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TMCNet:  Mobility in Banking - Mobile Applications: The Two Speed Revolution Report Features 2012 Case Studies

[December 03, 2012]

Mobility in Banking - Mobile Applications: The Two Speed Revolution Report Features 2012 Case Studies

Dec 03, 2012 (M2 PRESSWIRE via COMTEX) -- Research and Markets (http://www.researchandmarkets.com/research/gsgdd3/mobility_in) has announced the addition of the "Mobility in Banking - Mobile Applications: The Two Speed Revolution" report to their offering.

Australian financial institutions have recognised that the smart device is also a revolutionary tool for banking. Banking in the future will pivot around the software that makes the hardware do the hard work for us, the apps. But more than realising that a fundamental shift is occurring, what they want to know is, by how much will things change and in what direction.

In a relatively short time period, ownership of these devices has increased such that 55% of the population now owns a smartphone and 25% owns a tablet, 20% of the population owns both a smartphone and a tablet. Combined, more than 60% of the population owns either a smartphone or a tablet.

This report uses data from RFi's surveys of Australian consumers in February and June 2012. It is designed to help inform strategic decision making by providing insight into a special feature of the smart device revolution; the apps. Best practice international case studies also add a global perspective.

Highlights Communication and media are the top two uses of smartphones. However, there are three banking tasks that more than 30% of smartphone owners regularly perform; checking balances/recent transactions, transferring money to friends/family, and paying bills/BPAY. These are also the three areas where financial institutions are investing heavily.

RFi data indicates that the major five banks are doing well in providing mobile banking services via an app. Of the major 5 banks, St George and NAB have the highest proportions of their MFI customers performing banking tasks via an app. In contrast, credit union MFI customers are by far the least likely to perform banking tasks via an app.

The number of apps affects the usage of the smartphone. Smartphone owners with more than 10 apps are on average twice as likely to use their smartphone for functions other than calling and texting, than those with less than 10 apps. The number of apps downloaded similarly impacts use of the phone for banking tasks.

17% of smartphone owners have posted a review of an app on a platform such as iTunes or the Android marketplace and have at least a moderate influence on 85% of the smartphone market through their reviews.

Case studies. La Caixa Movil - Spain. Standard Chartered Breeze - Singapore.

For more information visit http://www.researchandmarkets.com/research/gsgdd3/mobility_in CONTACT: Research and Markets, Laura Wood, Senior Manager.

press@researchandmarkets.com Fax from USA: 646-607-1907 Fax from rest of the world: +353-1-481-1716 Sector: Banking (http://www.researchandmarkets.com/categories.asp cat_id=52&campaign_id=gsgdd3) ((M2 Communications disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com.

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