Solution Manual for Financial Accounting, 11th Edition by Robert Libby, Patri...
Mobile Banking Strategy Playbook
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For eBusiness & Channel Strategy Professionals
Why Read This Report
Mobile banking is the most important strategic change in retail banking in more than a decade. Yet too
many banks have taken a haphazard approach to mobile strategy, rolling out apps and features without a
rigorous assessment of where customers’ expectations and business objectives align. The mobile banking
strategy playbook provides insights for all banking eBusiness and channel strategy professionals — from
those just beginning their mobile banking journey to experienced leaders who are looking to optimize
their already successful strategy. Our research identifies the steps that digital banking teams must follow
to plan and then implement a successful mobile banking strategy that complements other channels,
including planning and strategy creation, organization and governance, technology selection, best
practices in execution, measuring success, and continuous improvement.
Building A World-Class Mobile Banking Strategy
Executive Overview: The Mobile Banking Strategy Playbook
by Peter Wannemacher and Benjamin Ensor
with Carrie Johnson, Tiffani Montez, Myriam Da Costa, and Douglas Roberge
March 19, 2013
WHY MOBILE BANKING MATTERS
Mobile banking is the most important strategic opportunity in retail banking in at least a decade.1
Too
many banks have taken a haphazard approach to mobile banking strategy in the rush to meet customers’
rising expectations and keep up with competitors. Digital banking leaders and retail banking board
members need to take a more disciplined approach to mobile banking strategy because mobile banking is
fundamental to the very future of retail banking businesses. Mobile banking will increasingly define the
customer experience for millions of customers because:
■ Mobile Internet use is exploding, driving high customer expectations. With more than 1 billion
smartphones in consumers’ pockets at the beginning of 2013, mobile is driving a second Internet
revolution that’s even more profound than the first one.2
The longer customers spend using mobile
devices, the higher their mobile expectations become. The rate of technological change — and the
digital disruption it causes — is outpacing many banks’ ability to keep up with traditional planning
and development processes.3
■ Mobile banking is displacing online banking. Technologies like apps let customers perform simple
banking tasks more quickly and easily on a mobile or a tablet than on a PC. As a result, banking on
smartphones and tablets is already displacing banking on PCs for routine interactions.4
Growing
numbers of users are mobile-only customers who have either stopped using or significantly reduced
their use of other channels. Over the coming decade, smartphones, tablets, and other portable devices
will become the dashboard through which many customers, both rich and poor, manage their money.
In the US alone, we expect the number of mobile banking users to more than double over the next five
years to reach 108 million by 2017.5
Other countries will see similar growth.