|By Business Wire||
|January 28, 2013 05:38 AM EST||
Research and Markets (http://www.researchandmarkets.com/research/cf594m/mobile_banking_in) has announced the addition of the "Mobile Banking in Australia: Sizing the Market Opportunity" report to their offering.
There a number of benefits of moving towards a targeted mobile banking strategy, including aiding customer retention and acquisition. It is possible to segment consumers based on their use of and attitudes towards the mobile channel, and to create distinct strategies for each segment aimed at encouraging their use of mobile and maximizing the benefits from this shift in channel use.
SIZING THE MARKET OPPORTUNITY
- Introducing the opportunity
- Mobile banking already spans the Australian population
- Almost 5 million Australians already use the mobile banking channel
- To make sense of the current mobile banking scene, Datamonitor has further segmented the market
- A relatively consolidated banking and smartphone market have made it easier to extend mobile banking
- Mutuals are beginning to join the market, extending coverage across the spectrum of authorized deposit-taking institutions
- The mobile banking market has the potential to become the main channel that a client uses to interact with their bank
- Mobile banking has quickly emerged as the most frequent way to keep up to date on balances
- Consumers increasingly view mobile as an essential channel
- The provision of mobile banking services is advancing rapidly
- A targeted mobile strategy can bring a number of key benefits to providers
- Mobile will encourage greater engagement between banks and their customers
- Mobile banking will reach a wider audience than online banking, making it important to decouple the two
- Non-digital channels will be freed up for more value-added activities
- Banks will need to deal with fraud quickly and effectively to reduce brand damage
- Soft benefits to bank brands are real if less tangible benefits of mobile banking
- The shift to mobile will allow banks to cut their operating costs... but only to a certain extent
- Mobile will allow consumers extra options for dealing with their providers
- Banking apps can provide banks with concrete benefits at all stages of mobile evolution
- Banks can directly track the return from a banking app on both sides of the balance sheet
- Mobile has become another differentiator between providers' offerings
- Mobile banking offers access to previously unreachable customers
- Time pressures on consumers increase the appeal of the mobile channel
- Mobile has the potential to overtake the online channel in banking
- Small screens create a new challenge for marketers, which must optimize content for this channel
- Mobile allows consumers to react quickly
- Mobile users are a captive audience
- Location-sensitive information offers additional depth to the mobile channel
MAXIMIZING THE OPPORTUNITY
- The target consumer groups for mobile banking are the young and affluent but it can expand
- The under 35s are embracing the platform but they need not be the only growth market
- Affluent and high-income clients are increasingly interacting with banks via mobile apps
- Regionally, the more densely populated eastern seaboard is a more fertile market for mobile banking
- Niche apps are a great way to reach out to homebuyers but other life events need to be considered
- Property apps have blazed the way in delivering real customer benefits through the mobile channel
- Mobile app functionality needs to fulfill two key requirements to drive downloads and usage
- The current market dynamics can see mobile banking use rise to 5.4 million within the year
- The market is forecast to grow dramatically as more smartphone users take up apps
- Addressing security concerns alone could attract 2.5 million new mobile banking app users
- Tailored functionality is key in driving mobile usage but so is the fun factor
- Banks need to tackle issues regarding functionality, perception, and marketing simultaneously
- Innovators need mobile banking to stay new and interesting, requiring product innovation
- Increasing app usage means reaching out to early adopters with functionality that they appreciate
- Widening the base by attracting mainstream consumers
- Laggards will need to be prompted to use mobile banking
- Refusniks are best approached indirectly and require a two-stage process
- Giving away a mobile device is not attractive to drive mobile banking but financing it may be
- What will the market look like once mobile banking is commonplace
- Out-of-the-ordinary features will add immense value to the mobile channel
- Multiple banking apps will be required as the mobile banking market matures
- Smaller bank players will be able to compete more effectively against the majors
- Branches will offer technical support in addition to financial advice
- Banking will be more proactive as location-based services can push products as they are required
- Savings products will have more money in them for longer over the course of the month
- Mobile banking will be another way for banks to reduce the time it takes to rollout mobile payments
- Apple Inc.
- ASB Bank Limited
- National Australia Bank Group Limited
- Research In Motion Limited
- Royal Bank of Scotland Group PLC
- Shanks Group plc
For more information visit http://www.researchandmarkets.com/research/cf594m/mobile_banking_in
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