While banks may no longer need a presence on every high street to stay connected with their customers, they do need to remain very visible, especially on the smart device, to avoid being relegated to the place of a utility, payments technology provider Dejamobile’s Lorcan Burke tells NFC World readers in an in-depth article that explores the changing role of banks in the smartphone era.
“There is a unique window of opportunity for banks to become more engaged, to secure their vital role in payments and set themselves up for the future as their clients and merchants move from the high street to the handset,” Burke explains.
“But business practices are rapidly changing, banks need to adapt to the needs of their customers and this new landscape comes with both threats and significant opportunities.”
“Customers are now more critical, self-sufficient and demanding of their financial service providers. There is now more choice, as new market entrants have emerged with highly competitive products that entice consumers from their primary financial service provider — the trust may remain but the loyalty has been diluted. Bridging this gap is a challenge for banks.”
“From the High Street to the Handset: The Role of Banks in the Future of Mobile” explores the traditional role of banks, how the rise of the smart mobile device has transformed the payments landscape, the challenges presented by the arrival of neo-banks and new fintech entrants — and the steps banks can take to avoid disintermediation and stay visible to their customers in an increasingly competitive environment.
The full eight-page article is available for readers to download free of charge from the NFC World Knowledge Centre.