Leading edge banks are earning additional revenue by enabling customers to use mobile devices to transfer money, pay utility bills, apply for credit or trade stocks, according to a TowerGroup study commissioned by Accenture PLC that was released this month.
In fact, banks that invest in sophisticated mobile services can see a return on investment as high as 300%, the study found.
But achieving that level of success requires more than just communicating with customers via text messages. The study of 10 innovative banks around the world had these recommendations for banks planning to offer advanced mobile services:
- Provide a rich, interactive suite of tools that are convenient and relevant to customers.
- Offer customers the same experience on their smartphones that they have on their laptops.
- Educate customers on how to use mobile services.
- Keep fees as low as possible.
- Measure customers' usage patterns and satisfaction rates on a regular basis.
- Ensure that employees are passionate about serving mobile customers.
Mobile banking ventures provide lucrative opportunities for cross-selling and reaching the next generation of customers, the study said.