How critical are mobile services to your overall growth strategy? The answer is both ‘extremely important’ and ‘there’s more to it than that.’

Branch foot traffic continues to decline, most members use mobile banking, and according to Celent’s latest data, 50% of retail deposits will be mobile by next year. Even more telling is that more than 25% of all consumers say they would switch banks to obtain the mobile services they want, according to Accenture. There is a good chance you’ll never meet your members in person, especially if they are tech-savvy millennials.

Yes, you need to offer the most comprehensive mobile services you can: Account opening, fund transfers, balance inquiries, check deposit, bill pay, loan applications and more. That’s why IT spending will hit a record high by the end of 2015 – $131 billion, according to Ovum. Most of this investment is in mobile and digital channels. Your own strategy needs to be nimble enough to step up to the next mobile application, because your members will push the limits of what types of documents and transactions can be managed end-to-end from their mobile devices.

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