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!

Facts:
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.

Opinions:
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.