June 21, 2018

A Perfect Storm of Opportunity in Mobile Banking

It’s been a decade since the Apple iPhone’s App Store came online, bringing with it an entirely new engagement channel for businesses, and changing how consumers everywhere interact, play, and shop. The intervening time has seen cycle after cycle of explosive mobile fragmentation, followed by consolidation. Standalone apps launched for every possible task only to be displaced a year or so later by a feature of a more comprehensive offering (see: Facebook x 1,000 examples). Now, a perfect storm of lowered IT costs and changing consumer tastes are putting banks in the position to play the Facebook role, for once. With the right strategy, banking providers of all sizes can now claw mobile users and engagement away from non-bank financial apps and capture more customers and revenue in the process. Shifting consumer trust When FIS first began its Performance Against Customer Expectations (PACE) study in 2014, US consumers were deeply…

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