The proliferation of smartphones and tablets in the consumer and business landscape will drive the use of mobile banking over the next 10 years, making it as routine as visiting an ATM, according to insight from Ernst & Young and the Wharton School of the University of Pennsylvania. However, fewer than half of bank customers using mobile banking solutions are satisfied with the services.
Successful banking strategies need to be centered around customer experience, providing users access via their desired channel without sacrificing data quality
. Banks will also need to develop region-specific solutions that cater to evolving consumer demands.
"A diverse strategy including differential pricing, development of multiple mobile platforms and a focus on driving customers to cheaper service channels will put banks in the best position to succeed in the mobile banking space," said John Keller of Ernst & Young.
According to a Business 2 Community report by marketing veteran Drew McLellan, roughly 20 percent of banking customers said they plan on using mobile banking by the end of 2012. As mobile banking trends continue to emerge, financial institutions need to ensure they make the services appealing to consumers without sacrificing data quality.