He also cautioned against charging fees for those services, as financial services firms either don't know or will soon choose not to in order to build a "critical mass" of adoption. "You'll lose market share to organizations giving it away for free," he said.

Of about 200 conference attendees who were polled during Schmidt's breakout session about whether they were offering mobile bill pay and mobile gift cards, 56% indicated they had neither. Another 30% said they had mobile bill pay, 7% said they used both, and 7% said they only used mobile gift cards.

"I'd encourage you to at least go the mobile bill pay route so customers can manage their affairs when they want to, but also because you can save on your costs as opposed to having them call you in to solve some of their issues," Schmidt said. "Bill pay is currently in pilot, but it's expected to be commercially available by the end of the year."

About 60% of phone purchases this year will be completed on a smartphone, Schmidt said. Combine that with $91 billion spent on retail store gift cards over 2010, and you've got the potential for another popular mobile app: mobile gift cards.

Mobile gift cards are being offered by retailers in cooperation with credit card companies and financial services firms, who offer points for purchases that can be used toward future physical store or online purchases.