This has come to my notice that It is no secret that Mobile Banking is increasingly becoming a popular way of banking for many customers and banking users. Its convenience and efficiency have made it an important way of banking. In fact, in a report published by RaddonSM, a subsidiary of Fiserv, shows that mobile banking usage has grown from 7% of all consumers in 2010 to 41% today.
In this report called Grappling with Mobile Banking Engagement Issues by RaddonSM, also shows the impact of mobile banking on the other major banking channels, namely physical branches and ATM’s. the report shows that 33% of all mobile bankers use their branch facilities less, while 23% of them use ATM’s more, and 38% use their online banking service more than they did in the past.
This is positive from an engagement perspective, yet it leaves financial institutions grappling with how to best serve this ‘want it all’ consumer. The key is for financial institutions to hone in on the value of the overall customer relationship to make sure they are delivering the appropriate levels of service and not over or under-investing in technology.”
As smartphones and tablets become ubiquitous, the constant connectivity afforded by these mobile devices offers consumers a widening array of capabilities and functionality. These devices are reshaping the human experience and empowering users in many areas of their lives. To name a few, consumers can now access a wealth of information; communicate across a variety of mediums – phone, text, email, instant messaging, and social media; use maps for navigation and location-based services; measure and
monitor health and fitness; and shop, transact, and manage their finances anytime, anywhere.
Smart devices are enabling technology to permeate all aspects of consumers’ lives, including their finances. Financial institutions have introduced and expanded mobile banking service capabilities and adoption has soared.