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The iPad: One Million Shipped in First Month, but Still No U.S. Bank or Credit Union Online Banking Apps

By Jim Bruene on May 3, 2010 5:13 PM | Comments (4)

image Apple today said it has shipped one million iPads (one of which went to a lucky Mint user, see inset). I don't think that's a surprise to anyone who's even mildly interested in tech.

It's debatable whether the iPad is a laptop killer, but if nothing else, it's a really capable portable media and game player. Given its appearances on The Grammys, Modern Family, Lettermen, and so on, and with Apple's cachet, how could the iPad not sell a million?

But the iPhone arrived with even more hype, and it took more than two months to sell a million back in the summer of 2007. But it was much more expensive considering the price of the phone and $800+ per year to AT&T. And there was no App Store back then: it was just email, SMS, Safari, YouTube, stock tracking and of course, my personal favorite, the weather button.

So I'm not surprised the iPad has consumer appeal. But I am surprised that no major U.S. financial brand, other than E*Trade (see screenshots below) has a native iPad app yet in the U.S. store (notes 1, 2). I expected at least a half-dozen by now. But there have been very few new apps in the iPad store across all categories. Only nine new apps have launched since April 3 in the finance category, bringing the total to 39 (see note 3; original post here ).

So, it may not entirely be the fault of the FIs. There is probably a logjam of apps waiting for approval from Apple. We look forward to seeing what the FIs and PFMs bring to the iPad throughout 2010.

E*Trade Apps: iPhone vs. iPad
Note: Relative size is accurate; see CNET's comparison of iPhone vs. iPad versions across 20 popular apps (previous post on why you need an iPad app here)

image      image

Notes:
1. Square also had its app available at launch, although they have yet to launch credit card processing, so it's not really functional yet. Card processing is expected to launch later this week when the iPhone app becomes available.
2. (Updated May 4 with "la Caixa" info and search info) They don't show on my U.S. iPad, but Spain's "la Caixa" added an iPad app to the U.S. store a few days ago (link) and Banco Sabadell has one in the U.S. store (link). Also, I just learned (May 4) that if you search specifically for the Spanish banks on my U.S. iPad, they do show up and have been successfully downloaded.
3. There are many mysteries of the App Store. One new one is the discrepancy between what's shown on my iPad vs. what's in the iTunes store. On my iPad, 30 finance apps showed on April 3, and there are now 39, for a growth of 9. iTunes shows 61 available today, up 18 from the 43 available on April 3. None of the extra 22 in iTunes are from financial institutions.
4. For more on mobile banking and payments, see the most recent issue from Online Banking Report.

Comments (4)
Categories: Apple , E*Trade , Mobile Banking , iPad , iPhone

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4 Comments

Jim,

Could you please try searching for "sabadell" in the US AppStore. The app was approved on April 23th.

Cheers,
Pol Navarro
@polnavarro

@Pol...good idea. While Banco Sabadell does not show in the Finance category listing on my U.S. iPad, nor does it show up on a search for "bank". But if you type the exact name into the app search field, it does show up. I downloaded tonight, very cool. Same for la Caixa.

Jim,

I think you missed something important -- the iPad is not an iPhone. There is no need for a special iPad app, since I can just use Safari. Safari works great on my iPad for online banking (ok, without Flash and Java, major shortcomings for the web but not for OLB). Besides, if I need a quick transfer or something, my already-downloaded iPhone app works just fine and automatically appears on my iPad when I sync it with iTunes. Yet another app competing for space on my screen? No thank you!

--Kevin

@kevin

Agree it's not nearly of the same magnitude of importance as iphone app...but if you are going to build an iphone app, you might as well put one up for the ipad as well. The extra cost for a basic ipad app is usually negligible.--Jim

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