Mobile banking may become the most important financial services medium
2010-02-26
Online banking is already a mature, popular service. But although the FCC reports that 67 percent of American homes have internet access, a Harris Interactive survey shows that nearly nine out of 10 Americans have a mobile phone. With emerging markets in other countries finding cell phone access easier than access to either the internet or brick and mortar banks, the mobile financial services market seems poised to grow.

Customer segmentation analysis by McKinsey Quarterly finds that in emerging markets, formal banking reaches only 37 percent of population, while 50 percent of these populations have phone access.

Mobile devices could reduce the cost of serving customers by 50 to 70 percent, making it possible to offer services to segments of the population whose transactions might not provide much capital.

However, moving more financial services to mobile phones will not only expand the banking market to other countries - it may inspire customer loyalty in banking by Americans. Mobile marketing research company Data Innovation recently found that that nearly 70 percent of American consumers used at least one mobile banking or payment service in the past three-month period, and seek more varied services on their cell phones.

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