THE MOBILE AND ONLINE BANKING REPORT

THE MOBILE AND ONLINE BANKING REPORT: Mobile Is Pulling Customers Away From Branches And Online Banking To Read The Full Report, Sign Up For A Free Trial Today » The relationship between consumers and their banks is in a period of dramatic upheaval brought on by the rapid pace of technological innovation. Bricks-and-mortar banks are losing relevance among consumers—particularly millennials. Banks face looming competition from tech giants such as Square, PayPal, Apple and Google. Fifty percent of North Americans say they would be likely to bank with Square should the company offer a banking service, for example. To stay relevant, banks will have to rethink the channels through which they reach their customers and the services that they provide to them. In a new report from BI Intelligence, we analyze how consumer banking habits have changed, how it has affected retail banks and we explore a number of things banks can do to stay ahead of the curve. Access the Full Report By Signing Up For A Free Trial Today » Here are some of the key elements from the report: Worldwide, mobile banking is now more popular with bank customers than visiting brick-and-mortar branches. Fifty-seven percent of customers do their banking online on a weekly basis, while nearly one-fourth use mobile banking weekly (up 9 percentage points from 2013). Only 14% visit a bank branch every week. Mobile is completely changing the customer-bank relationship. (See chart, above.) At the top three banks in the United States, about half of all online customers also use mobile banking. Now that active mobile banking users have reached about 50% of online customers, growth in adoption is slowing, following typical tech adoption trends. Large retail banks have a lot at stake as they try to court mobile-centric millennials in particular. The next generation of banking consumers is less satisfied with its banks than older age groups and is willing to bank with non-traditional financial institutions. Offering mobile services like mobile check deposits is the minimum banks can do to stay on the cutting edge of the revolution in banking and attract tech-savvy customers. There are also opportunities in payments in the form of mobile wallets, wearables, peer-to-peer payments, and international remittances. In full, the report: Analyzes the retail banking market (9 charts). Explores how consumer banking behavior has changed in the digital era (8 charts). Forecasts mobile banking investment through 2018 (2 chart). Gives examples of four types of services that banks could offer to stay ahead in mobile (4 charts).

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10 least expensive states to live in the U.S.

(Photo: Thinkstock)

Erika Rawes, Wall St. Cheat Sheet

How important is your location to you? When searching for a place to live, generally each person (or family) has something at the very top of their priorities list, which is the single most important factor for them in choosing a home. For many people, this factor is location.

Golan's Moving and Storage reports that around 43 million Americans move each year — around 60% of people move for work, military, or government, and another 40% move for personal reasons. For those who have the option to choose their location — they're unattached, they're retired, or maybe they work from home — living costs may play a large role in where they decide to relocate.

It's pretty amazing to see how a two-bedroom, two-bathroom 1,500 square foot house on a quiet street can cost $100,000 in one city, and then the exact same house (same size, specs, and amenities) in another city and state may cost upwards of $500,000. In the past on Zillow, there's been a listing for a three-bedroom, two and a half-bathroom, 1,500 square foot home in Johnson City, Tenn. This home is priced at $126,000. A townhouse with similar specifications in San Diego is priced at $499,000.

The difference? Location, location, location.

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If you're looking for a low-cost place to live with cheaper housing, groceries, and utilities, reviewing the cheapest states is a good place to start. This list of the cheapest states uses data from the Missouri Economic Research and Information Center and other resources. Each state is ranked by its cost of living index, as of the first quarter of 2014.

10. Arkansas

Cost of Living Index: 92.5
Grocery Index: 94.0
Housing Index: 83.6
Transportation Index: 88.8
Utilities Index: 97.3
Health Index: 90.0
Misc: 99.3

According to Zillow, the median home value in Arkansas is $110,800 — around $65,000 less than the national index. Keep in mind that although the median value is around $111,000, the median list and sale prices for homes are $143,000 and $149,810, respectively. You're more than likely going to pay closer to list or sale prices. Property taxes are reasonable in Arkansas, though, with the median tax rate currently at 0.52%. If you were to rent a place in Arkansas, you'd be looking at a median rent price of $850.

Groceries, transportation, utilities, and even healthcare are a bit cheaper in this state, as well. If you live in a small apartment in Little Rock, you're looking at a cost of around $135 for your utilities (electric, water, and trash service). You can go to the movies for less than $9 per person, and if you want to go out to a mid-range restaurant afterwards, you're probably going to pay around $30 for you and a guest.

9. Iowa

Cost of Living Index: 92.5
Grocery Index: 93.3
Housing Index: 88.5
Transportation Index: 94.0
Utilities Index: 91.4
Health Index: 96.7
Misc: 94.3

Iowa is neck and neck with Arkansas in terms of overall cost of living. Housing is a bit more expensive in Iowa, however, with the median home value at just under $130,000. If you buy a home at the median list price, you're going to pay around $140,000, which generally results in a mortgage payment of no more than $900 per month. At a 1.29% median rate, Iowa's property taxes are in the mid-range.

Your bills should remain pretty low in most areas of Iowa, as well. According to Numbeo, utilities for a small apartment (water, trash service, and electric) in Des Moines should only cost around $110. Dinner and a movie will probably be around $50 for you and a guest.

8. Alabama

Cost of Living Index: 92.4
Grocery Index: 99.6
Housing Index: 78.8
Transportation Index: 93.6
Utilities Index: 102.7
Health Index: 88.4
Misc: 97.1

In Alabama, you're looking at home values of around $123,000. As of late, homes are selling for around $158,000. In some areas, like the Mobile metropolitan area, you can buy residential real estate for under $100,000 and also reap the benefits of Alabama's low median property tax rate of 0.33%. You can rent for pretty cheap as well — the median rent across the state is only $850.

According to Numbeo, you can buy a meal at an inexpensive restaurant in Birmingham for around $11, and utilities for a small apartment in that area (electricity, water, trash service) should cost around $190. If you and a friend go out to dinner and a movie, you're probably going to pay around $60.

7. Nebraska

Cost of Living Index: 91.7
Grocery Index: 95.2
Housing Index: 81.2
Transportation Index: 95.8
Utilities Index: 97.4
Health Index: 98.8
Misc: 94.2

Inexpensive housing and lower miscellaneous costs make Nebraska an affordable state to live in. You can rent a home for a median price of $900 per month and if you decide to buy, median home values are around $132,000 and selling prices are under $150K, according to Zillow estimates. Property taxes in this area can be high, though, with the median rate at 1.76%.

You may be able to catch a break on costs like gym memberships, movie and theater tickets, and clothing in some areas of the Cornhusker state. That dinner and a movie we've been talking about — it'll cost you around 50 bucks or so in Omaha.

6. Kansas

Cost of Living Index: 91.3
Grocery Index: 91.2
Housing Index: 83.3
Transportation Index: 93.9
Utilities Index: 95.3
Health Index: 95.6
Misc: 94.7

Items like milk or bread may be a bit cheaper in many parts of Kansas, as a result of lower food costs. Numbeo estimates the cost of a dozen eggs at around $1.35 in the Topeka area, which is less than in many other areas of the country.

Housing in the Sunflower state is especially inexpensive, with median values sitting at around $115,000 and list prices at around $145,000. In some areas of Kansas — again, such as the Topeka metro area — you may just find a home for under $100,000. Property taxes, however, can be a bit on the higher end, with the median rate at 1.29%.

5. Indiana

Cost of Living Index: 90.7
Grocery Index: 92.5
Housing Index: 79.6
Transportation Index: 98.9
Utilities Index: 93.4
Health Index: 95.7
Misc: 94.1

Zillow reports median home values in Indiana at around $110,000, which is only around two-thirds of the national median home value. List prices are closer to the $140,000 price point and property taxes are right in the mid range, with a median rate of 0.85%. You can rent a home in the Hoosier state for a the median price of $825.

Lower prices on grocery and utilities in some areas of Indiana also allow for a lower overall cost of living. In Indianapolis, utilities in a small apartment will probably run you about $155, and for dinner and a movie for you and a friend (or a date), you may pay a little over $60.

4. Oklahoma

Cost of Living Index: 90.4
Grocery Index: 92.4
Housing Index: 79.8
Transportation Index: 93.5
Utilities Index: 92.2
Health Index: 96.5
Misc: 95.2

In the Sooner state, you can rent a home for the median price of $950. Although rent is a bit higher, median home values seem much more affordable, with values of just under $109,000 and list prices of around $145,000 to $150,000. Property taxes are also on the lower end, wit a median rate of 0.74%.

According to Numbeo, dinner and a movie for two in Oklahoma City should cost $60, and utilities in a small apartment should be around $142. Other entertainment expenses, like gym memberships and theater tickets, are a bit lower in many of the OK metros, as well.

3. Kentucky

Cost of Living Index: 90.0
Grocery Index: 91.2
Housing Index: 77.3
Transportation Index: 96.5
Utilities Index: 98.4
Health Index: 91.1
Misc: 94.4

Across the board, Kentucky's living costs are lower than the U.S. average. In several areas of the Bluegrass state, like certain parts of Louisville for instance, you can find areas where there are fairly priced groceries and utilities.Numbeo estimates the average cost of utilities for a small apartment in Louisville at less than $140, and the average cost for a meal at an inexpensive restaurant at only around $8.

To rent a home, you're looking at a statewide median price of $850 and for those looking to buy, median home values currently sit at around $126,500 and list prices, at around $150,000. In addition to well-priced housing, you can also benefit from Kentucky's lower median property tax rate of 0.72%.

2. Tennessee

Cost of Living Index: 89.7
Grocery Index: 93.5
Housing Index: 77.2
Transportation Index: 93.5
Utilities Index: 91.1
Health Index: 89.7
Misc: 96.0

In Tennessee, you can find some of the most inexpensive housing in the U.S. Although the median home value in Tennessee is a little over $120,000, in some areas like Union City and Humboldt, you can easily find a nice, single family home for around $60,000. Property taxes are also low, with the median rate at 0.68%.

Current Zillow listings in the Knoxville area for small 1,000 foot detached homes with three bedrooms and one or two bathrooms are priced in the $20,000 to $50,000 range. For someone who works from home or is retired, and is seeking a lower cost life style, Tennessee is certainly an option worth checking out.

1. Mississippi

Cost of Living Index: 87.8
Grocery Index: 90.1
Housing Index: 72.4
Transportation Index: 95.4
Utilities Index: 86.6
Health Index: 91.3
Misc: 95.9

In Mississippi, you're looking at a rent payment of around $875 (if you pay the state median). If you were to buy a home, low property taxes and lower-cost housing make Mississippi an affordable option. Zillow reports median home values are just over $112,000 and median list prices are currently $155,000. The median property tax rate is only 0.52%.

In addition to affordable housing, you can also find lower-priced food, healthcare, and utilities in the Magnolia state. In Jackson, utilities in a small place can be purchased for around $175 per month, and you and a guest can go out for the night for dinner and a movie for around $60.

Wall St. Cheat Sheet is a USA TODAY content partner offering financial news and commentary. Its content is produced independently of USA TODAY.

GOOGLE GLASS EXPLORER EDITION AVAILABLE NOW

Customers can purchase the beta edition through Google Play.

BY MIKE MAHARDYGoogle has made another step in the long-running release of Google Glass, as the Explorer Edition is available now onGoogle Play, the company's digital marketplace.

The Explorer Edition clips onto any pair of glasses or sunglasses, and is being sold alongside prescription frames, sunglass shades and custom earpieces, in five different colors.  The beta edition of Google's eyewear, which was available back in May, is a little pricier than the final consumer product will be, at $1,500; but the Explorer Edition's location on Play is another step toward bringing Glass to the general public.

Last year, IGN put together all of the useful information on Google Glass we could find, from the hardware, to potential implementations and more.
Mike Mahardy is a freelance journalist writing for IGN. You can follow him on Twitter at@mmahardy.

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Why Does The European Union Consult Microsoft On How Google Should Operate?

Tim WorstallContributorOne of the things that it’s very difficult for a free market zealot like myself to understand is why the European Union allows Microsoft MSFT +1.41% (and some 17 other such companies in the search space) to try and influence how Google GOOGL +0.76% operates in the EU. Free marketry always rather presupposes that companiescompete with each other,  not insist that their competitors must act so as to make them greater profits. And we generally think that people who are losing such competition and then run to the politicians to “regulate” the market are indulging in more than a little bit of rent seeking.

That’s what makes it so difficult to understand what the European Union is doing here:

The core of the deal between Google and Mr. Almunia, announced in February, is a system that would more prominently display rivals’ search services — for finding hotels and shopping, among others — when people conduct Google searches. Rival companies have lambasted the proposal, saying it would do little to help them compete more effectively inEurope, where Google powers more than 90 percent of searches in many countries.

Europe opens a formal antitrust investigation into accusations that Google has abused its dominance in online search, exposing the company’s zealously guarded technology to unwelcome scrutiny.

 In a study conducted over the course of nearly three weeks in April, Microsoft engineers modified the publicly available search page of its own search site, Bing, to operate like a Google search page under the terms of the proposed European settlement.

In monitoring the way that Bing users conducted searches for hotels and restaurants, Microsoft said, it found that people would mostly ignore the parts of the modified page supposedly dedicated to competitors. Instead, Microsoft found that users were 99 times more likely to click on the area of the page that Google would dedicate to its own services.

Why on earth should Google’s page be set up so as to favour Microsoft’s offerings? The two companies are competing in the search space, correct? Well, go compete then instead of whining to the politicians.

Unfortunately I understand all too well what is going on here. Which is that across continental Europe no one really believes in free markets in the first place. And we shouldn’t really be blaming Microsoft or any of those others (like Foundem and so on) for taking advantage of the strange beliefs of the politicians.

The free market approach is that even if someone is indeed a monopoly (and Google isn’t but it’s close) that’s not a good enough reason to regulate how the company operates. Because the important point is not monopoly but whether that monopoly is contestable. For if a monopoly is contestable then if someone tries to use their monopoly power (as, arguably, the Chinese did in the rare earths space) to raise prices or otherwise rook consumers then competition will arise to contest that monopoly. A contestable monopoly is only stable if it continues to act as if it isn’t a monopoly. Thus there’s nothing we need to do about companies that have very large market shares, as long as it is possible for others to enter that market. As long as there’s contestability we can rely upon that threat of future, possible, competition to make sure that the monopoly isn’t exploited.

But that’s a bit of free marketry that the Continentals don’t really believe in. They take the view that anyone who is a market leader needs to be regulated. Partly because they genuinely don’t understand this idea of a contestable monopoly and partly because that’s just not the way the Continental political classes work. They see themselves as the natural regulators of the economy: the bureaucracy, if not the politicians, should be deciding who gains what out of the market. Unalloyed market activity just isn’t something that they really believe can actually happen, everything requires that there is regulation.

This is actually there in the basics of business (or civil) law as well. This isn’t quite true but it’s close enough, in the Anglo Saxon world you can do anything you want as long as there’s no law against it. In the Continental (or Roman Law) system nothing is really legal until there’s a law of regulation telling you how you can do it. We can see how this is going to colour attitudes to markets. And the Anglo jurisdictions we’re quite happy just letting everyone compete as they wish and only stepping in when there’s obvious problems. But if you come from a world where the bureaucracy and politics always decides how anyone may do anything then that’s not a world view you’re likely to embrace. To say nothing of any bureaucracy or politician ever believing that the world will carry one quite happily without their advice or interference.

But that is, really and at heart, what is going on here. The EU is deciding how Google should display its search results, in collusion with all of Google’s competitors, simply because not one single one of the Continentals can believe in a system where politics was not involved in determining such things. Whereas we in the Anglo Saxon world find their actions absurd. If we consumers don’t like the way Google is doing things there’s any number of competitors out there we can switch to and if we really don’t like what Google is doing we will. This is something that the market can sort out on its own.

Agreed, I’m predisposed to think that the EU is a ridiculous idea in the first place but this is one of those reasons. They’re simply trying to tie together economies that have wildly different ideas of when and where politics should determine matters economic. Trying to impose one order on such disparate systems just isn’t going to work.