World of mobile banking V 2.0

World of Mobile Banking – A Strategic View

Author: MuthuDated 18 Apr 2014

Version 2.0

World of Mobile Banking - Author: Muthu 1

World of Mobile Banking – A strategic View

I am publishing this next version of 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. This is my personal view based on customer/strategic perspective and my digital banking experience.

• NEXT: Next version of paper due to be released every three months.

World of Mobile Banking - Author: Muthu 2

Barclays

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

• ELIGIBILITY TO REGISTER :– For current account holders – Aged 16 or above with uk 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

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

3World of Mobile Banking - Author: Muthu

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

Barclays

• SECURITY– same as online banking -PINsentry– BSI (British Standards Institute) has awarded Barclays Mobile Banking the international ISO 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– iPhones running iOS5 and above – Android 2.3 and above – BlackBerry OS 5.0 and above – Web enabled and SSL enabled


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

• SIZE OF APP– Android: 12 MB– Apple: 40.5 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.– No support for Windows. – The app does not work on rooted handsets– App size is on the higher side


Santander

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

canal=CABBEYCOM&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


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– From 29th April current account 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 4.3 or higher– Android 2.3 or higher– Windows 8.1


Santander

• User experience– Simple and easy to use application

• APP VERSION– Android: 2.7.7; Apple: 2.7

• SIZE OF APP– Android: 5.4 MB– Apple: 27.7 MB


• What is special and what needs improvement– Reliable and secure– Scrolling feature through different accounts is clunky and sticks


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 up to 90 recent transactions– Make bill payment to existing beneficiaries– Transfer funds between your HSBC personal accounts– Read secure messages– From 29th April 2014 send and receive payments using only a mobile

number with Paym


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.

• SUPPLEMENTARY MOBILE RELATED PRODUCTS– Text Banking

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


HSBC

• User experience– App is very Basic with limited functionality

• APP VERSION– Android: 1.5.5– Apple: 1.5.5

• SIZE OF APP– Android: 20MB– Apple: 21.2MB


• 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.


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


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– Similar to online banking.

• MOBILE DEVICES COMPATIBILITY– Apple iOS 4.3 and above– Android 2.2 and above– Blackberry 5.0 and above– Windows Phone 7.5 and above


LLOYDS BANK

• User experience– Intuitive interface. Simple and clear layout

• APP VERSION– Android: 2.4– Apple: 1.4– Windows Phone: 1.0.0.0

• SIZE OF APP– Android: 1.8MB– Apple: 5.2MB– 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. – Personalisation features can be added


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– Pay friends, family and bills on the move – Transfer money between accounts and hit the shops – Check your latest transactions and balances on the go– Mobile top up– Text alerts


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 2.1 or above– Apple iOS 5.0 or above– Windows Phone 7.5 or above


RBS

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

• APP VERSION– Android: 3.0.56.35– Apple: 3.5.1– Windows Phone: 3.3.5.193.2330

• SIZE OF APP– Android: 2MB– Apple: 9.4MB– Windows Phone: 1MB


• What is special and what needs improvement– Good thing is that it uses sophisticated encryption technology– See all your accounts on one screen


ANZgoMoney

• LINK– http://www.gomoney.anz.com/

• ELIGIBILITY TO REGISTER– Internet banking customer with Australian Mobile phone – Can be registered upto 5 devices


• CHANNEL FEATURES– Transfer funds– Pay someone using just their mobile number– Personalise your account order, add customised names and

even add a picture to your accounts to easily identify them– Locate ANZ ATMs and branches


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

ANZgoMoney

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

• SECURITY– Online 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 6.0 or later


ANZgoMoney

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

• APP VERSION– Android: 2.1– Apple: 1.7.3

• SIZE OF APP– Android: 7.2MB– Apple: 30.9MB


• What is special and what needs improvement– Good is that it can be registered up to 5 devices– Payment to mobile is a useful functionality– Size is bulky and needs to be pulled down to match with the apps from

competitors offering similar feature set


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– See account balances – See transaction history – Make deposits– Transfer between eligible Chase accounts – Pay Bills– Find the closest ATM or branch


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 between 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 2.2 or above– Apple iOS 6.0 or above– Windows Phone 7.5 or above– Kindle Fire


Chase (JP Morgan)

• User experience– Simple interface. – Standard layout

• APP VERSION– Android: 3.14– Apple: 2.331– Windows Phone: 1.49.0.0

• SIZE OF APP– Android: 1.7MB– Apple: 21.5MB– Windows Phone: 3MB


• What is special and what needs improvement– Good thing is that it supports most of the mobile devices– Also good is that it has really small size which makes downloading and installing very fast– Needs to improve the feature set. It has only the basic features– Latest app update has some bugs which needs to be fixed


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– Access accounts – Email and Mobile Transfers – Mobile Check Deposit – Security is our first priority – Pay bills on time, even when you’re away – BankAmeriDeals™– Locations for ATMs and banking centers– Payments and transfers calendar (only Android)


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– Mobile Banking is delivered encrypted – Added security of SiteKey and optional SafePass

• 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 4.3 or above– Android 2.2 or above– Windows Phone 7.5 or above– Kindle Fire


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

• APP VERSION– Android: 4.4.21– Apple: 4.4.97– Windows Phone: 4.3.9.0

• SIZE OF APP– Android: 3.3MB– Apple: 5MB– Windows Phone: 2MB


• What is special and what needs improvement– Good is that the app supports all of the mobile devices. Even if some features are missing, it

covers all mobile users irrespective of which device they own. – Improvement needed in backward compatibility. The app supports only the past operating

systems.


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 – View available credit Track rewards – Find nearby ATMs and branches


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 4.3 or later. This app is optimized for iPhone 5. – Android 1.6 or later


Citibank

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

• APP VERSION– Android: 3.3.0– Apple: 6.1

• SIZE OF APP– Apple: 16.4MB– Android: 11MB


• What is special and what needs improvement– Good thing is that this is very secure as it uses 128-bit encryption technology. – It also has a nice set of features as compared to its competitors.– Improvements to support other devices such as Windows and BlackBerry


CommonWealth Bank of Australia

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

• ELIGIBILITY TO REGISTER– Users should be registered for NetCode SMS or NetCode Token security to access the service

immediately.

• TIME TO ACTIVATE THE SERVICE– Users should be registered for NetCode SMS or NetCode Token security to access the service

immediately.

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

address book payees and billers – Access NetBank– Mobile Make transfers between linked CBA accounts – Pay 3rd party accounts that already exist in your address book – Pay bills using BPAY to billers that already exist in your biller address book – View Future transactions – View Applications lodged with the Bank in the last 3 months – Locate your nearest Commonwealth Bank ATM or branch through a manual search or GPS

(iPhone only).


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

• 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 5 or later



• 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: 3.0.0

• SIZE OF APP– Apple: 14MB– Android (varies with mobile device)– Windows Phone: 11MB


• What is special and what needs improvement– Special thing about this app is its ability to locate your nearest Commonwealth Bank ATM or

branch through a manual search or GPS (iPhone only).– Seems it does not have credit payment facility and cheque deposit either.– Users can not manage statements or tokens.


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World of mobile banking V 2.0