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Phoenix Synergistics: The Mobile Banking Revolution

Oct 2016 | Financial
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The mobile banking revolution is under way. The rapid adoption of smartphones and tablets is a primary factor in the rapid acceleration of mobile banking. Financial institutions are caught up in a frenzy of activity promoting their mobile banking programs. In the midst of all this activity, there are a number of unanswered questions and issues that need to be evaluated.

Consumers can perform a vast array of informational, transactional, customer service, and sales activities with their mobile devices. It is important to assess the types of activities currently performed as well as those that they would like to do. Usage of mobile bill payment also needs to be measured. Consumers have the option of conducting mobile banking via apps or browser-based platforms. What additional mobile apps are attractive to consumers? Is mobile RDC a valuable service? Alerts can be provided for a number of purposes. Mobile banking is growing but consumers may not be abandoning PC banking. Mobile banking may be used in conjunction with PC banking, with mobile banking serving primarily as an emergency or secondary method. It is important for providers to evaluate the relationship of these online channels to each other and to other channels such as branches. Privacy and security remain important concerns in the mobile space.

There is no doubt that mobile banking is a major component of online banking strategies. The role it will play is still emerging. This report will provide up-to- date information to help providers compete in the mobile banking revolution.

I. Report – List of Exhibits

II. Strategic Insights

III. Appendix – Comprehensive Strategic Summary

IV. Survey Results

V. Methodology

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