Most people weren’t comfortable with land-line phones until the 1930s, 50 years after they were invented. By contrast, it took just 10 years for smartphones to become a part of people’s everyday lives. Likewise with mobile banking: launched less than 20 years ago, today around 80% of bank customers in developed economies use mobile as their primary banking channel. Mobile banking is now so popular that most consumers would switch bank to get a better mobile experience.
As technology evolves, consumer expectations of what can be done in the mobile channel keep growing. Banks that fail to anticipate their customers’ changing needs and adapt their mobile offering accordingly risk being left behind by more agile, forward-thinking competitors.
For banks, a winning strategy starts with understanding the services needed by today’s mobile banking user, then delivering these services via a user-friendly, sophisticated experience.
