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Big Banks Competing with Apple and Google for the Mobile Banking Platform

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Published on : Jun 05, 2015

Big banks in the market want to launch advanced mobile banking such as mobile wallet. However, the presence of big players such as Apple and Google are a cause of a worry.

It is no wonder that the top banks consider smartphones with a mix of apprehension and optimism. The banks are driving customers towards telephones and computers, however, mobile banking is now taking the front seat. According to the VP of Nova Scotia, Jeff Marshall, the expectations of consumers are high. Hence, they need to deliver flexibility and convenience to consumers, as this is what the consumer trend is now.

Nevertheless, the demands of consumers go beyond making the conventional transactions such as making bill payments or checking balances. At present, consumers want their smartphones to be able to store their debit and credit cards and turn their phones into wallets. On this issue Jeff Marshall commented that this is going to be the path for the banking industry, so that one has to only carry their phone.

However, this path can open conventional banking to a potential threats from competing such as Apple and Google that can move aside a bank’s conventional relationship with their consumers and start charging banks fees when one makes a payment. This threat is currently making a few bank executives uneasy and they are now starting to talk about it.

According to the Toronto-Dominion Bank, Chief Executive this trend is changing the fundamental ways of banking at a breakneck speed as innovative technologies are lowing the barriers to entry and more new competitors are emerging.