Mobile Banking Growth

Mobile banking is gaining traction in the United States with gains in consumer adoption and availability of mobile banking solutions across a wide array of devices, according to Forrester Research.

A concurrent report on the return on investment of mobile banking, 47 percent of financial eBusiness managers said they don’t know how to measure the ROI of mobile, making this the most widely cited concern with mobile banking.

“Both reports make it clear that, with adoption growing at a steady clip, banks must now focus on supporting mobile bankers and increasing the value of their mobile initiatives,” said Peter Wannemacher, one of the authors on both reports.

The State of US Mobile Banking 2011 report from Cambridge, MA-based Forrester Research indicates that adoption of mobile banking among U.S. online adults have more than doubled in the past two year to reach 16 percent in the fourth quarter of 2010. Forrester also predicts that mobile banking will grow by an average of 20 percent per year over the next five years to reach 50 million U.S. adults by 2015.

The growth is being driven by smartphone adoption as well as by banks efforts to support a wide variety of mobile device platforms.

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