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International Annual Review 2012

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Type: Survey report
Date: 6/17/2011

Monetizing mobile: Scenario spectrum

The drive towards mobile banking and payments can take many forms and no two banks will approach the field in the same way.

Evolution of mobile payments

But, as we have noted throughout this report, the development of mobile solutions tends to follow an evolutionary pattern that starts with basic mobile banking and progresses towards mobile payments at the physical POS.

The following scenarios examine some of the impacts, benefits, challenges and customer considerations facing banks at three distinct points in this evolution.

	Basic mobile banking	Enhanced mobile banking & remote mobile payments	Mobile payments at the physical pos
Overview	The basic mobile banking market consists of financial institutions that are focused on developing and refining their mobile banking platform	The enhanced mobile banking and remote payments market consists of players with mature mobile offerings, healthy adoption rates, and basic remote payment services	The physical POS mobile payments marketplace is composed of traditional and non-traditional players vying for early market share of mobile payment revenues
Key features	Typically includes core service offerings such as account access, balance information and internal transfers and are usually on 1-2 technology platforms serviced by a vendor	Typically consists of market leading mobile banking features such as mobile deposit capture, mobile capture and bill pay, enhanced enrollment features, and some remote payment offerings such as person to person (P2P) payments	Features and functionality widely vary depending on the players involved and geography where the solution is being launched
Benefits	Enhanced reputation and customer service Reduced cost to serve (and therefore more flexible capital) Can be straightforward to deploy Easily integrated into existing internet banking services Demonstrates innovation Creates a base comfort level for consumers using mobile devices Builds in-house experience and skills	Reduces cost to serve and increases available capital Streamlines processes and reduces manual intervention Builds in-house experience and skills Capitalizes on ‘first-to-market’ opportunities Provides new revenue streams	Protects existing payments revenues Creates new revenue opportunities Responds to customer demands
Customer impact	Unfettered access to banking information and basic transactions Convenience and ease of use Integrated view of banking information and accounts Higher customer loyalty and ‘stickiness’	Reduces branch and ATM visits Delivers increased flexibility to customers Builds comfort and acceptance of mobile payment solutions Acts as a stepping stone to contactless and proximity payments	Convenience and ease of use, particularly for low-value payments Tighter security and privacy Replaces traditional wallet or existing stored value accounts and electronic purse cards
Key considerations	What is our mobile channel strategy? What is our mobile commerce strategy? What is our position on mobile payments? What are our current mobile banking capabilities?	Who is our mobile service vendor and are their capabilities sufficient? What are leading practices in mobile commerce? What should our mobile payments product look like? What should our revenue sharing model look like?	How should we plan for enhancements to our mobile platform? How should we rollout our mobile payments pilot? What are the estimated costs of the mobile payments initiative?

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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