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New Study Uncovers Consumer Expectations for Mobile Banking Services, Revenue Opportunities for Banks
TEANECK, NJ, and SAN RAFAEL, CA, July 30, 2013 — A new study conducted by Cognizant (NASDAQ: CTSH) and Monitise plc (LSE: MONI) finds that retail banks can realize the full potential of mobile banking by offering segmented consumer experiences and advanced digital wallet capabilities.
According to the study, consumers are increasingly expecting banks to help improve their mobile lifestyles by providing anytime, anywhere capabilities, customized user experiences, shopping and social features, and value-added services. This, the study states, represents a new opportunity for retail banks to drive customer loyalty, attract new business, and generate more revenue.
The study surveyed more than 700 consumers from a diverse group of U.S. financial institutions, age ranges, annual incomes, genders, ethnicities, education, and employment backgrounds to understand their mobile banking expectations, emerging trends, and current and future needs. A report titled "Segment-Based Strategies for Mobile Banking," based on the findings of the study, details consumer expectations and recommendations for banks to focus on continuing innovation and tailoring mobile strategies through consumer segmentation.
Key study findings include:
"Amid the growing proliferation of digital channels and rapidly evolving consumer behavior, retail banks can no longer afford to adopt a one-size-fits-all approach in devising and enhancing their mobile strategies," said Vin Malhotra, Consulting Partner for Banking and Financial Services with Cognizant Business Consulting (CBC), Cognizant's consulting practice. "Providing innovative and personalized mobile services based on consumer segmentation will enable banks to not only run better by maximizing their investments, but also run differently by strengthening customer engagement and driving greater adoption of mobile banking for competitive differentiation."
"Smartphones and tablets are quickly becoming the main contact point between consumers and financial institutions," said Lisa Stanton, President of Americas at Monitise. "Integrating value-added services such as mobile payments directly into a bank's mobile application doesn't just build customer loyalty, but it also grows revenue and fights the growing threat of disintermediation."
The report was developed by CBC and Monitise, and the primary research for the study was carried out by Cognizant Research Center in conjunction with CBC. To learn more about how banks can impact consumers' digital wallet decision with innovative, feature-rich mobile banking applications, read the full study here.
Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process outsourcing services, dedicated to helping the world's leading companies build stronger businesses. Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep industry and business process expertise, and a global, collaborative workforce that embodies the future of work. With over 50 delivery centers worldwide and approximately 162,700 employees as of March 31, 2013, Cognizant is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500 and is ranked among the top performing and fastest growing companies in the world. Visit us online at www.cognizant.com or follow us on Twitter: Cognizant.
Monitise (LSE: MONI) is a world leader in Mobile Money - banking, paying and buying with a mobile device. Leading banks, payments companies, retailers and mobile networks utilize Monitise's technology platforms and services to securely connect people with their money. Already over 23 million consumers benefit from our patented technology to 'bank anywhere', 'pay anyone' and 'buy anything' accounting for over $40 billion of payments, purchases and transfers annually. More information is available at www.monitise.com.
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in our most recent Form 10-K and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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