Mobile is not just a channel. It is an opportunity for banks to get closer to their customers, an opportunity to innovate and introduce new services and an opportunity to sustain profits through mobile offerings.
We asked Middle East retail banks what they thought were the biggest opportunities presented by mobile.
Top takeaways from our research:
- Mobile Banking Services is the clear winner and an obvious priority for banks over the next 12 months. With apps and mobile information services already underway, tapping into mobile for service innovation has come out on top in our poll. When Telco's were posed with a similar question on the opportunities for mobile in banking applications, 33% were also in agreement that Mobile Banking Services would win over other opportunities.
- Serving the unbanked has received mixed reviews. Whilst 23% see this as a huge growth opportunity, a staggering 47% ranked it as the lowest opportunity presented by mobile. Interestingly, an overwhelming 94% of surveyed Telcos stated MNOs were best positioned to provide mobile banking services to those currently unbanked. And here's whyâ€¦
- Not many banks are behind NFC with only 6% citing this as the biggest opportunity.
- Peer to Peer transactions have divided the banks, with 15% citing it as the greatest opportunity while equally 15% ranking it as the lowest opportunity. Peer to Peer payments can be particularly useful in large remittance markets yet typically telcos and exchanges dominate this industry. When asked, 67% of Telcos stated that improving â€˜mobile' market share of remittance is a top priority for their business over the next 12 months.
Find out more about what the Middle Eastern retail banks and telcos say are the biggest challenges and opportunities they face in the next year – download the full market report now