12 Mobile Banking Trends to watch in 2014

Innovative Technology

Game-changing magic of the technology paves way for real-time

access and simplicity in banking interactions through Mobile Banking

In developed economies, banks operate in highly competitive

environments, increasingly challenged to differentiate through products and

pricing

Innovative Technology

Banks seek out innovative technologies to help them

build a stronger relationship with their customers and

increase customer loyalty, while controlling operational costs

Price and Infra Advantage

The infrastructure is there to multiply mobile banking usage

Well-priced smart phones and high-speed 4G in more neighbourhoods

Click with your Smart phone

smartphone camera has been a key to mobile banking’s rapid adoption

First iPhone, in 2007 shipped with 2 MP camera

Recently shipped iPhone 5S has 8MP camera

Picture Pay, where consumers can pay a bill by snapping a picture of it

Digital Wallet the Challenging Part

Consumers, financial institutions, merchants, smart phone makers

still others have to be brought on board in

this game changing endeavour of

phone replaces the plastic card

Smarter and more personalized

Integral to wallet adoption will be inclusion of rewards and discounts as

the phone becomes the delivery tool

A digital wallet will be substantially smarter and more personalized

than a plastic card in a leather wallet

A singular payment Application

 

Mobile wallet allows consumers to store and manage

their credit, debit, prepaid and gift cards on their

smart phone using a

singular payment application

A singular payment Application

No need of carrying around a stack of

physical plastic cards

swipe phone or tap the screen, a payment can be easily made

Conventional Apps

Most banks today have comprehensive suite of mobile apps that enable

customers;

to check account balancespay bills transfer money between accountsreceive information about new

products/services, fraudulent activities

Advanced Apps and Technology

Biometrics fingerprints, eye scans, voice prints for

user log in authentication

Image Banking and Remote Deposit Capture(RDC)

customers can scan their checks and the image is immediately transmitted

to the bank

The economic factor for Banks

key reason that top banks across the globe are investing in mobility is that

 finding the economics of operating many physical branch

locations prohibitive

Geo - Mobile Banking Usage

Turkey tops in internet banking, with almost 50%

participation

Age - Mobile Banking Usage

younger aged people tops in this list

Competitive Advantage

Banks will continue to invest in technologies that give them a

competitive advantage and

enable them to reach the modern consumer

We can help youCR2 Mobile Banking Solution Providers

Brought you BankWorld Software Solutions

www.cr2.comMulti Channel Banking Solutions