According to the research, published by financial services company BBVA Compass, mobile banking can be expected to increase the productivity of the industry as banks will have more information and ways to efficiently target users; however, new technologies are also bringing more competitors: highly sophisticated platforms with innovative business models and low operating costs, the same report indicates.
Banks are ahead of the curve in mobile technologies, the study says, quoting a 2012 Federal Reserve Board survey about mobile banking. To succeed in this new hyper-connected and competitive environment, banks will have to follow a customer-centric approach and offer simple, user-friendly and effective products, with a high level of transparency and security, according to BBVA Compass Chief Economist Nathaniel Karp.
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