Mobile Banking Leads to Innovation

by Amy Vale 

Two big financial institutions have added a “mobile deposit” feature to their smartphone and iPhone applications to help consumers easily deposit checks via their mobiles. E-Trade and Chase bank have updated their mobile apps in order to cater to mobile consumers. In 2012 we can see that companies across different industries need to step up their mobile app and mobile web strategies to include more advanced features. Financial institutions have really shown themselves to be one of the leading industries in mobile marketing and mobile development. Others take heed! 


E-Trade, a financial institution that offers business investors online brokerage and banking service, added the feature after seeing approximately 17% of all logins happening via mobile. The company has mobile applications for iPad, Android and BlackBerry devices and are a great example of a developer really catering strategically to the wants and needs of their consumers as well as keeping right on top of the developments in the world of mobile.  


“Our strategy is to provide customers with the tools they need to manage their investments with whatever channel they choose to use,” said Eric Johnson, manager of product management at E-Trade, New York. “We are excited to offer our customers a more convenient way to manage their money with mobile deposits.” 


It is certainly convenient - to make a deposit you use your mobile device’s camera to take a picture of the check you want to deposit, you can then select the account to send the check to. It is as simple as that! 


In addition to the advancements to their iPhone app, E-Trade has made other additions to the company’s iPhone and Android apps. They are now equipped with complex trading options, streaming charts, CNBC videos and advanced search functions have been added to the Android app. Another example of a company that is using mobile deposits is Chase, who rolled out this function to their apps in 2010. 


We reported to you before that according to The Lafferty Group, a consulting company that does banking research, by the year 2029 most banking transactions are going to be done on a mobile device. This is a very important statistic for mobile developers and publishers. 


Financial institutions are already on board with advancements in mobile, but this kind of advancement in the mobile app world is not unique to mobile banking. Companies should be thinking on a larger scale about features they can add to their apps and mobile sites that will improve the user experience and put them ahead of the game. Mobile banking has become beyond the point of convenience for consumers and users now expect their banks to not only have mobile apps but have innovative features too. 

Will Smartphones Be Able To Read Our Minds?

by Amy Vale
Tech companies are predicting that in the next five years we will no longer need passwords, and mobiles will be able to do things without us actually using the touch screen because we will be able to control our smartphones and laptops with our minds. Sound crazy and futuristic? Maybe. But researchers at tech companies such as IBM are working on making these ideas a reality, and the tech giant is including this as one of its main ideas in its sixth annual "5 in 5" report, five technologies "that have the potential to change the way people work, live and interact during the next five years."


Mind reading technology, known as bioinformatics, has already existed in simple forms including the work of toy makers and engineers for example the designing of headsets with advanced sensors to read electrical brain activity that can recognise facial expressions, excitement and concentration levels. Now, companies are working on mobile devices that you can control with your mind. For example, rather than having to tap on a touch screen or through a series of buttons to place a phone call, if the designs become a reality we may need only to imagine calling someone and a mind-reading phone will be able to make the connection and dial the number for you. This takes the smart in smartphone to a whole new level!




An example of this sort of technology and biometric data is already hitting the mobile mainstream with facial recognition applications. According to Samsung, the Galaxy S II and Galaxy Note smartphones are in for an update in 2012 to Ice Cream Sandwich which has a unique app called Face Unlock that uses facial recognition technology to unlock the phone. When you press the power button, the front-facing camera on the phone activates and scans your face through recognition software. If your face matches the one used to setup Face Unlock, the phone is unlocked. Despite the criticisms of the app, that it can be finicky and flawed, the new software is a sign that we are moving toward more bioinformatics in mobile.




"Your biological makeup is the key to your individual identity, and soon it will become the key to safeguarding it," IBM said. "Imagine you will be able to walk up to an ATM machine to securely withdraw money by simply speaking your name or looking into a tiny sensor that can recognize the unique patterns in the retina of your eye. Or by doing the same, you can check your account balance on your mobile phone or tablet."




This has the potential to fundamentally change the way we use mobiles, and in fact all technology. If IBM is correct and mind reading technology is on its way, we may have to prepare for a mobile revolution – but maybe they already know this if they can read our minds.

New Years App!

New Years App!

by Amy Vale

Now that the holidays are finished, I have been reflecting on all that has happened this past year. If I had to name it, I’d call it “The Year of the App”, and I thought it would be interesting to take a look at what were voted the best apps of 2011 to see what we can learn from them.

Time Magazine’s list is comprehensive, so I have chosen one from a few of the main categories. In the travel category, Kayak has been named as one of the top apps. One app covers a broad range of functions. It lets you compare flight, hotel and car rental deals, and even book a hotel through the app, track your flight status, view and manage your trip itinerary, look up baggage fees and even access airline numbers and airport information. The app has been getting mixed reviews but its success stems from the fact that it has brought together so many different aspects of travel planning and booking.

In the Lifestyle category, you cannot go past the Amazon app. It lets users connect to their account with the swipe of a finger, fill your shopping cart or track the status of recently placed orders. The app also allows you to scan any barcode to search for comparison prices, or snap photos of a product and quickly find it on the web.

We could not complete a 2011 list without Kindle. Remember when you could only access Kindle’s library through a kindle? With the introduction of the free Kindle app, you can buy and read any e-book available on Amazon.

My personal favourite is the Skype app. It uses your phone's data connection to make free calls to other Skype users over Wi-Fi networks or even simply a 3G connection. Together with low-cost international calling plans and built-in instant messaging you've got a brilliant all round communication app.

These four apps took the mobile world by storm because they transformed the way in which people used their mobile device, smartphone or iPad. They provide a service that is convenient, desirable and relevant. Whether it is accessing free e-books, making free calls, comparing a flight deal or booking a last minute hotel, these apps exemplify how people are now turning to their mobile devices for ease and convenience of everyday living. We would even go as far as to say that apps are taking over from other websites, and soon people will rely solely on their mobile apps for everything.

Banking on the Go!

by Amy Vale 


Remember the day when you had to physically go into a bank to transfer funds between accounts or make a payment? What about the days when you had to go home or to the office to use the computer to get a transaction history? 


We all know by now that the mobile space is hot, and mobile banking has enjoyed basking in the heat. Twenty of the top fifty financial institutions in the U.S. had already implemented mobile banking by 2008. In 2009, this number grew by 25%. By January 2010 the growth seemed to have slowed down. Surprisingly, not all banks today have jumped onto the mobile bandwagon. Considering the data now emerging, we have to wonder why some banks and financial institutions are not embracing the mobile market, not least because it is the way we seem to be moving forward.


According to The Lafferty Group, a consulting company that does banking research, by the year 2029 most banking transactions are going to be done on a mobile device. This is an astounding finding! What’s more, is that a new survey from ING DIRECT found that nearly half of Canadian and U.S smartphone users (49%) expect to do banking from their mobile device in the next 12 to 24 months, and this number grows to 64% when looking at the younger population, those aged 18 to 34. What we are seeing is that the younger generation is leading the way forward with mobile banking and the growth of the mobile space in general. 


Overall, the adoption of mobile banking is a great thing for customers. Having the ability to perform most important banking functions while sitting outside with a take out coffee and your mobile in your pocket, especially important tasks such as getting an instant balance inquiries or transaction history, two key ways to avoid overdrafts and prevent fraud. It's also easy to understand why banks are fans of mobile banking. Not only is it a way to appeal to a younger demographic, who don’t want to have to visit the bank, but it also means less customer traffic in the branches, allowing banks to cut costs and keep fewer branches open.


So, for those banks that are mobilized, what is working and why? According to MM&T, some 66% of those people who have done mobile banking in the last 12 months have used their bank’s mobile app, compared to 34% who simply use their smartphone browser to reach the bank’s website. Apps are the way to go. Citibank has even gone a step further, having created three separate mobile apps; one for iPhone and iPad, another for iPod Touch, BlackBerry and Palm smartphones, and a third one for the other kinds of basic cell phones.


The mobile banking boom points further to the fact that we live in a time where convenience at your finger tips (literally) is now a requirement. Not just banks, but all retailers and publishers must see that the mobile world is huge and is only getting bigger and bigger.