Product Code: IT003-000573
Improving mobile sales and service effectiveness is the key goal for most banks in 2013, as the emergence of new mobile features and users that are demanding a better experience is increasingly gaining the attention of senior management in retail banking circles. In addition, mobile banking has moved from the innovation stage to the mainstream, and organizations are adopting and investing in new technologies accordingly.
- Mobile banking is the top investment priority in 2013. Increasing profitability is a priority for a number of retail banks as achieving top-line growth is still difficult in the current market conditions.
- Mobile banking continues to grow and have a more direct impact on financial services institutions. The results of Ovum's Business Trends Survey indicate increased interest among banks globally in further developing mobile banking. Many retail banks also expect mobile banking to become a significant channel within the next three years.
- The user experience of banking services on mobile devices will remain heavily influenced by the design, functionality, and technological capabilities of mobile devices, and, by extension, the networks on which they run.
- Provides C-level executives' views on current business priorities, business strategies, and the ability of mobile banking platforms to support these.
- Considers the performance of mobile banking platforms across customer experience, operational efficiency, innovation, functionality, and agility.
- Where are the strongest pain-points with current mobile banking platforms?
- Do current mobile banking platforms actually meet changing customer expectations?
Table of Contents
- Ovum view
- Key messages
- MObile banking IS a key priority for banks globally
- Mobile banking is the top investment priority in 2013
- Mobile moves from a new channel to the main channel
- The next stage of mobile banking strategy
- Mobile banking has moved from "should we do it" to "how do we do it
- Mobile device innovation will continue to change user expectations
- Banks are looking to broaden the functionality delivered through mobile
- Smartphone, tablet, and PC browser channels have distinct consumer use
- Tablets marry the characteristics of mobile and online banking, but
are also becoming a distinct medium for mobile banking
- Key areas of development in mobile banking
- Banks must address development pain points such as security and
consistency across devices
- Balancing security and ease of use is key
- Reliability and usability testing are a must prior to launching a
- Mobile channel development sourcing strategies need to be considered
- The choice of native or hybrid app needs to be tied to cost/benefit ratio
- HTML5 is catching up
- Native apps require significant support for each device
- Mobile marketing still immature, but has significant potential
- Third-party advertisement could be a new revenue source
- Contextual computing will drive mobile marketing efforts
- Mobile banking users are a target for event-triggered marketing
- Advisors will need price optimization tools
- Gamification - a way to drive customer engagement
- Customers want a seamless communication experience on mobile devices
- Recommendations for enterprises
- Banks must ensure user-friendly security provisions for mobile banking
- Track adoption of new mobile features and apply them accordingly
- Consider external sourcing strategy for mobile banking development
- Create a unified digital banking experience
- Recommendations for vendors
- Vendors need to take the strategy pain points away from banks
- Further reading
- Ovum Consulting
- Figure 1: Mobile banking the key IT priority investment area
- Figure 2: Retail banks' expectations of mobile banking
- Figure 3: A design of a possible future iPhone
- Figure 4: Retail banks' current and planned mobile banking functionality
- Figure 5: Digital banking functionality spectrum
- Figure 6: Retail banks' pain points around mobile banking strategy
- Figure 7: Key strengths of hybrid and native approaches