Mobile’s growth is supersonic—is your strategy up to speed?

By Al Ko, Senior Vice President, Consumer Solutions, Intuit Financial Services

We are entering an era where financial management online via PC is being eclipsed by the “anytime, anywhere” convenience of mobile phones and tablet devices. As technological advancements fuel changing customer expectations, financial services innovation will continue to forever alter existing paradigms of transacting, accessing information and providing customer service. There is no looking back:

  • A recent study from IDC shows that smartphones are outpacing PCs: there were more smartphone shipments than personal computer shipments around the world in the last quarter of 2010.
  • Celent forecasts that the number of mobile banking users in the U.S. will quadruple between 2010 and 2014, reaching 77 million.
  • Javelin Strategy & Research found that one in five consumers had mobile banked within the previous 12 months, and 7 percent of consumers who switched financial institutions did so for mobile banking capabilities.
  • USAA reported that in less than one year, 1.5 million checks and nearly $1 billion were deposited via mobile.

Leading financial institutions are riding this tidal wave: 80 percent of the top 19 have iPhone apps, according to Javelin … and Android is catching up. But it’s not all about apps—consumers in the millions are opting for the speed and simplicity of text-message banking, and the convenience of Web banking on their mobile device’s browser, which is about to get even more powerful with the advent of HTML5.

Tell us how your financial institution is thinking about and forming its mobile strategy and the challenges that you face. What other aspects of mobile banking concern/interest you?

***All participants contributing to this particular blog topic shall be eligible for a chance to win an iPad 2 provided by the Intuit Financial Services Mobile Banking Sweepstakes. Click here to read the official rules. The sweepstakes to win an iPad 2 close on June 2, 2011 at 11:59:59 PM PT. People posting comments received after that time will not be eligible to enter the contest.***

Written by Al Ko