Mobile Banking Adoption Strategies in the United States

Report Summary

Mobile Banking Adoption Strategies in the United States

Over 90% of the top 100 U.S. deposit institutions consider customer convenience to be a top driver behind the adoption of mobile banking capabilities.

Boston, MA, June 11, 2007 – A new report from Aite Group, LLC reveals the key reasons that banks may choose to add a mobile banking service to their customer offerings, as well as the perceived barriers to adoption.

The report, based on a March 2007 survey of 22 of the top 100 U.S. deposit institutions, found that over 90% of banks surveyed responded that the ability to provide greater convenience to their customers is an important or very important factor in the decision to roll out a mobile banking service. Nearly half of these banks view the service as a defensive response and are considering adding mobile banking to avoid being left behind the competition.

"While none of the banks surveyed had deployed mobile banking solutions at the time the survey was taken, the case for adding this service seems apparent to all," says Nick Holland, senior analyst at Aite Group and author of the report. "Mobile phones and handheld devices are playing an ever-increasing role in consumers' lives. Banks clearly recognize the benefits of deploying such solutions, which include increased customer service and a competitive edge. Within the next 24 months, basic fund transfer capabilities will be increasingly common as barriers such as security and standardization are overcome."

This 7-page Impact Note contains 3 figures and tables. Clients of Aite Group's Retail Banking services can download the report.

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