Have you ever really thought about the ramifications of adding mobile payments to your mobile banking platform?

Today’s mobile banking app is all about account transfers, reviewing balances and taking pictures of checks. But the use cases between banking and payments are so drastically different that we as financial organizations are going to have to rethink our mobile banking apps. We will have to decide whether it is a mobile payments application or a mobile banking application.

That said, all signs point to mobile banking becoming mobile payment banking. I believe this transformation will happen in two phases. First, people will realize that the mobile banking app and the mobile payments app are very different – and to get to market quickly, they will have to make a decision to separate these two applications that serve them for a bit until the novelty of mobile phone payments wears off.

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