According to ABI Research, the number of mobile banking subscribers in the US is doubling every year! Very few industries are seeing their customers change their habits at this pace. Once a customer has interest in mobile banking, there are several routes they can go. This is assuming their bank offers these methods; if not the customer is likely changing banks.
One route is bank via SMS. Banks such as Wells Fargo and Bank of America offer checking/savings inquiries and alerts via SMS. Another route is through a secure WAP site or mobile-device-friendly site. A final way is through a downloadable mobile application; Chase is a great example of a bank that has created and distributed a downloadable mobile application.
ABI Research says that 407 million people will use their mobile phones to carry out financial transactions by 2015. This time is critical for local and regional banks. In today and tomorrow's economy, increasing deposits is going to be crucial for these institutions. To be competitive they absolutely must offer the conveniences that consumers are demanding and big banks are providing.
To learn more about mobile banking solutions, please feel free to contact Ballyhoo Mobile directly at sales@ballyhoomobile.com.
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