What Will 2013 Bring to Banking? A Quick Observation


The gifted editors of American Banker are putting together some thoughts on what the New Year will bring. They are getting input from industry folks that have contributed to their BankThink industry blog in the past year.  I’m not sure how much of my quote will be used, but this is what I added to the mix yesterday.

Be on the lookout for the series before year end.

Update: The post went live at American Banker today (1/7/2013).  Here’s the link.

“2013 will likely be a tipping point in moving the conversation beyond mobile banking. As Brett King has said, the opportunity for mobile is not the wallet, it is re-imaging the utility of banking from a mobile perspective. The behavior of mobile payments has been well established, as has the consumption of content through mobile devices.  Banks have the data and the means available to further engage customer’s changing behavior: What does my aggregated financial picture look like right now? Which account should I pay with? Proximity awareness and user preferences will help drive us toward the best place for coffee, restaurants, groceries or gas. Our mobile applications will see renewed  focus on engaging and simplified customer experiences, and improved contextual offer placement. We’ll see more applications leveraging voice, as well as the social graph because individualized preferences are critical. Care to see Norah Jones tonight? There are tickets available, and she’s playing in about two hours. Would you like me to secure tickets for you, make a dinner reservation, and call a cab? Yes please.”  

The Financial Brand, one of the best sources for industry information, summarized some interesting 2012 FED data around the mobile channel.

mobile-banking-compared-to-traditional

mobile-banking-small-FIs-struggle

mobile-banking-services

Mobile banking is about to become ubiquitous (especially if you agree with a recent ICBA study that says over 80% of all banks and credit unions will have mobile applications of some kind in less than two years).

It’s what we do with mobility beyond banking that will be really interesting.

Chime in.

One thought on “What Will 2013 Bring to Banking? A Quick Observation

  1. Great data points Bradley: Another year where Moore’s Law will be apparent in so many areas of innovation that will exponentially disrupt the consumer model. Implementing a technology strategy of “catch-up” is an impossible approach to success or even survival.

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