Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .




Phil Slavin, ‎Head of Business Development, Financial Services EMEA, Pivotal

In less than five years it is predicted that the number of mobile phone owners using their device for banking purposes will double to over 1.75 billion.  Banks cannot ignore the implications of what this means to their future business models, and a mobile-first approach will be essential in leading the way.

That’s not to suggest there isn’t already plenty of activity in the mobile banking space. In 2014, 15,000 banking apps were downloaded every day and Gartner is predicting that 25% of the top 50 global banks will have launched an app store for customers by 2016.

Meanwhile, banks must acknowledge the impact of the tech giants like Google, Apple and Amazon who are focusing on financial services. They are threatening traditional banks with the development of mobile wallets and integrated payment services which are giving them invaluable insight into consumer behaviour.

Despite banking brand loyalty being traditionally high, the financial crisis, media perception and new regulations mean that from a consumer’s perspective, these non-bank competitors are becoming a credible alternative. 73% of millennials say they would be more excited about a new offering in financial services from Google, Amazon, Apple, PayPal or Square than from their own nationwide bank in the U.S. and 33% believe they won’t need a bank at all in five years – Europe won’t look much different.

As a result, the road ahead to mobile access can look a little foreboding; but it needn’t be. From understanding customer demands through to finding the right platform, here are my top tips for achieving a solid mobile-first strategy.

  1. Champion Agile development

Agile methodology addresses many of the significant challenges facing banks today, such as the need to quickly adapt to customer demands and work cost-effectively on a single platform. It allows developers to focus on repeated, abbreviated work cycles, where stakeholder teams are involved throughout the process.

When businesses see the results of their decisions quickly, they become empowered to make decisions faster.  Often referred to as the ‘fail fast’ model, agile allows you to become experimental in your customer offerings.

  1. Drive innovation through analytics

Banks don’t often know what their customers really want. But mobile technology enables them to capture user behaviour, needs and preferences, producing data sets that provide a rich source of customer insights. These insights provide support for a more customer-led strategy but only if they can be delivered in a timely fashion.

It is essential to have a strategy to capture all this new data but the real key is to ensure it can be reasoned over as soon as it becomes available. Agile methodology extends beyond the development life cycle and delivers real-time analytics through data science disciplines. The result will be mobile banking solutions that focus on targeted offers, making the user experience more personalised.

  1. Use lean start-up techniques

Lean start-up methodology is an approach that creates new services in uncertain situations. It, involves launching services rapidly to test assumptions and using customer feedback to continuously update the product.

Non-banks have been able to challenge the established financial marketplace because they are not afraid of disruptive innovation, but lean start-up techniques can be used by traditional financial institutions to spark innovation and trigger entrepreneurial thinking at a reasonable cost.

  1. Adopt a mobile-enabled Platform-as-a-Service (PaaS) solution

Many enterprises wanting to deliver software at high velocity and scale are often impeded by the complexity of deploying, upgrading, operating and dynamically scaling their applications, but cloud-based technology can be used to address this.

Platform-as a-Service (PaaS), a cloud solution, provides the answers and also significantly benefits mobile-first strategies. A mobile-enabled PaaS, not only provides a cost-effective way of developing products quickly but also unlocks the power of big data.

PaaS is essential to app development, but it needs to be mobile-enabled to offer omni-channel support, the ability to push notifications to customers, data sync across mobile devices and to simplify the interface with existing back-end banking systems.

Going mobile is unquestionably a strategic necessity for banks. Doing it right requires an IT infrastructure that adopts an agile framework for development and can marshal real-time data and analytics on a grand scale with PaaS. This alone is not enough however: the results of the data analysis must be made to be operational.  It also requires a new mind-set at board level to embrace the same agile thinking, decision-making and collaborative spirit.

Global Banking & Finance Review


Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post