Abstract
Overview
Banks and credit unions have a positive outlook ahead for mobile banking:
Javelin research forecasts that availability and adoption is set to surge
through 2012. But what strategic value can financial institutions expect to
derive from investments in the mobile channel? This report highlights the near
term and future benefits provided by the mobile channel, outlines which
consumers should be given access to mobile banking to achieve those benefits,
and demonstrates how mobile channel usage positively affects the adoption of
mobile contactless payments.
Primary Questions
- How many consumers will have access to the mobile channel for banking transactions and alerts through 2012, and how many of them will adopt?
- What is the strategic value of offering the mobile channel in the near
term and in the future?
- Why must banks and credit unions look beyond online bankers when
offering mobile banking?
- How will mobile banking influence the successful adoption of mobile
contactless payments?
Findings and Analysis
Availability of the mobile channel to end users and consumer adoption of
mobile services is set for exponential growth, arriving at 108 million users
in 2012. Currently, the majority of US banks make the mobile channel available
to online banking customers only, which Javelin data shows is a missed
customer service opportunity and a disservice to non-online bankers who
demonstrate similar likelihood to use mobile banking compared to online
bankers. Javelin views mobile payments as the first direct revenue opportunity
financial institutions will obtain through the mobile channel. However, banks
and credit unions will only begin to reap the rewards of revenue associated
with mobile payments if they are able to establish adoption of mobile banking
for other banking transactions first. Financial institutions must expand their
mobile offerings by 2010 to ensure that they do not miss the opportunity to
build mobile relationships now and set the stage for mobile payments in the
years to come.
Audience:
- Financial Institutions: Online banking/eCommerce, mobile
banking,marketing, channel strategists;
- Vendors: Mobile banking platform providers, online banking platform
providers, mobile phone carriers
Methodology
Mobile forecast was based on consumer usage and attitude data collected in a
random online sample in February 2007 (n=2,230) and in October 2007 (n=2,192),
as well as executive surveys (conducted both by phone and online) of 26
financial institutions in December 2007. The consumer surveys targeted
respondents based on representative proportions of gender, age and income as
compared to the overall US online population. Secondary data from public
sources such as the US Census Bureau and the Bureau of Labor Statistics forms
part of the projections. This report is based on data collected online from a
random-sample panel of 2,230 respondents in February 2007 and 2,192
respondents in October 2007. Consumer survey data used is nationally
representative of US adults online based on age, gender and income. Overall
margin of sampling error for the consumer survey is ±2.96 percentage
points at the 95% confidence level.
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