The mobile applications landscape has changed tremendously since Celents first report in May 2012. Big US banks have set the stage for broader market trends, while small banks look to these larger players to influence their development.
The banking industry in the US is undergoing a shift to customer centricity. Some of the most active banks in branch right-sizing have also been the most outspoken about digital channel development.
While a few banks have resisted change, theres a broad consensus that digital channels and mobile represent the path forward. Mobile banking vastly expands a banks ability to reach new and existing customers, and while there is significant movement by some, others face a long road ahead.
Mobile banking is moving beyond simple replication of online banking services, says Dan Latimore, SVP, Celent Banking Group. The channel is still relatively new, but leaders in the digital channel space are beginning to take offerings into the realm of value-added services that are context-sensitive, timely, and utilize Big Data. Theres a large disparity among digital offeringsindustry leaders are light-years ahead of the laggards.