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Mobile Banking a "Killer App"?

Wed Jan 28, 2009 - 2:57 AM EST - By Annie Latham

According to a story by Aaron Baar that appeared at MediaPost.com, "mobile applications for financial services companies--particularly banks--could become the new 'killer app' for telecommunications." ABI Research says that the number of people banking through a mobile device could hit half a billion worldwide by 2013. Senior analyst of consumer mobility, Mark Beccue, stated, "Mobile financial services have the potential to be bigger than mobile TV and premium mobile content in terms of numbers of subscribers. Everybody's trying to do it, and they're all scrambling."

It all comes down to how comfortable consumers are with online banking, which is the logical first step. If they trust online, they may be more likely to trust mobile.

The story also notes that in the U.S., the mobile banking leader is Bank of America, which had 1.5 million subscribers as of the end of 2008.

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