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1,000th iPhone Finance Application Added to Apple App Store Today

By Jim Bruene Posted on July 30, 2009
Categories: Apple, iPhone, Mobile Banking

Today marked an Apple App Store milestone of sorts, the 1000th application available in the Finance category (USA store). Finance is less than 2% of the total store, which now stands at 63,300, according to AppShopper.com.

Lucky number 1000 was Easy Mortgage (iTunes link), a $0.99 mortgage calculator from Italian developer Nexus (screenshot below).

Four other new Finance apps debuted today, just missing the 1000 mark:

#997 MLM: A multi-level marketing guide from PTAJ Marketing for $2.99
#998 Renting: A guide to renting a house or apartment from also from PJAT Marketing for $2.99
#999 Forex: A guide to foreign exchange trading again from PJAT Marketing
#1001 TaxTax: A $1.99 sales tax calculator from Canbuffi Web Development

Bottom line: These thousand apps are just the tip of the iceberg for the Finance category. It will likely grow to well over 10,000 during the next few years as most major banks and credit unions add their own apps to the mix.

Currently, there are fewer than 50 financial institutions with their own dedicated app, including eight of the top 15 (most popular based on recent download volume): 1st (Bank of America), 2nd (Chase), 3rd (Wells Fargo), 4th (PayPal), 8th (E*Trade), 12th (Citibank), 13th (USAA) and 14th (multiple banks via Firethorn).

For more info on the features and benefits of a good financial institution iPhone app, see our recent Online Banking Report: Mobile Banking via iPhone (March 2009).

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Another reason for banks to push out a native iPhone app

By Jim Bruene Posted on May 28, 2009
Categories: Apple, iPhone

Rumors abound that Apple will super-size its iPod Touch next year with a 7- to 10-inch-screen version. VentureBeat has a compelling picture (inset), although it’s not likely to be authentic.

The thinking is that this device fits nicely between the $299 iPod Touch and the $999+ MacBook with a price in the
$600- to $700-range.

The device is expected to run the iPhone OS and use the same touchscreen interface as its much-smaller siblings. That makes it the perfect in-home device for running any of the 40,000+ apps available in App Store.

Why it’s important
Because there are apps for everything, this device could become the de facto controller for key in-home systems running the television, DVR, telephone (especially if it has a built-in web cam), heating and air conditioning, plus the audio system, of course. It will also be perfect for checking the weather in the morning, the traffic on the way out the door, reading feeds, twittering, and sharing YouTube videos and photos with visitors at the kitchen table.

And while those are the interesting uses, the Apple device will also be a convenient way to access all types of information, from Google, to ESPN, to your bank balance, all with the touch of button.

Significance for banks and credit unions
If Apple works its magic yet again, this device could end up in the living room of half the upscale households in the world.

While this device can run a browser to access any website, the user experience is much better with a native app (see note 1). And when push notifications become available in the next OS release, it will be even better.

Note:
1. For more information on why you must build a native iPhone app for your financial institution, see our recent Online Banking Report on iPhone Mobile Banking.

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Technology Credit Union and TDECU are first CUs with native iPhone Apps

By Jim Bruene Posted on May 22, 2009
Categories: Apple, Blogs, Firethorn, iPhone, Mobile Banking

More than 10 months after the iPhone App Store launched, two U.S. credit unions have joined the application marketplace, which numbers more than 40,000 in the U.S. store alone.

The first was Texas Dow Employees Credit Union (TDECU), whose ATM and shared-branch locator, Culoc8, launched on April 29, according to the company’s Twitter page (below, link).

The TDECU app (see inset) is unbranded and can be offered by other CUs to their members.

Eaton Family Credit Union is offering CuLoc8 to members on its website (see below).

————————————————————————————————

Yesterday, Tech CU, became the first credit union with a full-featured branded native iPhone app (App Store link, see note 1). The app (see below) includes full online banking functionality and an ATM/shared branch finder (second screenshot). The credit union also added something we haven’t seen yet, an iPhone optimized feed of its blog, Money Savvy (third screenshot). Nice touch.

Tech CU has offered a mobile website since Sept. 2007.

Note:
1. America First Credit Union was the first CU with native iPhone support via its participation in Firethorn’s shared mobile banking app which launched in Nov. 2008.

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Apple iPhone Print Advertisements Feature Personal Finance Apps

By Jim Bruene Posted on April 16, 2009
Categories: Apple, Bank of America, iPhone, Mint, Mobile Banking, Personal Financial Management

Apple must be one of the more lucrative advertisers these days at the Wall Street Journal. Apple has bought the back page more times than I can count to show off the iPhone and more-importantly, the diversity of applications available (see inset, note 1).

Lately, Apple has run “theme” ads showing applications related to a single category. Last week (Thurs, 9 April), the back of the A section showed personal finance apps (see left column below). Yesterday, the apps all supported small business and ran on the back of Marketplace (B) section (see right column below).

The only app to make both lists: personal finance superstar, Mint, which even scored top billing in the personal finance page, occupying the upper-left corner, where it’s blurb would likely score the highest readership.

The Apple website also has themed app guides. The managing money page (see screenshot below) features again features Mint, which gets the biggest graphic, Bank of America, who’s app was featured in dozens of Apple ads in 2008 and earlier this year, Bloomberg, Gas Cubby, iXpenseIt, Save Benjis, and Home Finder.

Bottom line: Financial institutions should think about how to add similar money management functionality to their mobile and online offers. As Aite’s Ron Shevlin pointed out in a comment here last week (emphasis added):

…..(the FinovateStartup participants) you talk about are helping people manage their financial lives, while the banks are [still] focused on helping people manage their financial accounts.

Big difference.

Table: iPhone apps listed in recent WSJ ads (clockwise from upper left)

Personal Finance Theme	Small Business Theme
Helping you stretch your budget, one app at a time.	Helping you run your small business, one app at a time.
Date: 9 April 2009	Date: 15 April 2009
Mint.com (PFM)	Credit card terminal
Gas Cubby (mileage tracker)	Print & share (document management)
Spotasaurus (parking finder)	FedEx Mobile
RepairPal (mechanic finder)	Jott (voice recording/transcription)
AllRecipes.com (recipe finder)	iXpenseIt (expense report mgmt)
GoodGuide (product finder)	Jobs – Time Tracking
WootWatch (cheap gadgets)	Analytics App (website analytics)
Save Benjis (shopping comparison)	LinkedIn
RN Dining (rewards dining)	LogMeIn (remote computer access)
Find an Apartment	YellowPages.com
Cellfire (mobile coupons)	Mint.com
Barista (how to guide)	Quicksheet (spreadsheet)
Wi-Fi finder	Air Sharing (file manager)
CompareMe (price calculator)	Nomina (name/trademark search)
Loan Shark (loan tool)	SimpleMind Xpress (brainstorming)
Small Spend (mini PFM)	Keynote Remote (presentation tool)

Apple’s Money Management page on its Website (link, 16 Apr 2009)

Notes:
1. My apologies for the image quality, taken via iPhone naturally.
2. For more info, see our latest Online Banking Report: Mobile Banking via iPhone.

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New Features in iPhone OS 3.0 will Help Banking Apps

By Jim Bruene Posted on April 2, 2009
Categories: Apple, iPhone, Mobile Banking

Apple’s new iPhone operating system was announced last week. There are more than 100 new features that will make the phone even more valuable plus 1,000 new APIs to keep developers innovating like mad. The new OS will be available “this summer.”

Most changes are relatively minor, but two are significant for online banking and personal finance apps:

Push notifications: Apple currently offers this feature only on its built-in email and SMS application (see screenshot below). But with OS 3.0, application developers can push notifications to the iPhone without the app being launched. For banks, that means you can show users when a new transaction, message, or alert is available to view.
In-app purchases: This is probably less important for financial institutions who generally don’t charge transaction fees for mobile or online services. However, non-bank financial apps can now charge transaction fees for value-added services such as an expedited payment or a credit score. The transactions are processed via Apple so now customers needn’t provide the app developer their credit card number.

Bottom line: We believe every financial institution large enough to offer online banking should support the iPhone platform. With OS 3.0, it’s even more important to be in the App Store. For more information, see the latest Online Banking Report on Mobile 3.0 — iPhone Edition (see announcement post).

iPhone home screen (30 March 2009) >>>
Here’s my main iPhone screen showing push alerts (clockwise) for new text messages (11), new emails (196), voice mails (6), and application updates (2).

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PNC Bank Launches iPhone Mobile Banking in Apple App Store

By Jim Bruene Posted on February 12, 2009
Categories: Apple, iPhone, mFoundry, Mobile Banking, PNC Bank

You’d think that seven months after Apple launched the App Store for the iPhone, it would no longer be news when a U.S. bank adds an application to the store.

It’s not like a cost-prohibitive slotting fee is involved. Developers pay Apple exactly zero dollars to be listed in the store (note 1). Apple’s revenue is from the 30% share of any fees charged for an app. All the bank apps are free, so that’s not an issue.

But it is news since the addition of PNC Bank two weeks age (app here) brings the grand total of bank-specific apps to four, five if you count PayPal. Even if you include the several dozen banks supported by Firethorn’s multi-bank app, there are still no more than 40 banks supported (note 2). And there’s not a single credit union, yet.

Here are the five App Store participants in order of their appearance:

Bank of America and PayPal were both in the App Store when it first opened in July 2008 (post here)
IBC Bank (powered by mFoundry) launched in Sept. 2008 (post here)
Chase Bank launched Dec. 2008 (post here)
PNC Bank (powered by mFoundry) launched late January 2009

Wells Fargo has an iPhone app, but it’s not yet shown up in the official App Store.

PNC mobile banking app
PNC’s entry is a full-featured app powered by mFoundry. Along with balance and transaction activity, it includes bill pay, funds transfer, and an ATM finder with location-based capabilities. Users must enable mobile banking from within online banking in order to use the app.

The app has risen from number 17 in the Finance category a week ago to 13 today (note 3). However, the app has not yet made it to the PNC website (note 4).

PNC iPhone App screenshots (11 Feb 2009)

Notes:
1. The app does need to be approved by Apple, a process that can take weeks or longer.
2. Users can also track thousands of financial institutions through Mint or PageOnce.
3. Bank of America is #1, Chase is #4, PayPal is #5, Mint is #6, Firethorn is #9.
4. A PNC.com site search for “iphone” yielded just one result, an iphone listed in a mobile banking compatibility table. (Off topic: Note to PNC Bank, your site search doesn’t function in Firefox 3.0).
5. For more information on the market, see our Online Banking Report on Mobile Banking and the latest forecast in last month’s Online Banking Report Online & Mobile Forecast.

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Chase Bank, Mint Top the Charts with New iPhone Apps

By Jim Bruene Posted on December 22, 2008
Categories: Apple, Chase Bank, iPhone, Mint, Mobile Banking

No one knows for sure how Apple compiles the list of its top-selling iPhone apps, but it’s related to how many are sold during the past few hours. I’ve seen speculation that the measurement period is 2 hours (see note 1).

But there is no doubt about the benefits of rising to the top. The winner receives prime exposure in the iTunes Store and on the iPhone itself (see screenshots below).

I’ve checked the Finance category rankings dozens of times since the store opened in July, and the top app had always been Bloomberg with Bank of America usually the runnerup.

But Friday, a new top seller emerged in the Free list in the Finance category (note 2), Chase Mobile while Bloomberg and BofA were each knocked down a spot to numbers 2 and 3. The Chase app was released just one week ago (12 Dec). But by Saturday morning (20 Dec), Chase had already been replaced at the top by online personal finance startup Mint, which released its iPhone app Monday (15 Dec), but it didn’t show up in the iTunes store until 1 AM Friday. Mint stayed at the top all weekend and is still number one now (10 AM Pacific, 22 Dec).

In the screenshot below and right, you can see the free publicity derived from holding the top spot. Also, note that you should put your name into the application. Bank of America, ranked number 3, neglected to include its name in the title, so it loses some branding value. Although, they would have to use BofA to fit into the space.

Chase App (link to iphone App)
The Chase app itself is attractive and is similar to Bank of America’s with a login button to the website and an ATM/branch-finder utility. As of this evening, 64 reviews have been posted with an average 3.5-star rating out of five, slightly better than the 3-star rating of Bank of America’s iPhone app with similar features.

Mint App (link to iPhone app)
As expected from a company that is carefully using design to help distinguish it from the pack, Mint’s new app is great looking. Across all aggregated accounts, the mobile app shows account balances, transactions, and progress towards budget goals. A nifty alerts icon on the bottom provides a convenient way for users to keep tabs on important info on the go.

Another difference from most banking apps: Mint lets users choose whether they want password protection enabled after their initial login. If you choose to log out, then the app erases all data in memory, and you must log back in next time. If you choose not to log out, then your data remains visible until the next visit with no login required (note 4). This is a great convenience, but something that may not be allowed at regulated financial institutions.

Some users have reported trouble with the app on older phones. On my first-generation iPhone running version 2.1 software, the Mint app wouldn’t download. But once I upgraded the iPhone software to version 2.2, it downloaded flawlessly and all functions worked perfectly. In Mint’s forum, some users were reporting problems with the Budget feature, but it seems to work fine for me (forum thread) (note 3).

Top Apps in the finance category of iTunes’ App Store
(7 PM Pacific, 19 Dec 2008)

Top free finance apps list displayed on iPhone:
at 7 PM Pacific, Fri. Dec. 19 at 2 PM Pacific, Sat. Dec. 20

Chase Mobile iPhone app Mint iPhone app main screen
main screen (19 Dec 2009) (19 Dec 2009)

Notes:
1. That 2-hour window could be about right. When I made this screenshot, the new Mint app was at number 10; two hours later (9 PM) it had risen to number 5 (see screenshot above). By 9 AM Saturday morning (20 Dec) it had risen to number 1.

2. The App Store divides the top apps into two categories, free and paid. The top 20 free apps are listed on the right side and the top 20 paid apps are listed on the left. The apps in the middle are listed by newest first.

3. These operating system incompatibilities, a real problem in pre-1995 online banking services, had largely been left behind when banks embraced the Web in the mid-1990s. Unfortunately, mobile banking will add to your tech-support costs.

4. Mint also reminds users that they can choose to lock their entire iPhone for extra security.

5. For more info on the market, see our Online Banking Report on Mobile Banking.

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Moneytrackin’ is First Major Online Personal Finance Management App to Make it Into the Apple App Store

By Jim Bruene Posted on September 30, 2008
Categories: Apple, Buxfer, iPhone, Mobile Banking, Moneytrackin', Personal Financial Management

I’m certain most major PFM providers will have an iPhone app within the next six to 12 months. It’s a valuable product extension from a functionality standpoint (see note 1). Even more important are the marketing benefits from blogger/press coverage and the App Store listing itself.

Mint posted a blog entry last week reviewing ten iPhone finance apps. The post drew two dozen comments, most asking when a Mint app would be released for the iPhone. Mint Product VP Aaron Forth replied, “We are busy working on one now.”

Most of the better-funded PFM companies are likely working on an iPhone app, but the approval process at Apple can easily take a month or more (one developer’s story is chronicled here). So we expect to see them trickle out over the coming months.

The first established online PFM to make it into the iPhone App Store is Moneytrakin’, the Barcelona, Spain-based multi-language, multi-currency PFM (note 2). We covered its launch more than two years ago (here).

The company recently announced it had surpassed 5 million transactions tracked. Assuming 250 per customer, that’s 20,000 active users. According to Compete, U.S. website traffic averages 1,000 to 2,000 per month. But many (most?) of Moneytrackin’s customers are outside the United States.

The Moneytrackin’ program, released on Sept. 19, is currently the seventh most popular app in the Finance category.

Notes:
1. For more information, see our Online Banking Report on Personal Finance Features.

2. There are at least a dozen check registers and mini PFMs in the App Store, but none are from established online PFM providers. The only exception is iBuxfer, which claims to work with Buxfer using its API, but was not developed by the company. And in fact, according to the comments in the App Store, may be violating Buxfer’s terms of service. All the more reason to get your own app into the store before someone else does.

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Will eWallets Make a Comeback on the iPhone?

By Jim Bruene Posted on September 2, 2008
Categories: Apple, Credit/Debit Cards, iPhone, Mobile Banking, Mobile Payments

Since the July opening of Apple’s App Store, we’ve been tracking the apps in the Finance category (see previous coverage here). But there are also several apps in the Productivity category of interest to financial institutions: the eWallets.

There are two wallets available in the U.S. iTunes store:

eWallet from Ilium Software: #46 in popularity in Productivity with a cost of $9.95 and rated 3.5 stars (out of 5) across 143 reviews (see inset)
Memengo Wallet: #48 in Productivity with a $0.99 cost and rated 4 stars across 43 reviews (website)

Web-based eWallets never took off because of security concerns and because they provided only marginal improvements in desktop productivity. However, a mobile version has more utility owing to sticky notes with password reminders and credit card info, helpful to users away from their desks.

How it works
Storage of usernames and passwords for websites is the primary use of eWallet, but it also has a Finance category (see inset above) where users can store credit card numbers and contact info (see screenshots below).

That info is helpful when using a card to make a purchase online or through the mobile phone. It’s also a great place to store the info in case the card itself is lost or stolen.

Financial institution opportunities
While these apps haven’t gained an overwhelming following, a financial institution could offer a free version that highlights its own card offerings while providing storage space for other card numbers. That way, you get your logo on the iPhone instead of Mint, Wesabe, or some other financial institution.

The bank-branded eWallet could also include a financial calculator and direct connection to online banking.

Note:
1. For more info see our Online Banking Repot on Mobile Money & Payments.

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First Sales Report on an iPhone Finance App: Tipulator Downloaded 3,200 Times

By Jim Bruene Posted on August 15, 2008
Categories: Apple, iPhone, Personal Financial Management

According to TechCrunch, the $0.99 tip calculator app from TapTapTap has been downloaded 3,200 times in the month it’s been available. Net income to the developer, after Apple takes its 30% cut, is $2,200.

TapTapTap also markets a much more sophisticated location-based search tool that has generated $50,000 in revenues for the developer.

Tipulator is ranked number 20 in our Aug. 5 rundown of the top-20 banking and finance apps. Today it ranked number 27.

Apple ranks the most popular apps within each category, but does not provide download totals. Tipulator numbers were provided by developer.

What it means
1. iPhone users, so far, are willing to pay for apps. Who would have thought that more than 3,000 people would go to the trouble to download an app to help them multiply their bill times 15% to 20%? And there are two tip calculators that ranked higher in the App Store.

2. There is real demand for mobile financial tools, even very simple ones. Financial institutions should consider launching a branded calculator app in the Apple App Store.

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Top 20 Finance & Banking Apps in Apple’s App Store

By Jim Bruene Posted on August 5, 2008
Categories: Apple, Bank of America, iPhone, Mobile Banking

It’s been almost a month since Apple launched its App Store for native iPhone apps. According to the company, 25 million have been downloaded, an impressive one-million-per-day pace (11 Aug update: The company reported 60 million downloads, with $30 million in sales, during the first 30 days.)

Luckily for banking geeks, Apple added a Finance category (see screenshot below), so it’s easier to track what’s popular in our sector. As of early today, a total of 42 finance apps were listed. The 20 most popular were (note 1):

Rank	Name	Type	Price	Release*	Rating**	Num***
1	Bloomberg	News	Free	16 July	4	337
2	CheckPlease	Tool to split dinner bills	Free	31 July	3	77
3	Mobile Banking (BofA)	Banking	Free	4 July	2.5	323
4	PayPal	Payments	Free	1 July	2	85
5	Balance	Expense register	Free	30 July	4.5	41
6	Puluwai Real Estate Search	Real estate	Free	20 Jun	3.5	38
7	3in1 Mortgage Calc	Calculator	Free	30 Jul	3.5	7
8	TipCalc	Tip calculator	Free	19 Jul	3.5	6
9	TipTap	Tip calculator	$0.99	1 Aug	4	30
10	Budget	Personal finance mgr	$1.99	24 Jul	3.5	37
11	MyAccounts to Go	View accounting info	Free	15 Jul	2.5	16
12	Swissquote	Stock quotes	Free	17 Jul	3	2
13	LoanCalc	Calculator	$0.99	26 Jul	3	18
14	Mortgage Payment Calc	Calculator	$0.99	2 Aug	3	9
15	Day Bank	Expense register	$3.99	14 Jul	3.5	64
16	SplashMoney	Banking & PFM (note 2)	$9.99	24 Jul	3	84
17	iXpenselt	Expense register	$4.99	9 Jul	3.5	52
18	PocketMoney	Personal finance mgr	$9.99	1 Aug	3	55
19	LoanShark	Calculator	$4.99	30 Jul	4.5	5
20	Tipulator	Tip calc	$0.99	30 Jul	4	33

Source: Netbanker/Online Banking Report analysis of Apple App Store data, 5 Aug 2008
PFM = Personal financial management
*Release date of latest version; there may have been previous versions released earlier; currently reviews carry over from previous versions
**Average user rating on 1-to-5 point scale
***Number of user reviews posted

What’s notable:

Nine apps have a download fee ranging from $0.99 to $9.99
Only four have a user-rating of 4.0 or better (on a five-point scale): Balance (4.5), Bloomberg (4.0), LoanShark (4.5) and TipTap (4.0)
Three apps, including two of the most popular, are rated below 3.0: BofA (2.5), PayPal (2.0) and MyAccounts to Go (2.5)
The most-reviewed apps are Bloomberg (337 user reviews) and BofA’s mobile banking (323) (see previous coverage)

What’s innovative:
I haven’t used any of the apps yet, but from reading the descriptions, there’s not much new here (notes 3, 4). The apps fall into four main categories:

Tip calculators
Other financial calculators such as loan payments
Expense/check registers
Personal finance tracking apps

Even though these functions aren’t very advanced, the ability to access them easily from your mobile phone makes them more interesting. And banks looking to create a useful iPhone app should take note. BofA was criticized in early user reviews for posting little more than a landing page for its normal mobile banking screen (see screenshot above).

Financial institutions would likely find a more receptive audience if a couple useful functions were added to the application besides an online banking login screen. It would be relatively trivial to add an expense register, tip calculator and other calculator functions to the banking app.

Notes:
1. Apple does not provide any metrics on how many times the apps have been downloaded. It just lists them in rank order.

2. Download transactions from more than 200 financial institutions supporting Intuit’s DirectConnect

3. The most interesting app is SplashMoney’s account aggregation app that allows you to download transactions from more than 200 financial institutions that support Intuit’s Direct Connect.

4. See our Online Banking Report on Mobile Banking for more info.

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Kiwibank Uses iPhone Launch to Spark Interest in Mobile Banking

By Jim Bruene Posted on July 12, 2008
Categories: Advertising & Promotion, Apple, iPhone, Mobile Banking

Kiwibank has one of the most eye-catching homepage designs in the world. Who can resist a lime green Smart Car with four monstrous speakers strapped to the roof?

As I was obsessing about iPhone apps this week (see note 1), I ran across Kiwibank’s landing page for iPhone banking (see second screenshot below). Now that the iPhone has gone global, we’ll see if more banks leverage the iPhone hype, something that didn’t really happen in the United States so much. According to CNet Australia, ANZ is building an iPhone-specific interface, but a search of the ANZ website found nothing.

Kiwibank’s homepage iPhone promo, one of three rotating in the lower right, leads to the not-so-exciting landing page. Still, when you are riding the hype, you don’t necessarily have to put that much effort into your own work (see note 2), just grab ahold of Apple’s coattails and hang on tight.

Kiwibank homepage featuring iPhone promo (11 July 2008)

Kiwi Bank iPhone banking landing page (11 July 2008)

Notes:
1. Yesterday, I promised it was my last iPhone post for a while, but I couldn’t resist one more. Consider it a Saturday bonus post.

2. Case-in-point, the BofA non-app app being dissed by the vast majority of early-early-adopter reviewers at the Apple App Store (see yesterday’s post).

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