People will have access to information, including financial, anywhere and at any time. The ramifications on business, especially banking, will be staggering. Applications will mirror on-line banking. Customers can view accounts, transfer funds, pay bills, buy and sell securities and access investment research. But it is imperative not to view mobile banking as a watered down version of on-line banking.
Mobile banking is a new channel.
Just as brick and mortar banks have used on-line banking as a new business channel for customers, a mobile channel must be viewed the same way. Mobile banking is different when compared to its on-line cousin. Mobile devices are not adequate for surfing the Internet. An average on-line consumer will spend 30 minutes searching the web and may not engage in any commerce. The opposite is true for mobile commerce.