Mobile banking was a hot topic at last month’s Financial Services Marketing Symposium. Apps and mobile-friendly online banking sites are proliferating at a rapid rate, and Frank Aloi of ath Power Consulting revealed some research that shows why: mobile banking users are very active, and with the low cost of mobile banking transactions, they are also more profitable than other customers.
What’s more, John Auger of Citizens Financial Group showed that for his organization, the average mobile customer is not only more active in mobile banking, but in all channels:
To capture the opportunity in the mobile space, banks can’t rely on product development alone – a robust communications strategy is a must for successful adoption. Although the benefits of new technology may seem obvious to those who develop the innovations, consumers need to be shown exactly why new technology is significantly better than the banking and payments solutions they already have, according to conference speakers from Citibank and RBS Citizens.
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