ABA Banking Journal - May 2012 - (Page 22)

tech topics | MOBILE BaNKING Be ready before you roll Customer demand is there, but banks must craft the mobile channel carefully By JOhN GINOvsKy, cONtRIBUtING edItOR 22 | ABA BANKING JOURNAL | May 2012 photo: bioraven/shutterstock.com T he promise of the still fledgling but fast-growing mobile banking channel, with its economy, reach, and customer acceptance potential, is real—but there’s no universal solution. Judging by some of their low adoption rates, many community banks haven’t taken advantage of it. “This is a great product. It levels the playing field. But if you don’t have the team, if you don’t have the infrastructure, if you don’t have a baseline to start from, it will not be as successful as it could be,” says Frank Sorrentino, chairman and CEO, North Jersey Community Bank, Englewood Cliffs, N.J. Any number of recent surveys point out the seemingly inevitable rise of mobile banking, not least of which is one from the Federal Reserve. The Fed found that one out of five Americans used mobile phones to access bank accounts, credit cards, or other financial accounts in the year ending in January. Another one in five indicated they likely will use mobile banking in the future. The Fed predicted one in three mobile phone users will use mobile banking by 2013. In general terms, mobile banking demand is spearheaded by the 100 million-strong Gen Y, a generation larger and more tech-savvy than the baby boomers. “They’re not comparing Bank A to Bank B,” says Virginia Garcia, corporate http://www.SHUTTERSTOCK.COM

Table of Contents for the Digital Edition of ABA Banking Journal - May 2012

ABA Banking Journal - May 2012
Contents
Chairman's View
Editor's Column
The Economy
Bank Notes
Picture This
ABA Community Banking
Pass the Aspirin
Tech Topics
ABA Resources
Compliance Inbox
First Person

ABA Banking Journal - May 2012

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