The Astounding Figures on the Growth of Mobile Banking

By  |  January 9, 2011
 | 

Mobile banking is the leading indicator of consumers’ interest in mobile applications and services, according to Richard Crone.

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    “[Mobile banking] is growing at two to five times faster than Internet banking did from its inception,” said the CEO of Crone Consulting.

    He broke down the operations currently performed by mobile banking users, including:

    – Checking balances (87%)

    – Viewing account statements (33%)

    – Paying bills (32%)

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    – Monitoring recent transactions (30%)

    The real advantage to enrolling these customers to mobile banking is to get their mobile credentials, advised Crone, reaffirming his presentation’s main theme. In the United States alone, Crone claimed that one-third of households don’t have a landline.

    “It’s not just being able to identify [consumers’] credit history… It’s being able to contact them,” he said.

    National Retail Federation’s 100th Annual Convention & Expo

    Sunday, Jan. 9

    1) Using Mobile Payments to Increase the Base of Contactable Customers (9 a.m.)

    – The Golden Rule of mCommerce  

    – Astounding Figures on the Growth of Mobile Banking

    – Why Mobile Could Be the Ultimate Cross-Channel Marketing Tool

    – What Consumers Want Out of Retailers’ Mobile Apps

    – 90% of Consumers Would Pay for Mobile Payment Options

     

    2) Target and ConAgra Foods on Converting Social Media Activity into Sales (10 a.m.)

    3) First Data’s Security Panel Offers Tips for Protecting Your Business (11:30 a.m.)

    4) IBM on How to Capitalize on the Smarter Consumer (1:45 p.m.)

    5) SAP Examines Precision Retailing and the Mobilized Consumer (3 p.m.)

    Monday, Jan. 10

    1) Deloitte VP Offers Suggestions for Harnessing Power of Technology in Retail (10:30 a.m.)

    2) Macy’s, Tesco and Food Lion Executives Analyze Evolving Retail Landscape (11:45 a.m.)

    3) Why Bankers Might Not Be Fond of the Tesco Credit Card (12:15 p.m.)

    4) Greetings from the Floor at NRF! (1:45 p.m.)

    5) Social Commerce: Is It Worth the Effort? (2:45 p.m.)

    6) iPad Retail Apps: Thumbs Up or Thumbs Down (3:15 p.m.)

    7) Steve Madden and Golfsmith’s Biggest mCommerce Mistakes of 2010 (4:30 p.m.)

    8) Merchants’ Perspective on Formulating an mCommerce Strategy (4:45 p.m.)

    9) Introducing the 3D Fitting Room (5 p.m.)

    10) Google ‘Locates’ New Multichannel Shopping Feature (5:30 p.m.)

    NRF Final Thoughts: Looking Ahead to the Next 100 Years in Retail 


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