Mobile Banking Research

Recently, there have been a couple of interesting tid-bits from the research community.

Just this morning, there was an article in the American Banker titled "Web Seen Most Effective to Keep Young Customers" by Daniel Wolfe. In the article Mr. Wolfe shares that a recent report from Celent found that, "...60% of college students have decided to keep their current banking relationship after graduating...and that the Internet played a large role in their decision."

Additionally, the article references a discussion with Ilieva Ageenko (e-commerce director at Wachovia) where she states, "the young generation's appetite for immediate access was greater than Wachovia was able to satisfy, even by extending its services to mobile phones. For example Wachovia can give daily balance updates by text message, but its younger customers wanted intraday updates as well."

This is yet more proof that simple alerts will not be enough to satisfy the "on demand" mentality of our clients. Financial institutions must utilize a mobile offering so that the Gen Y, Gen X, and even the progressive Boomers can access their information any time - any where.



The second interesting development is from Javelin Strategy & Research. Just yesterday, I received a promotional email about the "Mobile Reports Triple Pack." The research contains three separate reports and covers the primary topics on everyone's mind: Mobile Banking, Mobile Payments, and Mobile Banking Security. While I haven't yet read them I hope to do so very soon, and while $3000 is not cheap it does save $600 off the individual price.