Mobile Banking: Where it is today and where it’s headed in the future

TCS just published an animated infographic, The Evolving US Mobile Banking Story, based on the state of mobility at the Top 50 US Banks (an internal study by TCS).

In addition to providing information about the expansion of mobile banking in other Lines of Business (LoBs), preferred platforms, mobile banking features offered and additional investment in other features, the study also provides a year on year (YoY) comparison (December 2012 to December 2013) of the services offered.

Some key findings include:

  • Mobility is mainstream in 90% of retail banking with a 5% increase from December 2012 to December 2013. Small business banking, cards, corporate banking, wealth management and capital markets all follow in that order with capital markets at 8%, a 100% increase YoY.
  • iPhone and Android are the preferred platforms, both at 88%, with Android showing a more than two time greater YoY increase (Android-16% YoY increase, iPhone- 7% YoY increase).
  •  iPad is the preferred tablet device with 68% of banks providing iPad offerings
  • A majority of the banks surveyed offer basic mobile banking functions including check balance, transaction history, transfer money between accounts, and more.
  • Mobile Remote Deposit Capture (RDC) is becoming a game changer for banks and their customers, providing a new channel for banks to extend their deposit offerings while reducing operating costs. 66% of banks surveyed are investing in Mobile RDS, a 74% YoY increase. Additional investments in other mobile features include modify pending transactions, disable text banking, and search transaction history. Person-to-Person (P2P) payments showed that largest YoY increase.

Bankers are also exploring other features to add to the evolving list of mobile capabilities they offer to their customers. Personal Finance Manager (PFM) is one area banks are exploring. Possible PFM scenarios could include mobile alerts about the total amount spent by a consumer on groceries when a card is swiped at the grocery store, or a customer entering a clothing store could receive a message that indicates that consumer is exceeding their discretionary spending budget.

Additional features being explored include mobile service request or customer service, payment and cards, mortgages, social media, calculators and more.

Mobile banking continues to be the next big thing in retail banking. Check out the animated infographic- State of Mobility at Top 50 US Banks – for more information about where mobile banking is today and where it is headed in the future.