By the end of 2007, TowerGroup expects that eight of the 10 largest banks will offer mobile banking and bill payment of some kind and predicts that, eventually, up to 25% of existing Internet banking customers will adopt mobile banking.
‘ "US Mobile Banking: Beyond the Buzz" report says that estimate is too low. By 2010, Celent predicts, 35% of online banking households will use mobile banking, compared to just 1% today. Users will be attracted by new capabilities such as mobile payments at the physical point of sale.
The market will remain small for now. Just 8% of online consumers who own a cellphone are interested in mobile browsing to check account balances, according to JupiterResearch
‘s "Mobile Banking: Assessing Servicing Opportunities via Cell Phones" report.
A rosier picture was reported by Compete
, which found nearly 30% of existing online banking customers were interested in mobile banking, although 38% said they would not use it and 33% were undecided.
Interest in mobile banking centers on using the same services offered on the Internet, according to comScore
. The vast majority of Internet users wanted to check their account balances, while far fewer wanted to move money around while on their mobile devices. Opening a new account, a task that can be tedious even with a broadband connection, appealed to just 18% of Internet users.