IDC PeerScape: Lessons Learned from Retail Mobile Banking Programs, Upgrades, and Conversions

IDC PeerScape: Lessons Learned from Retail Mobile Banking Programs, Upgrades, and Conversions

  • May 2018 •
  • 6 pages •
  • Report ID: 5393016 •
  • Format: PDF
This IDC PeerScape is intended for financial institutions that perhaps are on their first-generation mobile banking solution or, if there are any left, that are yet to implement a mobile banking offering. As the next generation of mobile banking becomes more of a platform and less of a one-off solution, the lessons we have learned at IDC Financial Insights around the challenges associated with customer engagement, the process of going through any conversion, and how to properly train and educate the staff remain steadfast concerns. The world of mobile banking continues to evolve. We recognize the importance of banks to develop a solid mobile foundation, which will serve as the gateways to advances in cognitive solutions including artificial intelligence and robotic services.According to Marc DeCastro, research director for Consumer Banking Engagement Strategies, "Mobile has reached an acceptance among consumers faster than any other new channel, particularly as smartphone advances and proliferation of devices continue worldwide. For many customers, they choose mobile as their preferred channel and not having a solution that meets their needs is a quick way to lose those customers. There are lessons to be learned from banks and credit unions that have gone through upgrades, redesigns, and conversions, even as the technological foundations are changing for offering mobile banking."
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