A few weeks ago, the four largest Dutch banks revealed that the number of app users had doubled again in the past year. Dutch mobile phone users are checking their current balance twice as often via their phone as they do via their PC. Unsurprisingly, activity peaks around payday. Given that mobile can be seen as the most important development in financial services in recent years, it is time to get your mobile act together. Digital teams at financial services firms should think seriously about adding relevant mobile touchpoints to their distribution channels. What does this mean for specific sectors of the financial services industry?
Mobile is crucial for retail banking. As my Forrester colleagues Peter Wannemacher and Tiffani Montez show, mobile banking is not just a business opportunity — mobile banking is an imperative. As we can see from our Dutch news story, mobile banking is now growing rapidly in some countries and will displace online banking for everyday tasks like checking account balances, viewing transaction histories, making transfers, and paying bills. Great design is key, however: One nice example is the mobile app from Dutch banking challenger KNAB, in which inter active design and functionality deliver convenience and simplicity: