Apr 25, 2024 | Updated: 11:35 AM EDT
Feb 24, 2014 11:30 AM EST
Trends In Mobile Banking today are becoming even more popular than before. Banks and unions are driving the current market for mobile consumers. It is predicted that online users will increase in transactions and improvements will be made in mobile banking apps, quality and functionalities. Meeting consumer expectations will be crucial.
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"Mobility has been a dominant theme in many discussions with many banks across the region, regardless of the business line or customer segment. Nonetheless, we found that many initiatives were much alike. This study is a deep dive into genuinely new approaches to mobility and banking. It is important to take note that today, there are several mobile pioneers in the region," says Thomas Zink, research manager for IDC Financial Insights. "One recurring theme is the convergence of mobility and big data. We believe that this combination will revolutionize the way banks interact with their clients."
For Asian Banking, omnichannel banking delivers opportunities in financial services today. Consumers have the ability to research offers online, discuss information with a remote expert from the branch and set up automated payments using their mobile banking app. The current economic climate has resulted in increased pressure for these banks to retain loyal customers. Securing greater customer loyalty in banking can be substantial.
According to Bain, Mobile banking via smartphone or tablet is coming on strong in many countries. In the US, mobile usage jumped to 32% of customers from 21% in 2011. Usage in 2012 ranges from 47% of respondents in South Korea to 37% in India to 16% in Germany.
Omnichannel redesigns reduce cost and enhance customer experience. Asian Banks have started to introduce more varied formats into the branch network, ranging from large hub branches in high-traffic urban crossroads to small, low-cost spoke branches, to fast-service kiosks in supermarkets or metro stations, to sales and service specialty branches in affluent suburbs.
