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Financial Institutions Cash In on mBanking Applications
As recently as two years ago, mobile banking (mBanking) was viewed as something that financial institutions (FIs) might consider doing if they wanted to reach the unbanked or under-banked or if they wanted a quirky new way to stand out from the competition. Today, it is a deal-breaker.

So what has changed? Several things, actually. For one, the number of mobile platforms that support mBanking continues to explode exponentially. Two years ago, RIM's Blackberry was the predominant mobile platform. Today, Blackberry is struggling to stay afloat, and iOS and Android are dominating the market with smartphones and tablets that make mBanking as easy, safe and accessible as Internet banking was when people first began embracing it.

And, of course, the most significant change is that FIs and their merchant customers are listening to the demands of this burgeoning customer base. Recent studies show that worldwide mobile payments to merchants for physical goods will grow from $60 billion in 2011 to more than $170 billion by 2015. For example, by the end of the first quarter of 2012, more than 7,000 U.S. Subway restaurants will accept contactless payments through the MasterCard PayPass platform. Additionally, Office Max and other popular retail stores are now accepting Google Wallet as a mobile payment option when buying products.

The power of mobile is to use it throughout the entire customer lifecycle. Leveraging the mobile channel as part of a marketing strategy is an effective way to build customer awareness. For instance, targeted mobile marketing and mobile advertising can be done through SMS and can include mobile discount offers, vouchers and coupons in order to provide better customer targeting, lower cost, interactivity and the ability to track responses at an individual level.

The financial institutions that are most aggressive with mobile technology will gain market share from the competition and enable the most efficient and relevant information that will attract young and technology-driven mobile users.

Financial Institutions Cash In on mBanking Applications examines the mBanking market and provides analysis about the most lucrative features of mBanking; drivers in the industry; and challenges that financial institutions are encountering as they implement solutions. It includes a comparative analysis of solutions available in the market and examines the geographic landscape of the market and trends that are likely to occur in the industry over the next 18 to 24 months.
Sample research data from the report is shown in the excerpts below:
Table of Contents (mni0312_toc.pdf)
There are several features that make mBanking so attractive to mobile network operators (MNOs), FIs and end users. The following excerpt shows which features are expected to entice new users the most over the next 24 months.
[click on the image above for the full excerpt]
Companies analyzed in this report include: Computer Services Inc. (OTCQX: CSVI); FI-Mobile Inc.; First Data Corp.; Harland Financial Solutions Inc., a wholly-owned subsidiary of M & F Worldwide Corp. (NYSE: MFW); mFoundry Inc.; Mitek Systems Inc. (Nasdaq: MITK); MOBIbucks Corp.; Sybase Inc., an SAP company (NYSE: SAP); and Tyfone Inc.
Total pages: 17
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