Financial Institutions to Expand Mobile Banking, Payments in 2012 Reveals Fiserv Survey
- Future spending focused on remote deposit capture, actionable alerts, mobile PFM tools and P2P payments
- Respondents split on plans to support point-of-sale payments
- Delivering applications for tablets emerging as a greater priority
A white paper detailing the survey results can be downloaded at http://bit.ly/vHc36h.
"After several years of technology-driven expectations, mobile banking
is finally seeing sustained traction in the U.S., and banks have rolled
out support broad enough to enable consumers with nearly any mobile
device to access basic banking functionality," writes co-author
More Robust Mobile Functionality a Priority for 2012
Nine out of ten of the financial institutions surveyed already have a mobile banking offering that provides basic account access, and almost all provide ATM/branch locators, transfers between accounts and bill payment. For 2012, financial institutions plan to focus on delivering remote deposit capture, actionable alerts, which allow recipients to initiate an action such as a funds transfer in response to an alert about a low balance, and additional payment capabilities. Eight of ten surveyed institutions plan to invest in some type of mobile payments in the next 12 months, with person-to-person mobile payments cited as a priority by seven respondents.
A 2012 mobile banking functionality roadmap can be viewed at http://bit.ly/vfArry.
Financial institutions are committed to providing mobile banking and payments capabilities for a range of devices, with a focus on smartphones. While none of the surveyed institutions currently offered specialized support for tablets, this was cited as a priority for 2012 by multiple respondents.
While banks and credit unions are forging ahead in some areas, a wait-and-see attitude remains common when it comes to the headline-grabbing area of mobile point-of-sale payments. While the surveyed financial institutions demonstrated a clear understanding of what it will take to make mobile point-of-sale payments a reality, many articulated a chicken-and-egg scenario in which concerns about consumer demand and merchant acceptance are hindering greater investment from their own institutions.
Plans to provide support for mobile point of sale payments vary greatly, with two of the surveyed financial institutions currently piloting such offerings, three saying they planned to support them at some point and the remaining five saying they had no plans to support mobile point-of-sale payments in the foreseeable future.
The Non-Traditional Competitive Threat
While financial institutions view the progress of non-traditional competitors such as technology and telecommunications providers as a validation of mobile payments, and as a promotional tool to build consumer and merchant interest, the majority of the financial institutions surveyed stated that such announcements have had no or minimal impact on their own mobile payments strategy. This may put them at risk of delivering new capabilities too late.
"Most banks and credit unions are committed to delivering more robust
capabilities and a better consumer experience via the mobile channel,"
Fiservwhite paper, "Mobile Moving Forward in 2012: Insights from Top-Tier Financial Institutions — http://bit.ly/vHc36h
- 2012 Mobile Banking Roadmap — http://bit.ly/vfArry
- Building Your Institution's Mobile Banking and Payments Strategy (Presentation) — http://slidesha.re/trhym0
Senior Public Relations Manager
Digital Channels and Electronic Payments
Director, Public Relations
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