In our daily engagement with banks, we are experiencing the various banks’ confusion and concern over the lack of growth of their generic online banking, internet banking, and mobile banking.
They have anxiety and fear, and some commentators have said banks are like “a deer in the headlights.” The expression denotes ‘so stunned or surprised that they cannot move or think’.
The banks are concerned they will miss out on the well-funded unicorn-driven craze of the over-the-top “OTT” consumer apps, which is taking the attention away from their customers.
The banks’ issue is that they don’t have the same level of focus within the bank, which needs to change. The consumer wants instant notification and instant gratification for activities and transactions on a mobile device. “Mobile banking” and “internet banking” on a mobile device just don’t cut it.
Banks must make the app the center of the universe for the consumer. The banks also have to invest in smart merchant apps for SMEs or Micro businesses at the point of sale to capture the payment and purchasing data and to provide the merchant with a modern online experience.
Banks have been well served by card processors, card management vendors, card acceptance devices, card security vendors, card-based compliance specialists, cards, cards, and cards.
It’s about a smart eWallet app that provides a reward, recognition, pay for anything anywhere at any time – a feel-good experience. It must be “the go-to app” for consumers and the “go-to app” for merchants. Both apps have an eMoney wallet for stored value, which is more than a wallet that holds virtual plastic.
