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Retail and business banking is changing. Whether because of the financial crisis, scandal, regulation, technology or new entrants, the old is changing and the new is challenging.

Today’s technology is introducing banks to a new way of thinking. With the number of mobile devices on the increase, services and customer experience is changing. The nature of bank to customer relationships are radically moving away from the traditional methods of communication, forcing banks to look at their mobile and customer experience strategy.

Understanding how to embrace mobility in your business is important. Keeping ahead with market innovation is key to customer retention and for challenger banks in particular, customer acquisition. With most Banks joining the race to offer new digital services, unique and long term ambitions must be considered too. Mobility should not just be seen as a banking service on a mobile device, but a completely new channel of communication and interaction.

‘Mobile is not the same as web banking’

With competition in digital heating up, a solution that re-renders PC Banking and uses the same credentials just isn’t good enough. Mobile innovation looks to utilize new mobile devices to create a completely different customer experience. Mobile banking is not the same as web banking - mobile devices are much more personal than traditional devices. With this in mind, the way people use their mobile device is different and should be seen as a new concept and channel from which banks reap benefit.

Solutions must be industrial strength and scalable, applications must be built on good IT foundations and follow transactional business elements.

‘The mobile strategy should look beyond banking services into a full mobile commerce ambition’

This isn’t just about mobile banking services. Banks must look ahead at how they can become a “destination” in the mobile web by delivering a portal of joined up services. Delivering a broader portfolio of mobile services, such as the purchase of travel tickets, will enable banks to keep their customer relationships “sticky”. Starting with basic person-to-person and account-to-account payments to gain traction and mind share is fine, but a broader strategy to stay at the forefront of customer experience and the application store is critical.

‘Corporate banking customers also need digital channels, both with their customers and banks’

Similarly this is not just about consumers and the banks’ retail banking arm. Corporate banking customers also want to tap into the digital and mobile revolution. Customers are demanding their banks make B2B2C payments easier and are able to offer bill payment via mobile. The industry has already seen examples of banks offering their corporate customers such additional digital services. This is a new battleground for a share of the corporate customer’s wallet.

Our strategic alliance with Monitise

Along with our partner Monitise, we understand the mobile journey & customer experience from a value add bank centric point of view. We know how important it is for banks not just to look at short term solutions, but to consider what else needs to be done to ensure banks stay ahead in fulfilling their customer expectations.

The alliance between CGI & Monitise as combines CGI’s established IT and consulting services, payments expertise and local market knowledge in Europe with Monitise’s bank-grade innovative Mobile Money capabilities.

Together we can deliver Industrial strength, secure, non-disruptive and quick to market mobile solutions. We work in partnership with our clients to understand their core business and ensure their position in the market place is maintained. Time for change is imminent, we want to support banks every step of the way.

Interested in finding out more? Contact us today enquiry@cgi.com