Why Read This
US mobile banking adoption has experienced rapid growth in the past three years, more than doubling from 5% of online adults in 2007 to 12% in Q2 2010. By 2015, Forrester predicts that one in five US adults will be using mobile banking. Consumer adoption of smartphones and increasing use of the mobile Web will drive sustained growth of casual, informational use of mobile banking — to check balances, review transactions, or receive alerts. Creating preference for mobile banking broadly will require banks to deliver more obvious value and superior execution than other channels offer. Functionality like mobile remote deposit capture and contactless mobile payments alone, though, will not anchor mobile banking the way that bill payment and account transfers have done for online banking. Channel managers must address issues of duplicate functionality, marginal user experiences, and a general failure to exploit the most valuable aspects of the channel if mobile banking is to become a critical part of how consumers manage their accounts.