Mobile banking now mainstream

Banking Day reported yesterday about ANZ’s increasing moves into the mobile digital space. ANZ pioneered much of the innovation in mobile banking technology in Australia in 2010 with their “Go Money” app. This app is well regarded and received a good report when reviewed again many of its peers in a recent review. It was reported that a new version of “Go Money” will be launched in 2014 for consumers. Many other banks have followed ANZ’s lead.

Of note is the realisation within ANZ that mobile technology is now “so mainstream we have to re- engineer the business around it” according to Phil Chronican. This realisation is essential for banks to succeed in this space. Mobile is mainstream and many banks expect it to be the main transaction method and interaction by the year 2015.

ANZ are spending between $50-$100 million on mobile technology and interaction over the next four years. This is essential for ANZ to keep pace with the rapid movements in the mobile banking and associated technology. This understanding realises what many observers have been stating recently that mobile as a technology medium is going to be totally “normal” by 2015.

Banks and other financial institutions have to be “leading the pack” to avoid the almost inevitable digital disruption that will occur in the Australian financial market. Being at the leading edge of digital strategy provides significant competitive advantage for financial organisations. ┬áSo seeing instead of seeing digital as a cost, it is actually providing an edge against other organisations that see it as a cost.

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