ABA Banking Journal - May 2009 - (Page 26)

Tech topics Mobile on the move Despite numerous formats and options, it’s relatively easy to hop aboard the mobile banking bus. No time like the present. You’ll likely be forced to do it defensively anyway Interest in mobile finance From 49% to 75% in 2 years Yes No Maybe 100 F 18% 80 35% 31% 60 or a variety of reasons—technical, demographic, economic—there is now a great deal of interest in, and growing usage of, mobile devices for banking. Most of that use is still informational, like balance checking. And, as often happens when something reaches the “tipping point,” that wonderfully descriptive term made famous by Malcolm Gladwell, the change in momentum comes quickly. 40% 40 51% 20 25% 0 2006 2008 Mobile: Not if, but when “This is not a product you should wait six to nine months to get into,” insists Jeff Lewis of Metavante. “You have to offer some form of mobile service as a baseline.” One example: simple text alerts of account developments. Lewis, president of Metavante’s ePayment Solution Division, says that banks that do not offer mobile service have told him that customers in exit interviews have said they were leaving the bank to get it. United Bank, Grand Rapids, Mich., didn’t wait for that to happen. “We don’t like coming in second to By Bill Streeter, editor-in-chief Source: CheckFree Research Services and MQA Research, April 2008 any bank”—particularly when it comes to adopting technology to serve customers, says Tim Lockwood, senior vice-president and chief information officer of the $428 million-assets bank. United was the first community bank in its market to provide mobile banking. A few years ago, Lockwood began asking his core processor (ITI, now Fiserv) to come up with a mobile banking solution after he noticed that Bank of America offered the service. What had been a somewhat low-key discussion took on new urgency when BofA acquired LaSalle Bank, putting the financial giant squarely in United Bank’s market. Fiserv had by then brought out a mobile product, and it didn’t take long before the Michigan bank introduced mobile banking service. Within a few months of the October 2007 launch, United had 30 customers actively using it. That has grown to 300 as of April 2009, out of the 3,000 customers who regularly use online banking. The bank uses Fiserv’s browser-based service (also referred to as WAP for “wireless application protocol”), which requires a user to have a mobile device with a browser. 26 MAY 2009/ABA BANKING JOURNAL Subscribe at www.ababj.com http://www.metavante.com http://www.fiserv.com http://www.unitedbankofmichigan.com http://www.fiserv.com http://www.ababj.com

Table of Contents for the Digital Edition of ABA Banking Journal - May 2009

ABA Banking Journal - May 2009
Contents
Editor's Column
Special Briefing on the Mortgage Cleanup
Tackling the "End of the Beginning" of Mortgage Crisis
ABA Resources
ABA Chairman's Position
Banks Wade into Social Media
Pass the Aspirin
Part 1: Banks and Thrifts Over $3 Billion in Assets
Top 25 Ranked, With Key Performance Data
Summary Data for Top 25 and All Institutions Over $3 Billion
Mobile Banking: You're Either In, or You're Out
10 Steps to Defusing Loan-Mod Bombs
Mailbox
Banker's Mart
To Advertise/Index of Advertisers
The Economy

ABA Banking Journal - May 2009

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