Report shows that US financial institutions are showing great interest in mobile commerce
First Annapolis Consulting, an investment banking and financial services consulting firm, has released its third annual Mobile Banking and Payments Study. The study highlights the changes that are being seen in the U.S. financial services industry and how banks are adapting to the growing popularity of mobile commerce. Mobile commerce is beginning to grow quite large in the U.S., especially where banking is concerned. The study suggests that the growth of mobile commerce has yet to show any signs of slowing down.
81 of top 100 financial groups offer mobile banking services
According to the report, 81 of the top 100 financial institutions in the U.S. offer some sort of mobile banking service. This is an 11% increase from the number of institutions that offered such services in 2011. Many of these services provide consumers with access to their accounts and finances through smart phones and other such mobile devices. Many of these financial institutions are also leveraging consumers’ constant connection to the Internet to provide them with warnings if suspicious activity on their accounts is recorded.
Study shows banks becoming more accommodating of mobile consumers
The study finds that many banks and financial institutions are beginning to take mobile commerce more seriously. Banks, in particular, are warming to the idea of accepting mobile payments from consumers and have implemented bill payment features. These banks are also finding that the rewards programs they offer to consumers are becoming more popular. With banks becoming more accommodating to mobile consumers, these rewards programs are seeing more use and praise from these consumers.
Mobile commerce continues to gain traction in the US
Mobile commerce is on the rise in the U.S. and has been on the rise for some time around the world. The concept of making payments using nothing more than a mobile device has proven popular amongst tech-savvy consumers. Now that the largest U.S. banks and financial institutions are embracing mobile commerce, more consumers may soon be exposed to the innovative concept.
Retailers pressured to adopt mobile commerce to engage consumers
Consumers around the world are becoming more mobile. That is, more consumers are relying on mobile technology to operate in their daily lives. Mobile technology has made many aspects of people’s lives more convenient, such as social interaction due to their constant connection to the Internet. Commerce is also being revolutionized by mobile technology and people’s growing need for convenient service. More consumers are beginning to look for alternatives to traditional, physical stores, and many have turned to mobile commerce and e-commerce.
Retailers look for ways to bridge gap between online and offline worlds
Mobile consumers are turning to the Internet to find the products and services they want to pay for. As more consumers look online, retailers are feeling the pressure to adapt or risk losing contact with a growing portion of their audience. Thus, businesses are looking for ways to close the gap that currently exists between the online and offline worlds. Few retailers are willing to abandon physical stores, so many are attempting to provide consumers with incentives to visit these stores throug
h the use of mobile commerce.
Mobile commerce services being adopted by large retail companies
Big name retailers, such as Macy’s and Nordstrom, are working to make use of digital technologies in order to provide consumers with better in-store service. These companies have been working to broaden their reach through mobile commerce and e-commerce and, as a result, have been seeing declining in-store sales. Some consumers have even begun gravitating to online shopping platforms that are offered by other companies. This competition is driving innovation in the retail industry as companies attempt to find the best balance between mobile commerce and traditional forms of engagement.
Study predicts sales in mobile commerce to double next year
A recent study from Internet Retailer, called Mobile 400 Guide, shows that mobile commerce is growing. The study predicts that mobile commerce sales will double in 2013 as more consumers gain access to smart phones and mobile devices that are capable of facilitating mobile transactions. Retailers are feeling the need to find ways to engage consumers that are becoming increasingly enthralled in the world of mobile technology.
