Study: Only 27 percent of community banks offer mobile services2010-04-27
Banks that are exploring how to prevent customer attrition may want to start offering mobile solutions for their customers, experts say.
Only 27 percent of community banks offer mobile services to their customers, according to a recent study conducted by the Banc Investment Group. However, the report adds that 89 percent of community banks are considering implementing mobile technology to enhance their existing system.
Plans that community banks are pondering include iPhone applications, with 54 percent looking to design a mobile application for smartphones.
Chris Nichols, CEO of Banc Investment Group, says the survey data indicates that customers want more than kind and friendly service at their local branch.
"For community bankers, mobile banking is a way to get closer to the customer in an efficient manner - like ATMs and home banking," says Nichols. "Banks realize that while human interaction is important, customers also want to handle their banking needs wherever and whenever they would like."
Many community banks are actively looking to make buying decisions over the next 18 months, the report added.
The demand described in the study is supported by recent report by WBZ News. The station says that while 12 million clients used mobile banking in 2009, that number is expected to quadruple by 2014.
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