For years, the promise of mobile banking had been ahead of the reality of the technology, but this has changed with the adoption of Web-enabled mobile phones, specifically smartphones. Mobile banking is now a high priority for the top U.S financial institutions, and investment in new mobile products and capabilities continues to grow at a rapid pace.
In new research, Mobile Banking Products Today: A Look at the Top 30 Banking Institutions, Mercator Advisory Group reviews the variety of mobile banking products available at the top 30 banking institutions in the United States.
Highlights of this report include:
- Three primary categories, or modes that exist within mobile banking, each appropriate for use at different times, depending on user reference
- Products that financial institutions (FIs) are upgrading and supporting for each mode, often by using third-party partners and outsourcers to speed development and time to market
- The tools FIs are using when reaching out to prospects and customers regarding available products to differentiate themselves and spur adoption
- Factors that will determine the further adoption of mobile banking, including customer comfort with available security which is of paramount importance and will determine the future growth rate of mobile banking
- The shift in strategy and importance many FIs are making as mobile banking continues to evolve
"Increasing customer demand has spurred financial institutions to offer one or more variants of mobile banking. Customers are increasingly embracing mobile banking because of its ubiquity and convenience, and financial institutions see the growth potential and overall value that this important banking channel offers," Ed O'Brien, director of Mercator Advisory Group's Banking Channels Advisory Service comments.
This report is 33 pages long and has 17 exhibits
Organizations mentioned in this report include: Apple, Bank of America, BB&T, BBVA, Chase, Google, HP, Huntington Bank, KeyCorp, Microsoft, M&I Bank, Palm, RIM, USAA, US Bank, Union Bank, and Wells Fargo.