This article is based on the evaluation of almost 5 000 customers, primarily trying to understand the reasons for shopping for a new banking product. The findings of the survey (while not surprising) is important to consider. Applying these findings to the distribution and deployment of mobile banking offerings requires deeper consideration.
I have not applied my mind enough to be able to make all the conclusions, but here are some of the important lessons (I think) for start-up banks:
- It is impossible to get customers to switch without outspending your competitors on advertising. If you don't have capital to grow your bank, don't try it.
- The placement of branches (or in agents in the case of mobile banking) and the density that you can achieve is critical to how successful you ultimately become.
- The competitiveness or not of your fees and tariffs are (well quite frankly), not important.