Mobile Banking Updates - Aug 7

Too Many Banks Still Treat Mobile Banking as an Afterthought
"I have spent a fair amount of the past three years or so researching, writing about, consulting and presenting on mobile banking. I think about the channel a lot and instinctively look out for new developments in the space on news sites or when I attend conferences. As an advocate of mobile banking, I feel that I should be entirely sold on making it my channel of choice with my bank. But I'm not. At least, not yet."

Segmented consumer experience key to mobile banking future - study
"A new study conducted by Cognizant (NASDAQ: CTSH) and Monitise plc (LSE: MONI) finds that retail banks can realize the full potential of mobile banking by offering segmented consumer experiences and advanced digital wallet capabilities."

Mobile is the new table stakes for banks
"As smartphone and tablet use accelerate in the United States, consumer expectations are growing as well. Banking customers, for example, now expect their financial institutions to offer mobile applications, and U.S. banks are responding, according to a report from Aite Group. And mobile banking apps are a particularly important way to reach younger consumers, because many of them bypass PCs completely in favor of smartphones."

Banks, Mobile Technologies and SMAC, Part 1
"The mega-trends of SMAC (social, mobile, analytics and cloud) plus IoT (Internet of Things/Connected devices/M2M) are changing entire industries. I am being asked frequently now to meet with IT and business teams to review how SMAC and related trends are impacting various industries so companies can better plan to meet these transformations. My colleague at Cognizant, Peter Abatan, is both a banking expert and a mobile technologies expert. Recently Peter has been sharing his thoughts with me on the topic of how SMAC (social, mobile analytics and cloud) trends are impacting the banking industry. Here are some excerpts from our exchanges:"

Banking Industry Predictions: 4 Trends to Expect Over the Next 10 Years
"Considering the staggering changes in banking we’ve experienced over the last decade, it’s safe to say predicting what will happen next is like trying to guess who is going to win the World Series. We can make some educated guesses, but — to really hammer the metaphor — there’s always a chance a curve ball is thrown our way. That said, a number of trends have emerged that say a lot about where the industry is going. And understanding where it’s headed can help better shape your finances today."

Mobile Banking Activity Continued to Grow in June
"Banks continued to report increases in mobile banking usage in June, according to the latest Mobile Banking Intensity Index. The overall value of the index, 72.5, was roughly in line with the intense growth of last month's reading of 73.8. Almost all the 336 bankers who shared information about their mobile banking offerings and adoption for the month of June reported steady growth in the service, which for many is relatively new. The overarching theme was fast adoption and growth with fluctuations and the occasional small hiccup."

Mobility Matters: At The Mobile Banking Tipping Point
"In Sweden, already mobile banking is at a tipping point with several financial institutions reporting that, out of nowhere, usage has surged beyond the online channel. Ditto for New Zealand where mobile access now outstrips online. Word in the United Kingdom also is that mobile banking has reached a tipping point."

Banks can gain by turning digital-savvy: A study
"A new study conducted by Cognizant and Monitise plc finds that retail banks can realize the full potential of mobile banking by offering segmented consumer experiences and advanced digital wallet capabilities. According to the study, consumers are increasingly expecting banks to help improve their mobile lifestyles by providing anytime, anywhere capabilities, customized user experiences, shopping and social features, and value-added services. This, the study states, represents a new opportunity for retail banks to drive customer loyalty, attract new business, and generate more revenue."

Study: Enhanced mobile payment options will drive customer loyalty for banks
"Retail banks that offer segmented consumer experiences and advanced digital wallet capabilities are likely to realize a good return on investment, according to a new study from Cognizant and Monitise plc. The study surveyed a diverse group of more than 700 consumers to understand their mobile banking expectations, emerging trends, and current and future needs. Increasingly, the study found, consumers expect banks to provide anytime, anywhere mobile capabilities, including customized user experiences, shopping and social features, and value-added services, and that represents a new opportunity for retail banks to drive customer loyalty, attract new business and generate more revenue."