BankSimple Announces Funding & Partnerships to Launch Real-Time Banking Platform

BankSimple, the highly anticipated web-only bank being built with an emphasis on user experience and no fees, is getting closer to launching, the company said today. CEO Joshua Reich put up a blog post this afternoon announcing that BankSimple has secured partnerships with VISA, Barcorp and other institutions to enable its customers to get transaction rewards and have their deposits FDIC insured. Additionally, the company announced that it has grown its venture capital war-chest from $3.1 million to $13.1 million. The company is testing its products now and says it will launch within the year.

via readwriteweb.com

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ING Bank runs Group-Buy Deal to Acquire New Customers [Screenshots] | Social Commerce Today

So it looks like the financial services industry has got the social commerce bug.  Yesterday we covered Amex’s innovative open-graph powered Link-Like-Love rewards program that offers personalized rewards based on Facebook Likes and activity, and today ING bank (Canada) is running a group-buy deal to acquire new customers on dealoftheday.com.

via socialcommercetoday.com

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‪The History of Payments - a mockumentary from Barclaycard ‬‏

via youtube.com

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American retail #banking: As #internet and #mobile banking take off, the #branch is evolving - The Economist

When interest rates are low, as they are today, the appeal for banks of online deposits grows relative to those harvested in the branch, points out Aaron Fine of Oliver Wyman, a consultancy. The reason is that traditional banks hold a lot more non-interest-bearing and low-interest deposits than direct banks typically do, and the profitmaking opportunities from reinvesting these in wholesale markets shrinks dramatically as rates fall. Indeed, most retail banks will suffer more from this lost “carry” than from more-publicised regulatory curbs on overdraft and card fees. ING Direct’s all-in costs per dollar of deposits are now slightly below those of the typical large bank—though they would jump back above if interest rates rose substantially. Online banking is “an implicit bet that rates won’t rise too far,” says one banker.

Moreover, the branch’s role is evolving. Fewer customers use it for routine services, such as withdrawing or transferring funds, but many still value it for more complicated transactions (see chart). Even as BofA trims its network, it is hiring more branch specialists in mortgages, investments and small-business banking. It announced this week that it will double the number of financial advisers in its branches by the end of 2011. Many Americans who bank predominantly online or on their iPhone still consider the density of nearby branches an important factor when choosing their provider, according to surveys.

One option for the cost-conscious bank is to replace traditional branches with cheaper mini-branches, staffed by two or three employees trained to give advice and loans as well as man the counters. Huntington Bancshares is opening 100 such outlets in Giant Eagle grocery stores across Ohio. These cost 85-90% less than normal branches to build and 50% less to run, says Stephen Steinour, the bank’s boss. But Huntington is investing heavily in internet and mobile banking, too—and thus “moving towards channel agnosticism”. Read more at www.economist.com

 

Related articles

• Capital One and ING Direct seen as a good match (thebankwatch.com)
• Bank of America: From 'Hand to Hand Combat' to $8.5 Billion Capitulation (blogs.wsj.com)
• BofA Wants To Foreclose On BofA Building (huffingtonpost.com)
• Capital One looks for big bank role with deal for ING (seattletimes.nwsource.com)

Zemanta helped me add links & pictures to this email. It can do it for you too.

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A Website To Cut Your #CreditCard Processing Fee - Sites To Use

FeeFighters is a shopping comparison site for credit card processing and it saves 40% on average on businesses credit card processing.

Site provide easy to use UI and you will get bid within minutes of joining it.If you are a business then this site is absolutely free for you because they will charge it from processor once you join them.

via sitestouse.com

www.feefighters.com

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Most People Ready to Make Payments with Their #Mobile Phone

2011 is the beginning of the NFC mobile payments era and consumers are eager to pay with their mobile phones at stores, stadiums, restaurants and etc. – for convenience or impress a date. Well, that’s what we found in a recent survey we conducted with U.S. consumers.

Defined as a mobile generation with its pulse on digital trends, 18-34 year-olds are particularly ready to take their transactions to the next level:

• 63 percent of 18-34 year olds would be at ease using mobile phones to make purchases versus those age 35 or older (37 percent).

• Consumers ages 18-34 (65 percent) feel more naked without their phones than their wallets, compared to 34 percent of those in the 35 and older group.

via: MasterCard

Related articles

• iSuppli increases NFC phone forecast on back of Isis plans to work with payments industry (nearfieldcommunicationsworld.com)
• 63% of Younger Generation Eager for NFC & Mobile Payments (readwriteweb.com)
• MasterCard Survey Reveals Two-Thirds of Customers Now Receptive to Mobile Payments (mobilemarketingwatch.com)

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#Akbank Para Gönder #Android Application ready for download

Akbank's Para Gönder (translation: Send Money) Android Application

Send money from:

• Chequing account
• Credit card

Send money to:

• Any recipient's GSM number to be withdrawn from an ATM
• Akbank customer's GSM number to be transferred to their chequing account
• Any credit card

Related articles

• Akbank #Mobile #Money #Transfer #iPhone #Application [Update: Functionality] (Para Gonder Uygulamasi) (cankoklu.com)
• Android App Direct Carrier Billing Now Available to Sprint Customers (socialtimes.com)
• 20 Android Tips And Tricks You Should Know About (GOOG) (businessinsider.com)

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Financial Products Comparison Engine: #Google Advisor

via youtube.com

Google Advisor is a site that helps you find offers that meet your needs. You can easily compare offers from participating advertisers and contact them for more information. To help you avoid unwanted sales calls, Google protects your contact information throughout the process.

Visit Google Advisor at http://www.google.com/advisor.>

Related articles

• Google Advisor Wants to Help You Find a Better Credit Card, Mortgage and Bank Account (newsgrange.com)
• Making financial comparisons easy with Google Advisor (googleblog.blogspot.com)
• Google Advisor Wants to Help You Find a Better Bank (readwriteweb.com)

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PayNearMe’s Cash Payments Product Can Now Be Used For Money Transfers, Bill Pay And More

Here’s how PayNearMe works. On participating partners, e-commerce or merchant sites, consumers can use the PayNearMe option to pay for purchases or debts owed. You simply place your order with PayNearMe and print out the given receipt. You then take that receipt into a 7-Eleven and they scan it and you pay in cash. Once you pay, your order with the retailer or merchant will be fulfilled.

PayNearMe has partnered with 7-Eleven and money transfer company Ria to allow users to initiate money transfers or bill payments using their mobile phones and complete these transactions in real-time at a 7-Eleven store register. The process is based on a new, free Ria Card, available now at 7-Eleven stores and which can be used to pay more than 3,000 US billers. This card also can facilitate sending remittances to family and friends.

via techcrunch.com

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The #Bank of #Facebook: How will Facebook interact in the global economy? Brian Solis

Money is a tool we use for arms-length transactions, where there isn’t an assumption of any kind of relationship or trust between parties. But as data is being mapped at an accelerating rate – from self-quantification, to the contextual and relational data about our location and interactions, to our preferences and opinions, to our exchanges and transactions – we are being granted access to a much richer base of information in our decision-making toolkit.

What this means is that money isn’t the only kind of currency that can facilitate a transaction anymore. Trust networks are able to be tapped for recommendations and referrals, while predictive analysis algorithms can suggest the kinds of people, products, services, or events that would resonate with our personalities or value set. A new set of filtering tools are emerging that are shaping where we direct our attention and resources, namely intentions and actions.

These contextual clues around data become currencies in themselves, as they give us more information in order to make a choice or decide who to trust. Below are three examples of currencies that are having an impact on the formation of a new economic paradigm and redefinition of how we define, generate and exchange value: Facebook Credits, online identity, and reputation.

via briansolis.com

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American Express Invests in PayFone, Powers Mobile Payments Plan | Fast Company

Amex suggests that with Serve and Payfone you'd be able to link your cell number to a variety of credit and debit card accounts, and then pay swiftly and securely at the checkout in stores. 

If that sounds familiar, then it should--it's almost the exact same process needed for wireless NFC credit card payments, a system we expect to see exploding over cell phones and smartphones from about now onwards. And that reveals Amex's plans for all to see: This investment is a precursor to enabling NFC payments from phones in stores.

And since location data is securely included in Payfone's protocol, it could also enable a secure way for NFC phone owners to transfer money between themselves merely by putting their phones together--Payfone would do all the fund verification, work out the phones are co-located, and Amex's Serve would handle the transaction. More than this, the investment in Payfone has a slightly tactical flavor because Amex could have invested instead in technology that didn't use cell phone network infrastructure...and hence it's a sign Amex knows it needs the networks on its side if it's to be a player in the upcoming market.

via fastcompany.com

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#NFC in 2011: U.S. #Bank Testing NFC in 20 Different Markets

NFC-Enabled Mobile Banking Apps

Also involved in the pilot program is payments processing provider FIS and the payments specialist Monitise, which the bank credited with the development of the mobile banking application. Actually, there are two mobile apps involved - one written for BlackBerry smartphones, while the other is an iPhone app. Both offer similar functionality, Venturo says.

Using the apps, customers can perform balance inquiries, pay their bills, see their transaction history, and even switch on or off the NFC functionality. The balance inquiry, specifically, is updated in real-time, reflecting the transactions that were just made at checkout.

Ironically, the on/off switch is provided to address customers' fears regarding this new technology's security, despite the fact that NFC, in truth, provides more security than the mag stripe standard used on credit cards today. That feature may or may not arrive in the commercial product, if one is to launch.

Once enabled, these mobile phones can be used anywhere Visa has its contactless payment terminals in place. Merchants accepting these transactions exist in locations that range from pharmacies to fast food restaurants and even some convenience stores.

How the System Works

Customers participating in the pilot program receive the microSD card or iPhone case in the mail at the same time as their new credit card arrives. Included in the package are instructions as to how to insert the chip into the phone (or use the case), plus how to enable and use the mobile application.

At point-of-sale, customers can switch on the NFC functionality within the mobile application (if it was not on already), then simply wave their phone in front of the Visa payWave terminal in order to complete the transaction.

So far, the testers have found the process easy. "We're really happy with the pilot program's progress," Venturo told us in March, while noting that U.S. Bank continues to refine the overall experience.

via readwriteweb.com

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In South Africa, cardless ATM withdrawals via mobile phone - Springwise

The virtual ink had scarcely dried on our story about South Africa's upcoming Mahala Free Banking Platform last week when we received word of yet another mobile banking innovation in the country. Customers of Johannesburg-based First National Bank (FNB) can now make withdrawals from an ATM without a bank card using just their mobile phone.

To withdraw cash using the new capability, which was launched last month, customers simply log onto FNB's Cellphone Banking service and select the banking option. They then indicate specifics including the particular account from which they want to make a withdrawal. Once they've completed the transaction online, they receive a text message via SMS that includes a temporary PIN to use at the ATM. For security reasons, the PIN must be used within 30 minutes of receipt; it also can be used only once.

via springwise.com

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Can Banks and Credit Card Issuers Outflank Groupon with Merchant-Funded Rewards? (NetBanker)

Groupon may be the biggest company in history that everyone thinks they could have built. Facebook, I guess, is up there too.

It seems everyone is wondering how they could do the "Groupon of (fill in the blank)". In my world, the blank is "banking." I already wrote about the potential for selling financial products through Groupon and other flash marketing sites last July, so I won't repeat that part. Anyway, that's Groupon 1.0. 

It's Groupon 2.0 that I think is even more interesting for financial institutions. The new model, coming in a few weeks, is all about mobile deals.

The company is said to be planning on adding two buttons to your smartphone:

I'm hungry...which will alert you to nearby Groupons you can use for food deals.

I'm bored...which will alert you to just about anything else Groupon sells.

It's brilliant. And so simple. Again, everyone will wish they'd built it. 

___________________________________________

Banking Opportunities
________________________________________________

So how could you do the same thing in personal finance? What would those buttons be?

• I'm broke....leads to ATM finder, cash-back location, credit card site, loan app, friends & family loans, P2P lender, etc.
• I've just been paid...leads to ATM finder, branch locations,
  deposit accounts, billpay, investments, automated savings plans, etc.
• I'm out of town...leads to ATM finder, FX locations, travel services, 
  resource locator, notifies card issuers, security preferences, etc.

But those are all pretty much standard functions of online/mobile banking today. The bigger opportunity may be to beat Groupon at the local level, with merchant-funded rewards tied to debit/credit cards (see note 1). Banks could potentially use the same "hungry/bored buttons" and direct customers to cash-back deals at restaurants and other merchants making offers to your cardholders.

Bottom line: Location-based rewards is another example of why mobile banking will be more important than online banking. To put it simply:

Banks enable commerce.

Mobile enables location-based commerce.

So financial institutions are right in the middle of a multi-billion dollar shift in retail spending. Enjoy all the opportunities!

-------------------------------------------------

Notes:
1. For more on merchant-funded rewards, see the latest Online Banking Report.
2. Picture credit: All Things Digital

via netbanker.com

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Visa Announces P2P Payment Service for U.S. Customers

Credit card giant Visa announced a new peer-to-peer payment service today that will soon give its U.S. customers the ability to receive and send money from their Visa accounts. The new personal payments service moves Visa's focus away from being just a handler for point-of-sale transactions and takes aim at an area that has long been dominated by PayPal.

Visa's announcement includes a partnership with CashEdge and Fiserv, two person-to-person financial transactions companies, which will now have access to VisaNet, the company's payment processing network.

via readwriteweb.com

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#Akbank Cep Bütçem #iPhone Uygulaması AppStore'a 1. sıradan girdi!

İndirmek için tıklayın..

See the full gallery on Posterous

Akbank Cep Bütçem Uygulaması ile, Akbank müşterisi olmasanız bile;

• Aylık gelir - giderlerinizi ve nakit durumunuzu kolayca takip 
• Ay boyunca gelirlerinizi ve yaptığınız harcamaları gün ve kategori bazında uygulamaya girebilir,
• Geçmişe dönük bütçe girdi-çıktılarınızı takip edebilir,
• Birikim olarak ayırabileceğiniz miktarı görebilir,
• Birikimlerinizi değerlendirebileceğiniz mevduat ve yatırım ürünlerimiz ve güncel faiz oranları hakkında bilgi alabilir,
• Gelir ve gider detaylarınızın raporunu alabilir, e-posta’nıza HTML veya CSV formatında gönderebilir,
• Size en yakın Akbank şube, ATM ve BTM’lerinin yerini öğrenebilirsiniz.

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4 Great #Mobile #Marketing Presentations from mobilemarketer.com

Download now or preview on posterous

Mobile_2.0_How_a_“New_Wave”_in_Mobile_is_Driving_Performance.pdf (2224 KB)

Download now or preview on posterous

Mobile_Advertising_What’s_Working,_What’s_Not_and_Why_this_Year_is_Breakout.pdf (2665 KB)

Download now or preview on posterous

Mobile_Commerce_Why_a_Mobile_Store_is_Key_to_Continued_Loyalty_to_the_Retail_Brand_and_its_Outsized_Influence_on_Multichannel_Sales.pdf (3683 KB)

Download now or preview on posterous

SMS_How_the_Workhorse_of_Mobile_is_Transforming_CRMDatabase_Marketing_and_Store-Based_Retail.pdf (1242 KB)

The original article with a couple of more presentations are here: http://www.mobilemarketer.com/cms/news/content/9160.html

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#Akbank Mauritius #Infographic

via akbank.com

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Startup Launches to Link Loyalty and Social Media at Point of Sale [EXCLUSIVE]

New startup SNAP launches Wednesday to help businesses automatically connect the dots between their existing in-store loyalty programs and their customers’ social media behaviors. The SNAP service is now commercially available after having been piloted by Tasti D-Lite for more than a year.

Once deployed, SNAP’s patent-pending technology implicitly “checks in” the customer to his or her configured social networks each time a transaction occurs. The platform enables businesses to automatically reward customers with points, badges, discounts and the like for socially sharing that in-store activity back to Facebook, Twitter and Foursquare.

SNAP exists as a business layer that sits on top social channels. The system plugs into the APIs of Foursquare, Twitter and Facebook, but it has APIs of its own that not only allow for rapid store integration at the server level, but also enable SNAP to receive and track transaction data in real time.

via mashable.com

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Chase Bank Uses QR Code in Homepage Banner (NetBanker)

Here's the first time I've seen a QR code used on a bank homepage. After an animation sequence (below) announcing Chase Bank's new Android mobile banking app, the final graphic displays a code that Android smartphone users can scan to download the new app. Very clever.  

Chase Bank homepage (20 Jan 2011)

Landing page (link)

via netbanker.com

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