The m-banking strategies of the world’s leading FIs are rapidly evolving, but many still admit they have neither planned nor executed their mobile strategy perfectly.

That’s according to a new study conducted by Forrester Consulting on behalf of Clairmail Mobile Solutions, entitled, ‘Next Generation Mobile Banking: Strategies for Success'.

As mobile banking strategies evolve, banks will meet three challenges in order to meet the next generation mobile needs of customers: monetisation of mobile banking; the need to control growing complexities; and they must be proactive. “It is clear that retail bank strategies have become more sophisticated in the past few years as mobile banking leaders have gained experience of what works and what doesn’t,” says Forrester Consulting. “This research shows that the strategic opportunity created by smart phones is far greater than just developing a mobile banking app that lets customers check their account balance on their phone. They must take a broader view of the potential for mobile banking and treat it as a channel in its own right that can integrate within a bank’s overall multi-channel strategy. This is the future of banking.”

Forrester interviewed 10 banks across 10 countries in Europe and North America. “It is encouraging to see how seriously banks in Europe are now approaching mobile banking,” says Pete Daffern, CEO at Clairmail. “Customer retention is at the heart of their drive to become more strategic. Next generation mobile banking can offer a more interactive and more secure experience for banks’ customers. In addition, the research shows that the most important function that banks are planning for over the next two years is around outbound marketing. It offers banks new, more direct revenue channels through cross-selling opportunities.”

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