Mobile Banking to Mature, Expand in 2012

In a recent survey conducted by Forrester Consulting on behalf of financial services technology specialist Fiserv, analysts discovered that several innovative solutions may expand the functionality of mobile banking in 2012.

"After several years of technology-driven expectations, mobile banking is finally seeing sustained traction in the U.S., and banks have rolled out support broad enough to enable consumers with nearly any mobile device to access basic banking functionality," explained Forrester vice president Brad Strothkamp. "As consumers gain confidence with the channel, their needs are shifting from simple functionality like account balances and ATM locators to transactions like bill payment and account transfers."

To meet this demand, eight out of 10 institutions polled indicated that they will invest in some type of mobile payment feature within the next 12 months. Person-to-person mobile payments were viewed as the top priority in this domain by the majority of respondents, representing a key competitive advantage.

The research did, however, reveal that most banks and credit unions are adopting a more conservative, wait-and-see approach in relation to mobile point-of-sale payments. This hesitation and lack of clear understanding may open the door for non-traditional competing threats, according to analysts, including well-funded third-party application designers.

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