According to a Forrester study, 12% of the US online population, or 10 million Americans, currently use online banking. Usage has more than doubled since 2007 and is expected to reach 50 million people by 2015.
The numbers illustrate that mobile banking is still very much in its infancy. Most banks offer only standard features, such as check balances, transfer funds and pay bills, and 37% of respondents say they don't see any value in mobile banking.
To move the needle, the industry must figure out how they use the features of mobility to make mobile banking a unique experience. This could come from mobile payments, location-based offers and coupons, peer-to-peer transfers, etc. However, there is a lot of value in delivering these services, and we see new companies enter the space on a daily basis - posing the question of what role banks will play.
Increasingly we see banks put the faith of their mobile banking solutions in the hands of specialist providers. Monitise is the most prominent example and has shored up much of the UK market, is growing fast in North America and expanding in Asia and Africa.
Although Monitise and similar companies have developed impressive solutions, it is clear that innovation in mobile banking is unlikely to come from the banks, which may be ceding control of this very important customer service channel.
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