ABA Banking Journal - May 2011 - (Page 32)

feature story | Mobile banking Smart phones alter banking landscape Mobile banking is becoming de rigueur, but mobile payments are just getting started T By Lisa Valentine he growth of mobile banking is staggering, especially compared to previous delivery channels. It took approximately 20 years for ATMs to become ubiquitous while online banking took a decade. Mobile banking? Expect widespread use in five or six years, according to many in the industry. Indeed, if you had hopes of being a mobile banking early adopter, you’re late to the party. The majority of large institutions in the U.S. already offer mobile services, notes Leigh Williams, president of BITS, a division of the Financial Services Roundtable. Community banks are not far behind. And those early adopters have an advantage over laggards. “Early adopter banks established a foundation for mobile banking in a way that works for them,” says Williams. “Being a participant early in the process is smart and useful both for the bank and its customers, as long as the bank doesn’t lock into a single strategy.” Mobile success knows no size Among the largest banks, Bank of America launched its first mobile banking offering in 2007 with web-based banking. Today, the $2.3 trillion bank counts close to seven million active mobile web-based and app customers and 1.2 million text banking customers. Combined, these customers transferred more than $12 billion using mobile phones in 2010, says Marc Warshawsky, senior vice-president of mobile channel design and planning. Another bank glad they got off to any early start is First Busey Corp., a $3.6 billion bank holding company headquartered in Champaign, Ill. Leanne Kopischke, the bank’s chief information officer, cites increased market penetration, cross-sell opportunities, higher customer retention, and lower servicing costs as key advantages of being an early entrant into mobile. First Busey has learned a lot since launching mobile banking in 2009. “Providing mobile banking for customers for several years not only provides us with valuable insight and knowledge about the product, but allows us to be innovative and develop enhancements before customers ask for them,” says Kopischke. For example, the bank recently introduced a mobile banking 32  |  ABA BANKING JOURNAL  |  may 2011 https://www.busey.com/home/home/

Table of Contents for the Digital Edition of ABA Banking Journal - May 2011

ABA Banking Journal - May 2011
Contents
Chairman’s View
Editor’s Column
The Economy
Bank Notes
ABA Community Banking: Getting in on the Prepaid Wave
Pass the Aspirin
Tech Topics
Cover Story: #5 and Feeling Good
Smartphones Alter Banking Landscape
Compliance Clinic
Compliance Inbox
ABA Resources
Surveys & Trends
Board Matters
First Person

ABA Banking Journal - May 2011

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