3 Takeaways From the CEB TowerGroup Financial Services Technology Conference

Innovation, mobility and big data were among the big themes discussed during the three-day event in Boston.
May 03, 2013

3. Mobility

Mobile has firmly entrenched itself as a mainstream channel, but according to CEB TowerGroup research, it is still not the preferred channel among most consumers.

Jason Malo, a research director in the firm's Retail Banking and Cards practice, said during a presentation on mobility that mobile bankers use the channel for alerts, with occasional transactional capability. According to a recent CEB TowerGroup survey of mobile banking consumers, 54% said the most important mobile function to them was being able to receive notification from their bank about irregular account activity or changes to their account.

[The New Ecosystem for Mobile: Technology Alliances for M-Payments and M-Banking]

Compared to mobile banking, mobile payments "still have a ways to go" before reaching mass consumer adoption, Malo noted. He added that the U.S. "is a bit behind the curve" when it comes to mobile payments, as several different payments networks and vehicles are still competing for dominance in the still-nascent mobile payments market. Malo also said companies offering mobile payments services need to make a compelling argument to consumers to switch from their current payment methods.

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