Despite exponential growth in mobile usage by all consumer segments, and increasing acceptance of mobile shopping and mobile banking, banks and credit unions continue to offer only slightly more than the basics.
In addition, research indicates most organizations lack an overarching plan for mobile success, reverting to a passive implementation mentality.
While financial institutions have yet to offer the full range of mobile capabilities because of competition for enhancements from other areas (such as regulatory and compliance and upgrades to core, channels, and analytics systems) most see mobile banking enhancements as sound investments worthy of ongoing investments. FIs will have to ramp-up their efforts, however, if they intend to keep up with advances in mobility overall, and with innovations with other banking and payments providers.
Overview by Edward O’Brien, Director, Banking Channels Advisory Services
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