Mobile wallets will be the next battleground among businesses from various sectors – including Financial Institutions (FIs), Mobile Network Operators (MNOs), Internet companies and retailers – in the fight for ownership of the consumer relationship. 2012 witnessed the introduction of myriad mobile wallet trials, and the mobile wallet wars will only continue to grow in 2013 and beyond.
For FIs, this is driving the emergence of a new mobile wallet paradigm, with the mobile account management application becoming a unique and powerful vehicle that allows FIs to defend their existing business and extend to new markets while strengthening their customer relationships and creating new revenue opportunities.
To win the battle for the mobile consumer, FIs must leverage the key assets at their disposal in order to gain and maintain top of wallet status by driving deep customer engagement.
(article and papers by Monitise)