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Mobile banking — trends for 2012

April 15th, 2012 · 13 Comments · Mobile, Strategy, Trends

I recently gave a presentation to a packed house of bank and credit union professionals about mobile banking and where it’s heading.  And the “theme” of my message to them was — if this isn’t your top priority for 2012, it sure better be for 2013. (I’ll bet my pal CK Kerley would agree!)

The Federal Reserve just released some really telling research that not only shows how many of us are already using mobile banking – but how many people changed financial institutions so they could use mobile banking.  (download PDF of the research by clicking here)

Here were some of the key takeaways from the presentation (which you can click through below.  Email subscribers…click here.)

  • 20% of financial instutition customers are already using mobile banking
  • Another 13-20% say they will be by the end of 2012
  • 60% of new customers said that being able to use mobile banking influenced their decision to switch
  • 11% of users are using their phone’s camera to remote deposit checks

This isn’t optional for financial institutions that want to be in business in 2020.  It’s really that simple.

Here’s my presentation — I’d love to hear your thoughts.



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13 Comments so far ↓

  • Dan Dykstra

    Another option is signing up for an account at mint.com…you can download their app (iphone/ipad have it for sure) and then link your existing accounts to view them on your smartphone. It’s a very nice website and app, and it’s free!

    • Drew McLellan

      Dan,

      Agreed — mint.com is a great way to access your account information online but I don’t think it can do all the things a bank’s actual mobile app can do — like transfer funds from one bank to another and things like remote check deposits (take a photo of your check and it is deposited into your account) — can it?

      But mint.com is probably a very good solution for people who want to stay with a bank that isn’t offering mobile yet.

      Drew

  • Murphy

    Mobile banking works me alot.
    Recently i have cashed doubled from ATM but after checking on mobile i was call bank and ask for refund.
    Its only possible with Mobile banking right?

    Thanks
    Murphy

  • Tracy Keith

    Great presentation, Drew–thanks for sharing! It’s amazing how quickly mobile is taking hold. It will be interesting to watch adoption and usage rates–many nonusers cite security concerns but as the channel becomes more prevalent, perhaps they will become more comfortable with the technology.

    • Drew McLellan

      Thanks Tracy,

      Yes…sort of people were afraid of using ATM machines back when they first came out but now, no one even thinks twice. Today’s teenagers are used to doing everything on their phone, so mobile banking will be a natural evolution for them.

      Drew

  • Liz

    These was a great blog. Thanks for letting me stop by here in your site.

  • Anders Michael

    I LOVE mobile banking. Thanks for sharing these awesome stats, seriously!

  • WayneLifestyle

    Now a days mobile banking became the easiest and popular way of transactions of money. Its also a secured way of money transactions. Your article is very important for mobile banking, because it is very informative about mobile banking. Thanks for your nice post.

  • Tommy

    Mobile banking is a must now. So many people have smart phones or i phones where they can access their banking, but don’t have computers at home. Therefore “yes” mobile banking is a must. Its also great for business owners in case they need to transfer money around, and they don’t have a computer . So many people are on the check out line ready to make a purchase, but they are unsure if they even have enough money to cover their purchase in their bank account. With mobile banking, you can log onto your bank real quick and make sure you do have enough money, before making a purchase that you will regret or that will cause you to go over your limit. At Golden Financial Services we see so many people that are charged unnecessary banking fees due to little mistakes that could be avoided if there was mobile banking. Great presentation.

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