Kristin Moyer

As more consumers buy mobile devices, and more banks offer consumers mobile alerts and services, banks must decide how they will support their road maps for mobile retail banking services.  Stessa Cohen just published a Magic Quadrant on this – take a look (client access required):  Magic Quadrant for North American Mobile Retail Banking.

The current mobile retail banking hype in North America requires banks to understand and support not only the current customer demand for alert services, but also the evolution of these services into an anytime/any mobile device point of access to financial information and transactional services. This is a simple point, but one often forgotten by North American banks. Banks that deploy mobile retail banking simply because other banks have done so run the risk of achieving poor return on investment (ROI) and creating dissatisfied customers and mobile retail banking channel silos. As more banks support alert-based services, and the mobile device becomes “just another customer touchpoint,” a bank’s lack of a strategic approach to mobile retail banking will seriously damage its competitiveness in the long term.