Power to the patient
While the rise of mobile computing will not eliminate web, physical and other paths to customers, people around the world are embracing mobile technologies—and banks need to do so as well. Indeed, if they fail to help shape the change, they risk being swept aside by newcomers who enable mobile-empowered consumers to reach their financial goals and dreams.
This research programme, sponsored by SAP, explores how mobile technologies are transforming the retail-banking industry and finds that banks must embrace mobile if they are to satisfy and hold on to their customers in the future.
Key findings include:
- 82% of retail bankers agree or agree strongly that in the next five years mobile will become the number one channel for millennials and younger consumers—banks’ future customers
- Today only 15% of transactions are conducted via mobile devices—that percentage will to rise to 25% in five years
- The mobile invasion is forcing banks to navigate a complicated world of new partnerships and rivalries. Emerging partners include mobile-phone companies, retailers and social-media firms
- Bankers believe they must offer more compelling mobile experiences to customers; 69% believe the quality must match what big internet companies provide
- Banks will move to provide more advanced mobile features, such as spending analyses and wealth-management tools
Banks and their regulators are going to have to embrace technology-driven innovation. Otherwise it will simply happen by stealth, driven by players outside the industry.
- Dan Armstrong
- Riva Richmond
- Interviewed for this report:
Brad Jones, head of North Asia operations and Asia transformation at National Australia Bank
Ivan Mortimer-Schutts, East Asia-Pacific electronic and mobile banking specialist at the International Finance Corporation
Joshua Reich, chief executive of Simple
Jose Manuel Villas, head of the digital channel at Banco Bilbao Vizcaya Argentaria
Andres Wolberg-Stok, global head of emerging platforms and services at Citibank