4:45 p.m. - 5:30 p.m.
Capitalizing on the Lessons of the Mobile Wallet
Banks may not be seen as leaders in the mobile wallets space, but the market has learned some valuable lessons based on consumer behavior and the initial rollouts of mobile wallets and other mobile-based commerce solutions so far. Banks can be positioned to capitalize on the 1 to 1 relationship mobile presents for cross-selling, payment and commerce opportunities. Any bank can generate revenue, prevent attrition and drive retention via a mobile offering. At the same time, Google, PayPal, Isis and others (including Apple) are actively recruiting and enrolling customers in their mobile wallet programs. And by enrolling customers in their mobile wallet, these players are stepping between you and your customers - and all of their valuable transaction data. What lessons can banks take from initial mobile wallet forays so far, and how can they get moving to prevent being disintermediated?