Magazine article American Banker

Mobile Payments Offerings Expand

Magazine article American Banker

Mobile Payments Offerings Expand

Article excerpt

Byline: Will Hernandez

More than half of the nation's largest financial institutions offer mobile banking services, which continue to evolve from being an extension of online banking to a distinct payments channel.

An increasing number of mobile banking systems support person-to-person funds transfers and other payment capabilities, a report from First Annapolis Consulting Inc. of Linthicum, Md., said. The report is based on a study performed in August and September of the mobile offerings of the top 100 banks as ranked by deposits. The report was released Monday.

Fifty-four of those banks offer mobile banking services. That was "consistent with the fundamental trend and movement toward mobile, and serves as a bit of a wake-up call" to those not offering such services, Paul Grill, a partner at First Annapolis, said in an interview.

Some banks that did not offer mobile banking said they were "not interested, given the characteristics of their customer base," Grill said.

Thirty-nine percent of the financial institutions offered access to banking services through a mobile phone's Web browser and 32% did so through text messages and alerts. Thirty-two percent offered mobile banking applications, the report said.

The research identified Apple Inc.'s mobile platform as the most popular for mobile banking apps, with 28% of the banks choosing it. Sixteen percent of the banks offered an app for Research in Motion Ltd.'s BlackBerry and 14% offered one for phones running Google Inc.'s Android system. …

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