Report: Mobile banking use doubles
2010-07-20
A new survey from IDC Financial Insights says that mobile banking has increased, both in the number of consumers using it and in the number of financial institutions that have integrated the technology into their customer loyalty solutions.

The study, which was conducted in November, found that 21 percent of respondents had used mobile banking - up from 10 percent in 2008. Analysis of respondents showed that while mobile banking users tended to be younger males, all demographics showed some use of the new medium.

In addition, the report found that while some mobile banking features are gaining popularity, others are slowly losing their importance. Customers showed an increasing preference for online alerts and payments outside of their own network, but were less interested in checking rate information and viewing check images.

Respondents also indicated that while mobile banking did play a role in their loyalty to a particular bank, it is still not a "mainstream channel" with the potential to generate revenue.

"Customers have become accustomed to having more for free, and the convenience of mobile banking so far does not appear to be something that people are willing to pay for," the report said.

But the report also highlighted that new services, such as remote deposit capture, could provide revenue opportunities in the future. The Chicago Tribune reports that a few FIs, such as Chase and Bank of America, have either developed or are currently testing mobile banking applications that allow customers to make deposits without visiting an ATM or physical branch.

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