Ready to toss out your plastic debit card and start making bank transactions on your smartphone instead? In 2011, your cellphone could become your bank as well, experts say.
Although it's still early in the process, banks may start offering customers mobile banking apps with the capability to make direct transfers from one person's phone to another.
"We're starting to see more and more movement in the area of mobile payments. The technology is in place; it's just the acceptance on the part of consumers to adopt it," Leggett says.
Elliot expects mobile banking to continue at a rapid pace of adoption. However, he doesn't expect 2011 to be the tipping point for mass acceptance by consumers. More people will use their smartphones as an access point, but this probably won't be a year when people are going to switch banks and bank differently because of it, he says.
"I think banks are toying and testing with mobile payments and remote check capture," Elliot says. "I see rapid adoption, but I don't think someone will go to Bank X because they like their mobile banking options. I don't think we're there yet."