Monthly Archive for October, 2011

14 Percent of All U.S. Mobile Users Now Conduct Mobile Banking

Consumers continue to become more comfortable with banking on mobile devices, according to new data from research firm comScore. Here are some of the findings presented last week at comScore’s webinar, The State of the U.S. Mobile Financial Services Industry:

  • About 32.5 million Americans, or 14% of all U.S. mobile users, accessed banking information on their devices in Q2 2011. That’s a 21% increase from Q4 2010.
  • The use of mobile banking apps grew especially fast in the first six months of 2011, jumping 45% to 12.7 million people.
  • Mobile credit card services also spiked, with 18.4 million mobile users accessing credit card information, up 23% from December 2010.
  • Mobile auto and property insurance services had strong gains, as 7.2 million mobile users accessed insurance information on their devices – a 19% increase.
  • Brokerage and stock information experienced a 10% increase in users, growing to 9.6 million.

“The investments in mobile made by financial services institutions, along with the continued growth in smartphone adoption, have had a truly positive effect on the use of mobile financial
services,” said Sarah Lenart, comScore vice president for Marketing Solutions. “New apps and mobile-enhanced sites have made it easier for customers to seek out financial information using mobile devices.”

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Clairmail Reports Record Adoption & Bookings in 3rd Quarter

Clairmail today announced that it has posted a record 212 percent year-over-year increase in cumulative mobile banking transactions for the third quarter ending September 2011, with more than 196 percent increase in transaction requests, proving engagement among its mobile banking end users. In addition to the rapid increase in transactions, Clairmail gained notable market leadership through significant expansion in its customer base, driving a 125 percent year-over-year increase in end-user adoption numbers and 55% growth in year over year bookings.

In Q3 2011, Clairmail built upon its unparalleled executive leadership and expanded its global footprint with the hires of industry veterans in the U.S. and in Europe. In August, Kaj van de Loo was appointed Vice President of Engineering, bringing 20 years of experience in enterprise software at both startup and global technology companies, including SAP and Questra. Kaj has a long history of managing engineering on the leading edge and delivering innovative solutions to the market in the highest quality. Read More »

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Why a Multi-Modal Strategy is Important in Mobile Banking

Andres Fontao, Clairmail Executive Mobile Banking Consultant

Recent, unrelated service outages encountered by a US-based financial institution and by a North American mobile device manufacturer demonstrated the importance of a multi-modal (SMS, mobile web and client apps) mobile banking strategy. In both cases, SMS-based services continued working throughout the respective outages, and delivered relevant communications to customers and users around the world. The importance of having multiple mobile delivery channels to satisfy customer needs was highlighted during this two-week period, as customers could revert to other technologies in order to stay on top of their finances.

In the first example, SMS banking and alert services went unscathed, while online bankers became increasingly frustrated by their inability to access and manage their accounts. During the online banking service outage, mobile bankers continued receiving notifications and alerts, and customers could initiate queries and transactions from their mobile phones using the bank’s messaging platform.

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Drive Mobile Payments Adoption by Enhancing the Overall Shopping & Buying Experience

In yesterday’s blog, we included a quote from Clairmail Chief Marketing Officer, Carl Tsukahara, in an article about NFC and mobile wallets in BBC News Online.

According to the article, the key to success for mobile payments is to build compelling consumer propositions.

An analyst from global securities and investment banking group, Jefferies, would agree.

Last week in an International Business Times article, Jason Kupferberg said that he recently attended a mobile payments conference and came away with three key conclusions:

  1. The industry now recognizes that simply replacing a card ‘swipe’ with a phone ‘wave’ is not a strong enough value proposition,
  2. The most likely way to drive consumer adoption of mobile is enhancement of the overall shopping/buying experience, and
  3. Mainstream adoption of mobile payments at the physical POS in the U.S. is likely 3 to 5 years away.

To read the full article, click here.

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Will NFC Make the Mobile Wallet Work?

Carl Tsukahara, Clairmail’s Chief Marketing Officer, was recently quoted in an article by BBC News Online.

According to the article, “Will NFC Make the Mobile Wallet Work?”, the key to success for NFC and mobile wallets is to build compelling consumer propositions.

Carl’s opinion is that NFC’s flexibility could motivate shoppers through the door.

“The value goes far beyond the payment. There has to be a motivation for the consumer to use this thing as well as the merchant to put in the equipment at the point of sale.

“And that value is driven by the value surrounding the payment. Electronic receipting to the consumer might be one example. The ability to get offers because you have location on a phone – imagine walking into a store, and immediately because of the device you get offers pushed to your phone you can redeem at the point of sale.”

To read the full BBC News Online article, click here.

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How SMS Messaging is Changing the World

MBA Online.com created a new infographic with some astonishing statistics about the ubiquity of SMS (text) messaging.

To list just a few:

  • There are 4.2 billion texters worldwide:  That’s 3 out of 5 humans on earth.
  • Texting is the #1 most used data service in the world.
  • In 2010, 6.1 trillion texts were sent worldwide: That’s 193,430 texts sent per second.
  • The feature phone is the #1 selling electronic product in the world.

Entrepreneurs and social activists alike have taken advantage of SMS’ power in some incredible ways. So should financial institutions.

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