{
What is Mobile Banking ?
It’s a set of applications that enable people to use their mobile telephones to manipulate bank accounts, store value in an account related to their handsets, transfer funds or even access credit or insurance products.
It’s about buying and selling products and services through wireless handheld devices such as mobile phones, or simply saving money on the handheld.
Why Banks Going Mobile ?
Improve customer Service
Reduce costs
Increase the reactivity of the company
Increase market share
Improve branding
Mobile financial services could be more than successful in rural
area
Add real value to the lives of consumers
The Rise of Slate Computing …
Apple sold 1 million iPads in the first month since the product was introduced.
7.8 million iPads and similar devices will be sold this year, and more than twice that number next year.
More than 300 million tablets in world by 2015
SOURCE: IDG RESEARCH & GARTNER
Mobile Internet usage will exceed Desktop usage by
2014
The Rise of Mobile Banking
Key Trends:
The Majority Use Smart Phones
The Key age segment is 25-34 year olds
Mobile Banking users are more affluent
Men outpace woman
Speed & Convenience are Top Benefits
What consumers want from Mobile Banking
Notifications: 73%
Statements: 48%
Notification of account limit: 47%
Transfer funds between accounts: 35%
Pay accounts: 28%
Balance enquiry: 74%
Make a purchase: 21%
SOURCE: BERG INSIGHT
Technology Changes BehaviorCONSUMERS WILL …
• Reduce Visits to Branches
• Reduce Calls to Contact Centers
• Change Their Spending Patterns
• Generate More Transactions
• Become more educated & aware of their money
BANKS WILL …
• Realize a Reduction in Costs
• Be able to Generate More Loyalty
• Be Able to Increase Their Customer Base
• Create new mechanisms to stimulate impulse buying
• Create new sales and marketing approaches
• Mobile banking will change the competitor profile
SOURCE: MOBILE-FINANCIAL.com
Security Threats & Concerns
Mobile handhelds are compact, portable and easily lost or stolen.
Security requirements:
1. Confidentiality2. Authentication3. Integrity4. Non-repudiation5. Authorization
Recommended
