Mobile banking users to double by 2020

On the background of a recent study revealing that UK mobile banking users are set to double to 32.5 million by 2020, banks need to tailor their customer experience models heavily towards mobile devices, with the fundamental focus on creating a “mobile-first” strategy, if not the more radical “mobile-only” strategy, write Anil Gandharve and Avishek Mukhopadhyay

According to our opinion there are three critical areas that will set banks aside from their competition come 2020, these being increasing use of wearables, expanding the utility of the mobile wallet beyond payments and advanced features in mobile banking, going beyond pure transactions.

Wearable Banking

Wearable technology is one of the most recent disruptions in the banking industry, while some may view it as a mere fad, others view it as the future of technology. By investing and rolling out wearable-centric features, banks can reduce marketing costs, enhance customers’ experience, gain enormous publicity and most importantly grow closer to their customers. Some of the early services rolled out by banks include checking bank balances, payment confirmations and reminders; however future use-cases will make these basic transactions look primitive. In coming months we will see services such as the transfer of money being completed using smartwatches through voice based instructions. Going ahead, banking functions such as determining credit limits will be linked to health parameters captured by a smartwatch.