies and targets should small- to mid-sized financial institutions consider before deploying their mobile banking offers?

In this exclusive interview, Tommy Sanderson, manager of electronic delivery for Miss.-based Renasant Bank ($4.6 billion in assets), discusses:

Bookmark and Share
August 27, 2010 | Adoption and MarketWatch | Closed

Picture this: Deposit your checks via e-mail

Got a check to deposit? There’s an app for that.

Customers of Chase Manhattan Bank have been able to take a photo of a paper check and e-mail it to the bank for deposit for more than a month now, according to Chase spokesman Mike Fusco. Chase calls the feature “Quick Deposit,” but it’s widely known as remote deposit capture, or RDC.

So far, Chase is the only bank to offer RDC via mobile phone, but customers of big financial institutions with branches in the Bay State can expect to eventually put it to use.

Bookmark and Share
August 27, 2010 | Adoption, Cust-Partners and MarketWatch | Closed

The iPhone Economy Enables Intuit's Mobile Payments

Intuit today announced it has partnered with mophie, a long-time iPhone accessory maker, to turn Apple’s handset into a mobile credit card terminal. The hardware, available today, reads the magnetic strip of credit cards and processes payments through Intuit’s GoPayment service, which has processed more than $35 million in transactions since launching 18 months ago. Mophie’s design expertise combined with Apple’s hardware standards offer Intuit a wider opportunity in the growing mobile payment space.

When I first saw Intuit’s solution, I immediately thought of Square, Jack Dorsey’s similar solution for the iPhone that launched earlier this year. There are key differences between the two payment processing approaches however, as Intuit is clearly targeting small business transactions, while Square aims more at consumer micro-payments. That difference is most evident in cost: the mophie case is $179.99, while a Square reader is free but fees are higher. Businesses using GoPayment pay a competitive $0.30 to $0.34 for each transaction, plus a portion of the transaction amount, which ranges from 1.7 to 2.7 percent of each sale. By comparison, Square only charges a $0.15 transaction fee but 2.5 to 3.5 percent of the transaction amount.

Bookmark and Share
August 27, 2010 | Competition, MarketWatch and Payments | Closed

M-Payments Alliances Sound Great, But Will They Deliver?

A true clash of the titans is shaping up in the emerging mobile payments space, with Verizon Wireless and AT&T on one side and Visa and Bank of America on the other. The companies have recently revealed competing initiatives to try to wrest control of mobile payments, which are expected to grow quickly in the coming years.

According to Juniper Research, the value of digital and physical goods that people buy through their mobile phones will more than double to $200 billion globally by 2012. Separately, Gartner has projected the number of mobile payment users worldwide will reach 108.6 million this year — a 54.5% increase from the 70 million in 2009.

Both the wireless giants and their counterparts on the payments side want to cash in on the opportunity. The Verizon-AT&T joint venture involves enabling contactless payments for goods and services via mobile phones, with Discovery Financial Services processing transactions and Barclays PLC on board as the banking partner.

Bookmark and Share
August 27, 2010 | Adoption, MarketWatch and Payments | Closed
More Tweets »

Industry TweetWatch

Get the TweetWatch Copy widget and many other great free widgets at Widgetbox! Not seeing a widget? (More info)