According to the results of the Mobile Payments and Big Data survey unveiled by Clear2Pay, the international technology provider of payment solutions for financial institutions, in terms of the biggest mobile wallet drivers and strategies 81 percent of banks would like to add value beyond the transaction by making relevant commercial offers at the Point of Sale (POS); 67 percent of banks said they would like to capture and be the full custodian of their customers’ value (money, coupons, air miles, etc.); 43 percent said they have plans to deploy a mobile wallet offering within the next six to 12 months; 60 percent believe that the natural home for mobile wallet is within the trusted banking environment, rather than a third party application; and 49 percent said they would co-operate if there was an open industry wallet initiative to drive the future of a customer-centric mobile wallet offering.
The survey has also revealed that customer churn and engagement has become one of the top issues for most banks. In fact, several empirical studies and models have proven that churn remains one of the biggest destructors of enterprise value. Yet, while most banks are aware how important a strategy is when it comes to understanding customers, many are still unsure of how to effectively assess and use their data to improve customer loyalty and lower attrition.
The survey was carried out by Finextra in co-operation with customer intelligence management solutions company NGDATA.
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