Latest mobile banking figures from Barclays, Wells Fargo and others
suggest that m-banking – for so long a source of frustration to
banks due to unwieldy interfaces and lack of appetite from
consumers – is finally realising its potential as a true
alternative delivery channel.
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The near-ubiquity of smartphones, which act
more as miniature internet portals than mobile web services of old,
has undoubtedly catalysed recent improvements in m-banking
uptake.
Barclays, for instance, has launched a
revamped mobile portal, Barclays.mobi, aimed at making m-banking
more simple and more intuitive for customers. The bank, which
launched its mobile banking service in its current form back in
2007, says that it has seen a 100 percent increase in customer
usage rates since the start of 2009.
Wells Fargo, meanwhile, has updated its iPhone
and iPod touch offerings by making the service accessible from the
application store found at iPhone manufacturer Apple’s website.
Wells Fargo says its customers access the
mobile banking website an average of six times a month, with users
of the more basic text banking service sending an average of 19
balance requests per month.
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By GlobalData“Mobile phones are becoming an integral part
of our customers’ lifestyles,” said Arah Erickson, head of retail
mobile banking at Wells Fargo. “People are expecting to do so much
more on their phones: check email, get directions at a maps site or
find a restaurant. That is why we are seeing ever increasing
adoption of mobile banking. We have seen growth beyond our
expectations.”
While Wells Fargo and Bank of America, which
had over 2 million m-banking users at the end of 2008, are
unsurprisingly seeing strong m-banking growth, a less-heralded
competitor is also witnessing strong growth levels.
The banking arm of the United Services
Automobile Association (USAA), which provides financial services
for US military personnel and their families, has launched its own
iPhone application following remarkable take-up of its mobile
service. In the 10 months since launch, USAA – which began as a
predominately mail-driven service when it launched in 1922, and now
exists as a full-scale direct bank – has signed up 800,000
customers to its m-banking platform, equivalent to over 11 percent
of its customer base.
