300 per cent ROI for banks?

Mobile banking, customers, usage, patterns, 300 %, ROI, rate of investment, Africa, Zimmerman, Accenture, Towergroup

Mobile banking and customers’ usage patterns

When banks enable their customers to use a mobile device to check balances, transfer money, pay bills, apply for credit or manage their personal finances, they can achieve returns on investment of as high as 300 per cent, according to a study commissioned by Accenture.

Banks generating the highest returns on their mobile banking investments achieved ROI by emphasising customer convenience, providing rich exchanges of information between bank and customer and accurately measuring how customers use their mobile phones to bank, according to the research which was conducted by TowerGroup on behalf of Accenture.

Greater control

“Bank customers want greater control over managing their finances and prefer to bank in ways that fit their lifestyles,” said Andy Zimmerman, director, mobility services, Accenture. According to Zimmerman, mobile banking offers an opportunity for banks to create a meaningful dialogue with their customers.

“Leading financial institutions that are communicating the value of these services to their customers are generating new revenue,” he said.

“The pace-setting banks in this study have shown that high mobile adoption and return on investment hinges upon providing a suite of services that are relevant to their customers, educating customers on how to use mobile services and regularly measuring customers’ usage patterns and satisfaction rates,” said Noel Gordon, global managing director of Accenture’s banking practice.

“The mobility market will continue to grow as banks adopt the best practices of those with successful mobile banking programmes.”

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