Forrester/CBA Survey: Retail Banks Increasing Mobile Investment
June 20, 2012
Cambridge, Mass., June 20, 2012 . . . Responding to consumers' growing interest in banking from their mobile devices, retail banks plan to invest more money to enhance their mobile offerings, according to the first-ever survey of Consumer Bankers Association (CBA) members conducted by Forrester Research, Inc. (Nasdaq: FORR) in collaboration with CBA's Emerging Channels Committee.
CBA members reported they will spend one-third of their total digital budget on the mobile channel this year. The joint research project surveyed digital executives at 19 leading US and Canadian banks. The findings — summarized in a two-part report, "The State Of North American Retail Banking eBusiness 2012" — enable eBusiness & Channel Strategy professionals in the banking industry to benchmark their priorities, goals, and metrics.
According to Forrester's Consumer Technographics® data, 17% of US online adults are active mobile bankers, and new mobile features are gaining popularity with 22% of US online adults interested in mobile payments.
The Forrester/CBA survey showed that banks' mobile spending will focus on three key functions: alerts, remote deposits, and person-to-person payments. While these executives believe digital wallet initiatives show great strategic promise and are therefore watching them closely, most are taking a wait-and-see approach with their 2012 investments.
"Payments are by far one of the biggest opportunities in the space for both online and mobile as the growth of person-to-person and mobile wallets continues," said Brad Strothkamp, Forrester Research vice president and principal analyst serving eBusiness & Channel Strategy Professionals. "As these initiatives move forward, digital teams will need to drive innovation not only internally but also in the vendor space, especially in areas like digital wallets and revenue-generating payment products."
"CBA and our Emerging Channels Committee members are at the forefront of mobile banking developments, as part of our ongoing commitment to meeting the needs of our customers," said Richard Hunt, CBA president. "These findings illustrate how vital the mobile space has become and how innovation is driving the retail banking industry."
Register to receive a copy of the Forrester/CBA report at: http://www.cbanet.org/About/Committees/Digital_Banking_Study.aspx.
The CBA and Forrester will detail the survey results during a webinar on June 21. Register for the webinar at: http://eo2.commpartners.com/users/cba_man/session.php?id=9086.
Forrester clients have access to the report via their normal subscription service.
The Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking — banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding two-thirds of the industry's total assets. CBA's mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer.
About Forrester Research
Forrester Research, Inc. (Nasdaq: FORR) is an independent research company that provides pragmatic and forward-thinking advice to global leaders in business and technology. Forrester works with professionals in 17 key roles at major companies providing proprietary research, customer insight, consulting, events, and peer-to-peer executive programs. For more than 28 years, Forrester has been making IT, marketing, and technology industry leaders successful every day. For more information, visit http://www.forrester.com/.
Director, Media Relations