Tuesday, November 13, 2007
Mobile Banking: Ready for Prime Time?
byThe mobile banking arena is heating up, and, just in time for the holidays, so too is the marketing push from banks to get people to use the service. American Banker (registration required) reported that Wachovia and SunTrust have launched new services, and AT&T Corp. will unveil today new handsets with preloaded mobile banking software.
Industry experts suggest that while the rollout of mobile banking technology is one of the fastest introductions of a new banking channel ever, adoption by consumers is still on the low side.
That all may change as wireless carriers and banks team up and market the service and the phones, much like AT&T is doing with Wachovia and SunTrust.
The upside is significant. According to the American Banker article, AT&T expects to ship half a million mobile banking software-equipped handsets before the holidays, with another 10 million units shipping in 2008.
As one industry analyst proffered, “The banks, devices and networks are up to speed, but are the consumers?”
Time will tell, and the holiday buying season should offer a glimpse if mobile banking is indeed ready for Prime Time.
Meanwhile, don’t be surprised if there’s a rush of letters to the North Pole saying, “Dear Santa: All I want for the holidays is a shiny new cell phone preloaded with mobile banking software!”
