Report: Banks to increase investment in mobile, payments
If the amount of money being invested is any indication, banks are placing big bets that consumers are hankering for mobile financial services. According to a new survey of Consumer Bankers Association members conducted by Forrester Research Inc., retail banks are looking to spend more money on their mobile offerings this year. Forrester conducted the survey in collaboration with the CBA's Emerging Channels Committee.
"CBA and our Emerging Channels Committee members are at the forefront of mobile banking developments, as part of our ongoing commitment to meeting the needs of our customers," said Richard Hunt, CBA president. "These findings illustrate how vital the mobile space has become and how innovation is driving the retail banking industry."
The new survey found that CBA members will spend one-third of their total digital budget on mobile channels this year. Respondents said most of that spending will go towards alerts, remote deposit capture and person-to-person payments, though they said they are watching digital wallet initiatives as well.
"Payments are by far one of the biggest opportunities in the space for both online and mobile as the growth of person-to-person and mobile wallets continues," said Brad Strothkamp, Forrester Research vice president and principal analyst for eBusiness & Channel Strategy Professionals.
"As these initiatives move forward, digital teams will need to drive innovation not only internally but also in the vendor space, especially in areas like digital wallets and revenue-generating payment products," Strothkamp said.
For more stories like this, visit the Trends/Statistics research center.