Mobile Commerce Daily recently released their Mobile Commerce Outlook for 2014, which includes analysis and insights on the trends and market forces that are impacting retailers and merchants. The Outlook provides a perspective across industries and explores how mobile is benefiting the consumer while providing great opportunities for businesses.
Pervasive Path’s Brian Stein was quoted in the section on Banks and Financial Services, discussing the disparity in the market, as top financial institutions continue to lead in mobile innovation and smaller banks and credit unions struggle to provide even basic mobile services. With 48% of smartphone/tablet owners who switched financial institutions in the past year, indicating that mobile capabilities provided by their bank was an extremely important or important reason for their change, even smaller banks need to figure out how to adapt.
Although there is a lot of innovation in the financial sector, there are still stragglers who will need to catch up in 2014.
As consumer expectations rise, banks and financial institutions will have to adapt to meet these changing needs. Banks without mobile check deposit or mobile account managing will not make it.
“The last of the laggards are finalizing their core mobile banking products, so basic capabilities, including check deposit are becoming table stakes across the industry,” said Brian Stein, managing director at Pervasive Path, Cleveland, OH.
“The more dynamic institutions spent 2013 re-architecting those core capabilities onto platforms which can support distinct customizations and innovations and are now poised to control their destiny in 2014,” he said.
Mobile can no longer be an afterthought for banks and financial institutions; it must be a core part of their overall strategy.
“Mobile should lead the way for more robust middleware that allows for inter-connected systems and a more cohesive cross-channel experience,” Mr. Stein said.
“Banks will need to look beyond existing retail banking transactions to servicing the whole customer and their entire set of needs, across the banking relationship,” he said.
Read the rest of the Mobile Commerce Outlook for 2014 to gain additional insights into the disruptive force that mobile represents and the opportunities it is creating.
