Forrester Research has released a new report on mobile banking, and it’s evident the technology has gone from novelty to necessity.
According to a post on the Forrester blog by Tiffani Montez, a co-author of the report, there are now more mobile interactions than online interactions at leading banks and Forrester expects the number of mobile banking users to double to 108 million by 2017. That’s nearly half (46 percent) of all bank account holders in the United States, Montez said.
Common interactions for mobile phone banking are becoming more complex as well. Montez said. Consumers are no longer just checking their balances or locating ATMs. Mobile banking users are now paying bills and transferring funds on their mobile devices, as well.
The Forrester report warns that financial institutions also face a slew of challenges with mobile banking. The pace of change, device fragmentation, and rising development costs are all issues that must be addressed by banks, Montez said in her post.