Some good fast facts on mobile, with a focus on retail banking:
Adoption of Mobile Banking is now at 12%, up 34% YOY
These are desirable customers – demonstrating a higher average household income, with higher investable assets
- 80% of these mobile banking users have smartphones
- They do more research – on web as well as talking to others
- The question is no longer about when mobile will change everything – it already has
So what are the implications and opportunities?
- Bankers need to shift from thinking of this as “alternative delivery” – this is Banking Anywhere, Anytime
- Those who can demonstrate a seamless experience, especially across channels, can differentiate and win
- Plan and execute incremental improvements ongoing for mobile and it will drive your business – between Q2 2010 and Q3 2011, more than double the respondents say the mobile experience drives the choice of who they will bank with – by far the largest driver
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