1. Many consumers have not adopted mobile banking because of the cost. Depending on the type of mobile plan they have, it may be exorbitant to use the data on their phones to download, and make frequent use of mobile banking whether it is on the apps, or browser. Also as the article states, only 15% of people had smart phones in 2009. Although that number has increased, there are still people who do not have access to smartphones.
Mobile banking allows consumers to check their balances, transactions history, make payments, and transfer money all on the go. It also saves time by not requiring the consumer to visit a local branch to meet their banking demands.

2. A way to offer customers more conveniences is originally what motivated BOA to create the mobile banking option for its customers. Initially, the services were offered for a monthly fee of $5.95, however, progress was slow, so the mobile banking option became free to all BOA customers with accounts. The decision to make mobile banking free also helped increase retention rates, while bringing in new consumers.

3. Banks can learn a lot of lessons from mobile banking apps. The most important lesson they can learn is how to meet the demands of bankers. Which according to the article was regulations. User wanted to feel in control of their finances. They don’t want to have to call in the branch or visit in to have access to their finances. They want to be able to perform these actions themselves. Online banking provided