The viability of the mobile banking channel continues to grow in line with smartphone adoption and the proliferation of mobile banking apps. The industry continues to invest heavily in developing new services and features for mobile banking as banks continue to monitor trends and evaluate the best opportunities for them to strategically invest or partner with key innovators in the space.

Smartphones driving M-banking

Widespread adoption of smartphones among mobile users has allowed a more user-friendly web-browsing experience and significantly greater access to apps associated with bank accounts. As a result, population of mobile bankers is larger than any other group within the mobile financial sector, having grown at a rapid pace (up 30% from nearly a year ago). In Q2 2011, 33.5% of all mobile users owned a smartphone, enabling greater mobile media consumption and access to bank accounts while on-the-go. By November 2011, this percentage grew to 39.1%.
Customers need education

Across the spectrum of available mobile banking features, awareness is limited to slightly more than half of all smartphone owners with a bank account. Even among those who are aware of mobile banking functionality, awareness is twice as high as actual adoption, indicating an area of opportunity for banks to continue educating customers on mobile banking services and understand what might be hindering adoption. Not surprisingly, the banking activities conducted most often from a mobile device are checking balances and viewing transactions – fairly basic account monitoring functions.

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Source : IIPM Editorial, 2012

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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