Mobile Future

Banking on Mobile

So how fast are American cell phone users adopting mobile banking? 

Let’s put it this way: If all the mobile bankers in the U.S. were a city, in 2007, they would’ve been about the size of Tulsa.  Last year, they would have grown to the size of Chicago.  By this year, they’ll surpass Los Angeles and almost reach the level of New York City.

In short, seven million cell phone users will be mobile banking customers this year, according to ABI Research, a 1,600 percent increase over 2007.  As The Wall Street Journal documents, the reasons are pretty obvious: ease of access, greater consumer confidence in the system and more banks racing to offer the service.

Next up according to Citibank: Mobile phones will replace your credit cards.  Stay tuned.