Mobile projects for banking: how to obtain four major benefits

Over the last five years, most banks have invested in different mobile projects: mobile banking apps for clients, mobile payment apps and mobile devices for staff. However, bearing in mind that the number of devices, operating systems, configurations, etc. is rapidly growing, banks will see an explosion in their development costs if they keep the same organisational structure and development model.

Why? Because all these mobile projects are usually handled by different business departments and often by different IT people working with external partners. This makes monitoring projects, financial control and the pooling of assets even more complex.

In addition, since both the Chief Marketing Officer and the Chief Information Officer departments are heavily involved, each with their own objectives and ways of working, it also slows down the creation of a unique corporate vision of mobile projects.

In order for banks to streamline all their mobile initiatives, they need to adopt a mature digital operating model. This will result in four major benefits:

Reduce time to market

All developments for mobile devices should be seen as ‘marketing products’. Shifting the development of these user-facing apps to the marketing department will lead to a considerable reduction of the time to market of new products and services.

Dealing with multiple mobile devices

The main costs for banks when developing apps result from the multiplicity of platforms and the increasing number of devices. Cross-platform development for mobile apps allows designers to build the app once and deploy it on all devices, offering a single user experience.

Keeping costs under control

A cross-platform development tool requires a higher upfront investment compared to developing natively, but this investment is largely reimbursed by the third year. This way, investing 33% more upfront can save you 50% on your mobile development costs.

Capture additional client data and client behaviour

Mobile applications are among the most important sources of information about consumer behaviour. Good data combined with powerful analytical tools will provide more accurate guidance for business decisions and give the bank a considerable advantage over its competitors.

Do you want to know more about digital transformation? Download our opinion paper on Mobile Challenges in Retail Banking and visit our dedicated webpage.