Mobile banking is the next big thing in the retail banking industry, many observers say. Over the next five to 10 years, expect it to become as routine as using ATMs. But successful customer experiences will require large technology investments, tricky collaborations with competitors, and a clear “own-the-customer” strategy. Banks will also need to be open-minded — willing to learn marketing and security lessons drawn from trailblazing developing markets. But the rewards for banks could be great, too, given the extremely low transactions costs associated with mobile devices.
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