Video 6: The Future of Mobile Banking

What Does Mobile Banking Mean for Banks?

3:25 (Part 1 of 18)

What is “mobile banking”? Apart from using mobile devices, how does it differ from online banking with a computer or a tablet?

Also posted in Mobile Banking |

Tablets vs. Smartphones

2:08 (Part 2 of 18)

Don’t expect banks to choose a winner between a tablet and Smartphone. Each will fulfill different consumer needs and banks will need to develop both to compete effectively.

Also posted in Mobile Banking |

Assessing Potential Markets for Mobile Banking

4:24 (Part 3 of 18)

With 2.5 billion unbanked people in the world, and mobile phones spreading fast in countries with very low per-capita incomes, a huge untapped market is available.

Also posted in Mobile Banking |

Emerging Markets Blaze Trails in Mobile Banking

2:00 (Part 4 of 18)

Some emerging markets, using Smartphones, are blazing new trails. Banks in developed markets can learn from these regions.

Also posted in Mobile Banking |

How Will Mobile Banking Drive Innovation?

2:53 (Part 5 of 18)

The future is now: Mobile phone scanners and payment processes are examples of mobile apps driving innovation today. More sophisticated products are in the pipeline.

Also posted in Innovation Revisited, Mobile Banking |

Should Banks Expect Cooperation – or Competition – from Retailers?

4:20 (Part 6 of 18)

Retailers offer banks customer access to potential customers. But they could also usurp the customer relationship unless managed properly.

Also posted in Mobile Banking |

The Future is Still Cloudy for Mobile Banking

4:29 (Part 7 of 18)

Despite all the potential, it remains unclear just how quickly banks should move into mobile banking, given high upfront and ongoing technology costs. “No one has really made a strong business case for how much additional revenue and/or profit banks will receive through mobile banking,” notes Wharton management professor Keith Weigelt.

Also posted in Mobile Banking |

Can Banks Make Money in Mobile Banking?

3:28 (Part 8 of 18)

Don’t expect a short-term impact on profits. Yet, differential pricing structures could lead customers to lower-cost mobile banking options and drive the volume needed for eventual profits.

Also posted in Mobile Banking |

Lessons from Past Banking Innovation

2:46 (Part 9 of 18)

Banks’ experiences with ATM services are instructive. What lessons can be learned from past innovation and what factors should be considered?

Also posted in Innovation Revisited, Mobile Banking |

Measuring the Mobile Banking, Personalized Service Split

2:23 (Part 10 of 18)

Customers will still demand personalized service in some areas – such as financial advising. But mobile devices will help them be better informed about products.

Also posted in Mobile Banking |

Security Remains an Issue for Mobile Banking

3:32 (Part 11 of 18)

Mobile banking is safer now than in the past but continued improvements must be made if banks want to increasingly drive business through mobile technology.

Also posted in Mobile Banking, Security |

Banks Compete for Opportunities Driven by Customer Data

4:13 (Part 12 of 18)

Expect banks to face stiff competition from telecom companies in turning customer information into new business opportunities.

Also posted in Innovation Revisited, Mobile Banking |

Working with Retailers Offers Opportunities – and Risks

5:06 (Part 13 of 18)

Collaborating with potential competitors will likely be necessary for various mobile banking transactions. Banks must learn how to protect themselves and develop new strategies to be successful.

Also posted in Mobile Banking |

What Are the Chief Risks in Mobile Banking?

2:09 (Part 14 of 18)

Gaining ownership of the customer relationship and technology issues remain the chief risks associated with mobile banking. Banks must make investments in product delivery channels and segmentation to attract customers as well as manage costs and security associated with technology.

Also posted in Mobile Banking |

How Can Banks Build Customer Trust in Mobile Banking?

3:04 (Part 15 of 18)

In emerging markets, security and reliability in the mobile banking system will help engender trust in customers. In the US, younger people and an increased number of products will lead the way.

Also posted in Mobile Banking, Rebuilding Trust |

Searching for the Grand Mobile Banking Strategy

5:50 (Part 16 of 18)

Mobile banking strategy will differ for emerging and developed markets. Banks should be deliberate and focused on the desired customer population and decide which products will serve them best.

Also posted in Mobile Banking |

Keeping an Eye on Mobile Banking Trends

2:30 (Part 17 of 18)

Watching the emerging markets for future innovative products is key as well as potential opportunities in payment systems and the remittance market.

Also posted in Mobile Banking |

Will Mobile Banking Lead to a ‘Cashless’ Society?

2:32 (Part 18 of 18)

Some regions of the world are already checkless. The days of waving a mobile phone over a receptor are on the way.

Also posted in Innovation Revisited, Mobile Banking |

The Future of Mobile Banking

53:09 (Full Video)

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.

Also posted in Emerging Markets, Innovation Revisited, Mobile Banking, Rebuilding Trust, Security |