Banks are in the midst of digital transformation, but shifts in consumer expectations, disruptions by new market entrants and other developments in mobile banking and payments, are eroding the existing banking model and threatening the market share of traditional financial institutions.
Devising a mobile-first approach needs to look beyond the app evolution. Financial services companies need to consider the right platform, data load demands and managing deployments with minimum impact on service delivery. Only then will a mobile-first transition prove truly successful.
Going mobile – four ways to achieve a winning mobile-first strategy
Taking a look at the stats, the mobile revolution is taking the financial services by storm ….
- By 2019 over 1.75 billion mobile phone users will have used their devices for banking purposes, compared to 800 million in 2014
- 15,000 banking apps were downloaded per day in 2014
- Tech giants like Google and Amazon are threatening traditional banks with the development of mobile wallets and integrated payment services, giving them access to valuable insight into consumer payments
- From understanding customer demands through to finding the right platform, this piece will explore the banking dos and don’ts for managing going mobile.
Playing the data card
In this climate of rapid change, are banks becoming obsolete? Although there are many disruptors and new market entrants in the financial services sector, banks have a distinct advantage. They are trusted financial intermediaries that have long-term relationships with tens of millions of customers. Banks also have a wealth of customer data – especially transactional data – that’s a gold mine for understanding consumer segments and targeting their behaviours.
However, banks are only using a small portion of their available data and are therefore missing a prime opportunity. How can this be unlocked?