8CIOReview | | JUNE 2022IN MY OPINIONMOBILE-CENTRICITY IS BANKING'S 'NEW NORMAL'By Lyndon Subroyen, Global Head of Digital and Technology, InvestecSince the advent of smartphones in the mid-2000s, the global banking industry has accelerated its transition to a digital-first service and engagement model. While online banking was already pervasive, mobile devices were the major catalyst for the digitalisation of retail banking.Mobile apps offer richer functionality than browser-based solutions and cater better to the always-on, instant transaction capabilities that modern, digitally-savvy consumers demand. This evolution in customer expectations prompted a wholesale review of the financial services sector's ability to serve clients digitally. As a result, banks and wealth managers have invested significantly to build out their digital capabilities, with mobile banking apps emerging as the core component in their integrated digitalisation strategies. The result was that, around 18 months ago, mobile banking traffic reached the tipping point and surpassed browser-based online banking, according to Investec data. When mobile banking became the dominant online channel, interesting user trends emerged. For instance, clients logged on up to five times more often to view balances when using the mobile app. This rise in engagement frequency means mobile apps have become the primary touchpoint through which banks connect with customers and meet their financial needs. Any bank without a mobile-first digital strategy risks losing relevance in a rapidly evolving consumer environment.Lyndon Subroyen
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