"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" 

Monday, April 20, 2009

Mobile Banking and KPMG Study

I'm testing out my new Blogger app for the iPhone today and will be blogging live from the Net.Finance conference in just a few hours. Until then I'd like to share some thoughts on the recent KPMG study.

My first recommendation is - be sure to read past the headlines. You might not realize it but this single study has produced the following headlines:

US Consumers Believe Mobile Banking is Important - FierceWireless.com

US Consumers Avoiding Mobile Banking - WebProNews.com

US Consumers Terrified of Mobile Banking - PCMag.com

US Consumers Snub Mobile Banking - Tech.Yahoo.com

Are US Consumers Ready to Adopt Mobile -Credit.com

Mobile Banking Isn't Catching On - Investors. com

So, now lets separate the facts from the opinions!

85% of US respondents believe mobile banking is important

19% of US respondents are "somewhat likely" to use mobile banking in the next 12 months

Note: I am extremely pleased with my adoption numbers to date, but 19% adoption in year one would have me singing in the streets.

1) "The fact that the majority of US consumers are not aware that their current banks offer mobile banking is clearly more perception than reality."

Note: Not really. By the end of 2009 only 3% of US banks/credit unions will have a mobile solution

2) "95% of US respondents said they have never made a purchase...using their mobile device...further suggesting an unfamiliarity or lack of comfort in using a mobile device for transactions and payments."

Note: Not really. The other critical factor is that many retailers do no yet have mobile sites and far fewer accept mobile purchases. For example - the mobile site for Target will let you browse for your new HD TV but then refers you to their standard site or a nearby store for the purchase.

As always I recommend digging into the data and making your own conclusion.

1 comment:

Anonymous said...

Totally agree with your points Brandon. Never ceases to amaze how the press will take whatever snippet they want, and then twist it into a headline. Good coverage. Thanks. Drew