New research released today by management and technology consultancy firm, BearingPoint, shows that banks risk losing out to innovators in telecoms and other sectors who can offer comprehensive mobile payment services. BearingPoint claim that Irish banks should understand that comprehensive mobile banking services will add value; lower long-term costs; drive customers to them; and provide valuable opportunities for cross-selling. They reference mobile payment offerings such as Vodafone Wallet and Google Pay that provide value-adds, such as transaction or account holding fees. BearingPoint claim that to make a profit, banks are doing the opposite of this. Martin McKenna, Partner, Financial Services at BearingPoint UK and Ireland, commented, "Mobile banking is still relatively young. Despite the ubiquity of mobile technology, the conservatism of the banking industry, especially in Ireland, has slowed the adoption of new mobile means of transacting money. "The danger for Irish banks is the innovative nature of telecoms and internet companies, many of whom thrive or depend on diversification of services. "These companies are naturally comfortable with the rapidly evolving nature of mobile payments and how to implement schemes that appeal to consumers with busy lives. Banks, on the other hand, have been late adopters of such technology, with many slow to respond to industry and consumer demands for such services." Source: www.businessworld.ie
A new study from BearingPoint claims that Irish banks risk losing out to innovators in telecoms and other sectors who can offer comprehensive mobile payment services. BearingPoint explained that telecoms companies are rapidly evolving and providing options that attract customers with busy lives, while the banks are slow to respond to the industry and consumer demands for such services.