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Mobile Financial Services Congress 2010

2010 December 9
Mobile Financial Services Congress 2010, Miami, FL

Mobile Financial Congress 2010 in Miami, FL

I just got back from the 2010 Mobile Financial Services Congress in a surprisingly cold Miami.

I led workshops on Mobile Remote Deposit Capture and Mobile Security. I also hosted a track of sessions on Day 2 where mobile banking and mobile payments professionals from banks in the U.S., Canada, and elsewhere met to discuss the future of mobile banking and the industry.

The many NFC and mobile payments conversations were timely with the announcement of the Google Nexus S phone that will launch with support for NFC contactless payments. This launch is possibly the opening salvo in the mobile payments arms race.

Here are some other items of interest from the show:

  • BBVA Compass demonstrated a stunning iPad application, setting the bar high for other banks
  • SunTrust is doing a major mobile launch this weekend. Look for mobile web and other major functionality improvements
  • Bank of America announced they have 6 million active mobile banking customers (browser and/or application) and 850,000 text bankers (the service just started earlier this year). Text banking supports offline customers (those that don’t use online banking).
  • Scotiabank in Canada shared that 10% of OLB customers were using mobile within the first three weeks of launch.

During a panel session, when asked “What do bankers want from vendors?” Lauren van Heerden from TD Bank eloquently said, “Help me, as a banker, to not have to be an expert in every single mobile device and mobile payment technology.”

“Help me, as a banker, to not have to be an expert in every single mobile device and mobile payment technology.”

Wells Fargo’s Amy Johnston also shared a powerful anecdote on the value of commercial banking to corporate treasurers. Before commercial mobile banking, one treasury customer shared that she dedicated the first 30 minutes of every day to dealing with various exceptions and approvals at her desk. She now looks to see if she has any of these issues to deal with when she gets up. If not, she doesn’t have to rush into the office as fast. The customer said, “Amy, you give me 15 more minutes  with my kids in the morning. Thank you.”

“You give me 15 more minutes with my kids in the morning. Thank you.

You don’t have to calculate ROI on that.

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