Financial institutions are reaping huge cost savings as consumers, in droves, switch from brick and mortar banking to mobile banking, but most are leaving money on the table because they fail to take a few, small steps to modify consumer behaviors, claims a new study from Javelin Strategy + Research called "Mobile Banking Behaviors."
"There is still work for financial institutions to do," said Javelin researcher Mary Monahan in an interview.
Javelin numbers peg the average cost of an in-branch transaction at $4.25. The same transaction performed with a mobile device costs a dime, said Monahan, who underlined that this highlights the economic incentives in driving mobile traffic.
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