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Mobile banking – who is leading the pack?

In our latest GDS Video Snack, Sasha Qadri, Editor at MeetTheBoss TV looks at who’s leading the pack when it comes to mobile banking.

If you had to bet which part of the world was leading the way in mobile banking, where would you put your money? Well you might be surprised to know that banks in Spain, Australia, Poland, Canada, the UK and Turkey are leading the rankings. And maybe not so surprised to hear that no American banks make it to the top 10, with Bank of America coming in at number 13.

According to the research by Forrester, the banks leading the field are the ones who are continuously iterating via a test and learn process. They found that digital teams at US banks were achieving parity rather than breakthrough, which might explain their omission from the top ten.

At a recent financial services technology summit in St Andrews, Phil Sowter, Director of Mobile Banking at Barclays told us that 40% of their web traffic comes in via mobile devices. They’ve decided to make digital the main effort of every area in Barclays. They’ve recognised the trend in the market that increasingly, consumers want to serve themselves when it’s convenient for them. And, they’re being educated to self serve. We’re not just talking about banks here. You can extend that to almost every walk of life including doctor’s surgeries and supermarkets.

The challenge for all banks is delivering transformation at speed and in line with customers’ expectations. Some are starting to get it right. And others will follow.

 

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