17 August 2017
visit www.avoka.com

Mobile banking take up set to grow - Celent

18 May 2007  |  9434 views  |  0 smartphone screen with graph

Research from Celent suggests that the mobile banking channel will grow from one per cent of US Web banking households today, to 35% within the next three years - a forecast that breaks with downbeat assessments from other analyst houses.

The study predicts that new functionalities will make mobile banking more distinct from Web banking, which will attract more users and drive growth.

For example more customers will be able to use their mobile phones to make payments at the physical point of sale, and these contactless m-payments will make up 10% of the contactless market by 2010.

Younger people will drive the growth on m-banking, says Celent, with around 40% of younger consumers survey for the study saying that mobile services would be a factor in their choice of bank. Celent predicts that five years from now, a large proportion of this group will use mobiles to retrieve data and conduct transactions frequently.

Furthermore Celent estimates that by 2010 around 70% of bank call centre volume will come from mobile phones, but half of these calls will be a basic balance inquiry. Once this service is readily available on a mobile phone, a customer inquiry via mobile banking - as opposed to a call centre - will cost less and be an impetus for banks to embrace the channel, says Celent.

Commenting on the research, Dan Schatt, senior analyst at Celent, says: "The mobile banking end game will not be about checking balances and paying bills. It will evolve into a mobile wallet, allowing banks to generate greater electronic payment volume through the combination of electronic loyalty programs, mobile marketing, and contactless payments."

Celent's positive assessment is in sharp contrast to a study conducted by JupiterResearch earlier this year which found that despite renewed efforts by banks, consumer interest in mobile banking is limited.

The JupiterResearch found that just eight percent of online consumers who own a mobile phone are interested in using their hand sets to access account balances.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Consumers have limited interest in mobile banking - JupiterResearch

Consumers have limited interest in mobile banking - JupiterResearch

24 April 2007  |  8516 views  |  0 comments
Citi launches mobile banking application

Citi launches mobile banking application

03 April 2007  |  13902 views  |  0 comments
HSBC spams passersby in mobile marketing ploy

HSBC spams passersby in mobile marketing ploy

02 April 2007  |  14145 views  |  0 comments
Visa chief - convergence of payments and mobile comms inevitable

Visa chief - convergence of payments and mobile comms inevitable

29 March 2007  |  8847 views  |  0 comments
Monitise and Metavante to establish m-banking network in US

Monitise and Metavante to establish m-banking network in US

27 March 2007  |  9668 views  |  0 comments
US operator Cellular South to launch multi-city m-payments trial

US operator Cellular South to launch multi-city m-payments trial

23 March 2007  |  6615 views  |  0 comments
Bank of America to introduce m-banking

Bank of America to introduce m-banking

13 February 2007  |  12217 views  |  0 comments
HSBC launches contactless m-payments trial in US

HSBC launches contactless m-payments trial in US

29 January 2007  |  10677 views  |  0 comments
Fraudsters to target mobile banking, says TowerGroup

Fraudsters to target mobile banking, says TowerGroup

24 January 2007  |  6542 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comdownload the paper nowvisit www.dorsum.eu

Who is commenting?

Top topics

Most viewed Most shared
DBS Bank launches online car selling marketplaceDBS Bank launches online car selling marke...
9950 views comments | 13 tweets | 11 linkedin
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
9921 views comments | 8 tweets | 15 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
8266 views comments | 1 tweets | 3 linkedin
hands typing furiouslyCompliance: Overcome the data deficit
7724 views 0 | 1 tweets | 8 linkedin
PayPal buys Swift Financial to boost working capital bizPayPal buys Swift Financial to boost worki...
7661 views comments | 13 tweets | 7 linkedin

Featured job

Find your next job