Mobile banking users to number 53 million by 2013

12:09 AM Edited by Blony

Mobile banking adoption will increase from 10 million active users in 2009 to more than 53 million active users in 2013--a compound annual growth rate of 51.8 percent--according to a new forecast issued by consulting and advisory services firm TowerGroup, crediting the growth to consumer desire for real-time access to aggregated financial information, especially in the face of continued economic concerns. TowerGroup anticipates that over time, mobile banking will evolve beyond basic banking functionality like balance inquiries, location finders and intrabank fund transfers to more sophisticated applications that more fully leverage the scope of the mobile platform, and recommends that banks consider the following best practices:

* Leverage other delivery channels to create synergies with the self-service model and utilize the full spectrum of device capabilities. * Develop smart integration models that offer new segmentation and personalization capabilities for true one-to-one customer outreach based on customer preferences. * Look beyond the existing customer base to capture new customers--e.g., as current unbanked customers with no bank accounts, ethnic markets and new generational users (including the Generation Y segment, which desires self-service, innovation and paperless electronic transactions with no need for human interaction). * Forge tight relationships between mobile banking and ATM vendors to build stronger ties with customers that currently do not have a relationship with a bank.

via fiercemobilecontent