Mobile Banking Not a Consumer Demand

Filed in archive Mobile Commerce , Mobile Technologies on April 24, 2007

Although mobile banking is once again a hot topic in US, a new study reveals another possible marketing blunder. According to JupiterResearch, the resurgence of mobile banking is mainly driven by financial institutions without regard to the general "feel" of their customers.

"The current buzz around mobile banking is fueled by financial institutions' desire to expand their customer relationships to the mobile channel rather than consumer demand," said Asaf Buchner, a JupiterResearch analyst, in statement. "Banks have to identify potential early adopters and educate these customers about the value of mobile services."

"Banks should not offer mobile services that aim to mirror or duplicate the online experience," said David Schatsky, President of JupiterResearch. "Online Banking brought consumers the convenience of banking anytime. Mobile banking can add an anywhere element, but banks should identify where such ubiquity is crucial."

Reading this news reminds me of my Marketing 101 class and the old Sales Concept - produce products then convince customers to buy!

I guess everybody's excited, to a point blinded, to go mobile that it's possible they missed the essentials of business i.e. analyzing consumer needs and wants.

Via TMCnet