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Mcommerce In European Financial Services: Is Europe Ready For Mobile Finance? Product Image

Mcommerce In European Financial Services: Is Europe Ready For Mobile Finance?

  • Published: March 2002
  • Region: Europe
  • Scripp Business Insights

As levels of handset ownership within Europe reach saturation and migration to 2.5G and 3G technologies occur, mCommerce will become the 'killer' application for financial services organisations. Mobile financial services strategies will open a significant channel through which oranisations can add value to service offerings and differentiate from competitors. mCommerce in Financial Services: Is Europe ready for mobile finance? provides detailed analysis of the potential for mCommerce within the financial services industry. The report will cut through the hype of the past 3 years and provide you with clear, innovative and high impact mCommerce strategies.

mCommerce in European Financial Services: Is Europe ready for mobile finance?
By Richard Spencer

As levels of handset ownership within Europe reach saturation and migration to 2.5G and 3G technologies occur, mCommerce will become the 'killer' application for financial services organisations. Mobile financial services strategies will open a significant channel through which oranisations can add value to service offerings and differentiate from competitors. mCommerce in Financial Services: Is Europe ready for mobile finance? a new management report provides detailed analysis of the potential for mCommerce within the financial services industry. The report will cut through the hype of the past 3 years and provide you with clear, innovative and high impact mCommerce strategies.

Richard Spencer has eight years' experience working in the financial services industry. His expertise covers eCommerce, cards and payments, banking and insurance markets globally. He has specific expertise in European retail financial services markets: eCommerce, payments, mortgages, savings and investments, consumer finance, and business finance. He has written for the Financial Times and has given presentations at a number of high profile conferences worldwide. He is a graduate of Cambridge University with a MA and MEng in Manufacturing Engineering.

Table of Contents

mCommerce in European Financial Services

Executive Summary 8
Overview of Mobile Commerce and Mobile Financial Services in Europe 8
Mobile Banking Markets in Europe 9
Mobile Broking Markets in Europe 9
Perceptions of Mobile Financial Services 10
Chapter 1 Introduction 12
Introduction 12
Report Purpose 12
Report Audience 13
Report Structure 14
Executive Summary 14
Overview of mCommerce and mobile Financial Services in Europe 14
mBanking in Europe 14
mFinancial Services Survey 15
Research Methodology 15
Primary research 15
Secondary research 15
Methodology for forecasts 16
Chapter 2 Overview of Mobile Commerce
and Mobile Financial Services in
Europe 18
Summary 18
Will financial services become a killer application for mobile devices? 19
The driving forces behind mobile content 19
Banking, Broking, Insurance, Payments – do they have killer potential? 20
European banks need to exploit GSM-based Wap as fully as possible 21
Positioning mobile delivery in a financial services distribution strategy 21
How mobile financial services will develop – banking leading the way 22
Mobile financial services – the future 24
Technological developments – banks maximising opportunities? 24
The critical importance of security in mobile finance 26
Public Key Infrastructure (PKI) 27
The development of handset ownership in Europe – the demand pull 28
Setting the scene 28
Europe reaching saturation 29
European mobile phone ownership – prevailing technologies 29
European mobile phone ownership by region 32
European mobile phone penetration rates by region 33
New uptake vs. renewals 35
Handheld mobile devices 36
Commercial readiness and commitment – the supply push 38
What are the views of Europe’s companies on mCommerce? 38
Reasons to introduce mCommerce capabilities 38
The difficulties which will be encountered 39
Mobile services which will be launched first 41
So how committed are banks to Wap? 42
Chapter 3 Mobile Banking Markets in Europe 46
Summary 46
European mobile banking markets 46
Obstacles to achieving growth 48
Wap penetration 48
Consumer attitudes toward mBanking 49
Mobile Banking in Finland 49
Mobile Banking in France 50
Mobile Banking in Germany 51
Mobile Banking in Italy 52
Mobile Banking in Spain 54
Mobile Banking in Sweden 55
Mobile Banking in Switzerland 56
Mobile Banking in the United Kingdom 57
European mobile banking participants 58
Woolwich 58
Merita Nordbanken 60
Expandia Banka 63
SEB 66
Chapter 4 Mobile Broking Markets in
Europe 70
Summary 70
European mobile broking markets 71
Within five years most online stockbrokers will offer mobile services 72
Mobile broking will not be profitable for most 73
mBroking services will be a prerequisite for participation 77
Mobile broking participants 79
Identifying the winners and losers of the future 79
The mobile broking winners 80
The mobile broking losers 81
Definitions of Followers and Leaders 86
Mobile brokers 87
MyBroker 87
TD Waterhouse 89
Sampo Leonia 92
Merita Nordbanken 95
eQ Online 98
Chapter 5 Perceptions of Mobile Financial Services 104
Summary 104
Introduction 104
Mobile financial services in the future 105
Profiling the successful services 107
Ability to search for financial products 108
Ability to apply for a product 108
Ability to manage the product, real time 108
Barriers to success 109
Security fears 110
Limited uptake of appropriate technologies 110
Experience of users 110
Future strategies for success 111
Index 113

List of Figures

Figure 2.1: European mobile phone shipments (millions) for consumer use 2001-2006 30
Figure 2.2: European mobile phone shipments (millions) by region for consumer use 2001-2006 33
Figure 2.3: New uptake versus renewals - European shipments for consumer use 2001-2006 35
Figure 2.4: European handheld shipments (millions) 2001-2006 36
Figure 2.5: What are the main drivers to implementing a mCommerce solution in each market across Europe? 39
Figure 2.6: The main inhibitors to implementing an mCommerce solution across Europe 40
Figure 2.7: Which mCommerce applications are most likely to be adopted first in the different European markets? 41
Figure 3.8: Western European mBanking markets, 2000 to 2004 47
Figure 4.9: Western European mBroking markets, 2000 to 2004 71
Figure 4.10: Consumer desire to receive stock quotes via mobile phones, 2000 78
Figure 4.11: Summary of MyBroker mBroking offering 87
Figure 4.12: Summary of TD Waterhouse mBroking offering 90
Figure 4.13: Summary of Sampo-Leonia mBroking offering 92
Figure 4.14: Summary of Merita Nordbanken mBroking offering 95
Figure 4.15: Summary of eQ Online mBroking offering 98
Figure 5.16: Expected demand for mobile financial services in the future 105
Figure 5.17: Features of practical and successful mobile financial services 107
Figure 5.18: Barriers to success for mobile financial services 109
Figure 5.19: Successful strategies for the future 111

List of Tables

Table 4.1: mBroking services amongst the largest online stockbrokers in Europe 85
Table 5.2: How popular will mobile financial services be in the future? 106
Table 5.3: Features of the successful mobile financial services 108
Table 5.4: Features which will create barriers to uptake of mobile financial services 110
Table 5.5: Quantifying the success of specific mobile strategies 112

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