Mobile banking services have been adopted by a core group of customers but until now, growth rates have been slow. This banking form is expected to rise rapidly as the economy improves and as banks become more willing to invest in the technology necessary to enable these services. An IDC Financial Insights study suggests that as younger consumers, who are heavy users of social networks, move into the professional world they will expect and want to conduct their banking needs through familiar mobile channels.
Currently, the most popular mobile banking transactions are:
- Balance query
- Fund transfer requests
As banks develop their mobile service initiatives, they will be forging business relationships to obtain secure authentication channels and partnerships with online access carriers and handset providers. These new business relationships, in addition, to the newly offered services, will all be reasons for banks to increase marketing efforts as they compete in this growing marketplace.[Source: IDC Financial Insights, August 11, 2009 release]