ANOTHER FAVORED TREND was mobile applications. Corporate Insight, which provides competitive intelligence to the financial-services industry, recently published a report entitled “Money on the Move: Mobile Finance Review 2011.” We were given a peek at the report; a summary is available from Corporate Insight’s Website.
The analysts at Corporate Insight talked with 100 financial executives who are clients. More than two-thirds of the respondents said that mobile financial apps have had a “somewhat positive” or “very positive” impact on their firm’s business. Of interest to readers of this column: “Every executive we surveyed believes that their firm will have an improved mobile offering in the next 12 months as they continue to develop new platforms and features.”
The report notes that the fastest-growing area for mobile financial apps is the iPad. In May alone, Merrill Lynch/BofA, Chase and Vanguard have all launched new apps for that platform. Mobile capture of check images also began that month for Fidelity and Schwab customers. Corporate Insight lists E*Trade, TD Ameritrade and Fidelity as leaders in offering mobile apps to their self-directed clients.