A new report published today by The Economist Intelligence Unit explores how mobile technologies are transforming the retail-banking industry. “Redefining banking to survive and thrive in a digital world,” sponsored by SAP, finds that banks must embrace mobile technologies if they are to satisfy and hold on to their customers in the future.
An EIU executive survey shows that 82 percent of retail bankers agree or agree strongly that in the next five years mobile will become the number one channel for millennials and younger consumers — banks’ future customers. Mobile services could also help open up developing countries and the underbanked and unbanked as more attractive markets to banks.
Other findings from the report:
Download the complete report and accompanying infographic.