Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. This 78-page report, “Consumers and Mobile Financial Services” (March, 2015) examines trends in the adoption and use of mobile banking, payments, and shopping behavior and how the emergence of mobile financial services affects consumers’ interaction with financial institutions.
Mobile Banking and Payments Report: The Role of the Mobile Phone as a Banking Device
With over 2 billion users worldwide, mobile phone usage penetrates every core demographic of the world’s population. Research and Markets has announced the release of a new report entitled “ Mobile Banking and Payments.” The report assesses the role of the mobile phone as a banking device as well as a payment function. The report provides readers with the ability to:
- Assess the prospects for mobile banking and payments
- Learn 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 roll-outs 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 program.
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
- Fi-Mobile
- First National Bank
- iTunes
- Mfoundry
- Microsoft
- Mshift
- MTN bank
- Nokia
- Paypal
- Regalo Card
- St George Mobile Banking
- Sun mBanking
- Vancity CU
- Visa
- Wells Fargo
- Wizzit bank
Key Topics Covered:
- Business case for mobile banking
- Business case for mobile banking
- Generate revenue through value added services
- Enhance other delivery channels
- Marketing via the mobile channel
- Banking the unbanked
- Strategic and operational issues
- Choosing the technology platform
- Security considerations
- Usability considerations
- Marketing considerations
- Market profiles
- USA
- South Africa
- Key emerging markets
More information: Research and Markets – “Mobile Banking and Payments Report”
Source: Business Wire
Fi-Mobile Launches New Banking App Platform
Fi-Mobile Inc. has announced the release of UniFI, a new mobile banking application platform that allows financial institutions to deliver and manage a branded mobile presence.
Designed to help credit unions and banks deliver a unified mobile banking experience to account holders and members, UniFI provides instant access to critical financial services and information so that customers can do their banking on the iPad, iPhone, Android, Blackberry devices, and any other browser-enabled smart device. [Read more…]