Mobile Banking Updates - Jun 26

Mobile Banking is Here to Stay
"If there was one overarching theme that came out of Bank Systems & Technology's Virtual Event "How Mobile Is Transforming Banking's Competitive Landscape" on Thursday it's that mobile is indeed the future. While mobile banking adoption sits in the 10-15 percent or so range -- and even less for tablet banking -- the numbers are increasing every day, as technology continues to rapidly advance. It's not a stretch to say that within five years, most bank customers with access their account via a mobile device. We've collected the top quotes from the BS&T event about all things mobile."

Targeting Underbanked Consumers With Mobile Banking Solutions
"Underbanked consumers — those without a checking account — rely on their mobile phones more so than other segments, making them a prime target for mobile banking services, mobile prepaid, and mobile P2P money transfer solutions. Mobile services and the underbanked are two of the hottest topics in the financial industry today, but few people weave the two issues together. But a new study from Javelin Strategy & Research suggests financial marketers might be missing a huge opportunity by tackling mobile and the underbanked separately."

Forrester/CBA Survey: Retail Banks Increasing Mobile Investment
"Responding to consumers' growing interest in banking from their mobile devices, retail banks plan to invest more money to enhance their mobile offerings, according to the first-ever survey of Consumer Bankers Association (CBA) members conducted by Forrester Research, Inc. FORR +2.15% in collaboration with CBA's Emerging Channels Committee. CBA members reported they will spend one-third of their total digital budget on the mobile channel this year. The joint research project surveyed digital executives at 19 leading US and Canadian banks. The findings -- summarized in a two-part report, "The State Of North American Retail Banking eBusiness 2012" -- enable eBusiness & Channel Strategy professionals in the banking industry to benchmark their priorities, goals, and metrics."

Consumers Seek Specialty Branches and Stewards of Their Digital Footprints
"Mobile banking may get all the attention, but among virtual banking channels, it's online banking that really resonates. And bricks-and-mortar branches still have plenty of room to run. So concludes a survey released Wednesday in which Cisco asked 5,300 consumers in eight countries how they would like to bank."

Seven Notes on Mobile Payments and Mobile Banking
"1) Eleven percent of consumers made a mobile payment in 2011. 2) Demographics say that the future of banking is mobile. People aged 18 to 29 are three and one-half times more likely to use mobile banking as compared to people aged between 45 and 59. Latinos and African-Americans are both more than one and one-half times more likely that non-Hispanic whites to use mobile banking."

Credit unions keeping pace with mobile banking trends
"A rise in mobile banking is prompting area credit unions to revamp some products and offer new services to meet consumer needs. A recent study issued by the Federal Reserve, titled Consumers and Mobile Financial Services and dated March 2012, states that nearly one out of every five Americans with a bank account and mobile phone has used their phone to check account balances and conduct banking."