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Infographic: Who’s Leading the Mobile Banking Revolution?

I recently blogged here about the fact that your customers are more ready for mobile banking than you are. FICO’s new infographic on the mobile banking revolution makes this point even clearer.

Who’s leading the mobile banking revolution? Consumers. They’re pushing for banks to do more with the mobile channel — and they’re rewarding banks that answer the call by paying overdue debts faster and responding quickly to fraud alerts.

Our data also reveals that some 62% of borrowers in the US and the UK believe that the biggest communications problems with their banks relate to technology. What’s shocking is that 72% of mobile users in the UK think mobile banking is unsafe — we obviously aren’t doing a good enough job educating the market.

What do consumers want from mobile banking? A large segment of borrowers in each market want more tailored services. In other words, they want banks to do what the best retailers do — figure out what they want and give it to them. The good news is that consumers embrace the use of mobile communications when used in customer service, fraud management and even collections. The results from FICO bank clients show that the early adopters of mobile communications are increasing customer satisfaction while controlling losses.

Sometimes it’s hard to know what your customers want. In this case, it’s pretty clear. Enhanced mobile banking and mobile communications is truly a win/win proposition.

FICO-Mobility-Infographic-2013
Click on the graphic above to view a larger version (you'll need to enable pop-ups in your browser).

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Comments

Jennifer Holms

I agree that Consumers are leading the mobile banking revolution... good post

Kristine Erickson

Impressed by the jump from 2010 to now, and that it was only 9% in the UK just a couple years ago.Interesting to see a broader global look too - we're seeing interesting stories where "traditional" banking customers are underserved. Thinking of this mobile banking story from South Africa: http://bit.ly/ZTyqRP

Izza  Carter

Truly a great article for customers to understand what mobile banking is.

Hardy Jonck

Nice article. We see the same trend in South Africa. Users, young and old, want a no-hasstle experience for all things "mundane". The new generations do not tolerate clunky and inelegant ways of doing things which should take a few pokes of the finger on a mobile device.

The potential for reducing fraud, improving service and increasing sales is immense as the happy mobile users want to do more with their devices and will jump at new services if it reduces "hassle"

Larry Switzer

Definitely some interesting stats and the infographic is a cool portrayal of the current/future state of mobile banking. On a similar note, I stumbled across this apparently new company that's taking an interesting approach to analyzing the mobile banking space; Best Mobile Banking Apps (bestmobilebankingapps.com) They rank and certify mobile banking apps under areas of performance, user experience and security. I'm interested to learn more about their approach.

Check it out for yourself: BestMobileBankingApps.com

mobile payments

Same here! Consumers like us always retains the first impression, after all cyberspace is not safe due to increasing cyber crimes nowadays. If those institutes educate us more, we'll be keeping in touch for what mobile banking has to offer.

kel

thanks..

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