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The changing face of mobile payments in Australia
Within the span of just a few years, mobile technology has changed virtually every aspect of our lives.
That’s because our phones have evolved from basic communication tools into portals for managing almost everything we do.
Including all of ourbanking.
Today’s consumers want to be able to manage their banking needs from
the palm of their hand.
Source: SNL Financial Survey
In fact, many would rather use their smartphones to do their banking than any of the other channels available to them like ATMs and self-service branches.
3 x moreAustralians only use their smartphone or tablet for banking than 3 years ago
Consider this:
“The State of Mobile Banking” Roy Morgan Research, August 21, 2015
Source: SNL Financial Survey, February 2015
Plus, according to one survey,
26 percent of respondents switched banks just to get a better app.
If you’re a financial institution, all of this means that to stay competitive you’ve got to consider your mobile strategy carefully.
After all, everyone else is.That’s why we’re seeing advances in mobile technology like…
Cardless cash from ATMs
Mobile apps with bill splitting functionality
The ability to store loyalty cards on your mobile device
And, with the arrival of the New Payments Platform, apps like these will give you the ability to do all of your banking in real time from your phone.
Imagine being able to use your phone to…
Make secure payments to anyone in Australia in seconds
Apply for and open new accounts
Set up limits and blocks on those accounts
Plus, many financial institutions are trying to perfect the omnichannel experience for their customers.
To do so they’re using customer data they already have to create seamless experiences no matter how, or on which channel, their customers interact with them.
Eventually, these customer experiences will be completely personalised for you and payments will integrate seamlessly into your every day life.
When they do, they’ll not only be virtually undetectable, but also add far greater value than the actual transaction itself.
The evolution of digital and mobile banking is inevitable in Australia, and it’s happening at break neck speeds.
For financial institutions that presents a number of challenges.
For instance, developing new mobile applications is not only expensive, it’s not a one-off cost.
Today’s million-dollar investment could very well be obsolete in just a year’s time if you don’t keep it up to date.
That’s why it’s important to find the right partner to help you navigate
the obstacles.
When you do, you’ll find that it’s faster, easier, and cheaper to get to market.
In an age when the alternative is to lose your competitive advantage,
it’s a no brainer.
