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Mobile Strategy Calling

2009 August 21
Mobile Banking Requires a Long-Term Strategy. Canada is ready.

Mobile Banking Requires a Long-Term Strategy. Canada is ready.

The call for strategic mobile banking is increasing and two recent articles are absolute must-reads.

First, Mobile Financial nicely sums up the challenges of mobile banking. Mobile Banking is not a simple add-on to an existing product. Mobile provides new ways to connect with your customer, strengthen loyalty, and deliver better services at a lower cost.

Mobile poses significant risks and technical challenges. Making a prudent decision on mobile banking requires three key “legs of a stool” a) deep collaboration between the business executives who know the long term goals for the organization, and b) the technology team who knows the intricacies of the current environment, and c) deep mobile expertise, which is often missing from most organizations.

Success requires all three legs of the stool and moving forward without all three almost certainly will result in failure (although some banks have set the bar extremely low so they can claim success, regardless). Mobile banking efforts now should be a base to build upon in the future. Doing it wrong now and having to start over puts you behind your competitors who did it right.

Secondly, Jose Colucci writes a manifesto (or offers a 12 step program) on why Canadian banks should offer mobile banking now. The Canadian market is ready. Canada is the land of the RIM and increasingly the iPhone. Canada has the technology, the infrastructure, the resources, and the demand for mobile banking to completely explode (in a good way) and be an example of success for the developed world.

I predict that when the first bank makes a bold move, the entire industry will follow. Canadian mobile banking will happen in a breathtaking, large rush.

In fact, in doing some Search Engine Optimization last week, I discovered one of the most searched terms related to mobile banking in Canada is “TD Mobile Banking.” Like most other Canadian banks, TD has a mobile web site that is keeping the proverbial light on for mobile. But like most WAP interfaces,  the TD site has some usability challenges which are almost certainly preventing widespread adoption.

And the point is that despite the usability challenges and lack of promotion, there is considerable demand for the product.

Canadian customers like Jose are clamoring for mobile banking.

C’mon CIBC, BMO, Desjardins, Laurentian, National, TD, and RBC. Let’s have it!

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One Response leave one →
  1. ABRAR permalink
    September 26, 2009

    I am a firm believer in the future of Mobile Banking but I also believe that by calling it “mobile banking” we automatically restrict our imaginations. What I expect to happen is that as more and mor epeople move on to using the mobile banking, mobile payments shall become the norm and hence the need to carry our plastics with us will be NO more and that is where the real fun will begin to happen.

    Imagine being able to withdraw cash from ATM without the use of a Plastic or being able to send and receive money and encash it as well at any time of the day or night or being able to pay for home deliveries or over the counter purchases at retail store without having to swipe a plastic and sign for it.

    I also believe that things like NFC, RFID tags etc are not going to be around for veyr long and the future belongs to mobile to mobile payments directly.

    I would love to have a discussion with anyone interested in working on introduction and expansion of mobile banking and mobile payments in Canada.

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