![]() Imperative #2: Designing-In Fraud Assuranceīanks already do plenty to identify and prevent fraudulent activity related to mobile banking-but it clearly hasn’t eliminated consumers’ concerns.īreach Clarity has an approach banks should take a look at. If the revenue generated for offering personalized bundles in multiple apps exceeds the cost to provides those apps, then banks should do it. I can already hear the IT departments complain, arguing that it’s not cost-effective to deploy multiple versions of the mobile banking app or to maintain a number of standalone apps.īut cost-effectiveness isn’t the determining factor here-profitability is. And if the mobile banking app is the product, then the app needs to be personalized.īut today’s mobile banking apps are generic, one-size-fits-all mobile apps. They can’t just decide to not deploy certain features, because there may be key segments of the customer population who consider those features critical to their banking experience.īanks have focused their personalization efforts on messages-i.e., personalized offers and “advice” (in quotations because all too often the advice is nothing other than “we think you should buy our products and services”).īank customers don’t just want personalized messages (if they want them at all)-they want personalized products.They can’t simply deploy all every feature consumers express an interest in because the result would be a slow, bloated app with features that aren’t used by a significant number of customers, and.Imperative #1: Personalized Mobile Banking Apps This leads to two imperatives for mobile banking. So, as far as these consumers are concerned, the app is the product. Two New Imperatives For Mobile Bankingįor a growing number of consumers, a mobile app is the primary way they interact with their checking account (and, in essence, their bank). What’s surprising, however, is that concerns regarding mobile banking-related fraud are nearly similar across generations. ![]() Mobile banking-related fraud concerns Source: Cornerstone Advisors
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