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Mobile Banking and Payments
VRL Financial News Publishing, April 2010
With over 2 billion users worldwide, mobile phone usage penetrates every core demographic of the world's population. As technology progresses at an unprecedented rate, now is the time to enter this potentially lucrative but yet unchartered territory.
This report assesses the role of the mobile phone as a banking device as well as a payment function. The fact that there are more mobile subscribers in the world than fixed line subscribers should present a fantastic opportunity for mobile banking.
Purchase this report to:
- Assess the prospects for mobile banking and payments
- Find out how additional revenue can be raised through value added services
- Review the strategic and operational issues that face the mobile banking sector
- Study the profiles of leading banks within the mobile banking arena
After abandoning initial rollouts a few years ago following poor consumer take up, banks worldwide are now re-entering the market. Mobile banking is an opportunity and a threat to established retail financial players. The first section of this report provides the business case for successful mobile banking. It presents the short-term solutions and the longer-term strategy needed to create a successful programme.
The report also draws on a number of leading international banks as examples of mobile banking.
Key points addressed in this report
- The mobile banking phenomenon explained
- Trends among emerging and developed markets
- Mobile banking and mobile payments defined
- Reasons for low adoption by banking customers
- Importance of mobile as a marketing tool and as a customer retention strategy
- Negotiating the relationship between banks and mobile carriers
Case studies and examples include;
- Bank of America
- Blaze
- Charles Schwab
- Citi
- ClairMail
- Co-op Bank
- Elite mBanking
- Facebook
- Fi
- First National Bank
- iTunes
- Mfoundry
- Microsoft
- Mshift
- MTN bank
- Nokia
- Paypal
- Regalo Card
- St George Mobile Banking
- Sun mBanking
- Twitter
- Vancity CU
- Visa
- Wells Fargo and Wizzit bank
This report assesses the role of the mobile phone as a banking device as well as a payment function. The fact that there are more mobile subscribers in the world than fixed line subscribers should present a fantastic opportunity for mobile banking.
After abandoning initial rollouts a few years ago following poor consumer take up, banks worldwide are now re-entering the market. Mobile banking is an opportunity and a threat to established retail financial players. The first section of this report provides the business case for successful mobile banking. It presents the short-term solutions and the longer-term strategy needed to create a successful programme.
The report also draws on a number of leading international banks as examples of mobile banking.
Structure of the report
Section one considers the business case for mobile banking- cost reduction. It also assesses the future prospects for mobile banking and payments and how additional revenue can be raised through value added services. The importance of marketing is also highlighted in this section.
Section two reviews the strategic and operational issues that face the sector.
Section three provides the reader with profiles for leading banks within the mobile banking arena.
Findings of this report:
- Business cases predicted on cost reduction have been overstated
- Growth of 3G phones offers the chance to increase new profit streams and presents a challenge to Internet banking
- Customer education is key for successful implementation
- Customer complaints usually consist of usability problems and poor customer service
- Banks are well advised to look at diversifying into other segments to attract more revenue
- Customers are very fearful of fraud from mobile transactions
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