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Banks are Spending on Mobile. Why Should Merchants Care?

By Nick Nayfack

There is little arguing the drastic impact digital and mobile technology has had on customer-dependent industries in recent memory. The retail, restaurant and banking industries have been affected in particular as the consumerization of smartphones and portable devices has developed exponentially over the course of the past few years.

The banking industry is undergoing a shift in the paradigm of how it operates because of these new innovations. In fact, according to Ovum® 's "ICT Enterprise Insights Survey 2014," mobile banking is the top priority at U.S. banks in 2015, with more than 14 percent of respondents saying they needed to move their operation into a more agile and accessible space. Banks are optimistic mobile capacity will spur future growth and help prevent security breaches - a top concern in many industries.

Online banking was another top priority for U.S. banks' projects in 2015 with more than 14 of respondents saying digital infrastructure needed to improve as well.

Domestic banks are expected to spend 4.3 percent more on IT in 2015 than they did last year, Ovum added.

Ovum, 2014

Ovum® is a registered trademark belonging to its respective owner who is unaffiliated third party that does not endorse or sponsor Vantiv Integrated Payments, LLC

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