10 significant factors that are going to shape the future of mobile banking
Juniper Research maintains that by 2017 in excess of a billion mobiles will be participating users of mobile banking. Though some banks remain largely tentative in committing finances towards mobile banking, it’s clear from these figures that the sheer weight and untapped potential of the market will result in a string of significant investments.
Comscore reports of approximately 44 percent of UK smartphone users having used their device for shopping activities while in a store. Though traditional retail finds itself at the brunt of digital shopping platforms, it’s clear from these statistics that the two are not necessarily mutually exclusive.
Lightspeed Research have recently recorded a total of 56 percent in UK tablet owners who use finance or banking apps, whereas Compete claims of a comparatively steeper 57 percent of US smartphone users using mobile banking features. These reports demonstrate an increase in consumer confidence and in reliance on mobile banking.
Millennial Media, in a recent survey, have claimed that mobile finance users are 95 percent more likely to be influenced by celebrity endorsements than the total mobile user base. This surprising statistic demonstrates a markedly changed way in which banking is to be marketed in the near future; relying less so on figures and more on endorsement.
Millennial Media maintain that 50 percent of mobile banking and finance users are to stay singularly loyal to their preferred banking company. Bearing this in mind, banks will be focusing more so on innovation and usability in an effort to differentiate themselves and to improve on competitors.
According to Millennial Media, spending on mobile finance advertising rose by 300 percent in 2011. With such a steep rise in advertising costs banks will be forced, more so than before, to ensure each advert is to have an overriding emphasis on lead generation above all else.
According to a recent Pew Research Center report, 90 percent of mobile banking users have used their devices to check their balance and to view recent transactions. Identifying specific banking functions that take precedence over others is crucial in the arrangement and direction of a mobile banking site or app.
Pew Research Centre, in a recent report, found that only 12 percent of mobile users have gone so far as to make payments on a mobile device. This report indicates that users remain cautious in making mobile transactions; in this sense it’s crucial that banks dictate a strong sense of security and of authority in their branding.
Market Strategies maintain that 62 percent of US smartphone owners trust PayPal with mobile payments, as opposed to the UK’s 45 percent. This statistic is indicative of the wider market in that banks will have to identify the area-specific traits in order to better target their consumer.
Mobile banking must recognise both the mobile’s primary function and untapped potential as a social tool in banking. For banks to better convert leads they will need to encourage potential customers by evolving the social element of mobile banking.
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