Is a cashless society the shape of things to come? Many predict a world without physical money, where people are prepared to carry out all their banking transactions through mobile devices. But few are willing to completely do without personal interaction with advisors. These were findings of a recent study conducted by GFT Technologies. As part of its survey, the international IT solutions provider asked some 900 people – in Brazil, Germany, the UK, Spain and the United States.
According to forecasts, by 2017 one billion people will be carrying out online financial transactions or engage in mobile banking. “The bank that customers opt for will be largely dictated by the mobile banking options offered,” states Marika Lulay, Chief Operating Officer at GFT. “The traditional banks will really feel the pressure placed on them by the direct banks and the providers of digital wallets, or in-app billing options.” One clear finding of the study: the key to success will be omni-channel banking. This is because customers use different banking channels in parallel – from smartphones to tablets and personal computers. As a result, the key challenge for the banks will be to match all the different processes involved and integrate them.