What really is “digital banking”?

From Banking Exchange -

“Consensus on this oft-used term’s meaning eludes.

Most people in the banking industry agree that digital banking is the wave of the future. Indeed, many would contend that it’s already here.

Yet there’s not all that much agreement regarding what “digital banking” really means.

“Digital banking” often gets confused with mobile banking and online banking, and even omnichannel banking. True, all these involve digital applications in one form or another. But what constitutes “digital banking,” or even a “digital bank” has yet to gain overwhelming agreement.”

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Icici Bank launches banking by Facebook for non-resident Indian customers

From Finextra –

“ICICI Bank, India’s largest private sector bank, announced the launch of ‘Pockets by ICICI Bank’, an innovative desktop application that enables its NRI customers across the globe to access their bank accounts on Facebook.

‘Pockets by ICICI Bank’, offers the Bank’s NRI customers the convenience of banking while they are on the social media site. It also underscores the importance that the Bank attaches to the social media.”

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Lloyds closures highlight shift to digital banking

From Banking Technology

“Lloyds Banking Group’s decision to close 200 branches and axe 9,000 staff was to be expected – but the firm’s digital plans highlight the changing nature of retail banking and the bank branch in general.

The closures will bring the total headcount lost at the firm to 43,000 since 2008. The bank identified reduced demand for branch services and a slide of consumer interaction towards mobile internet as the drivers for the decision, which will be implemented over the next three years. Lloyds also plans to open 50 new branches in the next three years, at the same time as the closures in other areas.

The bank also abandoned a prior promise to keep the last bank branch open in small towns that would otherwise lack one.”

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Does Your Financial Institution’s Digital Strategy Pass the ROI Test?

From PYMNTS.com 

“Large investments in emerging services like mobile and online do not always translate into higher customer satisfaction or even high financial performance. Javelin Strategy & Research, a leading financial services analyst firm, is releasing the company’s new competitive benchmark service, Outperform, which is a result of analyzing over 20 leading financial institutions and provides insights to improve each banks’ return on investment on emerging bank services—mobile and online banking services.”

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Risks of Online Banking

From WDTV

“With just a quick snap of a picture or a few taps on you cell phone, you can transfer money, cash a check, and do practically all of your banking online.

But you could be jeopardizing not only your banking and savings accounts, but your online security.

If you think twice before accessing banking information on your cell phone, you're not alone.”

The 8-character password is no longer secure

From Deloitte CIO Journal

“More than 90 percent of user-generated passwords are vulnerable to hacking. Inadequate password protection can lead to billions of dollars in losses, declining confidence in Internet transactions, and significant damage to the attacked company's reputation. Today's eight-character password is simply no longer good enough.”

Wells Fargo puts mobile banking at center of new marketing campaign

“Wells Fargo has launched a multi channel marketing campaign that aims to educate consumers on the benefits of mobile banking.

The Wells Fargo “Done” campaign includes television, online and mobile components and highlights multiple areas of the financial service’s mobile banking features, such as mobile deposit and transfers. The campaign is meant to show how mobile banking is a natural extension of what consumers already do on their mobile devices.’

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10 Tips To Drive More Online Banking Applications

“Many banks and credit unions allow consumers to open accounts and apply for loans online. Few are thrilled with their results. To increase the number of deposit accounts and loan applications generated by your online channel, you’ll need to re-evaluate your website.” <<READ MORE>>

Bank of America to launch online-only bank account

Bank of America is set to make available a new type of cheque account starting early August 2010, according to reports.

The new eBanking account is set to charge a monthly fee of USD 8.95 for account holders wishing to obtain paper statements or else opt for access to tellers for other routine bank statements. For users who chose to access the account via Bank of America’s ATM network, online banking platform or mobile banking service, the USD 8.95 charge does not apply.

Consumers can open the new Bank of America online-only cheque accounts directly online, as well as by visiting a bank branch or over the phone. According to the same source, starting fall 2010, the new type of account is set to replace the bank's CollegeEdge cheque offering.