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Mobile banking

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The Rise of Mobile Banking

Text of Mobile banking

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2. What is Mobile Banking ? Its 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. Its about buying and selling products and services through wireless handheld devices such as mobile phones, or simply saving money on the handheld. 3. Why Banks Going Mobile ? Improve customer ServiceReduce costsIncrease the reactivity of the companyIncrease market shareImprove brandingMobile financial services could be more than successful in rural areaAdd real value to the lives of consumers 4. 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 2015SOURCE: IDG RESEARCH & GARTNER 5. Mobile Internet usage will exceed Desktop usage by 6. 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 7. 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 8. Technology Changes Behavior CONSUMERS 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 9. Security Threats & Concerns Mobile handhelds are compact, portable and easily lost or stolen. Security requirements: 1. Confidentiality 2. Authentication 3. Integrity 4. Non-repudiation 5. Authorization 10. Created ByVaibhav Kubadia Twitter Handle: @vaibhavkubadia E-mail: [email protected]