Gartner Research

To Launch a Digital Wallet or Not — The Banker's Dilemma

Published: 23 March 2015

ID: G00269507

Analyst(s): Alistair Newton , Christophe Uzureau

Summary

With multiple competitor offerings, many financial services institutions are faced with a tough question: Should bank senior leaders launch their own digital wallet offering? The decision is complex and requires a clear understanding of the impacts of digital wallet solutions.

Table Of Contents
  • Impacts

Analysis

Impacts and Recommendations

  • Senior bank leaders who launch their own digital wallets focused solely on payments will find that these wallets fail to gain widespread customer adoption
  • Senior bank leaders will be forced to move quickly as they face a short window of opportunity to leverage the high level of trust that customers have in them as the providers of digital wallet services
  • Traditional bank payment ROI measures will fail to capture the true returns bank-owned digital wallet solutions can offer — compelling bank CIOs to find new ways to measure financial contribution

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