Mobile Banking Will Change Your Life

Mobile banking has the potential to change consumers’ lives by putting their financial life on a more manageable path than even online banking has managed to do.

“We have really seen a complete revolution in customer behavior since we launched mobile banking,” says Arah Erickson, senior vice president of the mobile-banking unit of Wells Fargo. “Customers are expecting to be able to get things done on their mobile devices when they want to, where they want to and how they want to.”

Just 5 percent of adults used their mobile phones to look up checking balances or receive banking alerts in 2007, but by the second quarter of 2010, some 12 percent of online adults were embracing mobile banking, according to Forrester Research. Forrester predicts that by 2015, about one in five adults will have turned to mobile banking.

Nearly every major bank and many smaller banks and credit unions now offer at least these three basic mobile channels: short message service messaging; websites formatted specifically for mobile devices; and applications developed for certain platforms. Consumers use these tools most commonly for retrieving balances, viewing recent transactions, transferring funds internally, and even deposit checks.

Erickson says mobile is just the beginning of integrating the phone into most tasks of consumers lives. “Our goal is to simplify our customers’ financial lives and provide them with financial peace of mind. We’re listening to hear what additional kinds of functionality they’re wanting to do around convenience and simplifying their lives.”

From “Mobile Banking Will Change Your Life”
MarketWatch (02/03/11) Waters, Jennifer

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