Mobile Banking Updates - Aug 19

Mobile Banking Adoption Triples in Two Years
"Mobile banking adoption has tripled in the past two years, according to research from Dallas-based SWACHA, a not-for-profit electronic payments association. According to SWACHA’s Consumer Insights Survey, which polled 600 Texas residents in August 2011 in partnership with research and marketing firm Decision Analyst, 20 percent of respondents said they currently bank on their phones, compared to 7 percent in 2009."

Report: 108 Million U.S. Mobile Banking Users by 2017
"Forrester Research in its newly issued “The State of Mobile Banking 2012” dropped a huge bomb: Much quicker than many expected, mobile appears primed to emerge as a dominant banking channel with a predicted 108 million users by 2017, per Forrester. That pencils out to some 46% of all U.S. bank account holders. By contrast, around 13% of present U.S. account holders have done mobile banking."

Online vs. mobile banking
"A new study from Javelin Strategy & Research shows that banking customers are still primarily relying on online tools over mobile apps to manage their money. According to two surveys of 8,400 consumers, only 8 percent of customers have transferred funds between their own accounts using a phone."

BofA Mobile Deposits: Better Late and Great Than Never
"Bank of America's iOS app is one of the oldest in the App Store, but it's been given a facelift that brings in some useful new features. Chief among them is mobile deposit, which lets users deposit checks simply by sending photos of checks to BofA via the app. Banks like Chase beat it to the punch on this feature by a matter of years, but BofA customers will still likely appreciate the upgrade."