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Banks miss out on mobile opportunities

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Mobile banking has become increasingly popular with consumers due to its convenience, so how can banks improve their mobile banking services to better serve their customers in their moments of need?
Following its 2016 Global Mobile Banking Functionality Benchmark of 46 banks globally, Forrester has released two new reports detailing how banks can go beyond enabling basic mobile transactions to turn mobile banking into a platform for customer engagement
While most banks say they are customer-centric, many have not tapped into the opportunity to become their customers’ personal financial assistants, according to the study, “Banks Are Missing Mobile Banking’s Three Big Opportunities”.
In this respect, banks fail to help consumers understand their finances and do not provide personalized financial advice or relevant services.
Another report, “Eleven Mobile Features That More Banks Should Offer”, identifies 11 of the best mobile banking features that would offer consumers more timely, relevant, and contextual information.
Some of these useful features include advice and “nudges” to enrich money management; consolidated views of all upcoming transactions, including predicted future actions; travel notifications for cards and accounts; and one-click fraud reporting.