A new report from Aite Group, LLC reviews consumer adoption trends for key online and mobile banking services over the next two years.
It reveals that large US financial institutions expect mobile bill payment, expedited bill payment and online personal finance management tools to be the fastest growing electronic banking services.
Based on a survey of 23 of the top 80 US financial institutions conducted in the first quarter of 2008, the report shows growing demand among customers for electronic banking services. Demand for services – such as alerts, online personal finance management tools, the ability to pay bills using a credit or debit card through the bank consolidator service, mobile banking and bill presentment – is expected to grow in the next two years. For instance, mobile banking adoption is expected to increase to 13% in 2009, compared to 4% in 2007.
“While the overall picture is bright for electronic banking services, important disparities persist among large financial institutions. For instance, the majority of financial institutions have sub-average adoption levels in bill pay. As new electronic services up the ante in the race to win and retain customers, not falling behind in terms of basic adoption remains more critical than ever,” says Gwenn Bzard, research director with Aite Group and co-author of this report.