Why Read This
Mobile banking adoption continues to gather momentum in the US, fueled by strong consumer appetite for smartphones and banks' burgeoning supply of new mobile banking applications, websites, and alerts. As consumers gain confidence with the channel, their needs are shifting from simple functionality like account balances and ATM locators to transactions like bill payment and account transfers. Channel managers face many hurdles as they seek to encourage this evolution from mobile banking novelty to self-service utility. Banks hoping for return on investment (ROI) from greater transactional volume and lower customer service costs must first address shortcomings with the channel's value, security, and support. Until it is treated like a standalone channel, mobile banking will only serve the day-to-day needs of those consumers already using other electronic channels.