Retail banks are planning to invest heavily in mobile due to increasing customer demand, according to a new report from Cambridge, Mass.-based Forrester Research.
Forrester surveyed members of the Consumer Bankers Association (CBA), who reported that they will spend one-third of their total digital budget on the mobile channel this year.
The joint research project with the CBA's emerging channels committee surveyed digital executives at 19 leading U.S. and Canadian banks. The findings were summarized in a two-part report, "The State Of North American Retail Banking eBusiness 2012."
According to Forrester data, 17 percent of U.S. adults who use the Internet are active mobile bankers. The Forrester/CBA survey showed that banks' mobile spending will focus on three key functions: alerts, remote deposits, and person-to-person payments. While these executives believe digital wallet initiatives show great strategic promise and are therefore watching them closely, most are taking a wait-and-see approach with their 2012 investments.
"Payments are by far one of the biggest opportunities in the space for both online and mobile as the growth of person-to-person and mobile wallets continues," said Brad Strothkamp, Forrester Research vice president and principal analyst serving eBusiness & Channel Strategy Professionals, in a statement. "As these initiatives move forward, digital teams will need to drive innovation not only internally but also in the vendor space, especially in areas like digital wallets and revenue-generating payment products."
Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio