Mobile Technology on the Retail Banking Market
Mobile Technology on the Retail Banking Market

Author(s): Monika Klimontowicz, Karolina Derwisz
Subject(s): Social Informatics, Financial Markets, ICT Information and Communications Technologies, Socio-Economic Research
Published by: Masarykova univerzita nakladatelství
Keywords: mobile banking; mobile service suppliers; banking market; consumer expectations; mobile technology adoption;
Summary/Abstract: For the last few decades, the retail banking market has been influenced by many economic, political, legal, technological and social factors. Mobile technology has changed both the information and communication sharing, and customers’ market behaviour. The social revolution has already happened and changed customers’ expectations concerning banking services. Today there are 2,6 billion smartphone subscriptions globally. It is estimated that by 2020 the number of smartphone users will reach 6,1 billion. Mobile phones haves increasingly become tools that consumers use for banking, payments, budgeting and shopping. Today they enable using a different kind of financial applications offered not only by banks but also by other providers as telecoms or FinTech enterprises. The increasing number of offerings makes the choice much more difficult for customers. The purpose of the paper is to presents global and regional trends relating to mobile technology application on the retail banking market, customers’ expectations and selected factors influencing the adoption of this technology. The paper includes desk research of existing data. The authors try to answer the question if the implementation of mobile technology on retail banking market means the future of retail banking or just new distribution channel.

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