Mobile Banking Updates - Oct 24

The Future of Mobile Payments
"Mobile technology is already having a big impact on financial services, from remote banking to mobile payments. The continued proliferation of smart phones is only going to accelerate that impact. Mobile is already revolutionizing the way consumers interact with their financial institutions, and banks have to stay ahead of the technology and the security concerns."

Suddenly, Mobile Banking Is Now a ‘Baseline Expectation’
"Mobile banking, and by extension mobile payments, have rapidly crossed the line from add-on to necessary products for financial institutions, speakers and other sources at a banking-technology expo said on Wednesday. The primary reason mobile has assumed such importance has more to do with fear of attrition than with revenue opportunities, these sources said."

Mobile Banking Engages Young, Diverse and Male, Says Nielsen
"According to a June 2010 Nielsen survey, people who use their mobile phone for web-based banking tend to be younger, male and more ethnically diverse than their online banking counterparts. Texting banking is growing in popularity with all ages.

Although this study looked at current mobile banking features, there are more features in the works. Soon smartphone users will be able to photogrpah their bills to pay them."

5 mobile banking must-haves
"Consumers can use their mobile phones to quickly see how much money is available before making a large retail purchase, says Secil Watson, senior vice president for Internet and mobile banking at Wells Fargo in San Francisco.

She says banking customers report they often want to purchase something at a retail location with their debit card but don't know if they have enough money in their checking accounts. With mobile banking, customers can discreetly check their balance and know whether the sale would be approved, she says."

Mobile Phones Increasingly Becoming A One Stop Shop For 35 Million Consumers
"Three quarters of all British adults are now multitasking on their mobile phones, leading them to place a higher value on their mobile than it originally cost them, according to new research from Lloyds TSB."

The Future of Mobile Banking
"The growth of mobile banking technology is increasingly hard to ignore. Analyst firm Javelin Strategy & Research reports that nearly 50 percent of all mobile users in the United States will be using mobile banking within four years and that nearly 50 percent of iPhone and other smartphone users already use mobile financial services today.

With 2010 being the year in which mobile banking broke into the mainstream, 2011 will be the year in which financial institutions will look to capitalize on the full potential of the mobile channel -- moving from basic user functionality to full mobile finance; or, 'Your bank in your pocket.'"