Mobile-savvy customers around the world are just waiting for the right mobile wallet to show up. With a cell phone in the hand of virtually every account holder, now is the time for financial institutions to corner the market. Everyone wants immediate access to their financials, and as research from Javelin indicates, many people are no longer selecting their financial institution as first choice. PayPal and Visa have attracted consumer attention as well as won over customers from their primary financial institution.
Deemed the Wallet Wars, it is not that customers wouldn't prefer to use a wallet created by their financial institution; relationships are key to securing and maintaining users of a particular mobile wallet. Now is the time for banks to designate specific attention to providing a mobile wallet their clients will use.
At best, many banks are relying on these third parties (Apple, Google, Samsung, PayPal) to provide a mobile wallet solution; however, this may not be the best approach. According to one site,
Issuers whose only mobile-payment aspirations are to integrate with third-party wallets are putting themselves in a highly precarious situation. As these wallets scale, bank customers will become increasingly entrenched and weighed down by the ecosystem pull commanded by the likes of Apple and Google. Worse, they will begin to associate commerce-enablement not with the bank that issued their card, but with the technology vendor whose brand wraps the application they use.
Branding is essential in all corporate endeavors. Financial institutions must remain astute in their approach to mobile wallets as our society is entrenched in cashless transactions. Instead of allowing third parties to profit from current customers, it is time for financial institutions to use their existing customer relationships and create a mobile wallet with their name on it.
Netclearance offers products, a plan, and the technology that is synonymous with the mobile wallet. As consumers choose to pay daily using their cell phones at various vendors, it is time for financial institutions to extend their arm of influence and corner this market. Facilitated by mBeaconPay technology, Netclearance eliminates the middle man so common in these transactions and offers a streamlined system between only the customer, the merchant, and the bank.
Now is the time to put your name in the palm of every customer's hand.