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.
Report: Mobile Wallets in the US – Review and Analysis
A new report entitled Mobile Wallets: The U.S. Landscape by Mercator Advisory Group identifies U.S. mobile wallets by category and technology.
The physical wallet might someday go the way of the checkbook, used by few and no longer a necessity. Growing consumer use of smartphones is creating a market for mobile wallets capable of serving many of the same purposes physical wallets served for centuries but now are able to take advantage of a plethora of new functions made possible in an increasingly digital marketplace. [Read more…]
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
Global Mobile Banking Customer Base to Reach 1.1 Billion by 2015
Mobile banking is emerging as a key electronic channel for the global banking and financial services industry. The ubiquitous nature of mobile devices and services, and the ability of mobile banking services to reduce overall operational costs, streamline operations, and expand customer base are expected to boost prospects in the industry. Increasing adoption of mobile phones among general consumers, particularly among the younger generation in the 18-34 years age group, and rapid rise in demand for mobile payments are expected fuel demand for mobile banking services.
The industry is also expected to benefit from favorable government and regulatory specifications, which are aimed at providing banking services to unbanked customers to promote economic development.The United States, Europe and Asia-Pacific dominate the global mobile banking market, as stated by the new market research report on mobile banking. The market for mobile banking is set to achieve tremendous growth, with Asia-Pacific emerging as the predominant market in terms of customer base.
North America and Europe are characterized by high usage of mobile devices for Internet access, as a result of which mobile banking is an extension of online banking services. In Europe, mobile banking services are still in early stages, and regarded primarily as ‘convenience providers’ and ‘value additions’ rather than revenue generators. On the other hand, the Middle East and African markets are expected to benefit from the mobile banking technology’s ability to provide financial services to remote areas.Rapid growth of mobile banking services is driving banks to devise strategies to sustain presence in an intensely competitive market. Success of a bank’s mobile banking service is dependent on its ability to retain customer base and achieve cost reductions.
Key players profiled in the report include Bank of America, JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc., , ClairMail Inc, Firethorn Holdings LLC, Fronde Anywhere Ltd, Industrial & Commercial Bank of China Limited, Macalla Software Ltd, mFoundry, Monitise plc, MShift Inc., and Sybase Inc., among others.The report titled “Mobile Banking: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, competitive scenario, product introductions/innovations, and recent industry activity. The study analyzes market data and analytics in terms of number of customers for The United States, Canada, Europe, Asia-Pacific, and Rest of World.For more details about this comprehensive market research report, please visit – Mobile Banking Market Report
Source: PR Web
You must be logged in to post a comment.