Mobile banking has seen a meteoric rise, outpacing the uptake of online banking, and one industry leader says brokers must jump onboard.
As lenders such as St. George and Commonwealth Bank increasingly target brokers with mobile apps, a new study has found consumers are quickly latching onto mobile banking technology. Research from the Market Intelligence Strategy Centre found that the number of mobile banking users in Australia has surpassed six million, with consumers adopting the technology faster than internet banking.
"While it previously took internet banking some 15 quarters to pass the six million users level, Mobile banking has taken 13 quarters to achieve the same milestone," MISC said.
The mortgage broking market is seeing its own share of mobile tech, with lenders and software providers releasing broker-specific mobile apps. Stargate CEO Brett Spencer, whose company provides a suite of broker mobile apps such as eFind, Mobbie and MyProductGuide, told Australian Broker that brokers' uptake of mobile tech will be an important factor in maintaining relevance with consumers.
"I think it's what we've been saying for a long time. Mobility is here to stay. Consumers want quick access to lots of information, and mainframe internet doesn't provide that anymore," he said.
"If I went to see a broker and he was sitting there in his office behind a mainframe or desktop, it wouldn’t impress me. But if I saw a broker who was at the cutting edge of using new technology, that person would get my vote every time," he said.
Spencer said brokers had to embrace mobile technology, or risk losing touch with younger consumers.
"The broker needs to be in the mobile environment, and he needs to be active with solutions in the mobile environment," Spencer said.
"When you look at 45-50 year-olds, they're still happy coming to see you at your office. But people under 50 are all about new ways of getting things done," Spencer added.