By Michael Scheibach, Executive Editor, BankNews
Yet another report confirms what we already know: Mobile banking is here and gaining momentum rapidly.
According to Javelin Strategy & Research's latest report, "2011 -- 2012 Mobile Banking Vendor Scorecard: Mobile Banking Has Moved from a 'Nice-to-Have' to a 'Must-Have' Channel," reveals that consumer adoption of mobile banking has increased an incredible 60 percent this year. The number of people using mobile banking is now at 30 percent - up from 19 percent last year.
The report also says that mobile banking via SMS text, mobile browser and downloadable apps "is emerging as the new norm, with four out of five vendors now offering it."
Mobile banking is a constantly evolving service, however.
At the recent RDC Summit in Orlando, the focus was on mobile remote deposit capture (or mRDC). One speaker summed it up by saying mRDC is "on fire." Here are just a few tidbits from the summit:
• Mobile is becoming increasingly important in consumer bank selection - from being unimportant for 75 percent two years ago, to 39 percent now
• Mobile RDC is the No. 1 feature for which consumers switch banks
• Among mobile banking adopters, mRDC increases retention
• Mobile banking adoption will hit 50 percent by 2016
• Mobile RDC adoption will hit 38 percent by 2016
Unfortunately, community banks, in the words of one speaker, have been "missing in action" when it comes to introducing mRDC, although this appears to be changing over the last few months. Few community banks were among attendees at the RDC Summit, but I expect many more to be there next year. If you're not familiar with the RDC Summit, visit www.RDCSummit.com.
Be sure to read the December issue of BankNews, which will feature articles on the impact of RDC on community banks.