Do you use your mobile for banking for personal or business purposes?
It is quite possible that you don’t, not many do. But according to analysts, commercial mobile banking is nearing take off point and subsequent investment is required to avoid loosing customers.
Marc DeCastro, research manager for consumer banking and credit/community banking at IDC Financial Insights, said
"This is the time for banks to invest in their strategies for mobile banking or risk playing rapid catch up once usage does take off.
"Mobile banking for retail customers will become a staple, no different than online banking. Just like online banking, the justification for offering a mobile solution will be based on customer retention and cost reduction.”
DeCastro added: “The convergence of technologies into the mobile phone will continue to attract customers to the technology, and banks will need to offer a solution.”
While the most popular mobile banking function at the moment is checking balances, the report suggests that businesses and consumers now want the ability to shift money between accounts and access higher control functions from their mobile devices.