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2012 Mobile Banking Market Assessment

Abstract

New research from Mercator Advisory Group examines key influencers and market drivers in this rapidly evolving market

Boston, MA November 13, 2012 In new research, 2012 Mobile Banking Market Assessment, Mercator Advisory Group explores how retail financial institutions can increase interaction with customers and members to include 24x7, anytime anywhere service, and also expand their reach beyond simple demand deposit account transactions.

"In this report, we review the burgeoning mobile banking market and evaluate key trends and market drivers that are contributing to its impressive and staggering growth. Mobile banking adoption has accelerated at unprecedented rates, rivaling the speed-to-adoption of such consumer "must have" products as telephones, dishwashers, automobiles, and color TVs," comments Ed O'Brien, director of Mercator Advisory Group's Banking Channels Advisory Service and author of the report.

Highlights of this report include:

  • The factors contributing to the phenomenal growth of mobile banking
  • The impact of increasing mobile consumer usage to the market, new opportunities for customer engagement, and new benefits for financial institutions
  • Three key areas of change in customer behavior that are being driven by mobile banking
  • The three modes of mobile banking and the circumstances when each is most appropriate for use
  • The reasons not all consumers are comfortable with using mobile devices for banking
  • The new advances opening the door to additional features and capabilities to further grow the mobile banking channel

One of 15 exhibits in this report:

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This report is 25 pages long and has 15 exhibits.

Organizations mentioned in this report include: Apple, ACI Worldwide, Euronet, FFIEC, FIS, Fiserv, Google, Harland Financial Services, and mFoundry.

Members of Mercator Advisory Group's Banking Channels Advisory Service have access to this report as well as the upcoming research for the year ahead, presentations, analyst access and other membership benefits.

Table of Contents

Executive Summary

Introduction

Advancements in Mobility Spurring Mobile Banking Growth

  • A Minirevolution in Banking Is Under Way
  • Use of Mobile Devices to Access the Internet Is Growing
  • Mobile Device Ownership
  • Accessing Mobile Banking
  • Much of Market Is Composed of White-Label Arrangements
  • Mobile Remote Deposit Capture Is Gaining Traction
  • The Rapid Pace of Innovation in Mobile Banking

The Mobile Banking Market

  • Market Growth
  • Mobile Banking Market Size and Revenues: Heading Toward a Billion Dollar Market
  • Customers Are Using Mobile Banking for an Increasing Variety of Transactions
  • Mobile Banking Use Is Prevalent Among Young Users and Affluent Users
  • Most U.S. Consumers Do Not Yet Use Mobile Banking Products
  • Security Is a Concern for Mobile Banking Customers

Other Key Considerations

  • Security and FFIEC Guidance
  • Mobile Phone Modes and Security
  • Content Creation and Presentment

Key Mobile Banking Vendors and Products

  • ACI
  • Euronet
  • FIS Mobile Banking
  • Fiserv Mobiliti
  • Harland Financial Services
  • mFoundry

Conclusions and Strategic Implications

  • End Notes
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