Monitise report: could next-generation mobile banking see the end of banking as we know it?

Global Mobile Money specialist Monitise, recently released a ‘Pathway Paper’ on where the next generation mobile banking opportunity lies in 2014 and the key considerations for banks when developing their mobile strategies.

Entitled: ‘Innovate to win: From mobile banking to Mobile Money’, the Paper explores how innovations in mobile can support banks in becoming a lifestyle enabler, transforming their customer relationships. Techniques and technologies covered include customer segmentation, contextual interactions powered by data analytics, m-commerce and improved user experiences.

“There’s no doubt that mobile has changed our lifestyles and the face of banking for good. The challenge is how to evolve existing mobile banking offerings into tailored and intuitive services that enable banks to play a bigger role in their customers’ lives. It’s no longer just about putting a tick in the mobile box,” said Richard Johnson, SVP Strategy at Monitise.

“In many cases the banking app and the humble balance enquiry has achieved ‘front screen’ status. For banks that aim to capitalise on this and flourish in this next generation mobile era, a ‘one size fits all’ or internet banking via mobile service simply won’t wash with consumers who are taking control to manage their lives – including their finances and their spending – at a time and place that suits them.”

The Paper outlines the Mobile Money ‘winning formula’ for financial services, with four steps to success for banks looking to delve deeper into the mobile space. It also explains the importance of building apps which are built specifically for mobile, rather than an extension of internet banking, and underscores how success lies in collaboration with other players across the Mobile Money industry.

To find out more, download here the full report: „Innovate to win: From mobile banking to Mobile Money”