| TowerGroup Estimates that Over 40 Million U.S. Consumers Will Use Mobile Banking by 2012Last update: 11/13/2007 11:19:00 AMNew Research Forecasts Mobile Banking Adoption and Examines Its Impact on Other Banking Delivery Channels LAS VEGAS, Nov 13, 2007 /PRNewswire via COMTEX/ -- BAI Retail Delivery Conference -- Long stalled by lack of adoption and a range of technical issues, new research from TowerGroup finds that mobile banking is finally coming into its own. Banking over the mobile channel, especially when considered in the context of an evolution toward mobile payments, is now fast becoming a market mandate -- and is no less important than the dawn of Internet banking in the late 1990s. Mobile banking initiatives launched in the early part of this decade crashed and burned -- victims of a lack of compelling features, functionality and consumer friendliness. Compounding these issues were limited device support, poor network availability and slow data speeds, as well as a lack of focus from mobile operators. TowerGroup estimates that by year end 2007, mobile banking customers will top one million, and that more than 40 million U.S. consumers will adopt mobile banking by 2012 (see related graph at ). TowerGroup attributes this growth to substantial improvements across wireless networks, handsets and applications, as well as the significant marketing and technology investments being made by top banks to increase consumer awareness and trial. "With mobile device penetration in the U.S. at an all time high and market dynamics shifting, mobile banking is finally poised to thrive," said Bob Egan, Chief Analyst at TowerGroup and author of the research. "Consumers view their phones as trusted devices, even more so than their desktop PC. This perception will help fuel the adoption of mobile banking among non-online banking users." |
