By 2012, 108 million U.S. consumers are expected to use mobile banking, according to a white paper from Fiserv.
That projection encompasses use of mobile devices for everything from receiving mobile financial alerts and monitoring account balances to viewing statements and transferring funds between accounts.
The white paper, “How to Achieve a Compelling ROI From Mobile Financial Services,” notes some of the demographic and user trends in mobile banking. It also provides advice for financial institutions on how to provide mobile services going forward.
Among the suggestions are 10 key criteria for selecting a mobile financial services solution:
1. Flexible enrollment: The ability to enroll people offline or via mobile and online channels allows them to access the service at their point of preference. And it enables your credit union to drive members from more expensive channels to mobile self-service.
2. Triple-play solution: Your credit union should be able to deliver banking services via multiple access modes, including short message service (SMS), wireless application protocol (WAP), and downloadable applications from one provider—natively integrated and built on one platform.
3. Consolidated enterprise platform: You might start with deploying member-initiated and credit union-generated SMS alerts. But you shouldn’t have to acquire a separate vendor’s solution to deliver mobile banking via a downloadable or WAP application.
The platform should enable you to deploy multiple mobile financial services and capabilities across multiple lines of business.
4. Adaptable and scalable solution: A comprehensive mobile financial services solution gives your credit union flexibility. It enables you to take advantage of new capabilities, support new channels and evolutionary changes in devices, or serve diverse customer segments and lines of business through integrated, multichannel banking processes.
5. Extended functionality: Your credit union’s mobile solution should allow extending tailored functionality to meet the needs of diverse member segments and multiple lines of business. This is particularly true for emerging mobile payment models.
Next: Mobilizing and streamlining business processes