New research has revealed that customer expectations for improved banking services are not being met by the financial industry.

Research carried out by financial services experts Cognizant and mobile technology specialists Monitise, has revealed that over 30 per cent of surveyed customers would be willing to pay for advanced features and mobile payment capabilities.

The report entitled ‘Segment-Based Strategies for Mobile Banking’ found that banks could increase customer satisfaction by growing IT services.

Vin Malhotra, Consulting Partner for Banking and Financial Services with Cognizant Business Consulting said: “Providing innovative and personalized mobile services based on consumer segmentation will enable banks to not only run better by maximizing their investments, but also run differently by strengthening customer engagement and driving greater adoption of mobile banking for competitive differentiation.”