Mobile banking can yield high returns from the decrease in customer service costs and increased customer retention. Consumers’ lives will only increase in mobility as smartphones penetrate deeper into all market segments, and growing numbers of banking customers will demand financial services be delivered to them via the mobile channel. In short, mobile banking will be essential to competing in a crowded, demanding market place. But the real return on investment (ROI) in mobile banking is found in the vast potential of mobile payments. Uncertainty best defines the mobile payments sector, as most questions remain unanswered in regards to security, process, and enabling technologies. Yet the revenue potential ($670Billion by 2015) will likely motivate banks to join existing discussions to maximize the returns on their mobile banking investments.
Encouragingly, mobile banking customers are becoming more comfortable with remote payments and deposit services, thus paying for goods and services with their mobile phone at POS terminals will not be a large hurdle for customers currently accessing these offerings. As the greater population accesses mobile financial services and moves along the maturity path from account information services to remote transaction offerings, the much-hyped potential of mobile payments will be on the verge of realization.
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