Thus, if you’re a bank, by 2015 your #1 channel for day-to-day retail banking will be Mobile, then Web, then the ATM, then Call Centre, and at #5, Branch.” – says Brett King, bestselling author and founder of Movenbank. He also predicts that his children
might never need to see the inside of a branch when they’re older.
A leading research firm declares mobile banking a more important innovation than the credit card or even the ATM!
That’s a spectacular comeback for a channel, which failed to make a mark in its debut. So what is it about mobile banking, other than the obvious advantages of convenience and cost that is now enabling it to surge ahead of other channels, especially the
The list is long, but here are our top three picks.
It’s the best way to reach Gen Y, the customers of the future
Social researcher Hugh Mackay puts it succinctly: “Their (millennials’) expectation is that if they want something, it is there.” This is
the generation of immediate gratification, even when it comes to banking. Gen Y’ers see no point in visiting the branch, when they can access their bank accounts on their smartphones instantly… all of them, in multiple banks, on a single screen,
to boot! Which branch can promise that?
Gen Y’ers can manage without their wallets, but not without their mobile phones. Indeed, for them the mobile is not just a phone, but an all consuming device, which is their window to social media – their virtual hangout, and the “go to” forum for advice
on every subject under the sun, banking included. Social networks are where Gen Y’ers influence and get influenced. Mobile banking enables banks to be present on those all-influential networks.
It’s the best source of customer insight
With mobile banking, not only is it easier to study how consumers bank, but also track their mobile behavior in its entirety: social interactions, personal indulgences, and financial and non-financial transactions. In contrast to branch banking, which
enables banks to understand people as customers, mobile banking enables them to understand customers as people.
It’s the device of new technologies
There is a view that someday in the future, banking will be about downloading a mobile app; it will also be about doing much more than pure banking transactions. Technologies like augmented reality will change the nature and scope of the banking experience
with their exciting possibilities. One example: a monthly statement that enables the customer to connect with a relationship manager for a complete audio visual analysis of its contents – top spends, frequent transactions, avenues of improvement, and so on.
Catch a branch being able to do that, month after month, for each of its customers!
Blog updated: 23 May 2015 13:16:04