Analysts are divided as to whether mobile banking will be widely offered by banks and adopted by consumers in the next four years.
Analysts are divided as to whether mobile banking will be widely offered by banks and adopted by consumers in the next four years.
Mike T.
Those guys at Gartner are crazy. There’s no way mobile banking will fizzle out. With places like Obopay and Citibank just beginning to offer mobile-to-mobile payments, it’s only going to get larger.
I think big bank X slipped a few dollars Gartner’s way to claim that mobile banking won’t happen so that they don’t have to keep up with the technology. ;)
They’ve got to be kidding themselves if they don’t think this will take off.
My blog post on the topic: Does the future of mobile banking look grim?
Mark M.
I think part of the problem is this false distinction between “mobile banking” and “internet banking.” As carriers begin to lower the barrier to data plans and phones become increasing more “browser friendly” and internet banking will be mobile banking.
Always great to hear different angles on these issues!
George P.
Fizzle in four years? sigh Did anyone think something like the iPhone was possible four years ago? That phone alone has already changed expections of a good mobile phone experience. It’s only going to get better.
In four years, who knows where technology will take us. Considering mobile banking and payments haven’t fizzled in Asia, Europe or Africa, what makes them think it’ll fizzle here?
But I’m telling you, FIs just need to figure out how to floss with it. Then the revolution shall explode.
Aiden M.
I think in the words of Lee Wetherington – we already offer mobile banking, we just don’t know it yet. Have you logged into your bank with a blackberry or iPhone?
The technology adoption curve is getting smaller, and now every bank has to offer what the big banks offer just to survive – mobile banking is simply the next phase of evolution, if BOA and Citi do it – we probably will too.
I am beginning to wonder if Gartner is just trying to become the wolf crier – social lending sites will take 10% of retail lending, mobile banking will not launch, the sky is falling. Bet their traffic rank and Google ranks are growing from all this “panic” mentality topics!
Elaine N.
I thought about this quite a bit while I was at South by Southwest Interactive last month, and I’ve got pretty much my whole take on it in this blog post. (short version: it’s coming, eventually, but when eventually is depends on the phone companies, and to a lesser extent, the economy as a whole. I tend to be very skeptical.)