In this white paper Omlis identifies key issues present in the Western European financial industry’s approach to sustaining profitability and customer loyalty through their mobile and other digital offerings. The world is becoming increasingly mobile-centric, and Western Europe is no exception. There is a global shift in focus towards mobile solutions as consumers call for faster, more convenient services.
Financial institutions want to facilitate this rapid increase in consumer demand for instant and direct digital services. In doing so, they are challenged with meeting the consumer need for more payment options while reducing costs, increasing profits and retaining loyalty. Although it is widely accepted that current mobile banking solutions offer convenience and speed, what is the cost to the bank and the consumer?
There is a clear consumer demand for progress and this slow uptake by established banks has led to the emergence of disruptive new startups within the financial sector.
This paper includes three case studies that display the diverse banking options becoming available to Western Europeans.