By Richard Johnson
Global Mobile Money specialist Monitise has released recently 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.
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.
The Pathway Paper, available to download here is the first in a new content series from Monitise. It is designed to help businesses interested in the Mobile Money space generate more valuable strategic insights, customer engagement and revenue opportunities at lower cost amid rapidly evolving industry developments. To find out more and sign up to receive content from the series, visit http://www.monitise.com/insights.
About the author and Monitise
Richard Johnson is SVP Strategy at Monitise.
Monitise (LSE: MONI) is a world leader in Mobile Money – banking, paying and buying with a mobile device. Leading banks, payments companies, retailers and mobile networks utilise Monitise’s technology platforms and services to securely connect people with their money. Already over 24 million consumers benefit from our patented technology to ‘bank anywhere’, ‘pay anyone’ and ‘buy anything’ accounting for over $50 billion of payments, purchases and transfers annually. More information is available at www.monitise.com .