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Experts Foresee Escalation in Mobile Banking

Mobile Commerce Insider Featured Article

May 24, 2013

Experts Foresee Escalation in Mobile Banking

By Daniel Brecht
Contributing Writer

For the third consecutive time, JPMorgan Chase & Co has the top overall score among several large banks on the Keynote Spring 2013 Mobile Banking Scorecard.

The list of those that offer best-in-class mobile banking has not changed much since Keynote launched its first scorecard in 2011. The inaugural scorecard placed Wells Fargo (News - Alert) on top; the bank has now slipped into second position under Chase and above Bank of America, which came in third place on the Q1 2013 assessment.

The convenience of mobile banking has it gaining popularity among smartphone and tablet users. Although only a small percentage of them have used mobile banking in the past year, the future of online banking seems to be bright as financial institutions are now providing more account self-service options, like eBills and P2P payments. These new services, as well as improved bill payments and transfer capabilities, might lead to a billion mobile banking consumers by 2017, according to forecasts.

This expected growth has more financial institutions pushing mobile banking options to all their customers. As more banks do this, it’s likely that more portable device users will be attracted.  

Despite the convenience of online banking for consumers to pay bills, check an account balance, make deposits or transfer funds electronically via their mobile phones or tablets, some users are choosing not to conduct banking transactions online as they fear hackers and other cybercriminals.

Mobile online banking does carry security concerns, and there are risks such as identity theft and account compromising; however, the risk of online bank fraud is mitigated by banks having taken the necessary security measures for individual accounts to be protected from any outsiders who try to gain access.  

Online banking consumers that decide to trust technology have access to a variety of services offered by banks. They can, for example, carry out text banking, which allows them to request and receive account information in seconds, via a mobile device; they can manage their finances or get information on their accounts whenever and wherever they need.

More and more users who were already using ATMs and phone banking to access their accounts are now switching over to the new mobile option, going from IVR/ATM-based banking, which can be cumbersome and time-consuming, to all-online banking.

For mobile banking services, U.S. consumers and commercial businesses will likely turn to financial institutions like JPMorgan Chase, which is currently ranked number one among the 15 U.S. banks reviewed, evaluated and judged by Keynote.

Chase is said to be the best in the business, right now, for its anywhere, anytime services. It offers a free mobile app for iPhone, iPad, Android, Kindle Fire and Windows Phone (News - Alert). It does not, however, have a BlackBerry application.

Those that download the Chase mobile app just need to use their own mobile browser and log on to their Chase account to be able to conduct online banking today.

Chase is a provider focused on expanding functionality and ease of use; Wells Fargo is most appropriate for those interested in their privacy and security when banking online. If neither of the two financial institutions is a favorite, Keynote’s list offers many other valuable options like US Bank, which, according to the latest Mobile Banking Scorecard, topped the Quality & Availability category.

Edited by Alisen Downey

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