The latest research is now available: Online Banking Report: 2012 to 2021 Online & Mobile Banking Forecast. The report includes our latest 10-year online banking, mobile banking and bill-pay forecast for the U.S. market. Online banking remains relatively flat, growing less than 5%, while mobile expanded by more than 40% last year (see note 1).
We still believe mobile is on a path to surpass online banking in the United Sates by the end of the decade (note 2). Although by then, the two will be very similar, if not identical.
The report also includes a revised 10-year forecast for U.S. peer-to-peer lending. After growing five-fold in two years (2011 vs. 2009), we expect continued strong growth of nearly 40% compounded annually through 2021.
Finally, we took one last look at 2011 and documented the top ten innovations or trends of the year (see below). We also updated our top-10 project priorities for 2012.
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Top innovations & trends of 2011
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The report includes a summary of the top ten innovations or trends during the past year (in alphabetic order):
- Ad-supported banking gains a foothold
- BillGuard launches transaction-monitoring tool (screenshot below)
- Capital One acquires ING Direct USA
- Mobile banking goes Android
- P2P lending doubles
- PFM turns its attention to debt management
- Square re-engineers off-line POS
- Social media-fueled banking backlash
- Truly virtual banks arrive
- Youth banking gets a powerful new entrant
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New entrants to the OBR Hall of Fame
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Each year we rank the top online/mobile innovations of all time (North America). There are a total of 46 achievements listed from 45 unique companies:
- 15 banks
- 5 credit unions
- 10 non-bank financial services companies
- 15 technology companies
The class of 2011 included three new entrants:
- BillGuard for creating a PFM application (transaction scanning) that provides tangible value to the mass market
- Doxo launches first full-featured virtual billing file cabinet
- Mint for putting all the pieces together to create a compelling online personal financial management system (note 3)
- Personal Capital, for doing for wealth management what Mint.com did for retail customers
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About the report
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Online & Mobile Banking Forecast (link)
The next 10 years: 2012 through 2021Author: Jim Bruene, Editor & Founder
Published: 6 Jan 2012
Length: 40 pages, 27 tables, 14,000 words
Cost: No extra charge to OBR subscribers, US$495 for others here
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BillGuard is one of four new companies added to the OBR Hall of Fame in 2011 (9 Jan 2012)
Note: Powerful homepage message: Protect Your Money
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Notes:
1. The penetration of online banking into U.S. households is relatively flat going forward. However, because each household accesses a larger number of financial accounts, growth at individual financial institutions is still growing on average.
2. Forecast is for the United States. Mobile has already surpassed all types of banking in some developing countries.
3. Mint.com is being added four years past its 2007 launch. Since it didn’t pioneer any specific new features, we hadn’t put it on the list. But, we’ve decided its legacy of improving the user interface for online banking is worthy of making it into the OBR hall of fame.