Academic journal article ABA Banking Journal

Making the Business Case for Mobile Banking

Academic journal article ABA Banking Journal

Making the Business Case for Mobile Banking

Article excerpt

The first thing to do when you start thinking about mobile banking is to stop thinking about mobile banking, said Bob Hedges, even as he talked persuasively about how important and how lucrative this channel can be.

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"You have to start thinking about how engaging the smartphone is, and all of the ways people are using it, how central it's become to the way an increasing percentage of the U.S. population lives their lives. And, oh, by the way, there's mobile banking," he said.

The managing director of AlixPartners gave a persuasive presentation at the recent ABA Marketing Conference in Baltimore, coming at the business case for mobile banking from several different directions, not the least of which being its compelling economics for banks.

First, though, to illustrate just how fast the mobile channel is becoming entrenched in daily life, he cited his wife as an example. "A year ago she wanted nothing to do with a smartphone. Now, every night, she plays Scrabble through it with four friends around the country."

More to the point, he said, "Mobile is the key growth opportunity for banks." His company has done a lot of surveys on the subject. …

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