Closer Look: Mobile Banking in A Post-Channel World
New vision and new strategies
In spite of growing usage rates, many customers have yet to adopt mobile banking. Perhaps more troubling, the industry remains stuck in a me-too mode: slight innovations, quickly replicated, bring no significant advantage to the pioneer. Meanwhile, many banks have yet to go beyond cost control and drive revenues through mobile. And perhaps more importantly, banks haven't fully leveraged the mobile technologies available today, such as biometric authentication, video features and location sensing.
The growing ubiquity of mobile devices, the proliferation of mobile endpoints, and the rapid evolution of mobile technology challenge banks to revisit old assumptions about mobile's role in customer interactions. In the not too distant future, the notion of "mobile" will evolve to include a multiplicity of devices, beyond smartphones and tablets. This will force banks to rapidly adapt to the "post-channel" world, where channel distinctions are less important and improving customer experience becomes the supreme goal.
How can banks increase mobile adoption rates, differentiate the mobile experience to boost customer loyalty, and move beyond cost savings to monetization?