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News Now

CU System
Mobile banking on a growth spurt in CUs banks
NEEDHAM, Mass. (8/15/08)--Mobile banking overall is emerging fast as an indispensable business asset to financial institutions to retain member/customers and reach new segments, says new research. Every month until the beginning of 2009, between 150 and 300 U.S. credit unions and banks will sign contracts for mobile banking solutions, according to TowerGroup, a Needham, Mass.-based research firm.
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Mobile banking will reach nearly six million users by the end of 2008, says TowerGroup's report, "Transforming Customer Interaction: Mobile Banking Delivers Adoption as Wheels of the Market Align." The firm forecasts that 42 million U.S. active users of mobile banking will exist by 2012. "We believe the rise of next-generation mobile banking and payment solutions will forever change banks and payments companies," said Virginia Garcia, co-author of the research and senior research director in TowerGroup's Cross-Industry practice. "Mobility has the potential to enable timely, relevant and actionable outreach that will ignite customer engagement unlike any other channel," she said. "Ultimately, TowerGroup expects mobile phones will do for financial services what Apple iPods did for music--spur a sea change in the way consumers access services and suppliers deliver them," said Garcia.


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