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Mobile Banking and Customer Account Strategies

Report examines mobile banking advances and the increased value they deliver both financial institutions and customers

Boston, MA --Mobile banking has emerged as a key banking channel for reaching customers and increasing customer satisfaction and loyalty. As financial institutions search for fresh, innovative ways to engage customers, they are finding that mobile banking fits the bill.

In new research, “Mobile Banking and Customer Account Strategies”, Mercator Advisory Group reviews the important role that mobile banking plays in financial institutions' overall banking channel strategy.

Author of the report, Ed O'Brien, director of Banking Channels Advisory Service, says: “Advances in both mobile banking products and the underlying mobile phone technology have driven extraordinary growth for the channel, and offer new and improved ways for financial institutions to engage more deeply with customers. Furthermore, the ubiquity of mobile banking allows 24x7 interaction, whenever and wherever customers prefer to conduct business.”

Highlights of this report include:

  • Benefits the mobile banking channel provides to FIs and customers.
  • The factors causing mobile banking's sharp usage increase and the reasons some customers have not yet leveraged mobile banking technology.
  • The new and improved ways mobile banking products allow financial institutions to engage more deeply with customers.
  • Anticipated changes to next generations of mobile banking applications.

One of 13 exhibits in this report:

This report is 29 pages long and has 13 exhibits.

Organizations mentioned in this report include: ACI, Apple, Bank of America, Chase, Citi, Clairmail, FFIEC, FIS, Fiserv, Google, Harland, Intuit, La Caixa, mFoundry, Microsoft, MShift, Research In Motion (RIM), S1, USAA, and the World Wide Web Consortium.

Table of Contents

Executive Summary

Introduction

Dawn of a New Era

  • Mobile Banking Alignment with Customer Account Strategies
  • Mobile Banking Takes Off
  • Mobile Banking Means Different Things to Different People
  • Variants of Mobile Banking
  • Mobile Banking Timeline
  • Mobile Banking Layers
  • Third-Party Providers

User Profiles

  • Customers Prefer to Work with a Limited Number of Full-Service Banks
  • Current Role of Mobile Banking in Banking Channels
  • Satisfaction with Communication Methods
  • Checking Balances Is Important to Mobile Phone Users
  • Not All Customers Are Ready for, or Embrace, Mobile Phones
  • Smartphone Capabilities Help Spur Mobile Banking Growth

Smartphone Adoption and Mobile Banking

  • Smartphone Adoption:From Zero to 30% of Mobile Phones in Less than Five Years

Security Considerations

  • Security Considerations by Mode
  • FFIEC Guidance

New Technologies Likely to Spur Adoption of Mobile Banking

  • Mobile Remote Deposit Capture
  • NFC
  • Money Management and Remittance
  • HTML5

Where Mobile Banking Is Headed

  • Copyright Notice

Figures and Tables

  • Figure 1:Examples of the Three Mobile Banking Modes
  • Figure 2:Mobile Banking Timeline: General Availability in the U.S., 2004 - 2014
  • Figure 3:Mobile Banking Layers
  • Figure 4:Examples of Third-Party Products Used in Mobile Banking
  • Figure 5:Competition to Be Customers' Primary FI Is Tight
  • Table 1:Mobile Banking Is Piquing Customer Interest
  • Figure 6:Customers Are Pleased with Early Mobile Banking Apps
  • Figure 7:Customers Are Pleased with Early Mobile Banking Apps
  • Figure 8:Some Mobile Phone Users Do Not Use Mobile Phones for Financial Transactions
  • Figure 9:Mobile Remote Deposit Capture Shows Promise
  • Figure 10:Smartphone Penetration in the U.S., 2011
  • Figure 11:Examples of Smartphone Applications Used in Mobile Banking
  • Figure 12:Example of a Mobile Remote Deposit Capture Solution
  • Figure 13:Example of Use of an NFC-Enabled Mobile Phone at an ATM Machine
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