Why Read This
Most of the "big five" banking providers have now launched mobile offerings, and clients are responding. Consumer adoption of mobile banking in Canada has risen sharply from just 1% in 2008 to 9% at the end of 2010. Adoption of mobile investing, mobile trading, and mobile insurance, however, remains scant. As Canadian consumers in greater numbers move to smartphones and discover the advantages of the mobile channel, mobile banking will pave the way for adoption of further mobile financial services activities. These will include mobile investing and trading, mobile services for insurance clients, and mobile payments, as well as banking functionality that goes beyond basics like accessing account information. Mobile strategists at financial services providers should prepare by developing mobile-only functionality, designing mobile services with an eye toward usability, and making sure mobile websites offer the same value to clients as native smartphone apps.
Tags: Banking, Consumer Mobile Activities, Consumer Mobile Devices, Contactless & Mobile Payments, eCommerce, Financial Services, Insurance, Investments, Mobile Banking, Mobile Channel for Consumers, Retail Payments