Mobile banking finding few takers

Financial institutions are rushing to deploy mobile banking services consumers don’t appear to want, according to new figures from JupiterResearch.
The market research firm found that just 8 percent of online consumers who own a mobile phone are interested in browsing on the device to check account balances. Instead of trying to duplicate online banking services, banks should experiment with mobile Internet and text-based services and market them to young users as well as those who are already surfing the wireless Web.
“The current buzz around mobile banking is fueled by financial institutions’ desire to expand their customer relationships to the mobile channel rather than consumer demand,” said analyst Asaf Buchner. “Banks have to identify potential early adopters and educate these customers about the value of mobile services.”
The mobile payment and banking space remained white-hot last week, although consumer uptake is marginal in these very early days. Cyphermint Inc., which is squaring off against Obopay Inc., Sapphire, TextPayMe, Secure Wireless Transfers and others, announced a deal to provide mobile services for Texas-based financial services provider Fidelity Express. PayPal Mobile, which launched more than a year ago, is also making headway in the space.