Alan Trefler, founder and CEO of Pegasystems, called for a resurgence of customer centric thinking. Banks should look at mobile as a way to connect with customers, not as a separate channel for payments. Banks need to stop thinking of how they deliver technology, avoid building a silo for mobile payments, and think about their customers.

“Look at your organization from the point of view of the customer and ask where the customer centricity is,” Trefler added. “Throwing in mobile applications doesn’t build customer centricity any more than outsourcing does. Most banks lack a customer centricity hub where people are thinking about the customer experience. The next five years will be risky, or provide a good opportunity, for banks to take advantage of things like mobile and higher expectations to encourage customers to switch.”