Banks offering mobile financial services see significant customer base growth

Banks offering mobile financial services can increase new customer acquisition by as much as 60 per cent, according to a recent survey by Mercatus LLC, a financial services strategy consulting and investment firm. The six-month consumer research study survey, sponsored by Visa, examined the impact of mobile financial services, including mobile banking and payments, on consumer decision-making, specifically when it came to selecting retail banking services.

Consistent with past innovations in financial services delivery, such as online banking and ATMs, mobile financial services are approaching a tipping point. Mercatus' analysis assessed consumer behaviour across three decades of distribution channel innovation, revealing how the current pace of mobile adoption exceeds past innovations including ATMs, debit cards and online banking.

The survey finds that nearly one-third of consumers are using, or considering using, mobile financial services in the next year. Additionally, responses indicate that consumer mobile financial service adoption will grow significantly during the next five years, exceeding the use of online banking by 2015. Article