Trends in Mobile Banking

by Kevin Lynch 19. May 2010

I recently attended an eCommerce conference for financial institutions called Net.Finance. Over the two day period, there were two consistent themes across most of the presentations. They were the growth of mobile as a servicing and delivery channel and the use of social media by banks. I'm going to focus todays' post on mobile.

Over a year ago, we began offering an iPhone Branch/ATM Finder application, one of the first in the country. Even with the limited functionality, we've been pleasantly surprised to see over 1,500 downloads. This simple application confirmed that there is definitely a demand for these services. And why not? Over 78% of the US Consumer market, close to 242 million people, are expected to have mobile access by the end of 2010. Of those mobile users, 1 in 5 will be using the so-called "smart phones" like the iPhone and Android. When we launched the iPhone app, we were one of a handful of banks. Now, there are over 78 financial institutions offering 86 mobile apps for iPhone users.

As we follow these national trends, we realize that our customer and prospect needs are changing as well. So in the very near future, we'll be rolling out a mobile solution that will meet the needs of our community. We are very excited about this solution. Stay tuned for more in the months ahead.



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