In the past few months there was found an increase in number of institutions pursuing the initiatives of mobile banking. Despite this, there are still various questions remaining such as which delivery model is best, whether consumers really needs the service and how banks realize their ROI’s.
For almost five years of lying on quiescent mode, mobile banking is one of the fastest growing services in our financial market today. Top 10 of U.S banks are running their own mobile banking solutions. Also, several financial institutions are busy finding their places in the mobile banking world.
Mobile banking first appeared in the U.S a little before the year 2000. For the past few years after it had launched, most of the banks abandoned their prior efforts.
Now, there are several factors on why banks are choosing on giving the mobile banking service a shot. One of these is an increase in uptake of mobile phones/cellular phones nationwide, in particular smarter phones and newer brands. Another is, the consumerization of IT is the trend. Most consumers of our mobile technology today are younger generation, most of the time they are comfortable using mobile functions such as sending and receiving text messages, checking game scores and buying ring tones. Now more and more of them are accepting recent mobile services such as banking and making payments.
Over the U.S mobile usage have increased to 58% in the past 6 years and still the number keeps getting higher and higher each passing month.
