Improving customer service and increasing
banks’ cross sell ratio are two key drivers for growth in the
future of mobile banking, according to results of a survey
conducted by technology vendor Infosys in association with

Retail Banker Interactive.

The online survey about the future of mobile
banking revealed that most consumers (67.1%) feel the potential
value of mobile banking lies in the improvement of customer
service. More than half of the respondents (53.4%) said reaching
younger customers holds potential value for mobile banking.

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Simon Cadbury, Head of Strategy &
Technology (Credit Cards) for Lloyds Banking Group, has been chosen
as
the lucky winner of a brand new Kindle for taking part in the
Future of Mobile Banking survey.

Almost 70% respondents also revealed that the
revenue stream mobile banking will drive most dominantly in the
future is cross selling. A number of respondents (41.1) said mobile
banking fees will be an important channel to gain revenue. However,
almost 10% respondent felt there is no revenue potential from
mobile banking at all.

According to the survey results, 42.5%
respondents think mobile banking will become the main transactional
tool by 2020. Over a third of the respondents (34.2%) said by 2015
mobile banking will become the main transactional tool.

From the point of view of banks, when asked
‘which of the following mobile banking features do you offer or
plan to offer?’, only 17.2% respondents said they offered remote
cheque deposit capture and almost 83% said they plan to offer this
service.

NFC-enabled person-to-person and
person-to-merchant payments was another service that 83.3% banks
plan to offer, according tot eh survey results.

Survey results revealed that banks (81%) are
also keen on offering customer analytics and mobile banking
intelligence in the future.