Banks embrace mobile wallets

A survey has found that an increasing number of banks believe the mobile wallet adds value to the mobile banking system.

A survey has found that an increasing number of banks believe the mobile wallet adds value to the mobile banking system.

The survey revealed that 60% of banks believe mobile wallets belong within the banking environment rather than a third party application and in the next 6 to 12 months, 43% of banks have plans to deploy a mobile wallet.

Nearly half of the respondents (49%) said they would co-operate if there was an open industry wallet initiative to drive the future of a customer-centric mobile wallet offering.

"We truly believe that banks are best positioned to deliver the ultimate customer experience to their clients and move beyond the payment into the heart of the transaction, thereby adding value and meaning to clients and merchants alike, said chief innovation officer at Clear2Pay, Mark Hartley.

"This way people can use the bank’s infrastructure from any device for any value: real or virtual or loyalty points with the same security and ease of use they are already accustomed to. This way, the wallet becomes a ‘brand wrapper’ for the bank instead of a disintermediator."

The survey also found that customer attrition and engagement has become a major issue for banks, and that big data will play a significant part in improving customer loyalty.

183 bankers from around the world were surveyed on key issues around the monetisation of mobile payments.

The survey was conducted by Finextra on behalf of Clear2Pay and NGData.

 

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