The concept and application of mobile banking is not new to the banking community, indeed the first WAP banking application was launched in 1998 by Merita bank in Finland (now part of Nordea). 12 years on, what has changed?
In most developed economies, banks have seen huge adoption of the internet channel but mobile banking take-up is, by comparison, poor. In a recent global study compiled by Temenos testing youth attitudes and behaviours towards banking and personal finance, 65% of respondents declared that they regularly use their mobile handsets for internet browsing and 12% had used the handset to buy services. This same segment, on the whole, shares the common ground of also having a bank account. The good news for banks is that the aptitude is already there, this segment already understand, trust and use their mobile handsets for things arguably no more complex then personal banking.
So what are the required ingredients to create a successful mobile strategy and channel? And importantly, do banks see mobile as simply a new service channel, or do they understand the longer term potential and value in getting mobile right? This paper explores how banks should approach creating a successful mobile proposition, and how best to translate their services and brands to such a strategically important new channel.
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