Boston, MA -- (ReleaseWire) -- 10/17/2012 -- At the beginning of 2011, 30% of mobile phone users in developed markets used a mobile banking service on their mobile phones at least once. By 2015 however, a number of forecasts expect at least 50% of US mobile users to be conducting transactions from their mobile devices, doubling the 25% utilization rate in 2011. Despite the success of mobile banking apps, the future of mobile banking is likely to be dominated by browser-based solutions, due to the convergence of PC-based and mobile internet. The mobile financial service adoption by consumers will grow significantly during the next few years, exceeding the use of online banking by 2015. By offering mobile financial services, banks can reasonably expect to increase their sales by as much as 60%, while research has shown that implementation of such technology can reduce the cost of acquiring a new customer by 20% due to the increased effectiveness of mobile-related customer acquisition marketing.
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- Banks in developed markets should sharpen their marketing so that customers have a better understanding of the added value of mobile banking services.
- Mobile banking needs to be part of a multi-channel strategy able to increase customer acquisition and loyalty rates.
- There are potential channel savings to be made, but above all there is an opportunity for banks to increase sales through new value-added services.
- Younger generations seem to be fascinated by modern data and telecommunication services and have a good perception of institutions that offer mobile financial services.
- This report will allow you to:
- Analyze the growth of the overall mobile industry
- Understand the role of technological development in the growth of mobile banking
- Gain insight into the technology and infrastructure supporting electronic payments
- Understand how banks are using mobile banking to beat the competition
- Examine the key features of mobile financial services
Reasons to Get this Report
- Assess the prospects for mobile banking and payments
- Find out how additional revenue can be raised through value added services
- Review the strategic and operational issues in the mobile banking sector
- Study the profiles of leading banks within the mobile banking arena
Companies Mentioned in this Report: Xoom, BBVA, Banamax, Scotia Bank, Citigroup, Tesco, Virgin
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