Mobile Banking Success Requires Marathon Mindset, Says Fiserv White Paper
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
- "Mobile Banking is a Marathon: Financial Institutions Must Be Fit to Win," white paper — www.fiserv.com/resources/mobile-banking-is-a-marathon-white-paper.htm
- "Mobile Banking Adoption: Your Frontline Staff Holds the Key to Growth," white paper -- www.fiserv.com/frontline-staff
- "Digital Banking Personas and Insights: Fashioning a Tailored Experience," white paper — www.fiserv.com/tailored-experience
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