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FOR IMMEDIATE RELEASE Contact Information:

Jim Budkie Vice President, Marketing Hitachi Consulting 513.939.0312 [email protected]

Consumer Interest in Mobile Commerce Extends Beyond Banking

New Study by Hitachi Consulting

BOSTON ­ Jan. 29 -- Consumers across the United States are ready to adopt a broad set of mobile commerce applications, according to new research from Dove Consulting, a division of Hitachi Consulting. The research, sponsored by PSCU Financial Services, was conducted using focus groups in multiple cities, and gauged consumer interest in and predicted future use of three major mobile applications: mobile banking (using a mobile device to access banking information), mobile payment at the point-of-sale (using a mobile device to make purchases), and mobile person-to-person payments (using a mobile device to send money to another mobile device). When asked which of these mobile applications they were most excited about using, nearly twothirds of study participants chose mobile banking and 30 percent chose mobile payment at the point-of-sale. Only a handful indicated they were excited about mobile person-to-person payments. According to Chris Allen, a director with Dove Consulting and head of the payments strategy team, these results are in line with the direction the financial services industry is moving. Given everything financial institutions have done to encourage the adoption of mobile banking, it isn't surprising that more people are comfortable with the technology and interested in using it. I expect as more applications are developed that allow people to use their phones and mobile devices to pay for goods and services, consumer interest in this technology will grow and we will see it move into the mainstream, probably within the next two-to-four years. Participants indicated they are ready to start using mobile banking and mobile payment at the point­of-sale now. For both applications, adoption is likely to begin with a smaller group of techsavvy users embracing the applications early, and the majority of consumers adopting soon afterwards once the product is more established. Person-to-person mobile payments did not resonate as strongly with participants, with few indicating they would adopt at any point in time. The results of this research confirmed our view that mobile services are something that consumers are ready for, said Kent Potterton, Director of Credit Services and New Product Development at PSCU Financial Services. This was one of our primary motivations for adopting mFoundry's mobile financial platform and enabling our credit unions to offer mobile banking and mobile bill payment services to their membership. Convenience is the most compelling feature of both mobile banking and mobile payment at the point-of-sale. Participants cited the ability to perform banking functions, such as check balances


and pay bills, from anywhere without the need of a computer as the major convenience of mobile banking, and the prospect of no longer carrying a wallet as the major convenience of mobile payment at the point-of-sale. Conversely, participants indicated security and fraud were their main concerns regarding these mobile applications, wondering what would happen if their mobile devices were lost or stolen. -###About Dove Consulting Dove Consulting, a division of Hitachi Consulting, specializes in strategy and organization consulting for financial institutions, payment networks and processors. Dove's Financial Services practice is a leader in payments, retail banking, distribution and customer strategies, having worked for eight of the top 10 banks in the United States. Dove's consulting work is supported by an ongoing commitment to payment industry research, including consumer and small business payment preferences, ATM deployment, and card issuer risk. For more information, visit or call (617) 482-2100. About Hitachi Consulting Corporation As Hitachi, Ltd.'s (NYSE: HIT) global consulting company, with operations in the United States, Europe and Asia, Hitachi Consulting is a recognized leader in delivering proven business and IT strategies and solutions to Global 2000 companies across many industries. With a balanced view of strategy, people, process and technology, we work with companies to understand their unique business needs, and to develop and implement practical business strategies and technology solutions. From business strategy development through application deployment, our consultants are committed to helping clients quickly realize measurable business value and achieve sustainable ROI. Hitachi Consulting's client base includes 25 percent of the Global 100 as well as many leading mid-market companies. We offer a client-focused, collaborative approach and transfer knowledge throughout each engagement. For more information, call 1.877.664.0010 or visit About Hitachi Hitachi, Ltd., (NYSE: HIT / TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 384,000 employees worldwide. Fiscal 2006 (ended March 31, 2007) consolidated revenues totaled 10,247 billion yen ($86.8 billion). The company offers a wide range of systems, products and services in market sectors including information systems, electronic devices, power and industrial systems, consumer products, materials and financial services. For more information on Hitachi, please visit the company's Web site at About PSCU Financial Services Based in St. Petersburg, Florida, PSCU Financial Services is the nation's largest credit union service organization (CUSO) and serves more than 1,100 financial institutions nationwide. As a non-profit cooperative, the company is owned by more than 500 member credit unions representing nearly 12 million cardholder accounts and more than 560,000 online bill payment subscribers. Its Contact Center handles more than 12 million inquiries a year. PSCU Financial Services maintains an Eastern operations center in St. Petersburg, Florida, and a Western operations center based in Phoenix, Arizona. The cooperative's wholly owned subsidiary, Digital Dialogue, operates two 24/7 call centers in Detroit, Mich., that specialize in member services, new member acquisition, cross-selling and automated lending solutions. Established in 1977, the company provides a broad array of cost-effective, high quality financial services that include credit, debit, ATM, prepaid bill payment and contact center solutions. PSCU Financial Services uniquely offers its members a full range of processing options, any combination from full service to in-house pass through processing for credit, debit and ATM transactions. As the leader in the credit union industry, the company offers gateway access to national and regional networks. It also provides full function ATM terminal driving services. For more information, visit the company's Web site at


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