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Mobile Banking on Smartphones

Review of Russian banks’ mobile applications

“We will all soon be shopping for everything with our mobile phones. You just send an SMS message and a specified amount is deducted from your account”.

John Shepherd-Barron, inventor of the ATM

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The rapid development of mobile devices and increasing financial awareness of the population have significantly boosted the activities of banks in terms of developing cutting-edge service channels for retail customers.

Five years ago, only a narrow circle of specialists were familiar with the abbreviation “RB” (remote banking), while today remote banking channels are available to all smartphone users.

In Russia, mobile banking has come a long way, from Java-powered websites in the early 2000s to the development of unique applications designed to support money transfers by simply “bumping” two smartphones together.

The largest Russian banks have shown appreciation of this innovative approach by significantly increasing the number of product offerings available to clients via smartphones. Medium-sized banks, in turn, have also entered the competitive struggle for clients using smartphones. Moreover, there appeared new players who build their strategy and business models solely around remote banking channels.

The benchmarking analysis of mobile banking applications in the Russian market determines its features and maturity level. While testing the apps we focused primarily on the convenience and functionality of applications from the standpoint of customers and their requirements.

 

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