Overview:

Mobile banking began in the US and other developed markets as a means of providing customers access to account information in innovative, cost-cutting ways. Banks matched the development of mobile phone technology and carrier networks by allowing customers to conduct remote transactions on their mobile phone such as fund transfer and bill payments.

Despite their relative silence in the mobile payments dialogue, Western banks are using mobile banking applications to influence consumer behavior and methodically secure their position as the consumers' preferred processor of mobile payment transactions.

This research evaluates developments in mobile banking, beginning with analysis of motivations and market drivers, and examination of bank's multichannel strategies. It includes an evaluation of the most popular US mobile banking applications. It also includes predictions of the future of mobile banking and the realization of mobile payments' potential.

Audience:

Mobile network operators
M-Banking Application Developers
Mobile Commerce Application Suppliers
Infrastructure suppliers and service providers
Companies in Report:

· American Eagle Outfitters

· Apple

· AT&T

· Bank of America

· Bloomingdales

· Boku

· Citi

· Citizens Bank

· Discover

· Equity Bank

· G-Cash

· Globe Telecom

· Google

· Google Android

· Google Wallet

· Hope Micro

· Jamba Juice

· JP Morgan Chase

· Mastercard

· Mastercard

· Merita Bank

· M-Paisa

· M-Pesa

· PayPal

· Roshon Telecom

· Safaricom

· Splash Mobile Money

· Square

· TD Bank

· T-Mobile

· USAA

· Verizon

· Visa

· Vodacom

· Wells Fargo

· Yodlee

Table of Contents:

I. Introduction

II. Foundation and Motivations for Mobile Banking

A. Mobile Technology Meets Different Needs in Developed and Developing Markets

B. Developing World Focus

C. Developed World Focus

D. Motivations for Deploying Mobile Banking Services

1. Cost Savings

2. Customer Retentions

3. Revenue Potential

III. Evolution of Mobile Banking

A. History of Multi-channel Banking Strategy

B. Development of Mobile Banking Services

1. Informative Services

2. Actionable Services

3. Integrative Services


IV. Development of Mobile Banking in the US


A. 2007: The Birth of Mobile Banking in the US

B. Bank of America Case Study

1. Bank of America's Channel Decision

2. Early Success

3. Popular Features

C. Mobile Banking for Corporate Clients

1. Revenue Potential

2. More Cost Effective to Design for Unique Needs

3. Education is Critical to User Uptake and Success

4. Citizens Bank Case Study


V. Mobile Banking Today


A. The Smartphone Factor

B. Essential Characteristics of Mobile Banking Applications

C. Differentiating Features

D. Mobile Operating System Preferences

E. Emergent Mobile Offerings to Mobile Payments


VI. Future of Mobile Banking


A. Innovation Flows from Difficult Environments

B. Innovation Speeds Up in the US

C. Mobile Solidified as a Required Delivery Channel

D. Regional Banks and Credit Unions Tap into Mobile Banking

E. Methodical Steps towards Mobile Payments
 

Keywords: Mobile Commerce, M-commerce, NFC, RFID, Near-field Communications, Radio Frequency Identification, Mobile Payments, Person-to-Person Payments, Wireless Commerce, Mobile Wallet