The Power of Mobile Banking: How to Profit from the Revolution in Retail Financial Services

Foreword

Mobile banking is upon us. The rise of the mobile device combined with the increased value of mobile business has made mobile the most important channel for the future of banking. And because mobile devices allow for significant innovation, they will quickly transform retail banking across the world.

Forecasts estimate that more than one billion people will be using mobile banking by 2017. But the number might be even larger than that. Consumers want a personal customer experience from their banks, and mobile delivers a personal, tailored experience better than any other technology.

And while many cite security as a concern for not using mobile banking, that excuse is not grounded in truth. The truth is that mobile banking is as secure, and maybe more secure, than online banking. Complaining about security is simply a weak excuse for those who will be left behind.

So why aren't market leaders driving the mobile channel? After all, established banks and investment firms are in the best position to capitalize on the positive changes coming from mobile banking. They have the ability to make the biggest difference because they have the required resources and capital to invest in mobile innovations.

Yet those same established companies are often the most reluctant to embrace the changes. They own market share, but just owning market share does not guarantee success. Future success will go to the agile and adaptive companies; those companies that recognize and develop the ...