Friday, May 13, 2011

Mobile Banking and Customer Behavior

There have been a number of recent articles and studies focusing on customer behavior and mobile banking. The most recent was in the American Banker entitled"Tech-Savvy Crowd Demands More Personal Service from Banks, Not Less". (By the way, you've gotta love any article that uses the term Luddite)It suggests that increased mobile use by customers may not translate into decreased branch traffic and less phone calls. My question is: Who said it would?

As my friend Ron Shevlin noted on his blog, Marketing Tea Party, the mobile channel is so new, "it doesn't exist for the vast majority of customers." Given the limited adoption (much less banks offering the service), how can anyone make any inferences about how it will impact FI's and their customers?

Our organization rolled out a mobile about eight months ago. It wasn't in the hope that it would offset any costs by reducing interactions in other channels. It's about customer convenience and acknowledging the ubiquitous nature of mobile devices across all generations. Perhaps some services will, in fact, reduce bank visits. The depositing of checks through your mobile device would certainly qualify as one example. Until there is mass adoption of the technology, mobile is just another channel for our customers to use. No more, no less.

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