Gartner’s senior analyst for the financial sector has cast doubts on whether Australian banks should invest heavily in mobile banking applications and near field communication (NFC) payment systems, as Australian banks have struggled to profit from mobile banking applications, with the majority of customers using the app’s to check account balances rather than making genuine transactions.

Banking executives have raised similar concerns, questioning whether mobile banking applications offered enough real estate to serve as a portal for directing customers to more profitable banking services.

Read more, via iTnews.com.au.