The impact of mobile technology resonates on all facets of our day-to-day lives. The recent study featured in the article presents data how nearly 3 times the number of banking interactions were conducted via mobile banking apps when compared to banking websites. Integrated biometric identity authentication on smartphones provides many bank clients with the enhanced security features needs to engage in mobile banking.
“We are in the midst of a consumer-led revolution in the way we do our day-to-day banking,” he added. [Anthony Browne, BBA CEO ] “You can set up standing orders while standing in the queue for the bus and check your balance while checking-in at the airport. The choice now on offer from banks, from state-of-the-art branches to cutting edge apps, has put customers firmly in the driving seat of the way we bank.”
Mercator Advisory Group anticipates those FI’s devoting resources to both facilitate customers’ needs in mobile banking while innovating ways to enhance the value of those points of contact will demonstrate near term market traction through serving existing clients more comprehensively. Development of those interactions conducted on the model of fiduciary/beneficiary relationship through the high accessibility medium of mobile technology will be central to making the most of that contact. We’ve observed expanded fintech investment in personal financial management (PFM) and household budget apps as new tech companies and established players alike seek to raise their profiles as service partners.
Overview by Joseph Walent, Senior Analyst, Emerging Technologies at Mercator Advisory Group
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