The report recommended financial institutions expand their mobile banking services by investigating the potential of value-added services, and suggested that virtual customer support services can bring the personal touch of a branch to a mobile device.

However, financial institutions need to tread carefully, according to the report. For example, while mobile banking offers many opportunities for cross-selling other financial services, unwanted sales messages can invade what the report calls "device intimacy" and lead to customer complaints, reduced usage or a switch to another provider.

On the other hand, the report urges the exploration of areas such as virtual support, social media banking and life tools such as cloud storage. In addition, credit unions should consider mobile-enabled technologies, such as wearables and augmented reality, as they continue to proliferate, it said.

In the short-term, according to the report, the availability of mobile banking services is a key indicator of a consumer's choice to switch financial institutions, and there is an obvious link between a strong mobile proposition, customer satisfaction and advocacy. Mobile banking users, who are typically in their mid to late thirties, are most likely to switch financial institutions, and an effective mobile banking offering in itself is not enough to retain these highly valued consumers.

The report suggested that in the long-term, mobile banking technology will drive an area of open banking, in which consumers can bank across a variety of channels, operating systems and devices, including phones, tablets and wearables.

It also highlighted a need for greater collaboration between financial institutions and developers, and noted that large banks are acquiring tech start-ups and investing in incubators for small tech companies.