No one prepared to own the mobile banking space
10 June 2008 |
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| National Australia Bank has made a tentative move into the mobile banking market with the launch last month of a service called SMS Banking.The service allows customers to use their mobile's SMS function to check their account balance, receive a mini statement or transfer funds between linked NAB accounts.The service does not have a bill payment or pay-anyone function. NAB is offering it as a free service until November.NAB's move follows ANZ's introduction of two mobile services in February. Its M-Banking service allows customers to use their mobiles to transfer funds between accounts and make pay-anyone payments to any third party with an Australian bank account.The other service, TXT Banking, provides account balances and mini statements via text messages. Customers can choose one service or both.When it comes to mobile banking that is pretty much what is on offer in Australia. Trials conducted by Citibank and Westpac never resulted in full-blown services.It is a situation that has prompted Luke Janssen, the chief executive of the digital services company TigerSpike, to suggest that the mobile space is there to be claimed by an innovative bank. 'No one has taken ownership of the channel,' Janssen said.Janssen said of bank's approach to mobile banking: 'They tend to over-complicate things, which is true of their online services as well. One of the rules in mobile is that you have to be no more than three clicks away from the application with no instructions needed to get you there.''Banks and other companies think of mobile as an extension of their online services. That is a mistake. You need to create applications specifically for handsets and test them for different types of handsets to make sure they suit the channel.'Janssen believes banks are hampered in their mobile development by an obsession with security. 'Concerns about security hold them back. The demand for high levels of security soaks up time and budget.' |
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| Source : The Sheet |
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| 30 June 2008 | - French by Aussie banks |
| | - Elders profit up, outlook down |
| | - City Pacific holds back dividends |
| | - NAB circles as Westpac bid flounders |
| | - Depositors disadvantaged |
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| 27 June 2008 | - NAB considering bid for BankWest |
| | - CBA predicts another two years of debt problems |
| | - Bendigo gives up lending market share |
| | - Banks fight card fee cuts |
| | - Aust credit card market matures with population |
| | - Aussie banks well placed to deal with bad debts |
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| 26 June 2008 | - Super and banking merge into one |
| | - Future bank mergers judged on merit |
| | - Financial stocks no longer mainstays |
| | - Elders Bank suffering from competition |
| | - ANZ wins a go-slow on Opes Prime case |
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| 25 June 2008 | - Average Credit Card Interest Rates Rise |
| | - Super returns up slightly in May |
| | - Octaviar investors still out in the cold |
| | - Multi-currency bank account launched |
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| 24 June 2008 | - Mortgage brokers under pressure |
| | - Business likes Bendigo Bank |
| | - Westpac/St George deal is bad for consumers |
| | - Westpac needs to up its offer for St George |
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| 23 June 2008 | - Pressure on Westpac to close the St George deal |
| | - Fixed rate mortgages going up |
| | - Aussie banks are small |
| | - Tight debt markets keep rates high |
| | - Bill Express to be investigated |
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| 20 June 2008 | - Credit card debt growth slowing |
| | - Credit card debt growth slowing |
| | - Transurban cuts dividends |
| | - More trouble for Babcock & Brown |
| | - Last minute super deposits down |
| | - Investors go for safety |
| | - Financial advisors need to understand emotions |
| | - Credit card debt growth slowing |
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| 19 June 2008 | - Westpac seek $1bn in capital |
| | - Seiza also ceases lending |
| | - Property taxes in decline |
| | - Mystery loss for GE Money mortgages |
| | - GMAC ceases lending pending review |
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| 18 June 2008 | - Investors to receive 90 cents in dollar |
| | - Families to lose tax, child benefits |
| | - Housing affordability down |
| | - CBA loans for self managed super |
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| 17 June 2008 | - Big banks keeping customers satisfied |
| | - The end of listed buyout funds |
| | - ANZ pushes ahead in Asia |
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| 16 June 2008 | - Elderslie sold |
| | - Car lender losing money |
| | - Lending for investment stalling |
| | - Consumer lender reports profit surge |
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| 13 June 2008 | - Receivers to move into Elderslie |
| | - ASIC acts against super home loans |
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| 12 June 2008 | - Suncorp quits rural New South Wales |
| | - Budget jewellery chain folds |
| | - Margins still appeal to BankWest |
| | - BankWest expanding, not selling |
| | - ANZ taps super deposits |
| | - ACCC polling Westpac and St George |
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| 11 June 2008 | - Super bank account attracts retirees |
| | - Rabobank looks for more agribusiness |
| | - Cash account competes for online dollar |
| | - Bank merger threatens customer service |
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| 10 June 2008 | - Macquarie's grabs deposits |
| | - At-call super may lift returns by two thirds |
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| 06 June 2008 | - Market still a bumpy ride |
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| 05 June 2008 | - Fickle CFD traders |
| | - Credit unions not easy pickings |
| | - BankWest backs cheap loan rate |
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| 04 June 2008 | - Suncorp turns to the west |
| | - Macquarie leaves Virgin in the lurch |
| | - BankWest denies sale rumours |
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| 03 June 2008 | - No stopping Opes clients' legal action |
| | - ING makes ID easier |
| | - Inflation up, spending down |
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| 02 June 2008 | - Opes victims urged to delay action |
| | - Banks winning market share |
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