Compass Plus, an international provider of retail banking software and electronic payments systems to financial institutions, has released a white paper, Mobile Banking: One Size Doesn’t Fit All, which examines why mobile banking should be a fundamental part of a financial institution’s long term strategy to encourage customer acquisition and retention.
According to the paper, financial institutions’ success hinges on staying relevant to consumers by adding value to the banking relationship and adapting to fulfill changing needs, such as the ever-growing demand for mobile banking services. Although innovation has been focused on the mobile banking channel in recent years, research shows that mobile banking still offers the least positive customer experience. Financial institutions must work to close the gap between the expectation and the experience.
In the white paper, Compass Plus outlines the various mobile banking approaches available and provides a best practice guide for successful deployment, market engagement and ongoing consumer adoption.
“With the right strategy in place, financial institutions can deliver a compelling mobile service that delivers clear customer and business benefits across all banking channels, rather than a quick-to-market, fragmented and standalone solution,” says Maria Nottingham, chief marketing officer at Compass Plus. “The increasing use of the mobile channel is an opportunity for financial institutions, not just to get mobile banking right, but to make sure that all channels work hand-in-hand, to provide simple to use, seamless and secure services.”
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