Smart Phone Adoption Stabilizing Mobile Bank Rates
SAN FRANCISCO-The exponential adoption of smart phones has helped stabilize mobile banking rates, and mobile banking growth is poised to begin a steady and upward growth trend in 2011, according to a new study from Javelin Strategy & Research.
In the study, "2010 Mobile Banking and Smartphone Forecast: Fast Growing Smartphone Market Will Offset Lost Momentum in Mobile Banking," Javelin recommends FIs consider developing applications for Google's Android, which has overtaken Apple's iPhone, and is on the fast track to succeed RIM's BlackBerry as market share leader.
The study also found that four out of five consumers have not tried mobile banking because they don't see its value and are concerned about security.
"Financial institutions put their investments in mobile technology on hold while they struggled to cope with new regulatory requirements and shrinking margins and now there is a real mismatch of what the market needs and what is available," said Mary Monahan, Research Director. "FIs need to step up."