Mobile banking has taken a hold around the globe
According to business consulting firm Bain & Company’s annual report, mobile banking has taken a hold around the globe. This presents significant opportunities for banks to drive out costs and deepen customer relationships.
The report finds that Asia has the highest mobile banking penetration—47% of survey respondents in South Korea said they had mobile interactions in the previous three months—while survey respondents in the U.S. reported the highest frequency, averaging 4.9 mobile transactions in the previous three months. Mobile banking is having the biggest impact on routine banking activities: 64% of mobile banking users in the U.S. say that the future ability to use their smartphones or tablets to check account balances would be highly valued. 26% say that paying bills through their mobile device in the future would be highly valued.
“Mobile banking presents profit-strapped banks with an opportunity to shift routine transactions from high-cost physical channels to much lower-cost digital channels,” said Gerard du Toit, Bain financial services partner and lead author of the report. “It also presents opportunities for banks to create more “wow” experiences that use new digital technologies to delight customers and deepen customer loyalty.”
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