While the upcoming iPhone launch is capturing the lion’s share of attention in the Wireless industry, the re-introduction of Mobile Banking has been at the core of a movement to make a cell phone your next wallet. Mobile Banking was unsuccessfully launched in the early 2000s, but better offerings and wireless technology have spurred a revival in Mobile Banking Strategies. Though 80% of wireless phones currently have the capability to be used for mobile banking, how will consumers adopt the technology?

In April, Compete Surveyed Active Online Bankers, to better quantify the potential of mobile banking. This study indicates a clear market for Mobile Banking.

• 29% of online bankers said they would definitely or probably use banking features if they available on a wireless phone
• An additional 33% were undecided, illustrating an opportunity for banks and wireless providers to win over another group of consumers

The addition of mobility to the online banking equation makes some services much more desirable than others.

• Almost 70% of those open to using Mobile Banking would be interested in checking account balances
• Active bankers were interested in using less complex mobile banking services: contacting customer service, locating ATM/branches, transferring money and reviewing statements all received about 50% interest.
• More complex services, such as brokerage services and retirement account management ranked low in terms of interest
• Surprisingly, interest in swiping a phone at a retail point of sale ranked relatively low

Mobile Banking offerings have just been re-introduced, but a more mature market appears more promising for banks and wireless service providers. Ultimately the fate of this service lies in consumers. Do you want your cell phone to replace your wallet?

On Thursday, May 3rd at 2:00PM ET, Compete will present full findings from this study in a one-hour webinar.

*This analysis is derived from a survey fielded by active online mobile bankers, defined as someone who logged into an online banking platform in the last 30 days.

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