In Mobile-Online Banking Match Up, No O.K. Corral Shootout Foreseen
Call mobile banking vs. online banking the face-off that isn’t. That is the word from IT experts as they forecast how, and with what, we will conduct our financial transactions in 2012. And for those who had been wondering if they could downplay, maybe even terminate, online banking as more people adopt smartphones, the sharp answer is, don’t even think about that.
“Mobile and online will complement each other,” said Shari Storm, a senior vice president at Verity Credit Union, the $367 million credit union based in Seattle.
As persuasive as that is, there nonetheless are some partisans who point out that the power of mobile banking is just now beginning to be tapped. Jim DeBello, CEO of Mitek Solutions, a mobile imaging developer, said that the camera built into most cell phones opens up a range of possibilities, from remote-deposit capture–now showing up an innovative financial institutions where the camera captures the image of the check and triggers the deposit–through bill pay where a bill from a specified payee is imaged via the camera and intelligent software extracts the payment info and populates a payment. That latter is only now in testing but, said DeBello, he expects it to roll out quickly. “You don’t want to type stuff on a small keyboard.”
“These are the killer apps,” said DeBello, “remote deposit and bill pay. That is what will tip this to mobile.”