Over the next three years, financial institutions will need to look at the impact that mobile payment technology will have on their revenue and customer retention rates as it proliferates through the banking and non-banking industries. Executives will need to carefully consider which investments will bring them the greatest return as the industry sees higher switching rates. Ninety-three percent of retail banking firms are making investments by adopting or replacing their mobile payment solution by 2015.
The Mobile Payment Market Update provides retail bank executives with an analysis of the key trends shaping the mobile payments space to help them make informed investments. Some key findings include:
- Mobile advancement is too slow. Both bank and non-bank executives agree that the speed of technological advancement for mobile payments lags behind expectations.
- Risk aversion is impeding progress. Mobile payments have added benefits with mobile device security, tokens for payments, device functionality, and one-time passcodes, yet 77% of retail banking executives considers mobile payments a very risky investment.
- Emerging technologies will increase usability. The next three years will see the market focus on areas including mobile top up, fraud alerting and benefits payments, increasing the usefulness of mobile payments for consumers, corporations, and governments.
- Capitalize on revenue opportunities with mobile alerts. Contextualized, actionable alerts delivered directly to the mobile handset at key moments can both capitalize on potential cross-sell and upsell opportunities.
Read the full Mobile Payments Market Update report to find out who the leading bank-friendly mobile payments vendors are and identify the right mobile payments strategy for your bank’s geography.