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October 11, 2012

Finance CIOs believe mobile banking will be important to customers by 2015

A study reveals the increasing importance that mobile will play in the banking sector.

By Tineka Smith

Research commissioned by Fujitsu reveals that mobile will be a main channel for British financial institutions in the next three years.

Nearly 50% of organisations said that mobile banking is important to most customers today and 71% said it will be by 2015.

The study which surveyed 50 CIOs in the UK investment, wholesale and retail banking sector found that 75% felt the main benefit of investing in mobile banking was customer retention and loyalty.

Respondents said that mobile banking features gave provided a better customer experience.

CIOs also reported that mobile banking also provided a new revenue stream for financial institutions.

"The reputational crisis that the financial services industry has been through has tested customer loyalty", said Anthony Duffy, director of retail banking at Fujitsu UK & Ireland. "Mobile banking offers a growing route to customer acquisition and to enhance satisfaction. There is a need for financial institutions to reinvigorate their relationships with customers – and mobile provides a great opportunity for them to do this."

Over 64% of IT professionals, however, said there are still obstacles in executing successful mobile banking strategies.

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The research suggests that investment in IT is vital to meet business needs. 65% of CIOs warned that in order to transition the IT department to meet changes extra funding will be needed.

"The financial services industry has faced some tough challenges recently and will continue to do so for a few years, at least", said Duffy. "Banks need to adapt, change and seek new revenue streams in order to thrive and succeed".


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