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mobile banking white paper screen shotMobile Banking: One size doesn’t fit all

A best practice guide to developing and implementing a successful mobile banking service

Executive summary

As financial institutions fight to retain customer loyalty, gain competitive advantage and increase revenues, their success hinges on staying relevant to consumers by adding value and adapting to fulfil changing requirements.

In 2011, consumer use of mobile banking applications increased by 74 per cent, while consumers also increased their use of apps to manage credit cards.1 According to the findings of the World Retail Banking Report 2012, 60 per cent of consumers globally are expected to use mobile banking by 2015.2

Across banking channels, mobile has advanced the most in recent years. However, research shows that mobile banking also offers the least positive customer experience.3 While many users have signed up for mobile banking services, the on-going use of these services is often rather limited. According to a recent study by CGAP, of the 120 global mobile money deployments surveyed, only eight per cent of subscribers could be considered active users.4

Financial institutions must close the gap between the expectation and the experience.

While packaging traditional financial services into a mobile delivery channel provides consumers with remote access to their bank account via a mobile device, this only skims the surface of the channel’s potential. By leveraging the ubiquity of mobile communications, financial institutions can deliver always-available highly personalized services and instant access anytime, anywhere.

However, as multichannel banking adapts and evolves to embrace mobile, financial institutions are facing new sets of challenges fuelled by increasingly complex integration processes and fragmented technologies.

This white paper examines why mobile banking should be a fundamental part of a long term customer acquisition and retention strategy. It also looks at the various mobile banking approaches available and provides a best practice guide for successful deployment, market engagement and ongoing consumer adoption. In today’s world, banking must be mobile and delivering a successful mobile service is a fundamental strategy for the future success of financial institutions.

This white paper will demonstrate that while there is no ‘one size fits all’ approach to the implementation of mobile banking services, there are critical strategic considerations and guidelines that will underpin a successful mobile strategy.

To read the full version of the white paper, please download here.

1Gartner – Learn lessons from U.S. mobile banking: Focus on Active Functionality for Revenue Generation, 20 March 2012 / comScore – “2011 state of online and mobile banking”, February 2012
2Capgemini and Efma - the ninth annual World Retail Banking Report, 26 April 2012
3Capgemini and Efma - the ninth annual World Retail Banking Report, 26 April 2012
4CGAP, The Challenge of Inactive Customers: Using Data Analytics to Understand and Tackle Low Customer Activity, February 2012

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