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The Business Case For Mobile Banking
Posted on April 27, 2010, 4:25 pm, by Diarmuid Mallon, Product Marketing Manager, under Mobile Finance and Banking.

Mobile phone usage is pervasive in bothemerging and developed markets. As consumers shift more personal business to their mobile phones and smartphone ownership increases, financial institutions and mobile operators are now introducing abroad portfolio of mobile services. But what are the benefits for banks when it comes to mobile banking?

Financial institutions are adopting mobile banking to meet four primary objectives:

[1]Enables banks to deliver existing services via mobile phones so customers have access to accounts anytime, anywhere

[2] Reduces costs of delivering customer service over more expensive channels such ascall centers, branch personnel and ATMs

[3] Improves security by adding another layer of security (customers use the phone or a message as an alternative to One-Time-PIN generator/tokens)

[4]Enhances marketing opportunities by introducing a more immediate and personalized communication over mobile phones

Mobile banking separates a bank from its competitors in a crowded marketplace. Asmore customers turn to their mobile phones not only to communicate, but also to work and relax, mobile banking and managing personal finances is another valuable service that financial institutions canoffer the savvy, mobility-craving consumer. Customers are choosing financial institutions that offer them the greater ease of accessing their bank account information by mobile phone—and they arestarting to expect mobile banking services to be an option in any service offering.

According to the June 2009 Yankee Group report “Mobile Banking Creates a Bright Spot Within the Struggling FinancialIndustry”, the potential audience in the United States for mBanking is 260 million consumers. The early adopters to date have been higher income individuals. Based on Yankee’s numbers, 62.5 percent...