Mobile banking takes off

Mobile banking takes off, driven by iPhone

The report says that nearly half of all US mobile phone owners can access mobile banking today, and that by 2014 454% of mobile users will actually do so. that means that in 2014, 99 million US adults will do at least one mobile banking transaction a year, with 52% of them relying on smartphones to do so.

"Mobile banking is quickly becoming an essential consumer capability,” said Mark Schwanhausser, financial services channels analyst. "Just as the iPod changed the music industry and their business models, our data shows that iPhone users are changing the banking industry by leading the way in monitoring and managing finances through mobile devices.”

The report, 2009 Mobile-Banking and Smartphone Forecast , examines services offered by carriers such as AT&T, Verizon, Sprint and T-Mobile. The report also features five-year forecasts for mobile-banking usage that documents the growing availability of mobile banking at everyday financial institutions.

"Mobile banking is quickly moving from infancy to commonplace, which will help separate the winners from losers in banks’ ability to attract and keep technology-loving consumers," said Mary Monahan, research director and managing partner. "Consumers are hungry for the ‘always-on’ and ‘real time’ ability to monitor and manage their money, and mobile banking serves that need better than any other."

AT&T has the highest number of mobile bankers due to the iPhone’s influence, while Verizon Wireless has the lowest penetration for mobile bankers among top-tier US wireless carriers.

"Mobile banking is quickly becoming an essential consumer capability,” said Mark Schwanhausser, Financial Services Channels Analyst. "Just as the iPod changed the music industry and their business models, our data shows that iPhone users are changing the banking industry by leading the way in monitoring and managing finances through mobile devices.”

The Javelin report also covers general smartphone adoption, a secondary factor driving mobile banking, and the race to develop the basic thin-client capabilities necessary to integrate financial services into mobile online sites.

http://www.javelinstrategy.com/lp/2009mobilebankingforecast.html

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