Lawyers warn e-banking customers

Lawyers at the launch of a new banking and financial services division at the Manpower Services Company, in Nairobi, warned customers and banks about the adoption of electronic banking, reports Eastandard.

Users of this type of technology stood the risk of losing money that could not be recovered due to lack of a legal framework, they warned.

Electronic banking operations are not protected by the law in Kenya, so they exposed banks and clients to huge financial risks.

Mobile financial services leader, mFoundry, today announced the availability of its iPhone mobile banking product, reports Marketwatch.

The company's financial services platform offers a cross-platform, cross-carrier solution for mobile banking, mobile payments and mobile wallets.

The company is offering its iPhone mobile banking solution as both a standalone or supplement to other supported devices and has configured iPhone mobile banking applications for existing customers.

A report commissioned by SAP and conducted by the European Financial Management and Marketing Association (EFMA) revealed that banks are moving towards a customer-centric approach, but it is proving to be a very slow process, reports Mycustomer.

More than half of banks in Europe and the Middle East plan to invest in CRM technology, but also cite many challenges, including price competition, pressure to lower operating costs, fragmentation of customer segments and channel proliferation.

The report also found that CRM at a typical bank is driven by individual departments and is primarily a front-end process, rather than extended across the enterprise.