A recent report covering mobile banking reveals that over half of the Top 100 financial institutions offer mobile banking services as of September 2010.
Surprisingly, this activity is not concentrated among the Top 25 or even Top 50, with many smaller banks actively utilizing vendor capabilities to offer mobile solutions. Of the Top 100, nearly 40% offer access via mobile web, while 32% offer SMS banking and/or alerts and 32% offer apps.
Apple’s iOS remains the main platform for launching application-based banking, but financial institutions have realized the importance of other operating system leaders. Sixteen percent and fourteen percent now offer a RIM Blackberry or Google Android application, respectively.
A detailed evaluation of features available by channel also reveals that mobile web and app channels often provide virtually the same capabilities. Balance inquiries and transaction history are standard, but new features help banks differentiate themselves from competition. Seventeen percent offer GPS-enabled branch/ATM locators, and thirty-five percent allow mobile billpay (most require pre-entered payees, but not all).
Additionally, several banks are expanding their offerings to include mobile deposit capture, P2P, offers and loyalty programs, and rewards management and redemption.
The study, released by First Annapolis, covers mobile banking and payments capability and activity among the Top 100 U.S. financial institutions (ranked by deposits). The report is the first data-intensive study of its kind and provides unique insights into how banks currently leverage mobile as a new channel to reach consumers.
Source: First Annapolis
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