As banks develop their strategies for giving customers access to their accounts through cell phones and other mobile devices, they should also regard this emerging platform as a potential catalyst for generating operational efficiencies and as a vehicle for new revenue sources.

Moreover, the Dodd-Frank Wall Street Reform and Consumer Protection Act and other regulatory changes are transforming the economics of banking, creating additional incentives for banks to serve customers in a better, yet more efficient, manner. Additionally, these new and convenient products and services provide banking institutions with a way to reconnect with their customer base and regain some of the trust that was lost as a result of the financial crisis.

At the same time, banks must prepare to defend their franchises against threats from not only other financial institutions, but also mobile carriers, credit card processors and other nonbank competitors that want to help consumers conduct financial transactions wherever they — and their mobile devices — are.

This report looks at the confluence of factors that have made mobile banking a reality, as well as the opportunities for operational efficiencies and revenue growth that mobile banking presents.