‘Mobile banking key for customer loyalty’
More than 60 per cent of customers will use mobile banking by 2015 as business models adapt to changing consumers, Capgemini has claimed.
The prediction in the World Retail Banking Report 2012 warned that innovation in mobile banking was currently being hampered by security concerns.
The report claimed that mobile banking could help promote customer loyalty.
It said: “The industry as a whole needs to establish a presence in mobile simply to ensure it doesn’t lose market share to non-bank entities seeking to take advantage of mobile’s ubiquity and convenience to offer banking services.
“Mobile operators, for example, are starting to offer payments and transactions and may move toward more advanced services, such as direct deposit into customers’ mobile phone accounts. These efforts may significantly reduce customers’ dependence on banks for payment services.”
The 44-page report identified three future business models for banks, either being a product leader, distributor or processor.
According to the report, product leaders specialise in developing, bundling, and pricing products. Processors help with cost-effective transaction while distributors deal with accessing clients, the report said.
Arieh Zucker, director of West Sussex-based Windfall Finance, said: “The whole model of banks seems to be to speak to people to sell them things. The minute they go automated, they lose their selling edge.”