Improving customer service and increasing banks’ cross sell ratio are two key drivers for growth in the future of mobile banking, according to results of a survey conducted by technology vendor Infosys in association with Retail Banker Interactive.
The online survey about the future of mobile banking revealed that most consumers (67.1%) feel the potential value of mobile banking lies in the improvement of customer service. More than half of the respondents (53.4%) said reaching younger customers holds potential value for mobile banking.
Simon Cadbury, Head of Strategy & Technology (Credit Cards) for Lloyds Banking Group, has been chosen as the lucky winner of a brand new Kindle for taking part in the Future of Mobile Banking survey.
Almost 70% respondents also revealed that the revenue stream mobile banking will drive most dominantly in the future is cross selling. A number of respondents (41.1) said mobile banking fees will be an important channel to gain revenue. However, almost 10% respondent felt there is no revenue potential from mobile banking at all.
According to the survey results, 42.5% respondents think mobile banking will become the main transactional tool by 2020. Over a third of the respondents (34.2%) said by 2015 mobile banking will become the main transactional tool.
From the point of view of banks, when asked ‘which of the following mobile banking features do you offer or plan to offer?’, only 17.2% respondents said they offered remote cheque deposit capture and almost 83% said they plan to offer this service.
NFC-enabled person-to-person and person-to-merchant payments was another service that 83.3% banks plan to offer, according tot eh survey results.
Survey results revealed that banks (81%) are also keen on offering customer analytics and mobile banking intelligence in the future.