Banks focus on mobile
A survey released this week by financial services analysis firm Aite Group found 23 of the 80 largest US financial institutions expect online and mobile banking will be top priorities for product development in the next two years, says CNNMoney.com.
The survey, conducted in the first quarter of 2008, covered 22 banks and one credit union, and 11 of the top 15 banks in the US.
The survey found that in the next two years, banks intend to invest heavily in new fee-based payment services, mobile banking innovations and online marketing efforts. It is a service that multitasking consumers are demanding, banks say.
Nigerian tech spend grows
Speaking at the African Banking Technology Conference held in Lagos, chairman of Aitec, Sean Moroney, noted that consolidation had increased the level of budget available to banks, thereby giving them purchasing power to make strategic decisions, says Business Day.
According to him, each of the country's 23 consolidated banks will spend a minimum of $10 million each year as competition backed by impressive spending power will indeed translate into banks making strategic decisions in the area of technology acquisition.
In his paper, entitled "New Online Banking Paradigm: IT Challenges in Winning the Competitive Game", Anil Kumar Sahai, head of Aitec Consulting Services, noted that this year, banks are focusing on back-office improvements with their technology spend.
Singapore online banking up
Nearly 18 months after two-factor authentication was mandated in Singapore, banks ZDNet Asia spoke with indicated a favourable trend in the usage of online banking services.
Shee Tse Koon, CIO of Standard Chartered Bank, said in an e-mail interview that, as of November 2007, the bank's Internet banking customers constituted 25% of its overall customer base.
Over the past two years, the number of online transactions jumped more than four times and transaction values grew by over eight times, Shee said. The bank sees an average of 200 000 Internet banking logins a month, he added.
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