Mobile Banking is Wonderful

The mobile banking market has grown significantly over the past several years. Many financial institutions now offer some form of mobile services for their customers. 5 of the top 10 banks in the U.S are now Mobile Deposit customers, so if your bank doesn’t yet offer the ability for you to deposit a check from your smartphone, they most likely will really soon.

It is estimated that almost 50 million households currently bank online. About 30% of households in the U.S.were said to have banked 2010, and 2011 is said to be even greater.

This trend contributes towards the anticipated growth of mobile financial information services, funds transfer, mobile check deposit, bill payment and presentation, account management and customer service solutions. Although more consumers currently use PCs rather than mobile phones for banking, it is reasonable to assume that the adoption rate of mobile banking will follow the adoption rate of online banking.

Today, most large banks offer a basic mobile banking solution for their consumers. The most common services available today are:

Account alerts, security alerts and reminders
Account balances, updates and history
Customer service via mobile
Branch location information
Bill pay
Funds Transfer
Transaction verification
Mortgage alerts
Mobile Check Deposit (the newest and most desired feature – not available everywhere yet)

Clearly, the market is moving from the familiarization phase, which allows end users to get comfortable with mobile financial services and provides them access to basic information and services, and into the convergence phase, which will allow for a more robust mobile offering.

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