All articles by Meghna Mukerjee
Meghna Mukerjee
Future of Mobile Banking Survey
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Citi approved to issue credit cards in China
Citigroups (Citi) China unit has reportedly been permitted to issue credit cards in China, becoming the only non-Asian lender in the country to be allowed to do so. Citi plans on launching the credit card business in 2012 itself. Among foreign banks, currently just the China unit of Hong-Kong Bank of East Asia has a credit card operation on the mainland. Stephen Bird chief executive officer Citi Asia Pacific said in a statement the regulatory approvals mean a significant milestone in Citis expansion in China that is a priority market for Citi.
ICICI Bank net profit increases 20% in Q3
Indias largest private sector lender ICICI Banks has reported a third quarter net profit of INR17.28bn ($348.7m), a 20% increase year-on-year. ICICIs loan book expanded robustly by 19% year-on-year to INR2.46trn, in the three months period, contributing to the strong performance. Retail loans have the highest share of over 33% out of the entire loan book. For the nine months ended 31 December, the bank has posted a consolidated net profit of INR58.33bn, a 29% increase from INR45.25bn in the year ago period.
Garanti to give Bonus cardholders free Facebook credits
Turkish lender Garanti plans to offer its Bonus cardholders free Facebook credits when they pay with their cards at stores or web sites that are part of the Bonus scheme. It is the first campaign in Turkey to be giving customers Facebook credits as incentives. Bonus cardholders, who spend TRY50 ($28) or more before 15 February at any of the 250,000 Bonus merchant outlets, will recieve10 Facebook credits. Cardholders will receive a PIN code for their Facebook credits via SMS and they can be redeemed on the Bonus Facebook page.
Citi launches First Account Analysis tools for credit card customers on iPad
Citibank (Citi) has launched a new visual tracking and account analysis tools for credit card customers in the US available for its Citibank for iPad App. Citi is the first major credit card provider to offer these features. Citi launched the initial version of its app for iPad in July 2011, it became the first major US bank to offer graphs and visual representations of consumer banking accounts and transactions. The upgrade delivers those same advanced personal finance tools to its more than 20m credit card customers. Head of internet and mobile banking for North America consumer banking at Citi, Tracey Weber, said the decision to add visual tracking and account analysis tools for credit card customers followed the extremely positive feedback and extensive use of the Citibank for iPad from bank customers.
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Ecobank implements new Oracle solutions across 30 countries
Togo-headquartered Ecobank Transnational (Ecobank) has updated its core banking software and implemented two new solutions from Oracle with the aim of standardising its processing platform across its affiliates in 30 sub-Saharan African countries. Ecobank has implemented Oracles to FLEXCUBE Universal Banking and Direct Banking platforms, as well as Oracles risk analytics solutions. The Ecobank tie up is Oracle FLEXCUBEs largest multi-country implementation in Africa to date enabling the lender to service over 7m customers via more than 1,100 bank branches. The Oracle FLEXCUBE suite of analytical applications also aims to enable a successful multi-jurisdictional compliance between Ecobank and the Central Bank requirements.
Cellulant to run M-banking services for Barclays with ‘One Africa’ deal
Barclays has entered into a deal with communications solutions firm Cellulant, Kenya, in a venture called One Africa that allows Cellulant to provide mobile banking services for Barclays across its markets in Africa. With One Africa, Barclays aims to deploy a unified platform in 12 African countries and offer customers a satisfying digital experience across the continent. The services to be revitalised by Cellulant are mobile and internet banking as well as Barclays ATMs across Africa. This digital drive is part of our One Africa strategy to increase channel access for both retail customers and corporate clients, said John Gachora, corporate banking managing director at Barclays Africa.
Raiffeisen to launch contactless mobile payments service CardMobile
Raiffeisen International plans to introduce a contactless mobile payments service, CardMobile, that is meant to be the first mobile payment solution in Austria that enables users to pay contactless and without using any debit or credit card. For CardMobile, Raiffeisen is partnering with Visa Europe, V PAY Visa Europes chip-only debit card, and low value-payment solutions provider Cardis International. Raiffeisen aims to launch the CardMobile service during the second quarter of 2012. CardMobile aims to allow customers to download an app and install a microSD card in their handset initially just iPhones to enable them to make low value contactless payments at the point-of-sale.
Security remains barrier to growth
Concerns over security and privacy are the biggest barriers to the adoption of mobile banking according to KPMG. Mark Waghorne, head of KPMGs I-4 Programme, tells RBI that the issue of security must be at the forefront of retail banks thinking if the mobile channel is to maximise its potentialConsumers security concerns remain the biggest hurdle to overcome if mobile banking use is to realise its fullest potential. Almost half (48%) of the respondents to KPMGs Consumer and Convergence survey cited security and privacy concerns as the main reason not to start using the mobile channel. The survey covered 9,600 consumers in 31 countries, aged between 16 and 65. This echoes the findings of another KPMG survey of banking executives The Evolution of Mobile Payments where 71% respondents said that security was a leading concern while developing their mobile service.
SunGard breaks its silence with Ambit MyMoney
After remaining relatively low key about its activities, US-based IT solutions company SunGard has launched an integrated online and mobile banking platform, with the aim of allowing banks to provide seamless banking services to customers through different channels. David Hamilton, president of SunGards banking segment, tells Meghna Mukerjee about Ambit MyMoney. Pennsylvania-headquartered software and technology services company SunGard has not made much public noise in the last few years on the retail banking front. Now SunGard is ready to talk about its products and plans after launching Ambit MyMoney, an integrated online and mobile banking platform, which aims to enable banks to create a customisable banking experience for its customers across different channels.