As mobile banking technologies advance, banks should re-evaluate how they package mobile offerings to their customers. Mobile banking, an umbrella term consisting of mobile applications, mobile web browsing and text message banking, actually improves on the online experience and offers the additional benefit of traveling with your customer. As Net Banker’s Jim Bruene notes, “Equating mobile banking to online is selling it short. Really, it’s much better than online.” With the added capabilities of near field communication, remote deposit capture and mobile wallets, the mobile banking experience can surpass online by providing resources to customers 24/7, at any location.
Because of these far-reaching and all encompassing attributes, online banking could soon be viewed merely as an extension of mobile. Companies are even beginning to develop mobile technologies first as the amount of time people spend on mobile apps has almost doubled in the past year.
However, Jim indicates that despite the buzz about mobile, it will be banks’ business models that determine success. He says, “Ultimately, banks will win or lose based on how well they execute on gathering deposits, making loans, facilitating transactions/payments, servicing customers effectively, and pricing it all correctly.”
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