Banking on the Go

As more people get used to using their cell phones for the Internet, email and text messages, it's only natural that they will look to their banks to support mobile services, too. Many major banking firms (Wells Fargo, Citibank, Bank of America and others) are already offering mobile access to account information along with other services. As easier-to-use smartphones (think iPhone and Blackberry) arrive on the market, increased consumer demand for online banking will force the issue for smaller banks.

Mobile access, however, is different from online banking, which generally accepts a one-size-fits-all approach. Multiple smartphones and related platforms and service provider fees require that banks make a long-term investment in the concept. Those who attempted mobile banking at the turn of the century might balk at the idea (it failed in many cases), but as future generations don't just expect but demand mobile banking, banks must take a second look at the technology.

Mobile banking is another sales channel, according to Bank Director Magazine. In 2009, 13 percent of online banking users are expected to adopt mobile banking — that's a jump from just four percent in 2007. Banks that want to grab young customers and retain them for life need to give those customers access to banking information and services on their terms, not the bank's terms.

As a result, IT pros can expect mobile banking growth in the coming year. It will likely be limited in order to contain costs (consumers might be able to pay regular bills for free, for instance, but be required to pay additional fees for expedited bill payments), but IT workers skilled in the technical challenges of supporting multiple mobile platforms will be in higher demand than ever before.

Are your IT skills up to the challenges of the financial industry? To find out, contact Sheri Breitstein, Vice President for Client Development at The Connors Group, at 201-537-0030 or by email at sheri@theconnorsgroup.com.