The change in the concept of “bank” from a place that you go to a mobile activity that one does has been underway for some time now. What were once technological differentiators, reviewing balances and transferring funds between accounts, are now considered table stakes.
In the coming years, mobile use will become the epicenter of digital banking as technology improves and smartphones and tablets become even more widespread. Banks will adopt an omni-channel strategy where all channels coexist within the ecosystem, effectively reaching and managing millenial customers. The key change will be that mobile banking will take centre stage – delivering financial services and acting as a catalyst for other channels.
Mercator Advisory Group recognizes the sea change that is underway among the various delivery channels used by financial institutions to interact with customers. In many cases, the forecast for change drawn from the article is already outdated, with consumers looking for wider implementation of on-demand service delivery from financial institutions. We will continue to track the development and rollout of these innovative avenues connecting banks and credit unions to consumers as the pace accelerates.
Overview by Joseph Walent, Associate Director, Customer Interaction Advisory Service at Mercator Advisory Group
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