"Brandon McGee, Industry Insider, Mobile Banking Guru...He is not only the real deal, a genuine industry insider, but also knows exactly what's on the minds of financial service pros as they contemplate the various mobile options." - Jim Bruene, Publisher & Founder, Online Financial Innovations

"Going Mobile. Local executive carves niche as national expert on fast-growing banking-industry technology trend" - Scott Olson, Indianapolis Business Journal (IBJ)

"Brandon McGee, the industry's unofficial ambassador for mobile banking" 

Thursday, September 20, 2007

Mobile Banking, Forrester & The Itsy Bitsy Spider

This morning I was reading a new paper from Forrester titled “Raining On The Mobile Banking Parade.” While reading I was reminded of the nursery rhyme – The Itsy Bitsy Spider (yes I have two little ones at home.) I was reminded of this nursery rhyme because the interpretation of the research paints a very bleak outlook for mobile banking; however, upon digging into the data it actually seems to support the theory that there is tremendous potential for the mobile channel.

Specifically, please review the data in row four of figure 4-1. The question was essentially, “How interested are you in mobile banking?” Now, I’ll refrain from sharing the specific results, but I can tell you that the sum of the percentages would result in a year one adoption rate that is significantly higher than my targeted projection. In fact, I would consider a phase one adoption percentage that high to be a magnificent success.

No offense to Forrester, they are a tremendous research firm and I highly respect their talented staff. That said we must keep in mind that research is simply data and the analysis of that data is strictly an opinion. So, before you scrap your mobile banking plans I would suggest that you review the numbers and form your own judgment.

…Out came the sun, and dried up all the rain
So the itsy bitsy spider climbed up the spout again.

1 comment:

Jim Bruene said...

Thanks Brandon...it's good to hear an alternative perspective from someone in the know. This kind of "peer reviewing" via blogs is great... keeps the analyst community honest (and humble).