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Apple Just Put a Mobile Wallet In 100+ Million iPhones: But Is This Passbook a Friend or Foe of Banks?

By Jim Bruene Posted on June 12, 2012
Categories: Apple, Credit/Debit Cards, Mobile Commerce, Mobile Payments, Wallets

If it wasn’t obvious already, Apple is becoming the operating system of your life. And since money touches much of what we do, it’s no surprise that the company is moving into the payments side.

Actually, Apple is already there. The most valuable company on the planet is already the biggest payments issuer, with 400 million payment-enable iTunes accounts.

Now, when iOS6 becomes available this fall, Apple will be the biggest mobile wallet provider as well, when 100+ million iPhones automatically getting one with the new OS upgrade.

The new baked-in wallet app is called Passbook, I presume because iWallet was taken, or Apple is saving it for something even bigger.

But regardless of the name, Passbook has broad implications in payments and commerce in general. One look at the UI (inset) shows what banks are up against. An app loaded with store cards! Just what a gazillion big-spending early adopters have been hoping for (congrats to Target and Starbucks for leading the way again).

The main reason ~~iWallet~~ Passbook is such a big deal, besides the Apple halo effect, is that it automatically opens your “virtual card” when you walk in the store. Yes, you read it correctly. Automatically. Opening. Mobile. Payment card.

For example, when you walk into Starbucks its virtual store card, rendered in 2D bar code, will be triggered on your phone. You just swipe the lock-screen notification, enter a PIN (if necessary), scan your phone at the POS, drink your coffee and enjoy the perks (see below).

Is the POS experience dramatically better than using your Visa/MasterCard plastic? Not really during those 15 seconds of your life, but it’s not worse either. Shaving 2 seconds off transaction time is not what this is about. It’s the retailer value-adds that make it a huge winner.

Smart merchants will tack loyalty points/rewards/amenities (how about a free shot of vanilla in that latte?) on to Passbook-enabled purchases and you will soon be conditioned to pay with your phone. Really, just having your receipt stored safely away in the Passbook app could make the difference between using the store card vs. MC/Visa.

Because Apple wants to be platform, not a bank, they are making the tools available to developers to create apps that play nice with Passbook along with all the other iPhone utilities. So I see this as bank/issuer friendly, so far anyway, though not everyone will benefit.

While this is only speculation, I see a couple things likely to happen:

1. Proprietary single-brand (closed loop) payments make a comeback: With a direct connection to the front-screen of your iPhone as soon as you walk in the door, retailers can put together compelling in-store loyalty offers on the fly. For example, I can walk into Best Buy, and up pops my store loyalty card on the front of my iPhone. And they can dangle all kinds of bennies at me in real time, while encouraging me to pay with my Best Buy credentials rendered in a QR code on the screen (and later via NFC or a “cloud” connection).

2. Banks and card issuers partner with retailers to become the preferred “Passbook card:” For stores that don’t want to bother with the payments piece, instead of presenting a store card with the customer walks in the door, they could present the preferred partner card. For example, Costco, which only takes American Express, could launch an AmEx Passbook card when customers walk in the door.

3. The beginning of the end for paper receipts: Users will have the comfort knowing their receipts are all accessible via iPhone (and in the iCloud). So they will opt out of paper receipts at the register.

4. Mobile offers/coupons just found a new home: If you want iPhone-wielding consumers to see your offer, Apple just created an instant place to store (and discover) deals. I’m not sure if this is good or bad for ad-supported banking, but it’s something to consider.

Bottom line: I could go on (for instance about Siri integration), but my head is about to explode with all the possibilities. Time will tell, but I think we just witnessed a watershed moment in mobile-enabled shopping and payments.

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Recommended reading:

Read the full analysis by Glenbrook’s Scott Loftesness here.
Fantastic stuff on on Quora too (HT to Brad Strothkamp for the link via Twitter).
The list of all the features via Techcrunch.

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30 Most Popular iPad Apps from U.S. Banks and Other Financial Services Companies

By Jim Bruene Posted on April 20, 2011
Categories: Apple, Apps, Mobile Banking

Apple tweaked its propriety algorithm that ranks apps in terms of popularity (Cnet article). Evidently the changes had an impact on overall rankings, but little or no effect on intra-category ranks.

That holds true with my casual observations within the finance category. Regardless, it seemed like a good time to visit the App Store and document which financial iPad apps are currently most popular (see Table below).

Note: The first column below is the rank among all financial institutions (as defined below). The second column in the app’s rank within the entire App Store “finance” category.

Observations:

The highest rated bank is Chase at number 9 in the finance category
There are only two banks (Chase & USAA) in the top 20
There are only seven consumer banks in the top 200 (Chase, USAA, Bank of Oklahoma, Trustmark, BB&T, BBVA, Bank of Texas)
There are more credit unions (8) than banks (7) in top 200 in the finance category
Still missing some huge banking names (Amex, BofA, Capital One, Citi, Discover, Mint, PayPal, US Bank)

My methodology: Using an iPad and iPhone, I accessed the finance category of the App Store and sorted by “Most Popular.” I am including only apps from any U.S. financial institution or from third parties that tap directly into financial institution data using account aggregation (e.g., from Yodlee, CashEdge, etc.). Pure content apps, like Schwab’s On Investing magazine, were not included even if from a financial institution.

FI Rank	Finance Rank	Company	App Name (+ company)
1	1	Pageonce	Money & Bills (free)
2	2	Square
3	3	Maximo Cavazzani (works with TD Ameritrade)	iStockManager
4	9	Chase Bank	Mobile
5	10	Pageonce	Pro – Money & Bills
6	11	E*Trade	Mobile Pro
7	15	TD Ameritrade	Mobile
8	20	USAA
9	21	Fidelity Investments
10	22	Thinkorswim (TD Ameritrade)
11	29	Expensify	Expense Reports
12	49	Mercedes-Benz Financial	My MBFS
13	50	Wescom Central Credit Union	Mobile
14	59	TDECU	Mobile
15	67	BofAML (BofA Merrill Lynch)	MyMerrill
16	68	Bank of Oklahoma	Mobile
17	74	MACU (Mountain America)	Mobile Banking
18	88	Trustmark National Bank
19	96	thinkMoney (TD Ameritrade)
20	97	BofAML (BofA Merrill Lynch)	Merrill Edge
21	98	JP Morgan	Mobile
22	107	BB&T	Banking
23	114	thinkorswim (TD Ameritrade)	VEO Mobile
24	131	BBVA Compass	Mobile Banking
25	169	NASA FCU	Mobile Banking
26	170	DATCU Credit Union	Mobile Banking
27	182	SCU (Scott Credit Union)	Mobile Banking
28	188	Bank of Texas	Mobile Banking
29	193	GWCU (Goldenwest Credit Union)	Mobile Banking
30	194	American Eagle FCU	Mobile Banking

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Note: For more info on mobile banking, see our previous Online Banking Reports.

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American Express Wants to Power Your iTunes Purchases

By Jim Bruene Posted on February 15, 2011
Categories: Advertising & Promotion, American Express, Apple, Bill payment, Credit/Debit Cards

How much does the average American Express cardholder spend in the iTunes store each month? A lot. And how often do you go to iTunes and change your default card? Never. Is it worth $5 to have your card powering an iTunes account? To American Express it is.

I’m sure the card company’s spreadsheet shows a payback within a year or two on incremental interchange alone. But more important is the added stickiness these frequent Apple purchases give to the card. Plus, it can’t hurt to associate your brand with the most valuable tech company on the planet.

The fine print
To earn the five-song credit, cardholders must make a purchase with their Amex card between Feb. 10 and March 15. That earns a statement credit equal to five song downloads. It doesn’t say which song price-point is used in the calculation, but I’m guessing the standard $0.99.

Relevance to Netbankers
It’s always good business to get your card installed as an automatic payment source. Interchange goes up, credit card receivables improve, and you’ve added one more electronic hook to the account. So consider taking a similar approach and offering a small bounty after your card is used with a new biller.

iTunes promo on main Amex account page (Business Gold, 11 Feb. 2011)

Enrollment screen (link)

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The iPad: One Million Shipped in First Month, but Still No U.S. Bank or Credit Union Online Banking Apps

By Jim Bruene Posted on May 3, 2010
Categories: Apple, E*Trade, iPad, iPhone, Mobile Banking

Apple today said it has shipped one million iPads (one of which went to a lucky Mint user, see inset). I don’t think that’s a surprise to anyone who’s even mildly interested in tech.

It’s debatable whether the iPad is a laptop killer, but if nothing else, it’s a really capable portable media and game player. Given its appearances on The Grammys, Modern Family, Lettermen, and so on, and with Apple’s cachet, how could the iPad not sell a million?

But the iPhone arrived with even more hype, and it took more than two months to sell a million back in the summer of 2007. But it was much more expensive considering the price of the phone and $800+ per year to AT&T. And there was no App Store back then: it was just email, SMS, Safari, YouTube, stock tracking and of course, my personal favorite, the weather button.

So I’m not surprised the iPad has consumer appeal. But I am surprised that no major U.S. financial brand, other than E*Trade (see screenshots below) has a native iPad app yet in the U.S. store (notes 1, 2). I expected at least a half-dozen by now. But there have been very few new apps in the iPad store across all categories. Only nine new apps have launched since April 3 in the finance category, bringing the total to 39 (see note 3; original post here ).

So, it may not entirely be the fault of the FIs. There is probably a logjam of apps waiting for approval from Apple. We look forward to seeing what the FIs and PFMs bring to the iPad throughout 2010.

E*Trade Apps: iPhone vs. iPad
Note: Relative size is accurate; see CNET’s comparison of iPhone vs. iPad versions across 20 popular apps (previous post on why you need an iPad app here)

Notes:
1. Square also had its app available at launch, although they have yet to launch credit card processing, so it’s not really functional yet. Card processing is expected to launch later this week when the iPhone app becomes available.
2. (Updated May 4 with “la Caixa” info and search info) They don’t show on my U.S. iPad, but Spain’s “la Caixa” added an iPad app to the U.S. store a few days ago (link) and Banco Sabadell has one in the U.S. store (link). Also, I just learned (May 4) that if you search specifically for the Spanish banks on my U.S. iPad, they do show up and have been successfully downloaded.
3. There are many mysteries of the App Store. One new one is the discrepancy between what’s shown on my iPad vs. what’s in the iTunes store. On my iPad, 30 finance apps showed on April 3, and there are now 39, for a growth of 9. iTunes shows 61 available today, up 18 from the 43 available on April 3. None of the extra 22 in iTunes are from financial institutions.
4. For more on mobile banking and payments, see the most recent issue from Online Banking Report.

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Why You Should Build an iPad Banking App (Even Though You Don’t Need To)

By Jim Bruene Posted on April 11, 2010
Categories: Apple, iPad, iPhone, Mobile Banking

One week into the iPad era there are still no banks or credit unions with iPad-specific apps (note 1). There also aren’t any major PFM or other financial brands present, other than Square and E*Trade. Mint’s not even there yet.

What’s going on? On Friday, The Financial Brand’s Jeffry Pilcher tweeted the question that’s on a lot of bankers’ minds:

While I suspect Jeffry is mostly being provocative, it’s a question worth discussing. Should financial institutions build an iPad app?

The Web experience on the iPad is outstanding. It has a lightening-fast Safari browser built in. It loads my bank’s webpage as fast or faster than my MacbookPro or Thinkpad X41. The iPad virtual keyboard makes it easy to type username and password. And for the most part (Flash is a problem), websites look and perform perfectly on the iPad (use ipadpeek.com if you want to see what your webpage looks like in an iPad layout).

So yes, online banking works fine on iPads. But you can say the same thing about most evolutionary products. Telephone calls work fine on corded phones. Cars work fine without cup holders. Refrigerators work fine without ice makers. And so on.

An iPad app isn’t about utility, it’s about a great user experience. The ability to click on a banking button on the main iPad screen and launch a perfectly sized online banking app shaves 30 to 45 seconds off the traditional browser-based approach (open Safari, navigate to my bank, and find the login button). There are also things you can do with an app, such as location-aware ATM/branch finder, that make it a better experience (note 2).

So here’s why most major financial brands should have an iPad app now:

Free publicity (part 1): As of today, there are only 39 iPad apps in the Finance category. Each of the 562,000+ iPad owners, and millions of others browsing the iTunes App Store, would see your brand showcased there.
Free publicity (part 2): There was, and is, a tremendous amount of hype around the iPad. Being the first bank/CU in your country/state/region/city/neighborhood with an iPad app will net you numerous mentions online and in print.
It’s cool: While financial institutions are rightly focused on the basics right now, there is still considerable value in being seen as a technology leader.
It’s inexpensive: Building a basic iPad/iPhone app is a relatively simple project. If it did nothing more than connect to online banking and show nearby ATMs/branches, you’d receive most of the benefits listed above.
It’s the future: Apps and widgets will play a large role in banking info delivery going forward, especially in mobile banking. You should be designing apps for every significant platform. In the U.S. that means the iPhone and Android, then iPad and Blackberry after that (see note 3).

And one final note for the 67 U.S. financial institutions that already have iPhone apps. Yes, you still need an iPad one. While the iPhone app runs fine, it is displayed in a small window the size of an iPhone. Users can press a button in the lower-right corner to doublesize the app, but images and text become fuzzy, and it just doesn’t look right (although it is functional as you can see in the screenshots below).

Bank of America’s iPhone app displayed on iPad screen (5 April 2010)
Note: Click on the images below to see the quality difference

Normal size Double sized

Notes:
1. As of 11 PM Pacific April 10, the only major financial brand with an iPad app is E*Trade MobilePro, which is more about stock trading, not banking.
2. For more on financial apps and the iPhone, see our March 2009 Online Banking Report.
3. For more on the importance of mobile banking and payments, see the most recent issue from Online Banking Report.
4. Hat-tip to Banking Kismet for blogging on the subject.

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Banks Shutout on iPad Opening Day, But Square is There

By Jim Bruene Posted on April 4, 2010
Categories: Alt Payments, Apple, iPad, Mobile Banking, Square

After months of hearing about the iPad, I finally got my hands on one Saturday afternoon. It’s a great piece of technology, but if you have an iPhone, you pretty much already know what it’s like.

While the iPad runs all 150,000 apps available for the iPhone, developers are encouraged to produce iPad-optimized versions to take advantage of the significantly bigger-screen real estate.

When you open the App Store on the iPad, it focuses almost entirely on iPad apps. You have to do a specific keyword search to find non-iPad apps that work on the iPhone.

And I was surprised that neither banks nor credit unions are represented among the 30 Finance category apps available on April 3 (see screenshots below), a situation likely to be rectified with a flood of banking and credit union iPad apps during the next few months. It’s definitely a place you want your brand represented (note 1).

The only big financial services brand that made it to bat on opening day was E*Trade MobilePro (which hit the store last Thursday), and another trading app, iStockManager, to be used with TD Ameritrade. Bloomberg, too, had its popular info app available on day 1 (see screenshots below for all 30 finance apps).

The biggest surprise in the iPad Finance category was Square, the much-touted card-to-card payments service from Twitter’s founder, which released its iPad app on April 1 (see inset). We’ll be testing Square this month and hopefully using it to take last-minute credit card payments at our upcoming FinovateSpring Conference. Square’s iPad app

The 30 iPad finance category apps available on the launch day (3 April 2010)
(Note: Organized by “featured”)
Page 1: Apps 1-12 Page 2: Apps 13-24

Page 3: Apps 25-30

Note: For more coverage of mobile banking and payments, see the most recent issue from Online Banking Report.

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First Finance Apps for Apple iPad Unveiled

By Jim Bruene Posted on April 1, 2010
Categories: Apple, Apps, iPad, Mobile Banking

Apple loaded iPad apps into the main iTunes store today (see screenshot below). Search is limited and apps by category are not yet available, but you now can browse the iTunes store for iPad-optimized apps.

I looked at all 2,400 and spotted three financial titles — a credit card merchant terminal, a stock-info tracker (see below), and E*Trade’s Mobile Pro — plus a few calculators

I was disappointed that no banks or credit unions were represented. But the iPad launch is still 36 hours away, so I may still win my bet that Bank of America will be there on the morning of April 3.

Apple iTunes App Store now features iPad apps (1 April, 5 PM Pacific)

E*Trade Mobile Pro for iPad (iTunes link)

Credit Card Terminal for iPad from Inner Fence
(for Authorize.net users; iTunes link)

MarketScan by Michael Foster (iTunes link)

Note: For more coverage of mobile banking and payments, see the most recent issue from Online Banking Report.

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What Does the New Apple iPad Mean for Banking?

By Jim Bruene Posted on January 27, 2010
Categories: Apple, iPhone, Mobile Banking, Strategies

Apple today introduced its latest invention, a gigantic $499 iPod Touch called the iPad (inset shows iPad, Kindle, vs. iPhone; note 1).

It’s a gorgeous piece of technology that will soon be the movie-watching, ebook-reading device of choice for the rich and famous. But what does it mean for the average financial institution?

Tactically, it should have almost zero impact. Your iPhone/iTouch app should work pretty much the same on the iPad. There may be some design tweaks your programmers will need to understand, but the basic functionality is the same.

It would make a wonderful giveaway item, either as part of a high-end business/private banking package (note 2), or as a sweepstakes prize.

So those of you who already have an iPhone app launched, or in the pipeline, can stop reading now. But read on if you haven’t yet hopped on the app bandwagon.

___________________________________________________________________________

The movement to apps, and away from old-school “browsing,” is unstoppable. The iPad joins a growing list of new devices (Android, Kindle, etc.) that are app-primary, browser-secondary (note 3).

It’s a massive shift that’s happened in less than two years, beginning in July 2008 when Apple opened the iPhone platform.

The popularity of apps is changing how users tap online info. Even power laptop/desktop users are making dramatic changes in their information consumption. For example, within a few months of the Apple app store launch, I had already moved 12 of my routine info-gathering tasks to the iPhone. The speed/convenience of pressing a single button vs. navigating to a website via the browser is a significant improvement in user experience. More than a year later, my habits have changed little.

The change from serving customers who were “online browsers” and are now “mobile app users” has profound implications for banking. Instead of talking to your customers in batch- mode with built-in time delays, you are now real-time, feeding data to customer on the go, where they need up-to-the-minute status on their cash situation.

In many ways, the ROI for real-time banking (and here) is more dramatic than online-batch banking. The ability to stamp out POS fraud, to nip budding customer service nightmares, and just plain get closer to the customer, all bring nice returns on the mobile investment (note 3).

Notes:
1. Photo credit: TechCrunch post today.
2. For more info on using a dedicated device for small business customers, see our October Online Banking Report.
3. Groundswell author and Forrester analyst Josh Bernoff calls this the “splinternet.”
4. For more info on financial services opportunities on the iPhone, see our March Online Banking Report.
5. Initial response online was mixed, 2,700 readers of CrunchGear, voted “thumbs sideways” today (link, results at 4PM Pacific below)

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Watch the First Mobile Payment Made via Starbucks Card iPhone App at Downtown Seattle Location

By Jim Bruene Posted on September 24, 2009
Categories: Apple, Credit/Debit Cards, iPhone, Stored Value Cards

John Cook, a Seattle tech blogger at TechFlash, was apparently the first customer to use the new Starbucks Mobile Card iPhone app to purchase coffee at the Seattle Columbia Center Starbucks. The video was posted at 3 PM yesterday. For more info on the app, see yesterday’s post.

He had a little trouble getting the point-of-sale scanner to read his iPhone-app-generated barcode, but after an extra few seconds (25 seconds actually) of wiggling the phone, the transaction worked (the transaction begins at about the 1:19 mark). Hopefully, with a little practice, users will know where to place their phones in front of the scanner for easy reading. He also demonstrates a card reload after the purchase (at 3:05 mark).

Notes:
1. The myStarbucks app has moved up to number 6 in the iTunes app store, while the mobile card is at number 29 (as of 4:30 PM Pacific).
2. The mobile payments capability is live at all 16 test locations as of yesterday.

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Starbucks Launches First Dedicated iPhone App for Stored-Value Cards

By Jim Bruene Posted on September 23, 2009
Categories: Apple, Credit/Debit Cards, iPhone, mFoundry, Stored Value Cards

This is a huge day, and one that I hadn’t expected for at least another couple years. The convergence of mobile payments and caffeine. What more could a mobile banking geek and coffee connoisseur want?

Starbucks pioneered stored-value cards and launched its first card in 2001. Today, it became the first company (note 1) to create an iPhone app exclusively for a payments card. Apparently, Finovate alum mFoundry helped build the app (cnet story, thanks Brandon).

Users were offered $5 extra credit on their first Starbucks card reload of $25 or more made from the new app. Registered cardholders received an email notification earlier today urging them to “turn your iPhone into a Starbucks card.” (see screenshot below).

Note, the Starbucks Card Mobile app (app store link) is in addition to the regular myStarbucks app which has a store locator, coffee/drink info and a favorites-sharing function (app store link). That app also launched today (notes 2, 3).

The app is gorgeous and shows how important design can be in creating a trustworthy and easy-to-use payment product (note 4). For example:

Home screen (left screenshot):

The card balance is immediately and prominently displayed

Reload screen (middle screenshot)

Uses big, easy-to-read buttons—remember, this is a small screen, with a giant green, full-width Continue button
Current balance repeats at the top

Mobile payment screen (right screenshot)

The bar code for mobile point-of-sale payments (test only, see below) is rendered over a background image of the card, complete with card number, a nice touch to reassure users and Starbucks baristas that this is the real thing.

Analysis
Of course, the mobile commerce and banking community will be abuzz about the mobile payments test. At 16 Starbucks locations (8 in Seattle and 8 in Silicon Valley), iPhone users will be able to pay at the counter using a barcode generated on screen (right screenshot). Luckily, several Starbucks are within a couple miles of my home so I’ll be able to report back with results as soon as the test locations are live.

But I think the stored value card management functions are more interesting for the present. Just think if you had an application that looked like this for your debit or credit card. Think of the brand-value uptick, PR notice, and word-of-mouth buzz.

Starbucks Card Mobile screenshots (23 Sep 2009)

Email announcing the new mobile card app (sent to a registered Starbucks cardholder in the mobile payments test market, 23 Sep 2009, 12:43 PM Pacific)

Notes:
1. Starbucks is the first company in the U.S. to have a dedicated app for a payments card. Although unaware of any elsewhere in the world, I would expect that card apps exist, at least in Asian markets.
2. The main Starbucks app is currently the 33rd most popular free app in the store and number 1 in Lifestyle; Starbucks Card Mobile is number 46 overall and 3 in Lifestyle (6 PM Pacific).
Update (9 PM Pacific): myStarbucks has moved to number 19 and Starbucks Card Mobile to 38.
3. The Starbucks apps are huge, 6.3 MB for the regular and 3.7 MB for the card, so makes sure you have good reception or are connected via WiFi.
4. However, I have been unable to log in to my actual Starbucks account as of 7 PM Pacific, owing perhaps to overloaded servers.
5. For more info on financial institution opportunities, see our Online Banking Report: Mobile Banking via iPhone.

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ING Direct Releases Home Loan Toolkit for the iPhone

By Jim Bruene Posted on September 4, 2009
Categories: Apple, iPhone, Mobile Banking, Mortgage, Refi & Home Equity

Have I mentioned that the iPhone is amazing? I’m not sure if it’s because it’s so useful having a computer in my pocket 24/7, or that it gives me so much material for Netbanker and Online Banking Report (probably the latter).

Now that we are beginning the second year of the App Store, we are starting to see some more interesting things on the finance front. For the first year it was all about tip calculators, balance inquiry, ATM locators, and manual-entry expense trackers.

This summer, we’re beginning to see the bigger potential with the launch of remote check depositing from WV United Credit Union and USAA (which also loaded helpful auto insurance features into its app). And Apple’s new OS 3.0, which supports push notifications, will be a boon to mobile banking apps.

But that’s just the beginning. There will be an app for anything you might want to do with your finances. The latest: a free Home Loan Toolkit for prospective home buyers from ING Direct Australia. The app appeared in the U.S. App Store yesterday (here). There’s no mention of it on the bank’s website yet, but Google pointed me to the well-designed microsite (here) supporting the app (screenshot below).

It’s pretty straightforward with just three functions:

Calculators to determine how much you can afford to borrow and what the payments would be
A call-me request form
Average home prices by area

Screenshots from ING Direct Australia’s new iPhone app (3 Sep 2009)

ING Direct Australia iPhone Home Loan Toolkit microsite (link, 3 Sep 2009)
Note: The five iPhone screenshots (above) rotate through the iPhone pictured below. Alternatively, users can scroll through the screens with the control under the phone.

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Note: For more info on the native iPhone apps, see Online Banking Report: Mobile Banking via iPhone.:

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Banking Apps in the Google Android Market vs. Apple iPhone App Store

By Jim Bruene Posted on August 24, 2009
Categories: Android, Apple, Bank of America, Google, iPhone, Mobile Banking

A few weeks ago, we noted a milestone at Apple’s iPhone App Store, 1000 apps available in the finance category (U.S. store). I was been curious how that compared to Google’s Android Market so today I did a quick comparison.

The Android market now has a respectable 211 apps in the finance category. However, few financial institutions have staked a claim. Only, Bank of America and Alliant Credit Union, had branded apps (see note 1, 2).

In comparison, the iTunes App Store has 11 U.S. banking apps and 3 from U.S. credit unions. That’s up from 6 banks and no credit unions when we published our most recent report on the subject (see note 3). See the the following table for details. Did I miss any? Let me know in comments or email jim@netbanker.com

	Google Android (Rank)	Apple App Store (Rank)
Number of finance apps	211	1,089
Number of U.S. bank-branded apps (note 1) (number shown is rank in the finance category)	#2 Bank of America	#1 Bank of America #2 USAA #3 Chase #4 Wells Fargo #10 E*Trade #13 Citibank #28 & 32 PNC Bank #43 BBVA Compass #156 IBC #409 1st Mariner Bank ATM/Branch locator #962 Plaza Bank Mtg Calc
Number of CU-branded apps	#30 Alliant CU — ATM Locator	#185 Tech CU #327 CUloc8 (TDECU) #411 iDeposit (WV United FCU)

Source: Online Banking Report tally, 24 Aug 2009

1. In addition, Qualcomm’s Firethorn unit has an app that works with several dozen banks and card issuers including Citi, Chase, Wachovia, SunTrust and USAA. It’s ranked tenth in the Android Market and 15th in the iPhone App Store. Also, in the Android Market, Visa has a beta app that works with Chase cards ranked #77. However, according to commenters, that test is ending in September.
2. There are another 15-20 international banks listed in the iPhone App Store.
3. Our Online Banking Report on iPhone Mobile Banking was published March 11, 2009.

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