PaymentsJournal

Making Mobile Banking the Engagement Point

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The movement to all banking being digital is well underway, and in no small part owing to the investments being made to put banking and all it entails in the consumers hand. The latest announcement from BoA outlines the expansion and enhancement of mobile and digital banking activities that had long been proximal or analog.

“We continue to deliver new solutions based upon our customers’ life priorities,” said Michelle Moore, head of digital banking at Bank of America. “With 24 million mobile customers and growing, we’re developing interactive ways customers can use the app and personalize it to help simplify their financial lives.”

Mercator Advisory Group recognizes the pace of innovation underway with financial institutions rapidly pivoting to deliver banking functionality to customers spanning all demographics. The heightening and broadening consumer acceptance of the mobile device as a reliable and functional engagement channel encourages FIs to develop this avenue. We anticipate both FIs and FI service providers will be heavily vested in developing and delivering expanded functionality via their respective mobile banking channels for consumers and small businesses in 2018.

Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group

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