Mobile Banking

Recently, banks have been aggressively marketing mobile banking services to their customers. For some time, Chase has been featuring an aggressive mass-market strategy to inform customers of its mobile banking options, through prominent TV and online advertisements. More recently, Citibank has also launched a mobile banking-centric set of ads. Both of these marketing campaigns were introduced to encourage customers to use mobile banking functionality, clearly identifying the technology as a way to encourage active customer behavior and management of their account in a low-cost channel.

In addition to Chase and Citi, many other banks have developed or are considering an aggressive mobile banking strategy. In light of that, we have designed this report to address key consumer concerns, statistics, and desires regarding mobile banking. In the following pages, we address how mobile banking is perceived in the market, and what payment and lending providers should do. Also, we have made a prediction about the strategic importance of mobile banking in the future. Will mobile banking revolutionize the payments and lending industry the way online banking did?