Abstract
Overview
Now is the time for U.S. financial institutions to invest in mobile banking.
American consumers are hungry for better ways to monitor and manage their
money - and mobile banking will serve that need better than any other
banking channel by providing always-on interaction and real-time financial
information. Though mobile banking is in its infancy, Javelin forecasts that
it is on a trajectory to evolve into a mainstream banking channel that will
serve nearly half of mobile-phone owners by 2014.
This report:
- Features Javelin' s five-year forecasts for mobilebanking usage; the
growing availability of mobile banking at primary financial institutions; and
smartphone adoption, which currently is driving mobile banking.
- Analyzes five key factors fueling adoption of mobile banking, including
the role of the Apple iPhone and other smartphones and the race to develop
basic thinclient “wrapper applications” that integrate into the
institution' s mobile online site.
- Identifies five key obstacles for mobile banking and outlines how
financial institutions can minimize them.
- Examines mobile-banking penetration by the largest wireless carriers, with
AT&T Wireless boasting the greatest number thanks largely to the popular
iPhone, while Verizon lags behind but is positioning itself to expand its role
in mobile banking in 2010 with the planned introduction of the iPhone and
faster LTE 4G networks.
Primary Questions
- How fast will mobile-banking availability and adoption grow over the next
five years?
- How long before it becomes a must-have banking channel?
- How fast will smartphone ownership grow during that period?
- Who are the first adopters?
- What key factors are driving the growth of mobile banking?
- What obstacles could limit the spread of mobile banking - and what can
financial institutions and vendors do to minimize those issues?
Report Statistics:
- Audience: Financial institutions: E-commerce, onlinebanking,
mobile-banking and marketing strategists.
- Vendors: Mobile-banking platform providers and vendors,
mobile-network operators and mobilebanking marketers.
- Authors: Mark Schwanhausser, Analyst, Multichannel Financial
Services
- Length: 48 pages, 18 charts/graphs
Methodology
This report is based mainly on data collected online from a random sample of
3,000 consumers with mobile phones in July 2009. The survey targeted
respondents based on representative gender, age, and income compared to the
overall U.S. online population. The overall margin of error is ±1.79%
at the 95% confidence interval.
This report also includes data collected online from a random sample of 2,714
consumers in March 2008. The survey targeted respondents based on
representative gender, age, and income compared to the overall U.S. online
population. The overall margin of error is ±1.88% at the 95% confidence
interval. Javelin' s forecasts also incorporate secondary data from public
sources such as the U.S. Census Bureau, and the Bureau of Labor Statistics.
Javelin' s data for mobile banking is based on consumers with mobile phones.
This is a typical way of presenting mobile banking because only consumers with
mobile phones can conduct mobile banking. In 2009, the U.S. population was
estimated to comprise 306 million people. That includes 232 million adults,
200 million adults who use mobile phones, and 36 million adults who use mobile
banking.
The forecast analysis of mobile banking and smartphone adoption extends to
2014. For the first time, Javelin collected mobile-carrier comparison figures
for benchmarking purposes. Information regarding wireless carriers was
collected from interviews with company executives, Securities and Exchange
Commission filings and other public documents. (See Figure 9, Pages 26.)
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