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Mobile Banking is Here!

by Kevin Benedict

January 7, 2011

In the past couple of years, mobile banking has grown rapidly among smartphone users, and 2011 promises even faster growth.  During 2010, roughly 10 percent of households in the United States used mobile banking features on their smartphones.  Expect to see significant increases in those numbers in 2011.

During 2007 there were 10 million global users of smartphone banking.  By next year 150 million people will be checking their bank accounts on mobile devices, and by 2013 that number will increase to nearly 400 million. These figures are truly impressive.

With the rapid increase of mobile banking, financial institutions are realizing that customer satisfaction lies in mobile apps.  Approximately 1,000 U.S. banks now offer some type of mobile app for account management, but 29,000 more banks are expected to develop mobile banking applications within the next year.

Many banks are developing mobile apps that not only allow users to monitor accounts but to deposit checks. Chase Bank is charging ahead in the mobile banking world and has developed a Droid app that allows customers to deposit checks by photographing a check and sending the picture to Chase through its app.

The convenience of managing bank accounts from anywhere is the driving factor for mobile banking growth. The days of walking or driving to a bank may soon be past.

Mobile banking relates to mobile payments, which relates to mobile retailing application and more.  There is a whole lot of fun happening in this space in 2011.

Smartsoft Mobile Solutions is an SAP services partner that has developed business-to-consumer mobile retailing applications for some of the largest global retailers.  For more information visit www.smartsoftmobile.com.

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