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Mobile banking adoption to reach 50pc by 2016: study – Research – Mobile Commerce Daily

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Mobile banking is gaining traction and is expected to reach 50 percent of consumers by 2016, according to a new study from global business advisory firm AlixPartners.

The “Mobile Financial Service Tracking Study” looked at mobile banking trends over the next five years and predicted areas of growth. The study also compared how certain banks are stacking up in their mobile efforts.

Mobile switch

According to the study, mobile bankers tend to be higher-income consumers and hold more products within their accounts.

Mobile banking also played a large role for consumers who were thinking about switching financial institutions. According to the study, 39 percent of consumers who switched banks in the past six months said that mobile was an important factor when choosing a bank.

via Mobile banking adoption to reach 50pc by 2016: study – Research – Mobile Commerce Daily.

Written by Kees Winkel

February 26, 2012 at 15:53

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One Quarter of British Now Use Smartphones for Mobile Banking | Mobile Marketing Watch

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Mobile banking is a hot concept in the United Kingdom.

Smartphones owners in Great Britain are choosing – with greater frequency than ever – to manage their finances by way of their preferred mobile platform.

Based on the findings of a new survey spearheaded by mobile web and application specialists Antenna, roughly 25% of smartphone owners in the UK now utilize their phone for mobile banking – which is broadly defined as an array of services spanning account balance inquiries to transaction reviews.

Antenna Chief Executive Jim Hemmer tells Reuters: “consumers, particularly younger ones, had little loyalty for which bank they used and therefore the banks could attract more customers if they improved their offerings.”

Consequently, as smartphone technologies and accessibility continue to grow, so too will the popularity and increasing reliance upon mobile banking, say the mobile banking market-watchers.

“Mobile banking has now taken hold,” Hemmer tells Reuters. “People want to take care of their banking when it makes sense to them and not when a branch is open. So banks have to rethink their model. There is not as much brand loyalty as there used to be and so they really have to think about the service they offer.”

via One Quarter of British Now Use Smartphones for Mobile Banking | Mobile Marketing Watch.

Written by Kees Winkel

July 4, 2011 at 14:23

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Mobile a factor in consumer banking: study – Mobile Commerce Daily – Research

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Mobile banking is quickly becoming the future of banking statements, and a new study found that mobile is now a factor when consumers are choosing banks.

The study, which was conducted by financial consulting and research firm Mercatus LLC, reported that consumers are now using mobile platforms as a major consideration for banking. This study aligns with recent developments in financial banking.

“Where we traditionally saw mobile as only important for a younger age group, this study found that mobile is important to a broader age group than we thought,” said Teresa Epperson, partner at Mercatus LLC, Boston.

“In particular, we saw an increase in ages 26 to 44,” she said.

Mercatus LLC is a strategy and research firm that works with retail financial services.

Engaged consumers

The study demonstrates the increased levels of engagement smartphone owners have with their devices, specifically with texting, emails and Internet access.

Users also spent one-third of their time on social networking sites and almost ten percent watching downloaded videos or movies.

“The level of engagement we see with mobile devices keeps increasing, which signals an opportunity for retailers and shoppers to get engaged with users,” Ms. Epperson said.

The study found that of those consumers who switched banks this year, 39 percent of participants said that mobile was not an important factor in their banking decision – compared to 75 percent of participants who said that mobile was not important to them last year.

The study showed that the percentage of users has decreased by 36 percent – initially 75 percent and now down to 39 percent – which shows that more consumers are banking on mobile.

Ms. Epperson also said that a key theme from this year’s findings show that people who use mobile banking platforms are more likely to stay at their bank.

“We saw increased levels of retention in this year’s study and a switch in consumers using mobile devices instead of automated billing,” Ms. Epperson said.

“Additionally, consumers who are using mobile banking are less likely to switch banks,” she said.

Read on via Mobile a factor in consumer banking: study – Mobile Commerce Daily – Research.

Written by Kees Winkel

June 23, 2011 at 12:49

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How mobile technology is changing the way that consumers bank – Mobile Commerce Daily – Columns

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Joe Marcallini reports in Mobile Commerce Daily:

In the fourth quarter of last year, 30 million U.S. consumers accessed their financial services accounts via mobile devices.

Mobile banking lends itself to personal scheduling, providing users the added convenience of accessing banking information while on the go.

As mobile technology continues to attract new, savvy and informed users, the banking industry must use innovative mobile techniques to connect with existing customers as well as attract prospects.

Here are just a few of the new mobile concepts banks are using to stay ahead of the technology curve.

Mobile Web site and mobile apps

Mobile Web sites and mobile apps are generally the first thing that comes to mind when people think of mobile marketing – and rightly so.

A mobile site is your front door to the Web for people on the go. Where is your bank? What are the hours of operation? What is your phone number? What are other people saying about your bank on local search reviews?

The first step is to create, design and develop a mobile Web site. Today, it is a necessity.

The second step is to begin thinking how you can add value for your customers with a mobile app.

Perform a competitive analysis on the mobile apps that other banks have deployed and make your mobile app better. Target your audience of mobile device users and create value for the customer who is on the go.

via How mobile technology is changing the way that consumers bank – Mobile Commerce Daily – Columns.

Written by Kees Winkel

June 7, 2011 at 10:28

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