Skip to main content

Mobile banking gaining momentum

Paul Newman Archive

Consumers are using smartphones, tablets and other gadgets more often than ever before, forcing organizations to adapt to ongoing trends to stay relevant and keep customers happy. As the proliferation of advanced devices continues, business decision-makers are looking for the next big thing.

Mobile banking provides individuals with the ability to check their finances from virtually anywhere at any time and receive messages about specific aspects of an account, according to a report by Tech Digest. A separate report by Mercator Advisory Group also highlighted the growing adoption of mobile banking services due to the ongoing adoption of smartphones and tablets.

"Mobile banking adoption has accelerated at unprecedented rates, rivaling the speed-to-adoption of such consumer 'must have' products as telephones, dishwashers, automobiles and color TVs," said Ed O'Brien, director of Mercator Advisory Group's Banking Channels Advisory Service.

While mobile banking introduces a number of unique opportunities, decision-makers need to prioritize data quality and security, as neglecting either of these aspects will only invite problems down the road. By planning mobile projects well in advance, executives can be sure they emphasize the right initiatives to keep users happy and safe.