Below are interesting stories the Banking.com staff has been reading over the past week. What have you been reading? Let us know in the comments section below or Tweet @bankingdotcom.
- Capital One to Donate Cell Phone Minutes to U.S. Military Members
Capital One said Thursday it will donate 60 seconds of air time to Cell Phones for Soldiers, a nonprofit group that provides communication services to active duty members of the military and veterans, whenever someone downloads Capital One’s mobile banking app. The $302 billion-asset company also will give the group 10 seconds of air time that military members can use to view their own accounts at the bank or to transact online whenever customers use the app to view their transactions, pay bills or move money.
- Special End of Year Issue 2012 Story of the Year Mobile
A recently issued Bain & Co. report found that mobile banking in the U.S. has soared 50% since 2011, with 64% of mobile banking users in the U.S. indicating that the future ability to use their smartphones or tablets to check account balances would be highly valued. Still, that value proposition must be explained and marketed. Fiserv recently analyzed data compiled by Mobiliti and found that institutions that have actively marketed mobile banking have experienced an average adoption rate that is twice as high as financial institutions that have not promoted the service. FIs that didn’t market the service saw about 10% of eligible persons adopt mobile banking.
- Twelve Things to Do When It’s Cold Outside
It might not be sexy, but a balanced budget sure is useful. Use an online budget planner like LearnVest or Mint to gather all your financial information in one place so you can see where money is going each month, set budgets for certain categories and never miss a bill payment
- Mobile Devices 2013—The New Attack Vector for Distributed Denial of Service
The slate of distributed denial of service (DDoS) attacks in 2012 will be irrevocably seared into the memories of FI security professionals. The phenomenon is not new, but in response to private industry’s efforts to mitigate the effects of an attack, hackers have proven capable of developing increasingly sophisticated means of crippling IT infrastructure. According to Javelin’s newly published report- –10 Trends for Financial Services in 2013 – in the coming year, hackers will undoubtedly continue their nefarious activities. But the mobile device will provide a new attack vector that requires less technical prowess than those that recently brought FI websites to their knees.
- Mobile banking expected to triple from 2012 to 2016
The future of mobile banking is strong, according to a new report from analysts at Aite Group. The Boston-based research firm said that approximately 7,000 financial institutions in the U.S. now offer mobile banking services and that more will deploy them in the years ahead, judging by growing consumer demand. Of smartphone-owning consumers more than one-third, 36 percent, use their mobile device to check account balances, with nearly three in 10 receiving account alerts to their phones, the Aite report said. Additionally, one in six smartphone owners use mobile banking to transfer funds, pay bills, and view monthly statements, the report said.
- Cash and Debit Prevail This Holiday Season
Roughly three-fourths of Americans are buying gifts with cash or a debit card this year, according to a survey from ING Direct. And 63 percent are spending the same on holiday gifts as they did last year. The finding dovetails with reports finding that consumers are better managing their credit card debt. The fourth-annual national survey of 1,000 adults was conducted by both landline and mobile phones by ORC International on November 23-25. The margin of sampling error is plus or minus three percentage points. (Online bank ING Direct, which is now a division of Capital One, will be re-branded next year as Capital One 360.)
- Finance Resolutions for 2013
This may sound hard, tedious, and undesirable but creating a budget at the beginning of the New Year will help avoid mistakes that may have happened in the past. Take a look at this past year’s finances. Did you overspend in certain areas? Were you late in paying loans and credit card payments? Look at what needs to be fixed and also take into consideration new loans that might be happening within the New Year. Not sure where to start?