The expansion and extension of access to our funds and the associated services has become an increasingly central aspect of the interconnected world were are creating for ourselves. Networks of secure communications formed the backbone of banking, and securing the final mile to our personal handheld devices.
The ability to “bank” when and where it is convenient for consumer is vital to customer satisfaction, and mobile apps have gone from a “nice to have” to table stakes for financial institutions.
In short, the smartphone is becoming the foundation of the future of mobile banking, especially among younger customers who will wield financial influence in the coming decades.
Financial institutions are increasingly put in the position as guarantors and safeguards of consumers’ financial information. Embracing that role and sustain the public trust will prove to be a winning strategy for a number of players.
Overview by Joseph Walent, Senior Analyst, Emerging Technologies Advisory Service at Mercator Advisory Group
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