Banks Urged To Prepare For Mobile Banking

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Banks Urged To Prepare For Mobile Banking

Wed, 12 Aug 2009

Banks have been warned to prepare for a growth in mobile banking in a new report released by global analyst firm IDC.

The report claims the area is growing and urges banks to invest in the technology to ensure they are not left behind.

Marc DeCastro, research manager for consumer banking at IDC, says: "This is the time for banks to invest in their strategies for mobile banking or risk playing rapid catch up once usage does take off."

"Mobile banking for retail customers will become a staple no different than online banking ."

IDC says banks should be looking at expanding mobile banking features and functions, getting customer feedback on what users actually want from the service and developing a common platform.

According to the report, a survey of 14 mobile banking service providers found that checking balances and transferring funds between accounts are currently the two most common mobile banking activities.

But IDC says that banks should be focusing on offering an application that thrusts mobile banking into the mainstream and suggests payment services could be the answer.

DeCastro adds: "Just like online banking, the justification for offering a mobile solution will be based on customer retention and cost reduction."

"The convergence of technologies into the mobile phone will continue to attract customers to the technology, and banks will need to offer a solution."

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