American Banker in partnership with Verizon Wireless recently conducted a study reiterating that more than ever, people are using their mobile devices to conduct banking activities. This should be great news for digital channel teams at banks but how great the news is depends on how far along the bank is with its mobile banking and payments strategy. Some banks took advantage of this momentous shift with early applications in the market but as the arms race has died down with most banks having a mobile application in place (or on the way), the new frontier will be features and functionality such as mobile remote deposit capture, mobile Bill Pay, P2P payments, image search capabilities,etc.
As the growth rates and total adoption numbers continue to rise, it’s becoming clear that we exited the early adopter phase of mobile banking some time ago, moved past the fast follower phase as well and currently find ourselves in mass adoption mode. What this means is that banks need to increase investment in the mobile channel and increase innovation to match customer expectations. As mobile banking is now table stakes for a bank’s digital channel vision, is your solution ready to keep up? Banks with a solid mobile banking and payments strategy in place are set to reap the benefits of this established and growing channel.
The Biggest Opportunity for Banks May Still Be in their Customer’s Pocket by Mark Ranta