Look Past Online for Mobile Banking Potential

Perhaps what is most interesting about Forrester Research's US Mobile Banking Forecast, 2010 To 2015 is the idea that there is vast potential in getting those who do not bank online with a PC to do so with their smartphone.  While most mobile banking programs seek out active online adults, far more adults currently own a cell phone and use it daily than access the Internet on a PC, and it is here where there is more potential to both add value for customers and reduce delivery costs for the bank.

Forrester reports, however, that Gen X and Y will be the drivers behind mobile adoption.  “Gen X adults (ages 31 to 44) today make up 39 percent of U.S. mobile bankers —the most of any generation... when combined with Gen Y users, the two account for more than three-quarters of all current mobile banking users. By 2015, Gen Y will surpass Gen X and will make up 44 percent of U.S. mobile bankers. These two groups represent the present and the future of mobile banking.”

To get to that one in five US adults, banks will need to do a lot more.
   1. Introduce innovative new features, like mobile remote deposit capture, not commonly available through other channels.
   2. Optimize existing functionality to offer superior user experiences through the mobile channel.
   3. Leverage the unique capabilities of mobile devices and the mobile channel, particularly location based services.

The real ROI from mobile banking will come from engaging the 40% of US consumers who today do not bank online. As Forrester notes, today's online banking functionality won't get it done.