No monetization — that’s the crux of the argument against mobile banking. The Debbie Downers of banking say mobile has not — and, to some degree, will not — be monetized by banks to any great extent. “Mobile is the fastest-growing channel and that it is a big deal,” one of the industry’s consultants wrote recently. “I think we basically agree: mobile is here to stay. But banks have yet to figure out how to monetize the channel (and maybe never will), and mobile hasn’t yet done anything to really affect the profit dynamics of banking.” Others argue that mobile banking: is essentially devoid of incremental value for customers; has near zero ability to create financial benefit for banks; or takes focus away from other new-business endeavors that would produce greater results. What follows are 21 responses to those bankers who say mobile banking is no big deal. Many bankers who want to innovate from within face stiff arguments against mobile banking, even today. We hope this list, which is based on an engaging discussion on Bank Innovation‘s LinkedIn group here, will help such bankers overcome those huddles. Transformative Power. It is impossible today to know how transformative will be mobile [...]
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