Mobile banking usage has doubled in the past
year, according to a report from consultants IDC Financial.

But the report, 2009 Consumer Mobile
Banking Preferences, adds that m-banking is still not at a
point where it could be a game changer for banks.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

According to the survey, while mobile banking
may have finally turned the corner with customer acceptance, it is
not a mainstream channel and in order to be successful, financial
institutions need to be strategic about their mobile offerings.

In particular, the challenge with mobile
banking continues to be that it introduces a new cost structure
without providing opportunities for revenue.

Key findings include:

  • Usage was up across all channels, requiring bankers to manage
    more transactions across an ever-expanding portfolio of delivery
    options;
  • The financial services industry should leverage its branch
    networkto compete against potential nontraditional entrants that
    lack thebrick-and-mortar infrastructure;
  • SMS is the most popular form of mobile banking;
  • Customised alerts and payments outside of network are gaining
    in popularity, while cheque image view and getting rate information
    on the mobile device appear to be fading, and
  • Demographics for mobile banking customers were skewed toward a
    younger male audience, but all demographics are showing usage.

“Consumers are transaction and information
happy, and the branch continues to be as popular as ever,” said
Marc DeCastro, research manager, Consumer Banking and Credit at
IDC.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

 “Our survey, however, shows that consumers are getting
more and more comfortable opening accounts outside of the branch.
While many financial institutions have jumped into the mobile
banking space and are offering solutions, some are still pondering
their entrance.

“Those that have already installed a solution may also be
looking at modifications or enhancements to their first-generation
rollouts.”