Mobile Banking: The Right Channel for Right Channeling
by Matt Wilcox
My presentation tomorrow on Right Channeling
I’m in Miami — yeah, life is tough — for the 7th Annual Mobile Banking and Commerce Summit. Tomorrow afternoon I’ll speak on mobile banking as it applies to Right Channeling. Presenting with me will be Michael J. McEvoy, managing director at ATH Power Consulting.
“Right Channeling” is the art and science of handling customer inquiries so that each customer lands in a channel best suited to her or him. I picked up the term from Ron Shevlin, senior analyst at Aite Group, whose championing of it has made Right Channeling more or less a household word among informed bankers.
Mobile banking is the fast-growing channel in bank history. Indeed, the medium has taken on a life of its own. Thirty percent of bank clients use mobile banking two or three times per week, 14 percent use it daily, and 4 percent use it several times each day. Small business owners “check in” on their accounts more often than retail clients do. Not surprisingly, data suggest that those who access their banking data online most often tend to be highest-value clients.
Besides the fastest-growing, mobile also happens to be the lowest cost channel in bank history. Want more good news? Retail and small business clients alike indicate a willingness to pay for mobile banking services. Here is a clear opportunity to provide better service based on what clients truly want, and — for once — not have to give it away.
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