Asia-Pacific Banks To Converge Their Mobile & Internet Banking Channels

A new report by Financial Insights has revealed that banks in the Asia-Pacific region will increasingly converge their mobile and Internet banking channels over the next 12 months. In the process, this will impact how banks and other financial institutions craft their channel strategies and engage with customers.

Convergence is reportedly being driven by banks that are aiming to make financial services available to customers anywhere and at any time. They have to grapple with various issues as they converge the two channels including: (1) the level of mobile technology capable of commonly supporting financial transactions over mobile devices; (2) getting the various parties on board and in agreement; and (3) a user-friendly interface.

Improved mobile technology has allowed financial institutions to provide applications that can work on a large number of mobile phones. Thus, the availability of innovative mobile devices across the region will undoubtedly help it to become the common banking channel in the Asia-Pacific region in 2009 and beyond.