I have done work on this topic in the past and today after much procrastination I offer you the beginning of our mini-series on Reasons Why Canadian Banks Should Really Offer Mobile Services. I say really, beacause really, what is out there is not mobile banking, much less mobile financial services.
As a Canadian consumer of financial services I want to make my case (I have accounts directly or indirectly with four of the five top Canadian banks). Below is the list, which will be followed by 12 posts related to each of the high level reasons given below and which will expand on each. Feel free to come back here for reference and links to each of the posts which will follow in the series (or subscribe to our feed here).
- Wireless phone usage in Canada is wider, deeper and broader
- Mobility is personal, intimate and present
- Technology is NOT an obstacle to the mobile enablement of financial services
- Canadian Users can finally be considered mature users
- Smarter Phones = Larger Market
- The mobile phone is the perfect banking device
- Increase revenues by leveraging mobility as another financial services delivery channel
- Reduce support costs
- Increase customer satisfaction and retention
- Build your brand and awareness
- Easy Publicity & Free Advertising
- Prepares your customers for premium services later – experientially, mentally and emotionally …
There you have it.
The first article will be posted next week and the links will be updated from this page.
If you have anything to say, please join the conversation below. Maybe we even start a little movement here, a sign up list. A petition… and maybe we can all have mobile banking come Christmas… 
Similar Posts:
- Mobile Banking in Canada (Reason 1): Wider, Deeper and Broader Wireless Phone Usage
- Mobile Banking In Canada (Reason 3): Technology Is NOT An Obstacle
- Mobile Banking In Canada: CIBC Gets There First!
- Mobile Banking In Canada (Reason 2): Mobility is Personal, Intimate and Present
- Mobile Banking. Set to take off… again!
- Financial Services and Mobility
- Building the Bank of the Future
- Mobile Money Canada Conference – November 10, 2009
- Mobile Banking “Report Card” From ABI Research
- Mobile Banking Overview
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Jose, great to see we agree on many aspects of the mobile financial services opportunity in Canada.
Monitise is planning an expansion in the Canadian market within the next year. Our inclusive ecosystem will allow any customer, with any device and on any network to register via their current financial institution. We are leaders in developed regions like UK and US, and expanding into some of the underbanked regions, like East Africa. We will be pleased to be part of Canada’s financial industry as well.
Jose, I’m glad to see you’re focusing on this. Briefly, as you know, in other parts of the world mobile banking is already underway. One good example is in South Africa. Fundamo http://www.fundamo.com is one company there that’s done a good deal in this respect. Cheers.
Jose– a subject near and dear to my heart! Here in the US Bank of America’s closing of 10% of its branches signals that we’ve finally arrived and I think that real mobile banking by Christmas for all is not a dream. There are so many things that a mobile device can deliver. We monitor the performance of banking transactions on behalf of banks that are creatively combining SMS, WAP, IVR, and Web transactions. When they’re working well the user enjoys superior customer service and additional security.
If you leave the house without your wallet you may not turn around. But forget if you forget your smartphone…?
Thanks for your comments so far.
I think we all agree on the value proposition presented if we mobilize financial services… and I continue to hear announcements on the topic. But I am still waiting for it up here… in Canada!
It will happen. Canadian banks can not ignore the mobile channel much longer.
Jose, I have spend a significant amount of time discussing mobile with Canadian banks.
Canada is in a unique position in that almost all the banks have had mobile internet sites since the early part of this decade. Some of those sites are gone now, but both the banks and the consumers have experience with mobile banking.
Interestingly, while doing some SEO last week, I found that TD Mobile Banking was one of the highest rated searches related to mobile in Canada. There appears to be tremendous pent up demand waiting for an offering with modern usability benefits and features (e.g. native RIM & iPhone applications).
Canada’s more straightforward payment system (Interac, etc.) and the general spirit of cooperation in the business community also bodes well for Canada to quickly leapfrog American once the process starts.
I think the entire community is watching the EnStream ZoomPass launch as a litmus test. If EnStream is successful, we may see a tremendous amount of resources put behind mobile financial services in Canada.
would find much more interesting to talk about “The 12 Reasons Why Canadian PEOPLE Should Really USE Mobile Services” instead…
… And I guess bankers too!
Indeed, we are missing the key issue here: that is THE CUSTOMER VOICE.
Hi Fabio – Good point. At the end of the day it is the Customer that should drive the banks to offer these services. But that is the point of the series… I am making a case that the Canadian market is in fact ready for this.
The lack of choice in the financial services industry in Canada – the few large banks are all pretty much the same one from the other – doesn’t force the players to innovate at any great speed.
Who suffers at the end? Canadian consumers.
Take a look at the latest post in the series – Mobile Banking in Canada (Reason 1): Wider, Deeper and Broader Wireless Phone Usage.
If you have a counterpoint that you would like to include in the series I would love to give you some space on the blog for you to do so.
Thanks again for your comments.