Mobility Matters: Getting to Mobile Banking 2.0

by. Robert McGarvey

It is time for something better. It is time for Mobile Banking 2.0.

That is a thought that is bubbling throughout the mobile banking community and the plain fact is – excepting perhaps a couple of the money center bank mobile apps – most of the apps in consumers hands are very much Mobile 1.0 products.

They are static, unengaging, and a proof is that at most institutions the vast majority of interactions via the mobile channel take less than a minute, mainly because most are quick balance checks.

Plain vanilla apps will never drive more engagement.

The goal in Mobile Banking 2.0 is longer, better engagement.

The scramble is on to get there.

Fueling this pursuit is a belief that – at least with younger consumers – before opening an account at a financial institution they test drive the mobile app. Bad apps flunk out. These are users that want apps that make banking fun, but also fast and of course secure.

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