Mobile Banking Services, or Bank on-the-go if you prefer, is getting so strong in some countries and with some segments of population like the Millenniums that Banks must now act quickly to understand its trends and become key players to profit from it.<\/p>\n
One of the key factor of Mobile Banking Services growth is the high penetration level of Smartphones in Western countries where 50% of owners have been using a mobile banking application. All major Banks in North America have deployed or developed Mobile Banking Services in recent years which a large part of their Clientele is using.<\/p>\n
In countries where a large proportion of the people is unbanked<\/em><\/strong>, cellular phones are being used as a commercial vector of\u00a0all sorts!<\/p>\n \u201cBanking is essential, not Banks,\u201d famously said Bill Gates, CEO of Microsoft, in 1994.<\/em><\/strong><\/p>\n <\/p>\n And one cannot help but notice that the risk of private information and data breaches or leaks through online or mobile banking services and applications although lesser is still present in the mind of 35% of the Western populations which put security as their top priority in this domain.<\/p>\n Nevertheless, Western Banks do offer mobile banking services even if limited to basic operations:<\/p>\n So, where do we stand now and where are we going? \u00a0What are the major trends in this fast-growing field of activities?<\/p>\n <\/p>\n N.B.\u00a0 Data from MEF Fall 2015 Survey.<\/em><\/p>\n <\/p>\n 12 % of people have made a proximity payment<\/em> in the last six months:<\/p>\n N.B.<\/strong>\u00a0 The Starbuck proprietary mobile application generates 8 million mobile transactions per week for 16 million users.<\/p>\n <\/p>\n <\/p>\n <\/p>\n N.B.<\/strong>\u00a0 \u00ab\u00a0Banking-on-the-go\u00a0\u00bb will only grow stronger considering that Millenniums, of which 70% already use a Mobile Banking Application compared to 20% for the 60-year plus, will soon be 85 Millions!<\/p>\n <\/p>\n 32 % of consumers consider those 2 criteria as the most important when it comes to rating a positive mobile banking experience; hence, using prints<\/strong>\u00a0(either finger or iris) is a great opportunity for Mobile Payment and Mobile Banking Services suppliers to create such a fluid, fast, comfortable and convenient mobile purchase experience.<\/p>\n <\/p>\n Although there has been much noise around the launching of the\u00a0Mobile Wallet,<\/strong>\u00a0consumers are still slow to see its advantages.<\/p>\n <\/p>\n In countries where Smartphones are the first communications channel and a large chunk of the population is unbanked, mobile transactions and payments have become the standard and such Services as Mpesa<\/a>\u00a0and\u00a0Fundamo<\/a>\u00a0have initiated a mobile money revolution in Africa and Asia.<\/p>\n \u00a0<\/strong><\/p>\n <\/p>\n Denis Paul & Michel<\/strong><\/p>\n Sources<\/strong>\u00a0: GSMA State of the Industry Report \u2013\u00a0Mobile Money 2015, MEF 2015 (Mobile Ecosystem Forum)<\/em><\/p>\n Image Credit<\/em><\/strong>\u00a0: Tashatuvango \/ Shutterstock<\/em><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":"\n
5 Trends in Mobile Payment and Mobile Banking Services on the Western front<\/strong><\/h2>\n
In-store payment is indicative of what\u2019s to come<\/strong><\/h3>\n
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Social (and Messaging apps) is the future of Commerce<\/strong><\/h3>\n
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The great comeback of the \u00ab\u00a0brick-and-mortar\u201d store<\/strong><\/h3>\n
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Adoption of Mobile Banking Services (with an application)<\/strong><\/h3>\n
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Speed (conveniance) and comfort<\/strong><\/h3>\n
Final Remark \u2013 Mobile Wallet<\/strong><\/h3>\n
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5 insights on Mobile Payment and Mobile Banking Services<\/strong><\/h2>\n
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Main Mobile Transaction and Mobile Banking activities in emerging markets<\/strong><\/h3>\n
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