Three Waves to Mobile Banking Evolution

by Steve Rodgers

“It’s important to enroll your members and control your payment options in your mobile banking app, because the one who enrolls is the one who controls,” says Richard Crone, founder/CEO of Crone Consulting, San Carlos, Calif.

Crone spoke Tuesday at the CUNA Technology Council and the CUNA Operations, Sales & Service Council annual conferences held concurrently in Las Vegas.

Crone sees three waves to the evolution of mobile banking:

  1. Mobile banking and the integration of cross-channel and self-service by retailers.
  2. Mobile payments (consumers currently spend $6.2 trillion with retailers at the physical point of sale). “The mobile-payments space isn’t about payments, it’s about data—that’s where the real value is,” says Crone.
  3. Opt-in, user-defined mobile self-marketing that results in “contactable” consumers.

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