As the industry evolves, many organizations are now asking themselves how mobile wallets can play into the overall mobile banking experience. Take for example a recent article that was published, Time to Merge Mobile Payments with Mobile Banking, which states:
“Financial organizations should begin preparing today for when the payments method takes off; and that industry experts and analysts say it’s time for them to choose a mobile wallet solution and then combine the mobile payments and home banking apps. Delaying these moves could be risky, they warn.”
In addition, the article goes on to state that, according to an Ovum study, “financial institutions have an advantage over non-bank competitors as the mobile banking and mobile payments user experiences converge. The report shows consumers are becoming more comfortable making financial transactions through the mobile channel and they most often cite their financial institution as the most trusted service for making mobile payments.”
So, what does that mean for financial institutions? It means that they have a strong advantage to help bridge the gap between mobile banking – including account services, downloading statements, remote capturing, bill pay, etc.; and mobile payments – which is about having an actual credit or debit card payment application on your phone that enables consumers to make purchases at point-of-sale or online.
New technology innovations are making it easier to bridge this gap. Take for instance a “white label” mobile wallet approach, which could help financial organizations springboard into the mobile payments space, giving them the ability to get up and running quickly while ensuring options are available to grow and adapt as the market evolves. A white-label wallet solution that can integrate into an existing mobile banking application and allows you to customize and brand your wallet will give consumers something they want to interact with every day.
As industry experts project, the industry absolutely needs to start thinking about the automated provisioning of mobile wallets being integrated into the entire mobile banking application. Issuers that offer an integrated solution that combines the two will be setting the standard for the ultimate consumer experience.