How CIBC FirstCaribbean Mobile Banking App may have AIS, Quisk Mobile Money by September 2016

“.....a series of innovations including internet banking introduced to help the bank’s customers determine the banking experience they want – in essence control over how and when they bank is entirely in the hands of the client”

Managing Director of Customer Relationship Management and Strategy CIBC FirstCaribbean Trevor Torzsas commenting on the CIBC FirstCaribbean Mobile Banking App

Mobile Money is coming in September 2016. Realizing that they may be left in the dust, CIBC FirstCaribbean has been stepping up their game.

In the week of Sunday June 12^th 2016, CIBC FirstCaribbean had launched their Mobile Banking App as reported in the article “Mobile Banking solutions gain traction as internet penetration deepens”, published Friday, June 17, 2016, by Avia Collinder, The Jamaica Observer.

In the Press Release announcing the App, Managing director of Customer Relationship Management and Strategy CIBC FirstCaribbean Trevor Torzsas, aside from having such a long title, also pointed out CIBC FirstCaribbean long term goal of innovating towards Mobile Money in the future, quote: “........Banking that fits your life. We are ultimately aiming to provide to all our customers, and our products were the obvious place to start and our Mobile Banking App is just one of those innovations”.

This moves is one for the long term, as smartphone penetration in Jamaica is on the rise, with the OUR (Office of Utilities Regulation) Telecommunications Market Information Report indicating that Jamaicans are becoming addicted to Social Media platforms such as a Snapchat as noted in my blog article entitled “Why OUR Telecommunications Market Information Report indicate Jamaicans love Snapchat and High-Speed Internet”.

This translates to potentially three million users eventually owning a smartphone and being able to use their smartphones for Mobile Banking and eventually Mobile Money. The App, which also has Mobile Money potential in the future, is CIBC FirstCaribbean first foray into the Mobile Banking world.

Accessible on Android, Apple, Blackberry and Windows devices, the App allows you to do the following:

1.      Check account balances

2.      Transfer funds

3.      Pay bills

4.      Locate branches and instant tellers

The App even has a feature similar to the ScotiaBank App that allows a user to locate the nearest CIBC FirstCaribbean branch and ATM to them, thereby avoiding the hassle of cross banking fees. With such a convenient set of features, CIBC FirstCaribbean Mobile Banking App has the potential to not only improve their client base but to also increase reduce the cost of running their banking Network.

CIBC FirstCaribbean Mobile Banking App - Mobile Money Potential by September 2016

Scotiabank, which has a mobile App, report on Wednesday June 15^th 2016 that their Scotia Mobile App in Jamaica had seen a 30% increase in 2015.

This was because of the sale of the DL750 and DL800 Smartphone from Digicel in December 2014 as reported in my blog article entitled “JA$6,950 DL750 and JA$8,250 DL800 on Sale at Digicel – Alcatel One Touch Pop C1 as ZTE Force Awakens and Alcatel’s Empire Strikes Back” that meant more Jamaicans had access to cheaper smartphones.

FLOW Jamaica was also a part of this revolution, making low-cost Huawei smartphones available in December 2014 as noted in my blog article entitled “JA$2999+GCT Huawei Ascend Y330 Sale at @FLOWJamaica - Digicel DL750, DL800 Sale makes JA$6,907.92+GCT per month Samsung Galaxy Note 4 a Steal”.

Thus the banks, such as ScotiaBank that has originally launched their iPhone and Blackberry App in 2014 are now slowly beginning to benefit. As more Jamaicans download these apps to their smartphones and are beginning to get a taste for the convenience of Mobile Banking, they'd also launched the Android version in 2016.

Android gained a foothold in Jamaica over Blackberry, as thanks to the Great smartphone Sales of 2014, they became the dominant smartphones in the Jamaica market.

Then there is the use of Mobile Data. With more smartphones comes an increased usage of Mobile Data. According to the OUR (Office of Utilities Regulation) data, the Mobile broadband subscription penetration rate has been increasing:

1.      35% increase for the Second Quarter of 2014, specifically April and June 2014

2.      48% increase for the Second Quarter of 2015, specifically April and June 2015

This can only increase in 2016.

NCB’s $500 million Upgrades - CIBC FirstCaribbean Mobile Money 2.0 tech in September 2016

As we get closer and closer to September 2016, Mobile Money may soon be a reality for NCB Customers thanks to AIS and Quisk Mobile Money solution as described in my blog article entitled “How NCB Mobile Money by AIS and Quisk heralds Mobile phone ATM Withdrawals by December 2016”.

NCB is serious, spending some $500 million to roll out Mobile Money as well as upgrades to their NCR ABM (Automated Banking Machines) to use Driver's license and even biometric data to accept Mobile Money Cash deposits and withdrawals as predicted in my Geezam blog article entitled “How Quisk Mobile Wallet impressed at inaugural NCB Digital Tech Symposium”.

Already, other banks aside from NCB have signed up to AIS and Quisk Mobile Money 2.0 Platform as described in my blog article entitled “Why VMBS joining AIS and Quisk Mobile Money 2.0 Platform as Avengers Assemble”, specifically:

1.      NCB (National Commercial Bank)

2.      Lasco Financial Limited

3.      VMBS (Victoria Mutual Building Society)

4.      JMMB (Jamaica Money Market Brokers)

CIBC FirstCaribbean may potentially integrate AIS and Quisk Mobile Money 2.0 tech into their Mobile Banking App. so expect an announcement about a partnership with AIS and Quisk sometime later in August 2016.