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Latin American Mobile Banking Market
Frost & Sullivan, Dec 2008, Pages: 27
The study provides an overview on the mobile banking market in the six main markets of the region (Argentina, Brazil, Chile, Colombia, Mexico and Venezuela.
Research Overview
This Frost & Sullivan research service titled Latin American Mobile Banking Market provides market drivers, market restraints, industry challenges, and future trends of the mobile banking market. In this research, Frost & Sullivan's expert analysts thoroughly examine the following mobile banking in the following geographic regions: Argentina, Brazil, Chile, Colombia, México, and Venezuela.
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Market Overview
Mobile Banking Services Starting to Generate a New Source of Income for Mobile Operators in Latin America
The Latin American mobile banking market is all set to replicate the success of the mobile banking in North America, Europe, and Asia, helping mobile operators shore up their average revenue per user (ARPU) even when the mobile voice traffic slows down. Mobile banking is an emerging service in Latin America and is expected to catch on in countries such as Chile, Brazil, and Argentina, where the economic and political condition is relatively stable. Currently, the main channel of connection is SMS and is likely to remain so since mobile banking through messaging will be less expensive for the user and will not require a sophisticated handset. “The increasing usage of mobile devices over the last three years in Latin America has created a more suitable market for advanced applications and features such as mobile banking,” say the analysts of this research. “By 2008, most mayor banks in the region had provided some kind of service customers on a mobile; however, the level of adoption continues to be low.”
The slow uptake can mainly be attributed to mobile subscribers' inadequate awareness of the benefits of mobile banking. Mobile banking is often viewed as lacking in security and users labor under the misconception that their personal information will be divulged to third parties. To assuage these security concerns, banks offer special codes and passwords for different transactions. They have also launched educational marketing campaigns and hired more instructive personnel to let the clients know that the service is completely safe and secure. Their education programs are aimed at encouraging end users to learn and understand the numerous benefits of mobile banking. “Familiarity with online banking capabilities promotes the adoption of mobile banking services,” notes the analyst. “The similarity between both the services and the fact that mobile banking is an extension of online banking increase the possibility of enlarging the subscriber base.”
Banks and mobile operators are hoping to rope in more subscribers by partnering and improving mobile banking services. Some banks are considering the provision of payment services since most banks currently offer the option of recharging the mobile phone but not the possibility of paying by cheque or credit card. Mobile operators must go the extra mile to attract not only end users to mobile banking but also financial institutions. “Solution providers greatly facilitate the process of entrance of financial institutions since they offer packages that contain operator guidelines, network protocols, the security regulations needed, and all the information required by the bank,” observes the analyst. “Operators also help financial institutions understand the market better and drive participation.”
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