Mobile trading and banking apps - leveraging the power of compelling new FX e-distribution channels

Heather McLean explores how mobile communication technologies can assist FX market participants ranging from banks to retail FX brokers to differentiate their offerings and achieve competitive advantages.

First Published: e-Forex Magazine 74 / Technology / December, 2016

Banks need to embrace the world of mobile communications, and many are doing so already, with mobile banking apps, mobile wallets and a push for mobile payments. In the area of trading, the creation of a mobile app can give a bank a differentiation that customers will take note of, and can create a compelling new FX e-distribution channel. This is all about the customer experiences, notes Kieran Kilcullen, chief commercial officer at CR2, who says mobile banking apps can give a bank an edge over and above its competitors that it would not otherwise have. Kilcullen states: “Banks often have difficulties in differentiating themselves based on their products alone. As such, the customer experience is essential and allowing customers to have continuous contact with their bank on any touchpoint is vital. The recent proliferation of smartphones has changed the rules of the banking game and with ever more devices making their way onto the market, along with their new technological capabilities,...continued

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