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2009 Mobile-Banking and Smartphone Forecast: Essential Strategies for a Fast-Growing, Evolving Market
Javelin Strategy & Research, Sep 2009, Pages: 48
Now is the time for U.S. financial institutions to invest in mobile banking. American consumers are hungry for better ways to monitor and manage their money – and mobile banking will serve that need better than any other banking channel by providing always-on interaction and real-time financial information. Though mobile banking is in its infancy, Javelin forecasts that it is on a trajectory to evolve into a mainstream banking channel that will serve nearly half of mobile-phone owners by 2014. This report:
- Features Javelin’s five-year forecasts for mobile banking usage; the growing availability of mobile banking at primary financial institutions; and smart phone adoption, which currently is driving mobile banking.
- Analyzes five key factors fuelling adoption of mobile banking, including the role of the Apple iPhone and other smart phones and the race to develop basic thin client “wrapper applications” that integrate into the institution’s mobile online site.
- Identifies five key obstacles for mobile banking and outlines how financial institutions can minimize them.
- Examines mobile-banking penetration by the largest wireless carriers, with AT&T Wireless boasting the greatest number thanks largely to the popular iPhone, while Verizon lags behind but is positioning itself to expand its role in mobile banking in 2010 with the planned introduction of the iPhone and faster LTE 4G networks.
Primary Questions
- How fast will mobile-banking availability and adoption grow over the next five years?
- How long before it becomes a must-have banking channel?
- How fast will smart phone ownership grow during that period?
- Who are the first adopters?
- What key factors are driving the growth of mobile banking?
- What obstacles could limit the spread of mobile banking – and what can financial institutions and vendors do to minimize those issues?
Methodology
This report is based mainly on data collected online from a random sample of 3,000 consumers with mobile phones in July 2009. The survey targeted respondents based on representative gender, age, and income compared to the overall U.S. online population. The overall margin of error is ±1.79% at the 95% confidence interval.
This report also includes data collected online from a random sample of 2,714 consumers in March 2008. The survey targeted respondents based on representative gender, age, and income compared to the overall U.S. online population. The overall margin of error is ±1.88% at the 95% confidence interval. Javelin’s forecasts also incorporate secondary data from public sources such as the U.S. Census Bureau, and the Bureau of Labour Statistics.
Javelin’s data for mobile banking is based on consumers with mobile phones. This is a typical way of presenting mobile banking because only consumers with mobile phones can conduct mobile banking. In 2009, the U.S. population was estimated to comprise 306 million people. That includes 232 million adults, 200 million adults who use mobile phones, and 36 million adults who use mobile banking.
The forecast analysis of mobile banking and smart phone adoption extends to 2014. For the first time, Javelin collected mobile-carrier comparison figures for benchmarking purposes. Information regarding wireless carriers was collected from interviews with company executives, Securities and Exchange Commission filings and other public documents.
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