Customers may be ready for it, but that doesn’t mean their banks are.
A study done by CenturyLink, an American multinational communications company, suggests some high-level executives believe their companies simply lack the latest IT infrastructure, systems and processes to meet customer demands for mobile payments.
And nearly half don’t believe they even have enough to satisfy client expectations for core banking services, even though the emergence of new debit and credit card services, mobile wallet, and online and tablet banking applications have resulted in the growth of always-on banking.
“To stay competitive in a technology-driven marketplace, Canadian banks must be both financial institutions and mobile technology innovator. Given that many of these banks don’t believe they have the infrastructure in place to fully embrace mobile technology.” – said Roji Oommen, managing director of financial services.
78% of Canadian banking executives surveyed said customer demand for new digital or mobile-based services or applications would drive them to outsource more.