2010 will be remembered as the year that implementing mobile banking moved from being a get-on-the-bandwagon trend to table stakes in the American retail financial services market, the year that big banks began to recognize the channel's own legitimacy, and the year that most mid-tier and community banks put mobile banking on their short list of things to get done.

For banks, the good news is that, relative to other pressing technology investments like enterprise risk management or core replacement, mobile banking is relatively cheap to bring to market. The challenge is that there are many moving parts to consider: basic banking functionality, security, back-end integration, payments integration, NFC, and marketing and loyalty plays. The bigger challenge is that many consumers are already steps ahead when it comes to adopting a mobile lifestyle, so every month that lagging banks spend deliberating on all these options is another month that competitors grab mindshare as the mobility-focused brand.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.