Mobile Banking Success Requires Marathon Mindset, Says Fiserv White Paper
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Inc. (NASDAQ: FISV), a leading global provider of financial services
technology solutions, has published a new white paper that explains how
an ongoing forward-looking mobile banking strategy can help financial
institutions to win mobile banking customers and enhance profitability.
Consumers are expecting increasingly sophisticated mobile banking
capabilities, and delivering these capabilities requires financial
institutions to move beyond short-term tactical thinking in favor of a
continuous commitment to the channel. In short, mobile banking should be
treated as a marathon, not a sprint.
As consumers become more comfortable with the mobile channel, they are
seeking tailored mobile banking experiences that leverage the unique
attributes of the channel, such as the ability to transfer funds in
response to a low balance alert, or to deposit a check by taking a
picture of it with their smartphone camera. A growing population of
mobile-only consumers, who connect with their financial institutions
exclusively through mobile devices and ATMs, also requires more robust
and extensive functionality from the channel.
Financial institutions can ensure that they are properly prepared and
‘fit' to compete in the mobile banking race by employing a comprehensive
‘Fit to Win' approach. Elements of this approach include:
Talent — hiring focused and dedicated mobile banking
professionals, including those with mobile experience from outside of
the financial services industry, and choosing the right partners;
Proper training — taking the steps required to learn about
mobile options and remain up-to-date on mobile trends;
Coaching — securing executive endorsement and support that
guides the enterprise;
Good nutrition — nourishing a culture where mobile is
understood and prioritized by everyone;
Understanding strengths and weaknesses — identifying assets and
gaps in infrastructure that impact mobile offerings and implementing a
plan to leverage or overcome them.
As part of a ‘Fit to Win' mobile banking strategy, financial
institutions will define what winning means for them and pick the course
that is most likely to help them achieve this goal. Financial
institutions will want to consider the approaches taken by mobile
banking market leaders across the globe, as well as those pioneered by
mobile experience leaders such as Amazon, Google and Facebook. It is
also critical for financial institutions to put a dedicated mobile
infrastructure in place, develop targeted strategies to reach the
consumers most interested in mobile banking, and leverage frontline
staff to drive interest in the service.
"The mobile channel has already altered banking forever and further
transformative change is inevitable," said Serge Van Dam, segment
leader, Digital Channels, Fiserv. "Financial institutions that make
mobile financial services an enterprise priority, adopt a marathon view
of mobile banking and consider mobile as a central part of any product
or strategy decision have the chance to turn customers into fans. Mobile
financial services are now integral to the customer experience in
banking and therefore merit an ongoing program of transformation rather
than one-off investments."
Fiserv, Inc. (NASDAQ: FISV) is a leading global technology provider
serving the financial services industry, driving innovation in payments,
processing services, risk and compliance, customer and channel
management, and business insights and optimization. For more
information, visit www.fiserv.com.
Public Relations Manager
Director, Public Relations
Source: Fiserv, Inc.
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