RANCHO CUCAMONGA, Calif.-Mobile devices are beginning to replace the check register as consumers use mobile banking most for quick, simple account transfers and balance checks.
Analysts who spoke with Credit Union Journal see mobile devices used to get tasks done on the fly and to help make sure enough money is in the account to cover the latte.
"By and large the mobile device is starting to replace the checkbook ledger," said Dr. Kathy Herziger-Snider, VP of products at CO-OP Financial Services. "Consumers like that they can go in any time and check their balance, particularly when they are shopping, and review their transaction history. We see about 90% of transactions are checking account balances and recent transactions."
The quick, simple transaction is what mobile is in demand for, giving consumers the ability to do small banking tasks during downtime, assessed Steve Shaw, VP of strategic marketing for Fiserv, Brookfield, Wis. "Much of what's being done on mobile now used to have to wait until you went home to the PC and logged in. Now you can get things done while standing in line at the airport. Consumers like to transfer money from one account to another to cover a bill, or send money to a friend."
Brian Day, Dwolla product leader for The Members Group, Des Moines, Iowa, sees consumers using mobile for many of those same, quick transactions, but sees a second wave of usage getting stronger. "We are beginning to see interest really grow in using mobile for bill pay and remote deposit capture."
Remote Deposit Capture A Driver
Open Solutions, Glastonbury, Conn., has spotted the same growing trend, particularly for remote deposit capture. "It's just simpler and easier to take a picture with your phone camera than use your home scanner," said Quinton Hamel, product line director, e-commerce. "Then you just enter the amount and boom, it goes."
Hamel added that Open Solutions is also getting many more requests for the ability to offer account activity and low-balance alerts. "A little further out is advertising and marketing within mobile," he said.
Real-Time Data A Key Element
David Albertazzi, senior analyst at the Aite Group, Boston, says studies show mobile consumers placing a great deal of value on real-time data. "This is one of the key elements of the mobile user experience. The data has to be well timed and actionable because that's what consumers want. They want to view and be able to react to their financial data immediately when they receive it on the mobile device. P2P payments are growing, as well."
But Jim Banks, advisory solutions architect for Symitar, San Diego, reminded that it's easy to get caught up in the capabilities of mobile and that FIs still need to focus on the basics. "We recently conducted national consumer studies for our own mobile solutions and while it may be a little boring, the fundamentals are still the hottest-looking at account balances and transfers, and the ability to do rich bill pay-not just pay a bill, but schedule a bill and take advantage of the calendar capabilities of the mobile device."
