My back was to the entrance. I was sitting in the downstairs compartment of the train next to the window. Someone put their hand on my shoulder, holding me down as they leaned over and grabbed the iPhone in my hand.
Within seconds it was over. The laughter I remembered hearing earlier had intensified as my attacker exited the carriage just before the doors slid closed behind him.
Over the next twenty minutes I replayed the scene several times…
…and in the days following I thought of the challenges facing banks and their customers in the adoption of mobile banking.
***
From a customer’s point of view there are a number of key issues that stand in the way of their signing up for mobile banking – Security, Ease of Use, Speed, and Ubiquity. With regards to security, a number of questions are raised by potential users:
- Are mobile connections to my bank secure?
- Can I maintain my privacy if I conduct banking transactions via my phone?
- What happens if my phone [or other mobile device] is stolen?
- Could someone steal my banking identity via my mobile?
- Can I safeguard my money in the case of theft of my mobile password?
These points of course do not just apply to mobile phones, but to any mobile device with network connectivity.
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Growth is back on the agenda for banks. The focus for banks globally is moving to revenue and the customer. Cost-cutting remains a major priority, but higher shareholder value cannot be delivered by pruning cost alone. Yet in developed markets, expanding the customer base is likely to be difficult and expensive. Therefore growth depends on the ability to derive more revenue from the existing customer base and to do so cost effectively.
