Consumers not Embracing Mobile Banking

mobilebanking.jpgBanking isn’t catching on with U.S. consumers reports PC World. Speaking at conference in Boston on Thursday Tower Group Inc. analyst Bob Egan said that the idea of doing banking on a mobile phone, whether it is moving funds or paying bills is still a novelty. Only some 400,000 people in the country, out of nearly 240 million mobile phone users, are actually doing banking on their handsets. Egan believes that the growth will come. But this may only occur as banks partner with mobile carriers, but current market conditions may not favor cooperation as there are more than 18,000 banks in North America with only six mobile carriers – compared to 7,000 banks and 147 mobile carriers in Europe.

Mobile Banking Catching On in US, Slowly [PC World via Yahoo]