How smaller financial institutions can win the mobile banking arms race
Over the past five years, the emphasis for most financial institutions has been on increasing the functionality and features of mobile banking applications. With many of the high demand capabilities already built into most apps, the focus should now shift to providing a better UI and contextual advice through mobile devices.
The banking industry continues to struggle with issues around reputation, trust and loyalty, failing to completely recover from pre-crisis issues that have resulted in new competitors and consumer backlash. One of the ways financial institutions have tried to change perceptions has been to build better mobile banking applications that respond to consumers’ desire to do banking on the go.
The building of improved mobile banking platforms is costly, however, with the largest banks previously having a distinct advantage when it comes to the ability to invest in the most progressive functionality. As increasing capabilities are built into mobile banking platforms, more consumers are moving transactions to digital channels, providing cost of delivery advantages to the biggest players.
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