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v
Why
Technology, User Needs, And Bank Needs Are Now Aligned For
Solid Growth In Mobile Banking
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The
Market Drivers And Trends In Mobile Banking
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Detailed
Analysis Of And Insight Into User Needs
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Impact
Of Mobile Banking On The Traditional Banking Industry,
Retailers, And Their Customer-Facing Operations
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Consumer
Intangibles
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Bank
Marketing Opportunities Associated With Mobile Banking
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Mobile
Banking In The Rest Of The World
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The
Partnership Opportunities Between Players Utilizing Different
Technologies To Leverage Their Strengths And Drive Consumer
Adoption
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Growth
In Mobile Banking And Its Impact On A Bank's Competitive
Position
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The
Convenience Factor For Consumers
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Analyzing
The Features And Benefits Of Mobile Banking Technology
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Dealing
With Mobile Banking’s Security Issues
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Mobile
Banking Applications And Trials
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The
Future Of Mobile Banking
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Market
Forecasts To 2012!
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An
Exclusive High-Level Document Packed With Actionable
Recommendations
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The
PELORUS Group
Navigating
Change In
The
Mobile Banking Industry
The
Rise of Mobile Banking
Recent
announcements from major companies in the banking industry suggest
that mobile banking in the U.S. will change the banking landscape over
the next few years. Factors ranging from increasing consumer
acceptance of and experience with mobile devices, to extensive
customer experience with online banking, to improved technology
solutions provided by mobile banking suppliers, are converging to
create an environment where mobile banking is moving to full-blown
development.
Financial
institutions are now on the verge of tapping the potential of wireless
networks and mobile devices to better serve their customers.
Mobile solutions enable banks to deliver critical account information
when, where and how customers want and need it, resulting in
strengthened customer relationships, and opening the door to new
marketing opportunities.
“Mobile
Banking For The U.S.: On The Cusp Of Development”
discusses in granular detail market imperatives and driving forces,
issues, and short and long-term opportunities for this emerging
service. With extensive discussions of recent U.S. developments,
profiles of mobile banking solutions providers and their offerings,
recent bank initiatives moving beyond the trial stage, and five year
forecasts, this report is a must read for any organization seeking to
profit from and understand this budding opportunity.
The
PELORUS Group’s
“Mobile
Banking For The U.S.: On The Cusp Of Development”
isolates
and analyzes:
·
When,
why and how quickly mobile banking will catch on in the U.S.
·
How
long it took for mobile banking to make inroads outside the
U.S., and what factors are contributing to its acceptance
·
How
broadband network ubiquity enables the rise of mobile banking
·
Which
applications of mobile banking are likely to enjoy the most
rapid growth
·
Why
adoption rates for mobile banking and mobile payments will
likely differ
·
How
online banking is related to mobile banking's prospects
·
Why
banks need to embrace and not resist their customers’
increasing comfort with mobile devices
·
Why
direct debit payments made from a mobile device can
significantly increase security and reduce fraud
·
Ramifications
of the Apple iPhone and high-end phones for mobile banking
·
Which
factors will help and which factors will hinder the mobile
banking evolution
·
What
progress has been made by the major technology suppliers to
establish standards and a common ground between telecom and
the financial community
·
Whether
security concerns will be a "show stopper"
·
What
the services and product offers are of the players
establishing this new market
·
Highly
detailed five-year mobile banking market projections
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Table
of Contents
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EXECUTIVE
SUMMARY
FACTORS
CONVERGING FOR U.S. MOBILE BANKING
Introduction
Factors Compelling Increasing Adoption of Mobile Banking
Ubiquity of Mobile Phones
Mobility Increasingly Important
Imperative to do a Chore Now
The Perceived Need for Information Now
MOBILE
BANKING: ITS ESSENCE
What is Mobile Banking?
Non-Transaction Based Services
Transaction Based Services
Services Not Available
MOBILE
BANKING OVERSEAS EXPERIENCE
Overview
Korea
Japan, Singapore
Australia
Europe
Developing World
MARKET
IMPERATIVE, DRIVING FORCES
Overview
Mobile Phone/Device Ubiquity
Mobile Phone/Device Capability
Banking Online
Consumer Convenience
Why be Tethered to a PC when in Starbucks or a Park?
The Perceived Need to Do It Now
Market Imperatives, Driving Forces -- Banks
Customer Satisfaction
Positioning for the Future (Evolving Mobile World)
Mobile Banking: Complementary to a Branch?
Costs
Costs to Implement
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Cost Savings (Customer Service, IVR, Online)
Marketing Opportunities Associated with Mobile Banking
A Positive Security Consideration
RECENT
U.S. DEVELOPMENTS
Overview
Where it Stands -- a Confluence of Driving Forces
Small Bank and Large Bank Adoption
Apple iPhone -- Implications for Mobile Banking and Mobile
Commerce
Conundrums between Adoption of Mobile Banking and Mobile
Payment
SECURITY
AND TECHNOLOGY
Overview
Security
Prerequisites to a Secure Mobile Banking Infrastructure
Scalability
Phishing
Mobile Technology Overview
SMS, WAP, and Downloadable Applications
Solution Reliability and Ease of Use
Smart Phones
SIM Cards
Memory Cards
COMPANY
PROFILES
Overview
Mobile Banking Solutions Providers
Access Softek
CheckFree
Clairmail
Firethorn Holdings
mFoundry
Online Resources
Sapphire Mobile Systems
Tyfone
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Yodlee
Banks Announcing/Introducing Mobile Banking Offering
Large Banks
BancorpSouth
Bank of America
Citibank
Fifth Third Bank
Synovus
Wachovia
Wells Fargo
Small Banks
Bank of Oswego
Heritage Bank
Mobile (Wireless) Companies
AT&T (nee Cingular)
Verizon Wireless
Credit Card Companies - Discover Card
MARKET
PROJECTIONS
Introduction
Current Market -- Online Banking
Key Assumptions -- Online Banking
Market Forecast -- Online Banking
Current Market -- Mobile Banking
Key Assumptions -- Mobile Banking
Market Forecast -- Mobile Banking
Market Forecast -- Mobile Banking Users as Percent of Online
Banking Users
Market Forecast -- Large Bank Adoption of Mobile Banking
Figure
Online Banking Users in the U.S. -- 2007 to 2012
Mobile Banking Users in the U.S. -- 2007 to 2012
Mobile Banking Users as Percent of Online Banking Users --
2007 to 2012
Large Bank Adoption of Mobile Banking Top 100 Banks -- 2007 to
2012
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About
The Authors
Vance
Hodnett is the Vice President of Research -- Financial Services
with The
PELORUS Group. With over 30 years of
experience in finance, information technologies, and
telecommunications, Mr. Hodnett is responsible for the
company’s consulting practice and research offerings in the
Stored Value, Alternative Payments, and Financial Services
areas. His skill set includes business planning, financial
analysis, network design and project management.
Prior
to joining The
PELORUS Group, Mr. Hodnett provided financial
consulting and cost analysis to clients of Ernst and Young.
In this capacity, Mr. Hodnett utilized financial models to
forecast expected payouts and returns for various offers.
Before then, Mr. Hodnett was with AT&T where he held
positions in finance, regulatory and government affairs,
investor relations, and network management, performance and
engineering.
Mr.
Hodnett received his MBA, with a concentration in Finance, from
the Wharton School of the University of Pennsylvania and his
Bachelor of Science degree in Industrial Engineering from
Stanford University.
Editor
Al Fross has researched and written about the prepaid arenas for
three decades. He has edited and published many
groundbreaking studies, including The
PELORUS Group’s “Prepaid Wireless” and
“Future Of Prepaid Telephony” reports. He holds an MBA
in Finance from Rutgers University.
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The
PELORUS Group
Helping
Navigate Changes in The Financial Services Industry
The
PELORUS Group
is a market research, consulting, and business planning firm.
Its charter is to provide market research, business management,
strategic planning, and competitive intelligence services to its
worldwide base of clientele.
Its
challenge is to veer away from consensus research, and expose the
myths within key financial services, telecommunications, and
information services industries.
Additional
reports available from The
PELORUS Group:
|
“Alternative
Payments”
|
“Contactless
Cards”
|
|
“Biometric
Authenticated Payments”
|
“Mobile
Payments”
|
|
"The
Stored Value Consumer Survey"
|
“Enterprise
Unified Communications”
|
|
"The
Mobile Payments Consumer Survey"
|
“Global
Speech Recognition”
|
|
“Stored
Value: Transforming The Payments Industry”
|
“Wireless
Location-Based Markets”
|
|
“Stored
Value: 21st Century Currency”
|
“Contact
Centers: Re-Igniting The Market”
|
|
“Wireless
Payments: The New Payments Paradigm”
|
“Speech
Recognition Technologies”
|
|
“The
DIS Survey”
|
“European
DA/DQ Market”
|
|
“Opportunity
in North American Prepaid Wireless and Beyond”
|
“Operator
Services”
|
|
“North
American Prepaid Wireline”
|
“Prepaid
Telephony”
|
|
“Corporate
Directory Assistance Markets”
|
“Prepaid
Wireless”
|
|
“Enhanced
Directory Assistance”
|
“The
Future of SMS"
|
|
“North
American Directory Assistance Markets”
|
“Unified
Messaging CPE”
|
|
“The
Future Of Operator Services”
|
“Unified
Communications For The Service Provider”
|
|
“The
Future Of Prepaid Telephony”
|
|
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