Monitise today announced that Hawaii-based American Savings Bank is experiencing phenomenal user adoption since the launch of its mobile banking and payments solution. As part of Monitise’s Bank Anywhere mobile solution, American Savings Bank is the first Hawaiian bank to deploy mobile remote deposit capture, resulting in mobile deposits skyrocketing by 40 percent in March. In a mere four months since deployment, many of American Savings Bank’s active online banking customers are already using the Bank Anywhere services developed and deployed by Monitise.
“Customer adoption has literally exceeded all expectations, as we achieved our first-year adoption goals within one month and surpassed our two-year adoption goals within two and a half months,” said Rick Robel, Executive Vice President of Operations at American Savings Bank. “Integrating the Monitise platform with our Fiserv-based core, online banking and bill pay systems presented unique challenges, but with the support of all parties, Monitise produced the complete solution on time and within budget.”
American Savings Bank sought a best-of-breed mobile solution that was agnostic to its third-party systems and would allow them to create a mobile channel that was not dependent on other systems. American Savings Bank selected Monitise and launched its complete mobile services – including feature-rich mobile banking and payments functionality across its fully native smartphone applications, mobile web offerings and SMS services – in November 2012. American Savings Bank supported its product launch with a compelling marketing campaign and mobile enrollment has subsequently been tremendous.
“Strong customer adoption is crucial to a successful mobile strategy for all financial institutions,” said Todd Clyde, Executive Vice President and General Manager, Americas at Monitise. “As demonstrated by American Savings Bank, combining a well-executed mobile platform deployment with capabilities such as mobile remote deposit capture, and our adoption services will result in deep mobile customer engagement.”
Nearly nine in ten (88%) of the world’s mobile media users now engage in mobile content and commerce (up from 82% in 2011), according to the recent MEF Global Consumer Survey. MEF defines mobile commerce as using a mobile phone for research, purchase or banking.
Other key findings from the 10-country annual study show that:
- Mobile research is booming and changing the way we shop: 80% of mobile media users used their devices to aid the purchase process by researching a product or service (up from 58% in 2011, a 22% jump). 69% of these users went on to make a purchase via mobile.
- Mobile is becoming a channel for purchase: 71% made a direct purchase via their handset. Additionally, when asked “why did you purchase items on your mobile phone?” – 26% said they bought because it was convenient, 17% to get something immediately and 13% because it was a bargain.
- Mobile banking is rising: 64% of consumers now use their devices to conduct mobile banking (up from 57% in 2011).
- Convenience, entertainment and trust are key motivators: Convenience (26%) and entertainment (25%) are the primary reasons for engaging in mobile commerce. Trust is also important, with 13% citing ‘from a brand I know and trust’ as a key reason for purchasing via mobile.
- Significant increases come from growth markets: The biggest rises in mobile content and commerce are in growth markets, including Qatar (73% in 2011 to 86% in 2012), India (85 to 90%) and South Africa (89 to 95%). In contrast, mature markets such as the UK remained static at 91% for 2011 and 2012.
The following is a reprint of the Arvest Blog post from October 3, 2012:
Smart phone growth has completely remolded the way people manage their accounts and finances day-to-day. The release below reveals powerful numbers reflecting the growth of mobile banking over the past several years, forecasts what’s to come as it continues to grow and how Arvest Mobile Banking has become a key product to keep up with customers’ needs.
In our technology-driven world consumers have come to expect instant gratification, and financial research along with changes in behavior show they are demanding more from their banks. According to a recent study from the Federal Reserve, the features of mobile phones are rapidly changing the way bank customers access their money. Over 20 percent of mobile phone owners have used mobile banking in the past 12 months, and 11 percent of those not currently using it say they will probably use it in the next 12 months.
Mobile banking growth is expected to be substantial in coming years. According to a Forrester research report, the United States will have 108 million mobile banking users by 2017. That is approximately 46% of all U.S. bank account holders. Arvest Bank reports a dramatic shift in customer use of their Mobile Banking product. The number of Arvest customers banking with a mobile device has more than doubled in the last 12 months, and has tripled from the beginning of 2011. Read More »
A recent survey revealed that more than a third (36%) of UK consumers believe that they will be doing all of their banking through smartphones by 2020. Additionally, two-thirds of UK banks predict that all UK consumers will be using mobile banking in some form by 2017, and 93% feel that “mobile is the future.”
According to the survey conducted by Vanson Bourne on behalf of Avanade, two-thirds (66%) of UK consumers felt that their bank could do more for them; among the most popular improvements being “making more of available technology” (19%). Thirty-two per cent of consumers wanted more mobile apps, and 31% wanted more personalized services.
Of those consumers who said that their bank fails to make the most of available technology, 49% aged 18-to-25 wanted more mobile apps. This is a key demographic for banks, as this is the age when critical brand loyalty can be won or lost.
In a blog post two weeks ago, MobileFI reported on Monitise customer Desert Schools Federal Credit Union and their record-setting mobile banking adoption. Here is a reprint of a Credit Union Times feature article on Desert Schools, originally published on October 9, 2012:
Stop thinking small. Mobile is in every hand today just about and there is no shinier proof than the recent rollout of mobile banking — to a surprisingly huge membership segment – by Desert Schools Federal Credit Union, the $3 billion, Phoenix-based institution.
Desert Schools had been dithering about rolling out mobile for some years – “We knew we needed it to retain members,” said Cathy Graham, a vice president who said that such plans had been put on hold as Desert Schools found itself in one of the geographies hardest hit by the recession. But when the economy began to perk up, Desert Schools put mobile banking back on its must-do list.
Desert Schools pulled the trigger this summer – uploading apps to the Apple Apps Store, Android Play, and even the BlackBerry Apps store – and 90 days later it has a stunning number to report: “30% of our online banking users are now using our mobile apps,” said Graham. That is 57,000 users for the Desert Schools apps and they have been enrolled with minimal marketing push to the credit union’s 322,000 members. Read More »
Monitise plc (LSE: MONI), a leading technology and services company that delivers mobile banking, payments and commerce networks worldwide, today announced Desert Schools Federal Credit Union (DSFCU) reached 30 percent mobile banking adoption in 90 days, setting a new record in rapid adoption.
DSFCU also reports that early adopters of its mobile banking solution are two times more profitable than traditional banking members, and are averaging 46 interactions a month with the mobile banking application.
“The demand among our members for a mobile solution has far exceeded our expectations and offers a lesson to other credit unions – now is the time,” said Ron Amstutz, Executive Vice President of Desert Schools Federal Credit Union. “Monitise offers a mobile solution that will allow for future growth and innovation and has played an invaluable part from development, through launch.”
Led by Monitise’s mobile money platform and adoption services, DSFCU attributes its record-breaking mobile adoption post-launch to delivering a feature rich mobile experience out of the gate, capitalizing on market demand and cross-channel marketing dedicated to mobile conversion. Early adopters of the new channel were primarily from the young-adult and affluent groups. DSFCU reports that these aren’t only its most profitable, but the most susceptible to churn – making mobile a critical channel to future growth. Read More »