CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • CUNA News
    • Policy & Issues
    • CU System
  • Credit Union Magazine
    • Technology
    • Lending
    • Compliance
    • Marketing
    • Management
    • Operations
    • Human Resources
    • Volunteers
  • Advertise
  • Contact
  • Subscribe
  • Buyers' Guide
  • Awards
    • CU Rock Star
    • CU Hero
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » Moving Mobile Forward
Technology

Moving Mobile Forward

It’s time to step up mobile execution, urges a Fiserv white paper.

December 20, 2011
One Comment

Financial institutions face “an urgent call to action” according to a new white paper from Fiserv. Spurring the urgency is the proliferation of smartphones and the entrance of nontraditional competitors, according to “Mobile Moving Forward in 2012: Insights From Top-Tier Financial Institutions.”

The good news is consumers trust their banks and credit unions more than any other entities for mobile transactions, including PayPal and the major credit card companies, according to Fiserv.

“Because consumers trust their financial institutions to provide secure financial transactions, consumers will look first to their financial institutions for mobile payments,” notes the white paper. “Financial institutions are in a position now to put the advantages they have to good use and give consumers what they’re demanding—mobile banking services that enable transactions, particularly mobile payments.”

The white paper reports on a survey conducted for Fiserv by Forrester Consulting. It evaluates the plans of 10 banks and credit unions that collectively hold more than one-third of all U.S. deposit accounts.

The report covers nine specific areas relating to mobile banking developments during the next year:

1. Mobile banking is rapidly maturing. Nine out of 10 of the financial institutions surveyed have a mobile banking offering that provides basic account access, and almost all provide ATM/branch locators, transfers between accounts, and bill payment. While remote deposit capture is gaining ground, none of the respondents offer remote payments or mobile securities trading.

2. Mobile services now focus mainly on retail banking customers. While 90% of the respondents offer mobile banking to their retail customers and credit card account holders, only 70% offer mobile services to small businesses. Support for the Android operating system, iPhones, and tablets are top priorities.

3. Financial institutions plan to offer more robust functionality. Some of the planned additions to mobile banking offerings in the coming months include mobile deposit capture, person-to-person (P2P) payments, two-way text alerts (which allow users to respond in real-time), personal financial management, and picture bill payment.

4. Mobile payments take mobile banking beyond the basics. Most survey respondents plan to invest in mobile payments in the next 12 months. Respondents identify P2P mobile payments as the biggest mobile payments priority for 2012.

5. Point-of-sale (POS) payments are poised for mainstream adoption. While mobile POS payments have grabbed the headlines, respondents say merchant acceptance is now the primary roadblock to wide proliferation of the technology. They also say technology limitations are no longer a deterrent to financial institution investment in mobile POS payments.

Next: Meeting consumer needs

Previous 1 2 Next
KEYWORDS mobile POS trust
  • Related Articles

    Mobile Banking Security

    Are You Ready for 2012?

    Rethink Your Mobile Banking Risk

Post a comment to this article

Report Abusive Comment

This Month Payments: Perils and Promise

Payments: Perils and Promise

The payments arena offers new opportunities to connect with members.
Cards Are (Still) King

Cards Are (Still) King

Credit and debit cards still drive the competitive payments market.
Open Banking on its Way

Open Banking on its Way

Prepare for the impact it will have on member relationships and competitive positioning.
App Digital Edition Subscribe

Trending

  • Compliance: New mortgage servicing rules now effective

  • Senate OKs CUNA-backed disapproval of CFPB lending bulletin

  • CUNA backs Senate use of CRA for CFPB lending bulletin

Tweets from @CUmagazine and @CUNA_News

Polls

How often do you talk to the board about compensation?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • About
  • Careers
  • Contact Us
  • Recommended Websites

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors