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.
- Intuit Finally Lets Banks White-Label Mint
Intuit Inc. announced Wednesday it is incorporating features from Mint, its well-known consumer-facing PFM software, into its digital banking line. The initial Mint product line for banks will combine Intuit mobile banking apps and online banking software with aspects of Mint PFM featured front and center. “We want to blur the lines between PFM tools and digital banking,” says Greg Wright, vice president, product management at Intuit Financial Services, the company’s unit that sells to banks. “This is a sign of where Intuit needs to go and wants to go. …It’s all part of this essential movement to resurrect and redefine PFM,” says Mark Schwanhausser, director multichannel financial services at Javelin Strategy & Research.
- JPMorgan Chase Rides Out Online Banking Outage
JPMorgan Chase’s (JPM) website has stumbled again roughly three weeks after a cyberattack. The nation’s biggest bank by assets took to Twitter on Monday afternoon to tell customers the website was “experiencing intermittent issues” and to recommend customers use its mobile service while the company worked “to get things up to full speed.” As of late Monday, the site had been affected for three hours.
- SEC Lets Companies Provide Disclosures Over Social Media
Companies may now handle disclosures over social media, the Securities and Exchange Commission ruled. Banks and other public companies can use outlets like Facebook and Twitter to make crucial announcements as long as they notify investors beforehand which social media platforms they’re going to use, the SEC said Tuesday. They must follow the same disclosure regulations that apply to company websites, the agency said.
- Banking by Appointment…finally!
Banks have historically relied on a 100% walk-in model for in-branch sales and service. With branch traffic declining at most banks by more than 5% CAGR, sales leads aren’t just walking through the doors like they used to. And that traffic won’t return unless banks take proactive steps to generate those leads. Banking by appointment is one great way to do so.
- Mobile Chat – Passing Fad or Key Capability?
Earlier this week, RBS launched a mobile chat feature, available to its business mobile banking users. RBS isn’t the only one jumping onto the mobile chat bandwagon – San Diego County Credit Union announced a similar offering. The concept is pretty straightforward, and is similar to the online chat tools that some banks have incorporated into their web sites and/or online banking. It’s a familiar experience to most mobile users and therefore could catch on.
- Don’t Miss The Boat; It’s Time To Get Moving On Mobile
If your credit union is still taking a wait-and-see approach to mobile banking, you are in danger of missing the boat if you don’t act quickly. “The boat is getting pretty dang close to leaving the dock,” said Brian Abele, SVP of product management at Q2ebanking. “It’s really critical for credit unions to make sure they start jumping into this. Not only are we seeing that mobile is becoming more of a standard across the board for every institution, but we’re starting to get to the next level of functionality and services-like mobile deposit capture-and once they’re rolled out to members they’re adapted very quickly and are some of the most engaging services for members.”
- Credit Unions Ride Social Media
No longer is it a case of should a credit union be active on social media outlets such as Facebook and Twitter. Now, it has shifted to just how active and on exactly which channels. One of the reasons is that social media has become integrated into the lives tens of millions in America and ignoring the channels may not make strategic sense, some experts have advised. “Facebook has become instrumental in how we reach out to our members,” said Lynne O’Leary, vice president of marketing at the $4.7 billion Teachers Federal Credit Union in Hauppauge, N.Y.
- The Fed: Mobile Banking Usage Soars
The numbers have it and, according to a new report from the Federal Reserve, mobile banking usage is soaring as it keeps close pace with mobile phone adoption. According to the Fed: “As of November 2012, 28% of all mobile phone users and 48% of smartphone users had used mobile banking in the past 12 months. This is a significant increase from 21% in December 2011 for mobile phone users and 42% for smartphone users.
- Inside Citi’s Mobile Strategy
A study by Compete found that 57 percent of U.S. smartphone users rely on mobile banking. And a recent Juniper Research report predicts that there will be 1 billion mobile banking users by 2017, which is equivalent to more than 15 percent of global mobile subscribers. Tracey Weber, head of Internet and mobile at Citi, says that mobile is a must have, but it does present its own set of unique challenges. For one, not all consumers are comfortable having their financial information on their mobile phone.