Although most of the top US banks have made the leap into mobile, more than a third have not.
Many of the banks engaging in mobile are looking beyond the basic offerings that spearheaded their digital strategy. Applications are faster, host a wide array of functionality that more appropriately serves the use cases of the customers, and are much more interactive and dynamic, becoming two-way communication applications. Now banks must heavily promote mobile adoption.
Most projections are bullish about the adoption of mobile banking over the next 510 years, often over 50%. But Celent doesnt consider it to be a mainstream channel yet, at least in the minds of the users, says Stephen Greer, Analyst with Celents Banking Group and coauthor of the report. Customers are often misinformed about banking from a mobile device, citing security and reliability as two of the most common hindrances to adoption.