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Mobile Banking Trends Accentuate Mobile Growth in General

Banks with Mobile Increase Customers By 60%

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Mercatus released the results from an interesting survey about the mobile offerings of banks. According to the firm’s findings, banks that offer mobile financial services can increase their new customers acquisitions by as much as sixty percent.

Mercatus also found that the current pace of mobile adoption is exceeding that of past innovations, such as ATMs, debit cards, and online banking. About a third of consumers are using or at least considering using mobile financial services in the next year. Based on its findings, Mercatus even projects that mobile financial service adoption will exceed the use of online banking by 2015.

iPhone "Owing to its rapid pace of adoption, mobile is a market that offers a clear first-mover advantage. Banks that act soon, and aggressively deploy mobile financial services, will capture a clear market opportunity to aggressively deploy mobile financial services," said Bob Hedges, Mercatus managing partner. "Banks that delay will risk losing their best customers to the competition."

Some other findings from the survey include:

- Mobile financial service capabilities were more impactful in a consumer’s decision to select a bank than availability of online banking, access to ATMs, or nearby branches

- Banks offering mobile financial services should anticipate as much as a sixty percent increase in sales lift

- Customer acquisition promotional offers including mobile financial services out-performed those that did not include mobile financial services by nearly thirty percent

- A decrease in cost of acquiring a new customer by as much as twenty percent based on the increased effectiveness of mobile-related customer acquisition marketing

According to the survey, users of mobile financial services:

-Are younger (between age 18 and 39) and have higher incomes

- Hold higher balances at their primary bank, use more banking and card products, and display lower rates of attrition as compared to traditional customers

- Can be serviced at a twenty percent lower cost than traditional bank customers

- Display lower rates of attrition as compared to traditional customers

"Financial Institutions offering mobile services can have a strategic advantage when it comes to attracting new customers," said Tim Attinger, Head of Product Innovation at Visa, who sponsored the survey.

The survey really highlights how mobile our culture is becoming as a whole. As smartphone adoption continues to rise and more sites and apps accommodate them, we’re headed for a very mobile world at a very fast pace.

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Mobile Banking Trends Accentuate Mobile Growth in General
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