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Mobile banking interest waning

Consumer interest in mobile banking remains limited in the US, despite renewed efforts on the part of financial institutions to drive awareness.

Industry analyst, Jupiter Research, estimates that just 8 per cent of online consumers who own a cell phone are interested in using mobile browsing to check account balances.

In its latest report, “Mobile Banking: Assessing Servicing Opportunities via Cell Phones,” Jupiter advises major US banks, which are working to expand mobile offerings, to experiment with services that exploit the mobile channel’s characteristics to respond to the needs of key consumers segments.

“The current buzz around mobile banking is fuelled by financial institutions’ desire to expand their customer relationships to the mobile channel rather than consumer demand,” said Asaf Buchner, analyst at Jupiter Research. “Banks have to identify potential early adopters and educate these customers about the value of mobile services.”

When developing mobile strategies, banks should consider the availability of mobile technologies – SMS, mobile browsing and client application – as well as the characteristics of mobile interactions.

“Banks should not offer mobile services that aim to mirror or duplicate the online experience,” said David Schatsky, president of Jupiter. “Online banking brought consumers the convenience of banking anytime. Mobile banking can add an anywhere element, but banks should identify where such ubiquity is crucial.”

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