Archive for February, 2013

2013 – The Year of Mobile Banking

February 13, 2013   Posted in Uncategorized | No Comments | Email This Post | Print This Post

All signs point to a big push by financial institutions to deploy mobile banking this year. An article this morning in the Wall Street Journal, Banks Make Smartphone Connection, illustrates this trend. Many financial institutions have deployed mobile banking or plan to deploy it this year. The difference in an FI’s approach will be its deployment strategy. Some deploy mobile banking to provide customers with the ability to conduct standard transactions using a smartphone or tablet. Standard transactions include balance checking, transfers between accounts and bill payments. The more intrepid FIs are providing an additional level of mobile banking – remote deposit capture by camera. Consumers can sit in the comfort of their home and “snap” a deposit remotely rather than travel to a branch. The most innovative FIs have now taken mobile banking to a third, exciting stage-“mobile phone bill pay”. Mobile phone bill pay allows customers to take pictures of their bill coupons using smartphone or tablet cameras.  The FI electronically processes the payments for them.  First Financial Bank, Texas, calls their version Picture Pay™.

Mobile banking is clearly designed to satisfy the preferences of tech savvy customers of all ages and to also attract new Generation X and Y customers.

I enjoy mobile banking.  I began using the mobile check deposit feature when it was first offered by my bank. I had to complete a quick learning curve, answer my concern as to whether it would work (it did) and change how I track deposits. Now, after a number of months of use, I use mobile check deposit for business and personal accounts and am quite satisfied.

It’ll be fascinating to see the speed of adoption of mobile banking by FIs and consumers. Keys to consumer adoption will include trust, ease of use and reliability. It’ll also be interesting to see what impact mobile banking will have on in-branch, Internet and call center transactions.

What are your mobile banking views? How quickly do you think mobile banking will be adopted by FIs and consumers?

About Jim Jones

James D. Jones, a national speaker for 16 years, has presented to financial services and mortgage audiences for organizations of all sizes.More >

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