Big Banks Fear Losing Consumers to Mobile Wallets

Hello everyone,

First off, be sure to check out the article from Business News Daily above.  I just want to take a minute to give my two cents(no pun intended) on the transformation to mobile wallets in the banking industry. As most of you already know, many banks offer mobile wallet services that give us the ability to check balances, transfer funds, and sometimes deposit checks. I do all of my banking through USAA, which doesn’t have any physical banking locations, but provides outstanding online and phone customer service. I can do virtually anything from the mobile application, short of withdrawing cash. I’m sure there are many banks that are similar, and it’s becoming much more common for large and small banks to provide this service. What I’m trying to say is that now is an extremely important time for banks. More and more, it’s becoming standard practice for banks to offer a mobile wallet.  If banks (especially the large ones) are unwilling to provide this option to their customers, they seriously risk getting left behind in the transition to mobile banking.  Let me know your opinion on the relationship between banks and the mobile wallet. Without the option to have a mobile wallet through your bank would you be willing to have one through a service like Paypal or Google Wallet?