A recent Mercatus Center study has shown that banks offering mobile financial services can increase their new customer acquisitions by as much as sixty percent. Red Gillen, Senior Analyst of Banking at Celent, notes in the February Celent Banking Newsletter that many top banks in the US will begin to look for new ways to monetize the mobile channel, starting with person-to-person (P2P) payments.

S1 continues to look for ways to help position its financial services and payments customers to take advantage of increasing mobile channel adoption. In our industry we’ve seen banks and card issuers alike launch new smartphone applications on an almost weekly basis. As a result of the same trend, S1 recently announced a partnership with PayPal to deliver mobile person-to-person payment capabilities, and the first joint customer, Mercantile Bank of Michigan, is expected to go-live with the new service soon.

What is your organization doing to address the mobile opportunity? Are you looking for new ways to drive value-added transaction capabilities to this growing channel?  With the number of people around the world using mobile banking services doubling each year banks cannot afford to ignore this payment channel.