Online Banking Is Old News. Hello Mobile!

• Posted: Saturday, April 26, 2008
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• Author: pradhana
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• Filed under: Mobile Services, Online Services

But where will the statement stuffer go?

For years, US consumers had little interest in banking with their mobile phones. Unlike ATMs, mobile phones don't dispense cash. But they do get lost. Many US consumers have been very worried about security.

But making balance requests doesn't necessarily compromise account security and designating specific phones for banking activity can remove the risk of carrying an account number on the phone. By keeping it simple, mobile banking is set to move beyond the early adopter crowd.

More than 100 million US consumers will use their mobile phones for banking services by 2012, according to Javelin Strategy and Research data cited in an April 2008 BusinessWeek article.

In an even more specific prediction, TowerGroup said in its "US Mobile Banking Forecast 2007-2012" report that nearly 41 million US consumers will conduct some banking activity by mobile phone at least every 90 days by 2012.

Read more - eMarketer

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