Mobile Banking to increase five-fold in next 4 years

Craig  McLaughlin

October 22, 2010

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ClairMail commissions Tower Group for report. Mobile banking is exceeding growth expectations.

Key findings in this research include:

• Mobile banking adoption has exceeded initial expectations by over 100 percent for all banks surveyed, with many witnessing over 10 percent of their online banking customers taking up the mobile channel within the first year.

• FIs that have implemented mobile banking services can expect to see a 20-point increase in client retention.

• Up to 70 percent reductions in voice response unit (call center) usage by mobile users. These calls average four dollars per call.

• Mobile banking services are proving to reduce fraud by an estimated 10 to 15 percent, and improve fraud detection by up to 25 percent.

• 1-2 percent of new customer acquisition being driven by mobile offerings.