Windows of opportunity and threat

Mobile banking provides many opportunities for financial organisations. Compared to the creation of other channels such as the ATM network or Internet banking, the cost for this new route to market is remarkably low.

And yet, as we begin to accept mobile computing as a default way of doing business in our lives, so the opportunity for banks to create significant competitive differentiation is large.
The trouble is that the pace of change is enormous, and the window of opportunity is very short. What are opportunities for some are undoubtedly serious threats to others.

Indeed, in his article on mobile banking, (FOCAL POINT: Banking on the move), Lou Byfield argues that those who adopt a ‘wait and see’ attitude today may soon find themselves losing competitive ground much faster than they had anticipated.

Fortunately, as is so often the case, the most dangerous aspect of a problem is not to perceive it in the first place; once a challenge has been identified, the solution is often very clear. That’s why, in ‘Product Focus’ of this issue, we also look at how the windows of opportunity presented by multiple channel service delivery can be fully realised – and the pitfalls avoided.