Wednesday, November 26, 2008

Customer Acquisition & Remote Mobile Payments

Let's face it, payments are at best a break even proposition for the banks. While there is a great deal of hype surrounding mobile banking, it is mobile payments that make a difference!
The value of mobile payments is that it helps attract new customers... and relatively cheaply. If the bank can attract a new customer and retain them until they are profitable... now you have a busines case.
How does a customer become profitable....? By engaging in the other services available from the bank. "I'll have some fries with that deposit account - float? -  What's float?  I will take some insurance, a  car loan and a mortgage please... and oh yes, please charge me a monthly fee for the services with my deposit account."
Mobile payments will skyrocket... when banks internalize this fundamental truth.

... and I'm done with this guy!

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