How are banks missing the mark on mobile banking?

In sum, banks are not properly positioning the banking channel, according to a new Forrester report.

The heart of the matter:

“Lacking any clear differentiated functionality, mobile banking appeals most strongly to those consumers already inclined to use the mobile channel,” said Emmett Higdon, analyst at Forrester, Cambridge, MA, in a blog post.

“Unfortunately, this segment is dominated by those already using online banking,” he said.

“As a result, banks are not realizing the full benefit of switching customers to cheaper servicing channels, but instead are seeing cannibalization of one low-cost channel—online—by another—mobile.”

To reach one in five U.S. adults, as Forrester predicts mobile banking will do by 2015, U.S. banks will need to enhance today’s functionality significantly to create a unique value proposition that resonates with both online and offline consumers.

That is if banks can think about mobile banking with a fresh perspective, so that it evolves as the unique channel that it is.