There is a lot of anxious talk around what exactly will happen when Open Banking and PSD2 goes live for the U.K. and EU member states early next quarter. Consumers will exercise a heightened level of sovereignty over their personal data and transaction histories, and will have greater choice in crafting their own personalized financial management tool box. The larger banks retail financial institutions in the U.S. have a been keeping close tabs on the lead up efforts and taking foundational steps themselves to better empower their own consumers with useful mobile banking solutions of their own.
When it comes to offering cutting-edge mobile banking features that consumers most value, Wells Fargo tops the list, according to BI Intelligence’s Mobile Banking Competitive Edge study. Banks are increasingly putting mobile first to keep up with consumers’ growing reliance on digital channels, as a strong suite of mobile offerings can now give them a major edge in attracting customers.
Mercator Advisory Group expect an increasingly intense battleground to develop in the mobile banking app market as it becomes a key determinant in selecting an FI. The field of service providers vying for the role as a consumer’s financial hub shifts has expanded to beyond the proximal FI. As market pressures will encourage more consumer choice and in the U.S., securing a secure beachhead in the mobile device is critical for FIs.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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