SAN RAFAEL, CA--(Marketwire - October 20, 2010) - ClairMail, Inc., the leader in mobile banking and payment solutions, today released a new mobile banking industry report from leading analyst research firm TowerGroup explaining the real business value of mobile banking for financial institutions (FIs).
The report, Lessons Learned: Eight US Financial Institutions Reveal Mobile Banking Benefits, by George Tubin, senior research director at TowerGroup, includes insight from executives at eight US consumer banking institutions using ClairMail's mobile banking solution, interviewed in the first quarter of 2010. The report answers the timely questions, "Is the US Market Ready for Mobile Banking" and "What is the real value of mobile banking in today's marketplace" by surveying individual terms of value, building a business case, mobile results thus far and what lies ahead. Find the full report at http://www.clairmail.com/towerstudy.
Growing from 10 million active users in 2009 to a projected 53 million in 2013, mobile banking is an established technology that banks are now looking at for much more than simple balance checks and transactions. At least one bank executive answered that their institution sees mobile technology as a means to gain competitive advantages in an increasingly differentiated market and as an investment they're making now expected to pay off in two to three years.
Key findings in this research include:
- Mobile banking adoption has exceeded initial expectations by over 100 percent for all banks surveyed, with many witnessing over 10 percent of their online banking customers taking up the mobile channel within the first year.
- FIs that have implemented mobile banking services can expect to see a 20-point increase in client retention.
- Up to 70 percent reductions in voice response unit (call center) usage by mobile users. These calls average four dollars per call.
- Mobile banking services are proving to reduce fraud by an estimated 10 to 15 percent, and improve fraud detection by up to 25 percent.
- 1-2 percent of new customer acquisition being driven by mobile offerings.
"TowerGroup firmly believes that mobile banking is a market mandate that must be pursued by all retail banking organizations wishing to remain competitive in an increasingly tiered space," said George Tubin, senior research director at TowerGroup. "Today's mobile-savvy consumers will soon view banks that do not offer mobile access as irrelevant, and banks without mobile banking will risk losing these customers."
Other findings and responses demonstrating mobile banking's value in keeping banks competitive with the rest of today's market include:
- Mobile banking customers exhibit the most valuable traits in FI customers -- high balances, longer tenure with an institution and enrollment in more FI offerings;
- One institution reported an overall lift in brand perception amongst those using mobile. This impression was described as "critical" in maintaining low churn rates amongst customers;
- By deepening relationships with their most important customers through mobile, the bank executives believed that the relative inexpensiveness of the mobile channel would lead to cost reductions in other departments.
"TowerGroup's projection for mobile growth from 10 million active mobile banking users in 2009 to more than 53 million in 2013 illustrates the increasing demand for mobile financial initiatives from FIs," said ClairMail CEO Pete Daffern. "By implementing well-planned mobile solutions, FIs are separating themselves from their competitors and seeing near-immediate benefits across the board by providing their customers with easy ways to monitor and manage their finances. ClairMail is continuing to demonstrate market leadership in this rapidly expanding market as the mobile banking provider for eight of the top 12 financial institutions in North America."
About TowerGroup
TowerGroup is the leading research and advisory services firm focused exclusively on the global financial services industry. For more than a decade TowerGroup has been providing the world's top financial services, technology and professional companies with trusted advice and continuous, timely and objective information. With unrivalled industry experience and outstanding analytical prowess, the strong team of analysts and specialized advisors covers the business and technological issues impacting the entire financial services sector. TowerGroup's analysts and specialized advisors hold themselves to exceptionally rigorous standards of objectivity and independence, which results in research and custom engagements based on facts and fairness. Everyone at TowerGroup adheres to stringent codes of behavior that guarantee the best possible results for all of our stakeholders.
About ClairMail, Inc.
ClairMail is the leading provider of mobile solutions for banking, payment and card services. ClairMail provides a technology platform designed to help financial institutions realize the strategic potential of mobile banking, driving new levels of customer trust and loyalty, facilitating cross-sell opportunities and enabling near term, measurable cost savings. Financial institutions of all sizes now have an opportunity to reach 100% of their customer base and proactively deliver personalized content through multi-level alerting and triple-play convergence capabilities via a central customer interface. ClairMail's platform also offers multi-channel enrollment options to maximize mobile adoption and ROI, regardless of mobile device, carrier or back-end financial system. Founded in 2004, ClairMail is headquartered in San Rafael, Calif. For more information call (415) 884-7270 or www.clairmail.com.
Contact Information:
For media inquiries, please contact:
LaunchSquad
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Clairmail (at) launchsquad (dot) com
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