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Mobile Banking: Market trends seen and explained by industry leaders
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Contributed by Cecile Poyet, Program Manager - WebSphere Industry and Field Marketing – Banking, Media & Entertainment
Impact 2013 featured some outstanding sessions about Mobile this year. I had the opportunity to attend two in particular: Capital One’s presentation, and ING Direct Canada’s, during the Mobile Mini Main Tent.
If we look at the mobile in banking market today, there are as many uncertainties as opportunities. A number of IT and business leaders still think that they have to choose between:
The fact is: with a well thought-out business and IT strategy, banks can have their cake and eat it too.
First of all, we need to understand that, as the market is evolving, so is the competitive landscape. Banks’ competitors in the mobile banking market are not just other banks. Google, Apple, Facebook… are all strong potential players when it comes to providing banking and payment services at the customers’ fingertip. Even in areas where the market has not taken off yet, like mobile payments, the question is “when”, not “if”. Replacing credit cards with a phone is not that interesting in itself. However, by adding intelligence to digital wallets i.e. contextual awareness, location-based offers, mobile banking solution providers will create a more compelling and personalized customer experience. And who does not want that?
Even when looking at tricky areas such as security, banks realize that there are opportunities there too. If they can provide customers with a fun and rewarding experience, security becomes a differentiator. Nothing works better than user testing to understand how a customer feels when using a given app.
At the end of the day, banking leaders agree to say that it is not just about monetary return on investment, but more about return on experience for the customer. With a solid roadmap and the general picture in mind, banks have no limit to the value they can create for their users. In fact, mobile becomes the ultimate way for banks to represent their brand and share their unique culture and values with their customers. Mobile becomes a very personal experience, both for the bank and for the customers.