The outlook for mobile banking is positive. Several forecasts predict that by 2015, 50% or more of US mobile users will be conducting transactions from their mobile devices. The ubiquity of these devices offers banks an opportunity to connect with customers outside the online channel, including those who are always on the go as well as the underbanked and unbanked consumers who lack consistent Internet access.
For consumers, mobile banking is about convenience: the ability to check account balances, pay bills and transfer funds from a device they take with them everywhere. For financial institutions, it is a means to deepen customer relationships, streamline operations and cut costs.
However, the demographics, usage patterns and mobile device landscape are such that for mobile banking to reach the projected adoption levels, banks need to service the three primary mobile channels: SMS, browsers and applications. Success likewise depends on alleviating consumers’ security concerns and effectively marketing the value and convenience of mobile banking.
Key questions this report answers:
- How many consumers already use mobile banking? How many are interested in trying it?
- How many financial institutions are using the mobile channel? What is the extent of their mobile offerings?
- How can financial marketers tap into ubiquitous networks and mobile devices to deliver offers and drive customer loyalty?
- What are the opportunities and challenges in mobile banking?
