- More than 375 banks and credit unions have agreed to use the company's flagship mobile banking and payments solution
- The number of consumers using Mobile Money has grown more than 600 percent during the last six months
- Financial institutions have plans to increase investment in mobile services
Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, announced today that more than 375 financial institutions have agreed to use Mobile Money(TM) from Fiserv, the company's flagship mobile banking and payments solution. Almost 200 of these banks and credit unions are already live on the service, a figure that has more than doubled within the last 12 months. Consumer usage of the service has soared as well, with the number of consumers using the service growing more than 600 percent within the last six months.
Mobile Money supports mobile banking and payments services for a wide range of financial institutions, from some of the largest banks in U.S. and international markets, to community banks and credit unions. Regardless of the size of the institution, the current trend is to offer access to mobile banking via all three of the primary access modes - SMS (text messaging), mobile browser and downloadable application. Offering all three access modes enables financial institutions to support a broader range of users.
"Within mobile financial services there is a significant focus on adding transactional capabilities," said Erich Litch, division president, Digital Channels, Fiserv. "Adding services like bill payment, e-bills, remote deposit capture and person-to-person payments is a near-term priority for most financial institutions, with point of sale payments on the horizon. Many of our clients are choosing to partner with us because we have a unique combination of mobile capabilities and transaction services that will enable them to handle growth as well as adapt over the long term."
Financial Institutions Plan to Increase Mobile Investment Fiserv clients have indicated that they plan to increase their investments in the mobile channel. Of nearly 2,000 clients polled during the Fiserv Focus client conference in April 2011, more than 74 percent indicated that they planned to increase their investments in mobile financial services during the next 12 months.
"Consumers are becoming more aware of mobile financial services and how they can benefit from them, and growing consumer demand will be a catalyst for investment," said Litch. "Financial institutions are seeing mobile banking paying off in the form of more profitable customer relationships, and are increasingly willing to invest in the service."