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International Annual Review 2012

The KPMG International Annual Review focuses on our record of achievement and those who define us as an organization: clients, people and communities.

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Details

Type: Survey report
Date: 6/17/2011

Monetizing mobile: Mobile banking and payments

How banks are preserving their place in the payment value chain

Terminology: Mobile banking vs. Mobile payments
Many consumers (and even a fair number of bankers) make the mistake of using these two terms interchangeably.

But there is a difference: Mobile Banking refers to platforms that enable customers to access financial services (such as transfers, bill payments, balance information and investment options).

Mobile Payments, on the other hand, is generally defined as the process of using a hand-held device to pay for a product or service, either remotely or at a point-of-sale.

Mobile payments gaining importance

Almost 85 percent of respondents to KPMG International’s online survey of bank executives say that mobile payments will have significant importance to their business within the next one to four years.

Our survey shows that a select group of banks are quickly moving ahead of their peers to gain customer loyalty, reduce costs and – ultimately – secure their place in the mobile payment value chain. Others, however, are waiting for standards to be set and for customer demand to hit critical mass.

But banks will quickly find that the specter of new, nimble and highly effective competitors taking control of the mobile payments market represents a clear and present danger. In fact, the traditional hegemony of banks over the payment process is certainly not guaranteed and is more at risk today than ever before.

Challenges and opportunities of mobile payments

And while there are – as yet – very few certainties in the mobile payment arena, our survey illustrates a number of key challenges, considerations and opportunities that are universally critical to banks as they develop their mobile banking and payments strategies.

Many of these issues are highlighted within this website, and more are available in the full research report. To learn more, or to find out how these considerations will impact your bank’s business, we encourage you to contact your local KPMG member firm, or email banking@kpmg.com to talk to one of our mobile banking specialists.

Get in touch with KPMG

Learn more

We encourage you to contact your local KPMG member firm, or email banking@kpmg.com to talk to one of our mobile banking specialists.

Monetizing mobile articles

Monetizing mobile case studies

Download the PDF

The era of mobile banking and payments is dawning. Find out how mobile will change the way banks and their customers interact.

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