Fast Facts: The Rise of Mobile Banking

Fast Facts: The Rise of Mobile Banking
February 21, 2011

Fact:  Mobile banking usage is expected to grow from 10 million active users in 2009 to more than 53 million active users in 2013, a compound annual growth rate of 51.8 percent.
 
Fact: The number of consumers comfortable using a mobile phone to handle online financial tasks has doubled from two years ago—34 percent of consumers in 2010 compared to 14 percent in 2008.

According to KPMG’s “Consumers & Convergence Survey,” 46 percent of consumers surveyed have used their mobile device for banking purposes. KPMG is a global network of professional firms that provide financial audit, advisory and tax services.

Fact:  The developed nations of the Far East, North America and Western Europe are forecast to account for more than 70 percent of the mobile banking base in 2011, according to Juniper Research.
 
Fact:  The following companies had apps highlighted as “the five best mobile banking apps now” in the American Banker:
 
Citigroup: “Tap & Go” Stickers—Enable customers to make payments of up to $50 by touching a sticker on their mobile devices.

J.P. Morgan Chase: “QuickDeposit” and “QuickPay”—Enable customers to deposit checks by taking pictures of the front and back of checks with an iPhone.

State Farm Bank: “Pocket Agent”—The MyTime Deposit feature of Pocket Agent allows customers to deposit checks by taking a picture of the check using an iPhone or Android device.

MasterCard: “Priceless Picks” and “Overwhelming Offers”—Enable customers to receive recommendations about products from users and receive discounts.

Wells Fargo: “CEO Mobile”—Enables corporate customers to conduct wire transfers, monitor bank balances, and view transaction details on the iPhone.

Fact:  Consumers should install verified mobile banking software only from a trusted institution. Users should protect their phone (it’s a transaction device), use strong passwords, and report a lost phone immediately to the bank. 
 
Source: The Financial Services Roundtable – www.fsround.org.