Smartphones promise to be the next big thing in consumer banking, holding the promise of everything from fewer trips to the local bank branch or ATM to the convenience of tap-and-go payments at retail outlets. But first, a number of hurdles still need to be overcome.
Tangerine, the former ING Direct Canada operations, and B.C. credit union Vancity, recently added the ability to deposit cheques by taking a picture of them using a smartphone's camera.
Miller, and others, expect there will be an even bigger jump in usage if the banks, merchants and telecom companies can figure out a better way for customers to make purchases with their smartphones by tapping a retail terminal at the counter.
However, the banks have been cautious because they don't want to see smartphones to get between them and their customers.
Juniper also forecasts that within that time, mobile banking will overtake online banking, the preferred method for most consumers.
Juniper's findings are supported by other recent data, including a survey done in May and June for the
Preliminary figures from a 2014 survey supplied to
That put mobile banking close to branch visits (13%), and ahead of telephone banking (4%). Online banking was by far the most common form, at 55%, followed by automatic teller machines at 18%
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