Smartphone Penetration

Mobile Application Growth

Here are some interesting figures that I stumbled upon that I feel all of you might be interested in. Smartphone usage, as well as the usage of mobile apps are increasing at a very large rate. A study conducted by MobiLens, found that the number of mobile application users in the United States grew by 28% between April of 2009 and April of 2010. As people get a smartphone they also bring their internet based habits such as social networking, news, sports, and most importantly for Mitek… Banking!

Here are the growth statistics over 1 year:

Social Networking : 240%
Weather : 111%
News : 124%
Sports : 113%
Banking : 113%
Maps : 93%
Movie : 93%
Retail : 91%
Search : 90%
Photo/video sharing : 90%

Broadband Availability to Expand

Obama recently announced that he is planning on doubling the wireless communications spectrum available for commercial use over the next 10 years. This effort would greatly enhance the ability of users of smartphones to send and receive video and data. I think this effort shows that our government, like many analysts, believe that the use of smartphones is going to grow immensely very soon.

Check out this article for the full details:
http://www.nytimes.com/2010/06/28/technology/28broadband.html?pagewanted=1&sq=Edward%20Wyatt%20&st=cse&scp=6

How Banks can Succeed

The idea of staying in touch with your customer, and truly understanding their wants and needs is a must for anyone in any area of business. In order to keep existing customers as well as gain new ones, companies need to listen to their requests and act quickly. Banks for example need to take a strategic approach. They need listen to some of the analysts that are stating that the trend line for mobile use is growing rapidly, and then offer something like Mobile Deposit to their customers.

George Knapp, vice president, online banking and consumer insights, Fiserv Inc. said, banks must prepare for “techubiquity” : the proliferation of Internet-connected devices.

Check out this article explaining how banks can succeed:

http://www.istockanalyst.com/article/viewnewspaged/articleid/4197581/pageid/1

Let Mobile Receipt Help you

If your car is rapidly filling up with small slips of disorganised paper, and your expenses are regularly short a receipt or two when you finally get around to sorting them out, Mobile Receipt could be just the app you’re looking for.

Here is a website’s recent review:
http://www.knowyourmobile.com/smartphones/smartphoneapps/iphoneapplications/finance_iphone_apps/487463/mobile_receipt_review.html

Mobile Banking with Smart-phones

Interesting fact! –> On June 16th 2010, the latest Javelin  Strategy & Research report found that 1 in 5 of all U.S. adults own a smart-phone.  In my opinion,  it’s only a matter of time before all cell phones become smart-phones.

Today, time is everything.  Phrases such as “I  don’t have enough time” and “can I do this another time, I have to go” are heard almost daily.  Time is of the essence for almost everyone.  The idea of giving someone more mobility/flexibility when it comes to doing certain things will most likely correlate to giving someone more time.  With additional time, people can accomplish more and do the things that are of the up most importance to them.  When companies start/continue to use the wide range of capabilities that smart-phones have to offer, users will be have more time yielding greater flexibility, productivity, and happiness.

Banks that have implemented mobile banking so far are a great examples of companies that are utilizing the capabilities of smartphones to give their users more flexibility/time.   More and more banks are offering mobile banking, but the ones that add Mobile Deposit to their mobile banking offering will give their users the most time and thus have the most satisfied customers.

Mobile Banking is Cheaper Than Formal Banking

Everybody likes saving money and banks shouldn’t be any exception. A new research conducted by Consultative Group to Assist the Poor(CGAP) found new insights into the banking traits.

The study convincingly says that the mobile banking is cheaper in comparison to formal banks. A clear 54% difference exists between the transactions that are by mobile banking than from informal options for money. If you work for bank that currently doesn’t have mobile banking, you are missing out on the savings and new potential customers. Banks need to go ahead and implement a mobile banking platform and add Mobile Deposit. As soon as banks realize these benefits and implement mobile banking, more money will be saved and new customers will follow!

http://voicendata.ciol.com/content/news/110060301.asp

Mobile Banking is going to get BIG soon

The market for mobile banking has the momentum to become huge in a short period of time. If you don’t think so, maybe a prediction from analyst house Juniper Research might make you think otherwise: “The number of people accessing banking services via their mobile phones is set to soar to 816 million by 2011 – a ten fold increase on 2007”

Here is the full article- http://twe.ly/SQf

More Smart phones

I came across a statistic that I believe to be quite interesting and I thought I would share it with all of you: Smartphone users comprised 27% of the mobile-phone market in 2010, up from 20% a year ago. (Javelin Research Inc. June.10)

If you have a smart phone or are getting one in the near future, consider equipping it with a Mobile Deposit, Mobile Phax, or Mobile Receipt; you will not regret it

The Gold Standard for Mobile Check Deposit

OK, it’s been quiet on this page for a long time, but not because we’ve been napping. Mitek Systems is charting a new course in mobile banking that may be of interest you. We are gaining traction with financial institutions and technology partners who are moving into the mobile deposit arena and want to incorporate technology that is secure yet user friendly. This is easier said than done, which is why we just published a white paper describing what makes mobile check deposit so challenging and how the Mitek technology solves those issues in our Mobile Deposit product. Go ahead and download Mitek’s white paper <http://www.miteksystems.com/download/document/The_Gold_Standard_for_Mobile_Check_Deposit.pdf>  and let us know what you think.