Summary of Redefining Banking to Survive and Thrive in a Digital World

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Major progress in the evolution of financial services occurred when consumers began using computers for their banking. Today, mobile phones are gaining ground as a banking method of choice, and the implications could be huge for the industry and its customers. The Economist Intelligence Unit surveyed retail banking executives and consumers from around the world to explore the opportunities and risks of mobile banking, as well as to understand what bankers will need to do to stay ahead of the game. getAbstract recommends this report to bankers and financial professionals for its valuable insights into how consumers and bankers view mobile banking, its prospects for the future and its integration with other banking channels.

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The Economist Intelligence Unit is an independent research and analysis organization.

 

Summary

Banks need to prepare for an increase in the number of clients who use mobile devices for banking. A survey of retail bankers found that 82% believe young people will prefer mobile banking to other methods by 2020. In emerging markets, mobile is already allowing consumers who lack access to bank branches or computers to join the financial system. But bankers should maintain an “omnichannel” approach: A survey of consumers who have both mobile devices and bank accounts revealed that 56% of those who object to mobile banking favor personal computers, and...


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