The Future of Mobile Banking


where do I believe the retail banking industry will be in 3-5 years with mobile

Let me start by stating that we’re still early enough in the mobile channel evolution that folks aren’t necessarily even clear on thevdefinition of mobile commerce.

What’s included in mobile? What’s included in commerce?

Mobile Commerce Defined:
My definition of mobile commerce includes all things mobile that allow a
consumer or business to conduct information based and transactional
activitiesin a non stationary environment.

I’m sure you can poke holes in this definition, but in the spirit of
keeping things simple let’s go with that.

Focusing specifically on retail banking let’s narrow the definition down
further to include consumers only.

So stating the obvious first, we’re
seeing an onslaught of consumer adoption of smart phones and tablets

Part of this drive is due to the perceived value of mobile applications on these

Your bank or credit union either is offering some sort of mobile channel capabilities or is feverishly working towards that end.

There will bevcontinued improvement in the mobile channel for several years
much as we saw with the online channel.

Change is Inevitable In 3-5 years we will have moved from the basic foundational mobilevfunctionality such as viewing your account balance or finding the
closest branch, to more sophisticated money movement activities such as P2P payments,

global remittance and location based services. These latter activities take a more complex ecosystem of technology and partners to enable and will require
trials to prove out the technology and security.

Security ChallengesvBanks also face the risk of nontraditional competitors competing invvarious areas, particularly mobile payments. As different business
models and financial regulations emerge nothing can be taken for granted.

Retailvbanks need to be refining their mobile strategies and ensuring that they
are securing the necessary expertise and resources to deliver the required
customer experience that’s demanded.

The mobile road map is not entirely clear as to functionality, technology or even the key players, but what is certain is that it willvmove at a pace
faster than any other banking channel we’ve. What do you in the next 3 to 5 years?



About msetyadi

I am an IT Strategic
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