World of mobile banking v3 Author: Muthu

World of Mobile Banking – A Strategic View

Author: Muthu Namasivayam

ME, MBA(Aust)

FCMI(UK), FIC(UK), FBCS(UK)Dated 1 Jan 2015

Version 3.0

World of Mobile Banking - Author: MuthuNamasivayam

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World of Mobile Banking – A strategic View

I am publishing this paper on 'World of Mobile Banking' a strategic view. 10 banks across the world are selected(Barclays, Santander, HSBC, Lloyds TSB, RBS, ANZ (Australia), Commonwealth Bank of Australia, JP Morgan, Bank of America and Citi ) are selected for this strategic comparison. The main areas of study are :

• Registration for Mobile Banking• Customer On-boarding time • Mobile banking channel features • Types of payments that can be made through online • Mobile banking security• Supplementary mobile related products • Mobile banking compatibility with browsers, devices and operating systems • User Experience

This is a high level strategic comparison from customer perspective based on information available in their respective websites.I have also given 'what is special' about each bank and also chances for improvement to acquire more market share or retain existing customers. This is my personal view based on customer/strategic perspective and my 15 years of digital banking and 5 years of mobile banking experience.

• NEXT: I am working on next versions of paper with more details due to be released every three months.

World of Mobile Banking - Author: MuthuNamasivayam

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Barclays

• LINK: http://www.barclays.co.uk/BarclaysMobileBanking/BarclaysMobileBankingapp/P1242609123821

• ELIGIBILITY TO REGISTER :– For current account holders – Must be above 16 years of age with UK registered mobile number

• TIME TO ACTIVATE THE SERVICE :– Immediate

• CHANNEL FEATURES :– Check Balance and recent transactions– Transfer money and pay bills quickly and easily– Make transactions without your card reader in Online Banking– Store documents safely online with Barclays Clout It– Report lost or stolen cards– Order paper or online statements– Find nearest branch or cash machine– Call customer care directly from the app– Manage your Barclays personal and business accounts with 1 secure log-in

• What type of payments can be made– Transfer money between accounts – Pay bills and make payments

3World of Mobile Banking - Author: Muthu

Namasivayam

http://www.barclays.co.uk/BarclaysMobileBanking/BarclaysMobileBankingapp/P1242609123821

Barclays

• SECURITY– Mobile PINsentry to protect banking transactions on Mobile app– BSI (British Standards Institute) has awarded Barclays Mobile Banking the international ISO/IEC 27001

certification for security and resilience– Mobile banking protection – Free Kaspersky security software for your mobile which will protect your phone from malware and network

attacks– Data encryption– Timed log out– Deactivating your log-in details and monitoring for fraud

• SUPPLEMENTARY MOBILE RELATED PRODUCTS – Barclays Pingit– Pay anyone who has a UK mobile – Easily find, contact and pay businesses within the app– If the business has Barclays Pingit short code, tap it in to make a payment without using a mobile number– Scan a QR code and make a payment– Donate to charities

• MOBILE DEVICES COMPATIBILITY– Apple: iOS6 and above (app is optimized for iPhone 5)– Android 2.2 and above – BlackBerry OS 5.0 and above– Windows 7.5 and above


Namasivayam

Barclays

• User experience– Layout is simple and it is very easy to use this app.

NOTE: This app does not work on rooted handsets.

• APP VERSION– Android: 1.8– Apple: 1.8– Windows 1.1.0.30

• SIZE OF APP– Android: 18 MB– Apple: 49.2 MB– Windows: 6 MB

• Pricing for using this service– FREE

• What is special and what needs improvement– Good is that it supports currency conversion and live stock quotes.– The app does not work on rooted handsets– App size is on the higher side

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Santander

• LINK– http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYC

OM&cid=1237902122851&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_ViewSelector

• ELIGIBILITY TO REGISTER– Already registered for online banking and used at least once

• TIME TO ACTIVATE THE SERVICE– Immediate

• CHANNEL FEATURES– Check you balances and statements– Transfer funds and make payments – Set up alerts when your balance exceeds or drops below a certain amount or to get a weekly

mini-statement on your business current account– View, amend & cancel any pending payments & transfers– Find your nearest branch– Report lost/stolen card– View upto 4 years of transactions– Set-up alerts for when your balance goes over or drops below a certain amount– Send payments securely to people using only a mobile number


Namasivayam

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1237902122851&empr=Abbeycom&leng=en_GB&pagename=Abbeycom/Page/WC_ACOM_ViewSelector

Santander

• What type of payments can be made– Pay someone you've paid before – Transfer funds between your accounts

• What’s new– Customers can send payments to friends using a mobile number via Paym– Choose ‘Mobile to mobile payments’ (Paym) from your account home screen

(to register your device– Pay from your contact list or type in a mobile number– Enter the amount (max £250 per day) and add a reference

• SECURITY– Online banking guarantee – Free Rapport security software – Recommended not to use when using public wi-fi

• MOBILE DEVICES COMPATIBILITY– Apple iOS 7 or higher (Optimised for iPhone 5)– Android 4.1 or higher


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Santander

• User experience– Simple and easy to use application

• APP VERSION– Android: 4.1; Apple: 3.4

• SIZE OF APP– Android: 6.1 MB– Apple: 10.8 MB


• What is special and what needs improvement– Reliable and secure– Scrolling feature through different accounts is clunky and sticks– No app for Windows Phone users


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HSBC

• LINK– http://www.hsbc.co.uk/1/2/ways-to-bank/mobile#7_2_1E7B

• ELIGIBILITY TO REGISTER– Any Personal HSBC current account for which you have been issued

with a debit card.


• CHANNEL FEATURES– Check your balance and transaction history– Make bill payment to existing beneficiaries– Transfer funds between your HSBC personal accounts– Read secure messages– Send and receive payments using only a mobile number with Paym


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http://www.hsbc.co.uk/1/2/ways-to-bank/mobile

HSBC

• What type of payments can be made– Top-up up to 5 mobile Pay-As-You-Go phones

• SECURITY– Data via this application is secure. During the registration process for

Fast Balance, you will be asked to set-up a passcode, which should not be shared with anyone else. The Get Safe Online website provides guidance on how to protect hand held computers and mobile phones.

– HSBC helps protect your information by using 128-bit SSL encryption when you are logged on

• SUPPLEMENTARY MOBILE RELATED PRODUCTS– Text Banking

• MOBILE DEVICES COMPATIBILITY– Andriod 2.3.3 or higher– Apple iOS 6 or higher (optimised for iOS 5)


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HSBC

• User experience– App is very Basic with limited functionality

• APP VERSION– Android: 1.5.8– Apple: 1.5.8.1

• SIZE OF APP– Android: 9.7 MB– Apple: 13 MB


• What is special and what needs improvement– Nice thing is that it allows you to top up your pre-paid phones.– App is very basic and requires some more features.– There are bugs in the app that require immediate fixes. – No app for Windows Phone users


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LLOYDS BANK

• LINK– http://www.lloydsbank.com/online-banking/mobile-banking.asp

• ELIGIBILITY TO REGISTER– Register for online banking


• CHANNEL FEATURES– Check balances and make payments– Find a Lloyds Bank branch, Cashpoint® machine or LINK ATM anywhere in the UK– Transfer money between personal, current and savings accounts– See your recent transaction history of your UK personal accounts and credit card– Find useful phone numbers or local branches and ATMs– Change some of your personal details– Manage your existing overdraft– Pay a Contact – registration required to receive payments. Terms and conditions apply


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http://www.lloydsbank.com/online-banking/mobile-banking.asp

• What type of payments can be made– Transfer funds between your personal current

accounts and savings accounts. – Make payments to new and existing recipients.

• SECURITY– Latest online security measures to protect your money, your

personal information and your privacy

• MOBILE DEVICES COMPATIBILITY– Apple iOS 5 and above (optimized for iPhone 5)– Android 2.3 and above– Blackberry 5.0 and above– Windows Phone 7.5 and above


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LLOYDS BANK

• User experience– Intuitive interface. Simple and clear layout

• APP VERSION– Android: 5.1– Apple: 4.1– Windows Phone: 1.0.0.0

• SIZE OF APP– Android: 14 MB– Apple: 30 MB– Windows Phone: 2MB


• What is special and what needs improvement– Good thing is that it supports all the types of devices– Does not support Text– Customers with ART (Android runtime) enabled on their device may experience issues when

using this app. If you are affected by this, please disable ART in your device settings


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LLOYDS BANK

RBS

• LINK– http://personal.rbs.co.uk/personal/ways-to-bank-with-us/mobile-banking.html

• ELIGIBILITY TO REGISTER– Register for online banking– You need to have a RBS personal account with debit card, be over 11 and have a mainland UK mobile

number starting with 07 to use this service


• CHANNEL FEATURES– Get Cash from your account at any RBS, NatWest or Tesco cash machine without using your debit card– Pay bills & Pay Your Contacts– Transfer money between accounts and hit the shops – Find your nearest cash machine or local branch with Near Me– Check your latest transactions and balances on the go– Mobile top up– Get Cash lets you take out up to £250 per day from our UK cash machines, when you have at least £25 in

your account (including any overdraft facility). There is a maximum limit of two Get Cash withdrawals a day, but only one cash code can be provided at a time. Each code expires after 3 hours. The amount you ask for will also need to be within the daily withdrawal limit for your debit card

– Text alerts


Namasivayam

http://www.rbs.co.uk/personal/online-banking/g2/mobile-banking.ashx

http://personal.rbs.co.uk/personal/ways-to-bank-with-us/mobile-banking.html

RBS

• What type of payments can be made– Pay your contacts, beneficiaries and also avail overdraft facility

• SECURITY– Online and Mobile Security promise sophisticated encryption technology for

secure data transfer to and from your mobile device.

• SUPPLEMENTARY MOBILE RELATED PRODUCTS– Get Cash from your account at any RBS, NatWest or Tesco cash machine

without using your debit card– Find your nearest cash machine or local branch – Pay someone who doesn’t have our app but does have valid UK Visa debit,

credit or prepaid card as well as a UK mobile– Find out RBS mortgage account and credit card balance

• MOBILE DEVICES COMPATIBILITY– Android 2.3 or above– Apple iOS 6.0 or above (optimized for iPhone 5)– Windows Phone 7.5 or above


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RBS

• User experience– Easy to use menus. User can navigate freely though the application


• SIZE OF APP– Android: 14 MB– Apple: 30 MB– Windows Phone: 2 MB


• What is special and what needs improvement– Refreshed look and feel of the app– Good thing is that it uses sophisticated encryption technology– See all your accounts on one screen– Changed the savings icons so you can now tell which account is an ISA– If you’re a Cashback Plus customer, you can now check your Rewards balance on the app


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ANZgoMoney

• LINK– http://www.gomoney.anz.com/

• ELIGIBILITY TO REGISTER– Internet banking customer with Australian Mobile phone– Register by creating a 4 digit PIN to access features


• CHANNEL FEATURES– Quickly and securely access your ANZ account balances and transaction history– Transfer money in real time between your ANZ accounts, pay bills with BPAY® and pay anyone

using their BSB and Account Number#– Send money to anyone with just their Australian mobile phone number (the recipient requires

an Australian bank account)#– Personalise your account order, add customised names and even add a picture to your

accounts to easily identify them– Locate ANZ ATMs and branches


Namasivayam

http://www.gomoney.anz.com/

ANZgoMoney

• What type of payments can be made– Pay to account number – Pay to mobile number

• SECURITY– Your money and personal details are protected. ANZ goMoney™ is secure and

can only be accessed with your PIN. It’s also underpinned by high-grade encryption and backed by our Internet Banking Guarantee

• SUPPLEMENTARY MOBILE RELATED PRODUCTS– ANZ go Money™ – Pay bills conveniently with BPAY® – Pay anyone if you have their BSB and account number#

• MOBILE DEVICES COMPATIBILITY– Android 2.2 or later – Apple iOS 7.0 or later (optimized for iPhone 5)


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ANZgoMoney

• User experience– Nice and easy to use. Standard interface without clutter

• APP VERSION– Android: 3.1.0– Apple: 4.3

• SIZE OF APP– Android: 9.4 MB– Apple: 23.4 MB


• What is special and what needs improvement– Personalize the names of your accounts and their listed order– Add a picture to your accounts from a list of ANZ card images, or you can use your own photo– Add a new slide out left hand menu, with an Android specific look and feel– Made number of tweaks & optimised the app for accessibility, speed and compatibility based

on customer reviews– No app for Windows Phone users yet


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Chase

• LINK– https://www.chase.com/content/chasecom/en/mobile-

banking/mobileresponsive?jp_cmp=rb/chasemobile/off/mobile_browser/multiple

• ELIGIBILITY TO REGISTER– Enroll in Chase Online(SM)


• CHANNEL FEATURES– View account balances and transaction history– View your credit and debit card rewards status– Pay bills and credit cards; Transfer money between Chase accounts – Deposit checks with Chase QuickDeposit(SM)– Send and request money with Chase QuickPay(SM)– Find the nearest Chase branches and ATMs– Send wire transfers


Namasivayam

https://www.chase.com/content/chasecom/en/mobile-banking/mobileresponsive?jp_cmp=rb/chasemobile/off/mobile_browser/multiple

Chase (JP Morgan)

• What type of payments can be made– Pay Bills – Transfer money eligible Chase accounts

• SECURITY– Use of a variety of technologies that help ensure our products

and services remain secure.

• SUPPLEMENTARY MOBILE RELATED PRODUCTS– Chase QuickPay Chase QuickDeposit

• MOBILE DEVICES COMPATIBILITY– Android 2.3 or above– Apple iOS 7.0 or above– Windows Phone 7.5 or above– Kindle Fire


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Chase (JP Morgan)

• User experience– Simple interface. – Standard layout


• SIZE OF APP– Android: 10 MB– Apple: 19.5 MB– Windows Phone: 3MB


• What is special and what needs improvement– Good thing is that it supports most of the mobile devices– View statements for Chase deposit, credit card and mortgage accounts– Account Preview – Optional feature to view limited information for select accounts without logging

on– Fixed bugs which it had in previous versions which received positive reviews from customers


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Bank of America

• LINK– https://www.bankofamerica.com/online-banking/mobile.go

• ELIGIBILITY TO REGISTER– User should first enroll in Online Banking – Set up Transfers and Bill Pay

• TIME TO ACTIVATE THE SERVICE– Immediate once enrolled in Online Banking

• CHANNEL FEATURES– Check activity and balances in checking, savings and credit card accounts – View routing and account numbers easily– Edit transaction descriptions in checking and savings accounts– Order replacement debit or credit cards; check copies– View Merrill Edge and Merrill Lynch investment accounts– Pay bills on time, even when you’re away – BankAmeriDeals™– Locations for ATMs and banking centers


Namasivayam

https://www.bankofamerica.com/online-banking/mobile.go

Bank of America

• What type of payments can be made– All email and mobile transactions – BankAmeriDeals– eBill payments

• SECURITY– Reset Passcode, retrieve Online ID – Use SafePass® for additional security during sensitive transactions (you’ll receive a code to

verify your identity)

• SUPPLEMENTARY MOBILE RELATED PRODUCTS– Access to Merrill Edge® investment accounts – Email and Mobile Transfers service – Mobile Check Deposit – BankAmeriDeals™ – Text Banking

• MOBILE DEVICES COMPATIBILITY– Apple iOS 6 or above (Optimized for iPhone 5)– Android 2.3.3 or above– Windows Phone 7.5 or above– Kindle Fire


Namasivayam

Bank of America

• User experience– The app is very easy to install and use. User interaction is standard and anyone can quickly

download, install and setup to start using it. Aesthetically the user interface is pleasant and easy on the eye


• SIZE OF APP– Android: 10 MB– Apple: 24.5 MB– Windows Phone: 2 MB


• What is special and what needs improvement– For small business credit card accounts, additional account information is displayed and a

payment button has been added– Performance enhancements– Opportunity to add more features like mortgage/loans details


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Citibank

• LINK– https://online.citibank.com/US/JRS/pands/detail.do?ID=CitiMobile

• ELIGIBILITY TO REGISTER– User should have a Citibank® account or Citi® Credit Card account

• TIME TO ACTIVATE THE SERVICE– Immediate. Download the app and Sign on using the same User ID and Password you use to

access your accounts online

• CHANNEL FEATURES– Check Account Balances and recent activity, including credit card transactions – Pay bills and track payments – Transfer funds between accounts – Deposit checks – Make Credit Card payments – Check outstanding credit card balance – See recent credit card transactions – Instant money transfers to other Bank’s accounts (through IMPS) – Find nearby ATMs and branches


Namasivayam

https://online.citibank.com/US/JRS/pands/detail.do?ID=CitiMobile

Citibank

• What type of payments can be made– Make Credit Card payments – Pay bills

• SECURITY– Accounts are protected by 128-bit encryption

• SUPPLEMENTARY MOBILE RELATED PRODUCTS– Pay other people money using Popmoney– Manage home equity or personal lines and loans, and mortgages – Citi Text Banking – Citi Mobile for smartphones – Citi Tablet apps

• MOBILE DEVICES COMPATIBILITY– Apple iOS 5 or later– Android 1.6 or later– Windows Phone 7.5 or later


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Citibank

• User experience– Clean and simple graphics makes this app very easy to learn and use

• APP VERSION– Android: 4.0– Apple: 3.2– Windows 1.0.0.0

• SIZE OF APP– Apple: 3.3 MB– Android: 1.9 MB– Windows: 1 MB


• What is special and what needs improvement– Good thing is that this is very secure as it uses 128-bit encryption technology. – Instant Pay: is a fast and simple tool to do IMPS transactions via SMS to beneficiaries already

registered on Citibank Online– Compatibility issues after recent Android upgrade to Lollipop


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CommonWealth Bank of Australia

• LINK– http://www.commbank.com.au/mobile.html

• ELIGIBILITY TO REGISTER– Log on faster by creating a 4-digit PIN

• TIME TO ACTIVATE THE SERVICE– Immediately

• CHANNEL FEATURES– Check account balances and recent transactions transfer money to existing accounts or

address book payees and billers – Use shortcuts to check your balance and transfer money– View up to two years’ worth of transactions, and filter these by date & amount– Pay anyone using just their mobile number, email address or Facebook contact, without

needing their account details– Pay to new and existing Australian account numbers– Pay new and existing BPAY® billers (and even use the BPAY QR code scanner)– Withdraw up to $200 cash without a card at most CommBank ATMs. Collect it yourself or

arrange for someone else to collect it– Find your nearest CommBank ATM or branch and see which ones are available in real time


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http://www.commbank.com.au/mobile.html


• What type of payments can be made– Pay 3rd party accounts that already exist in your address book – Transfer money to existing accounts or address book payees and billers– BPAY billers

• SECURITY– Mobile access to NetBank provides all of the security that computer access to NetBank offers.– As an additional security measure, after a period of inactivity customers will be automatically logged out of

NetBank to reduce the risk of anyone else viewing account information if their phone is left unattended or lost.

• SUPPLEMENTARY MOBILE RELATED PRODUCTS– Access to CommBank Kaching– Pay to any Australian mobile phone number, email address, or Facebook© friend, all without needing the

recipient's bank account details. – Log on to CommSec for mobile share trading & investing – Locate your nearest Branch or ATM – Use the Foreign Exchange Toolkit to access currency rates, a currency converter & set alerts, so you are

notified when your desired rate has been reached.

• MOBILE DEVICES COMPATIBILITY– Android (version varies with mobile)– Windows Phone 7.5 or later– Apple iOS 6 or later (optimized for iPhone 5)


Namasivayam


• User experience– The UI is very clear. Easy to use. Simple to learn

• APP VERSION– Android (varies with mobile device)– Windows Phone: 2.0.0.0– Apple: 3.5.0

• SIZE OF APP– Apple: 20.4 MB– Android (varies with mobile device)– Windows Phone: 11 MB


• What is special and what needs improvement– Send money overseas– Lock or cancel a missing credit card– Receive CommBank app push notifications– Issues with app freezing and time taken to locate nearest ATM


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