Are Banks from Mars, Mobile Banking Technology Vendors from Venus?
Banks and vendors have similar “big picture” views of how innovation will play out. They share a belief in the growth potential of mobile banking, including the acquisition of high-cost, offline customers. Both parties are nearly unanimous in their views that certain front end functionalities, such as real time alerts and P2P (person-to-person) payments will be important in the near future. There is also a strong consensus that mobile banking has to be a channel of its own, not an appendage of online banking, and greater integration with back end core banking systems is required. Most players in both industries are clearly hoping for mobile-related fee opportunities. “Both parties feel that mobile channel monetization will eventually occur,” says Red Gillen, Senior Analyst with Celent’s Banking group and author of the report. “However, many of these hopes for monetization appear to be out of line with early adopter, in-market solutions, including free mobile P2P and RDC products.” Ther
