"Brandon McGee, Industry Insider, Mobile Banking Guru...He is not only the real deal, a genuine industry insider, but also knows exactly what's on the minds of financial service pros as they contemplate the various mobile options." - Jim Bruene, Publisher & Founder, Online Financial Innovations

"Going Mobile. Local executive carves niche as national expert on fast-growing banking-industry technology trend" - Scott Olson, Indianapolis Business Journal (IBJ)

"Brandon McGee, the industry's unofficial ambassador for mobile banking" 

Tuesday, May 12, 2009

Mobile Banking vs. Text Banking - Part II

Here's an interesting "tid-bit" for all of the mobile banking product managers. Last week I had an opportunity to review some marketing research from a Top 25 bank that offers both mobile banking and text banking and found something very interesting.

The clients using mobile (browser) banking are 38% more profitable than the bank's average client, and text banking clients are 13% more profitable than the average client.

Note: It's too early to say that this increase in profitability is driven by mobile or text. What we're saying is that the banks most profitable clients are the ones using mobile and text banking.


Karel P said...

I suppose the difference in profitability of the customer using browsing is because a mobile phone with a browser is costlier than a mobile phone for texting i.e. the customer moves more money causes more transactions and is more of interest to the bank.

Xesco & Mercè said...

I think its a mistake to compare both channels only because both are "mobile". Something we are learning in Spain is that there isn't competitiviness between channels because... There are customers for each channel!! its the customer who choose the channel, not the bank.