Building the future of mobile banking - Part I
Financial services are still facing the collateral effects of the financial crisis. Lately, a lot of effort have been made to comply with the new regulations, to stabilize their finances by making sure they are compliant with the financial requirements and, finally, to try to regain customers’ trust.
Banks are fully aware of the evolution of society and its impact on the way people are banking. They all know that they have to adapt their offer as well as their organization to match these digital changes and new expectations, but it has been hard for most of them to face all these challenges at the same time.
While digital transformation is strongly accelerating, banks have to reinvent themselves and to go further than the evolution started with the development of online banks.
Mobile, through its implied simplicity, transparency, autonomy, immediacy and personalization, is one of the main transformation driver which will disrupt the retail banking industry more than any other trigger before.
In collaboration with Efma, Wavestone aims at designing the future outlines of mobile banking through 6 pillars covering all features of a bank:
• Customer targets
• Acquisition strategy
• Customer experience
• Operating model and human resources
• Security and regulatory
Our study, covering the individual and the professional market worldwide, is based on our online banking services benchmark, our digital banks and Fintechs observatory, bank case studies and several bank interviews. You will find these materials in the study through numerous illustrations, coming from the analysis of about 30 digital banks, including new challenger banks and digital banks backed by traditional ones, as well as about 180 Fintechs.
This intermediate report presents the study results on the most customer-centric and structuring pillars: Customer targets, Acquisition strategy and Customer experience.
The rest of the study will be released progressively, pillar per pillar, before being synthetized within a global report.
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