ORLANDO – Kony, Inc., the leading mobile and multi-channel application platform provider, has released its 2013 overview of mobile banking, including a look at the current state of the market and emphasizing a multi-channel approach when tackling what’s next.
“Forrester Research has predicted that U.S. mobile banking users will represent 46 percent of account holders by 2017,” said Bjorn Hildahl, VP of Product Management at Kony. “With this industry momentum, it will be increasingly important for banking and financial services companies to foresee meeting the needs of a more engaged mobile consumer base. While most banks today may already be in the second or third iteration of their mobile apps, switching to a future-proofed, multi-channel approach will ensure that customers’ ever-evolving expectations for functionality and device compatibility are met.”
Today, mobile banking features such as remote check deposit have been so successful in gaining traction with users that, according to Intuit Research, banks are seeing a decrease in branch visits. In order to make the digital branch both a robust consumer engagement channel and a viable business solution, banks must address Mobile Banking 3.0’s new challenges, which include eliminating siloes of customer engagement to deliver a unified experience, driving new revenue streams and managing risk.
Unified Customer Experience
With growing demographics leading to increased mobile usage, consumers’ primary means of engaging with their banks have changed. While mobility is increasing interactions, presenting an opportunity for banks to drive new revenue streams and increase loyalty, these organizations are still dealing with siloes of engagement and lack of unified customer experiences across channels. Despite the challenges, banks today are in a unique position to tap mobile data and leverage a holistic view of the customer to deliver segmented applications based on behavior and location. This furthers the bank’s ability to use targeted campaigns based on consumer behavior to offer the right services at the right time, including coupons, rewards and offers.
Trends in the banking and financial services industry such as consolidation and lower interest rates have impacted profitability, prompting banks to look at new ways to drive revenue. Increased mobile engagement now presents an opportunity for banks to leverage mobile as a means of driving new revenue streams. Mobile features such as new account enrollment, top up pre-paid cards and enhanced remote desktop connection with fees for immediate access to funds enable banks to both drive new revenue streams and meet today’s changing business needs.
Security and risk mitigation continue to be critical functions for every banking and financial services institution. Banks must ensure proper systems are put in place to manage risk across all channels. Kony recommends a multilayer approach and safety net with mechanisms such as device registration, multi-factor authentication, SSL encryption, masking of account numbers and more to minimize the threat of fraud and maintain customer trust.
To meet the evolving needs of the banking and financial services industry, Kony Retail Banking provides a ready-to-run, feature rich application that accelerates time-to-market and empowers customers to manage their banking needs without ever having to visit a branch. Built on a multi-channel platform, Kony Retail Banking enables banks to deliver a unified and personalized customer experience across any digital channel (mobile, tablet or desktop) using a single code base, thus improving customer satisfaction and lowering the total cost of ownership. The solution is completely configurable, customizable and extensible to meet the specific business requirements of the organization. This multi-channel approach empowers banks to take control of their digital strategy by delivering consistent app experiences across the multitude of devices available today and in the future.
Kony Retail Banking offers immediate access to state-of-the-art mobile banking features, such as account management, payments and transfers, bill pay, remote check deposit, ATM/branch locators and more.
Kony is the fastest growing cloud-based mobile application development platform (MADP) in the industry with over 600 live multi-channel apps, serving over 20 million end users across 45 countries, and generating over 1 billion sessions. Kony provides an integrated software development lifecycle (SDLC) platform to define, design, develop, test, deploy and manage multi-channel applications from a single code base. With Kony, you can deliver stunning user-first experiences, get to market faster and lower your application TCO. Kony also offers a suite of more than 30 ready-to-run B2E and B2C apps that enable customers to quickly extend their business.
In 2013 Kony was named a “Leader” in the Gartner Magic Quadrant for Mobile Application Development Platforms (MADP). For more information, please visit www.kony.com. Connect with Kony on Twitter, Facebook and LinkedIn.
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