Banks Projected To Put $118 Billion Toward Mobile Banking, Technology

Posted on Mon, Mar 04, 2013

Bank consultants have noted that advanced mobile technology is in high demand by customers, and many banks are shoring up their resources to devote more money to developing this technology.

Statistics from analysts at Ovum reveal U.S. banks are projected to increase their spending on technology and mobile banking by 3.3 percent in 2013. Worldwide, retail bank spending on these innovations are expected to reach $118 billion, Mobile Payments Today reports. The increase in spending is designed to boost customer satisfaction and help banks compete for new customers by creating more advanced online and mobile channels.

"Whilst regulatory compliance has certainly fuelled a significant amount of the investment predicted in the forecast, it is by no means the sole driver," said Jaroslaw Knapik, senior analyst for financial services technology at Ovum, according to the news source. "The level of investment in digital channels gives a clear indication that banks are fully cognizant of the growing expectations of their customers, as well as the opportunities they present."

Recent research reveals that consumers will soon become more demanding of mobile capabilities, and want banks to take a more integrated approach toward mobile platforms. This may include incorporating voice features and picture pay into future applications.

Tags: Customer Acquisition and Retention Strategies