Mobile Message at BAI is ‘Go Big or Go Home’

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What a change a year makes. The loud message at a morning session on mobile banking at the BAI Payments Connect conference in Phoenix is this: “Go big or go home.”

Mobile banking adoption now is occurring at a “dizzying rate,” said panelist Bob Hedges, a managing director at research firm AlixPartners.

Before, AlixPartners had talked about mobile banking “nearing” a “tipping point” – but it’s there and well beyond that now, Hedges said at the Monday session.

The big driver: extremely fast adoption of smartphones, added AlixPartners’ Teresa Epperson. As consumers acquire sophisticated phones, they want to use them and a particular area of interest is financial services.

The AlixPartners headline: when consumers are choosing where they want to switch their financial services, a large driver is the range and quality of the mobile banking offering and, said Hedges, a reality is that most of those consumers are choosing to align with a top five bank because that is where the best and widest mobile banking services are found.

He stressed that to stay competitive – especially with the 34 and younger demographic – a financial institution has to keep beefing up mobile banking. Thus his advice to “go big or go home.”

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