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Accenture recently analyzed the strategies and capabilities of 10 financial institutions around the globe whose mobile offerings have reaped rich rewards—new customers, increased revenue and impressive returns on investment.
As with any relatively new channel, banks have taken widely divergent paths in developing and rolling out their mobile offerings. While some have struggled to make an impact, others have emerged as market leaders.
In this research, which was conducted by TowerGroup on behalf of Accenture we will answer the question: What distinguishes financial services institutions that are succeeding in mobile banking?
Discover the keys to success in mobile banking [PDF, 272KB]Learn more about Mobility Services
According to our research, banks generated revenue as high as three times their investment (calculated as operating net benefits over three years divided by implementation costs) in mobile banking by taking a strategic approach, emphasizing customer convenience, providing rich exchanges of information with their customers, and closely tracking customer usage and satisfaction.
Financial institutions are at a cross roads with mobile banking. As the field becomes more competitive with both traditional and non-traditional players skirmishing for market share, waiting on the sidelines is no longer an option.
The choice is clear: a mobile program can be done quickly and haphazardly, which can easily result in a poor customer experience and reputational damage. Or it can be done the right way: strategically and with a vision of what is actually possible, such as richer engagement with customers and revenue generation.
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While the financial institutions that Accenture studied took different approaches to building out their mobile strategies, their paths to success have remarkable similarities. Based on our research and our experience in partnering with banks globally to launch their mobile operations, here is a breakdown of the keys to success.
Or for a more detailed look at the research, explore the full report. [PDF, 614KB]
May 25, 2011
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