Since customers' expectations for self-service have increased, mobile banking has become an integral component of a bank's delivery channel strategy. As the sheer number of banks offering mobile banking grows and the rising popularity of the smart phone enables advanced financial services capabilities, consumers will adopt mobile banking as a primary means of interacting with their bank. TowerGroup estimates that, by 2013, more than 50 million US consumers will bank via mobile devices. Between now and then, mobile banking offerings will continue to evolve toward a full-functionality delivery channel that gives banks unique customer segmentation and personalization opportunities.

This TowerGroup Research Note presents a forecast for consumer mobile banking from 2008 to 2013 and evaluates key drivers for adoption. The Note also provides a call to action for banks and vendors seeking market leadership in the fastest-growing delivery channel.