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.
Ethiopia’s Commercial Bank Signs Mobile Banking Accord With IBM
IBM (NYSE: IBM) today announced details of a $3 million (USD) deal with the Commercial Bank of Ethiopia (CBE) to support the bank in a major program of modernization and business expansion.
Under the terms of the agreement, IBM will provide hardware, software and IT services to support the bank in its rapid business growth and its shift from manual financial processes to real-time financial services.
With the new IT infrastructure, the bank plans to increase its number of accounts by 25 percent per year, launch 200 new ATMs per year and open 500 new branches over the next five years. It will also enable the bank to strengthen and extend its relationship with credit card providers such as Visa and MasterCard and roll out new mobile and internet banking services. CBE’s account holders will benefit from reduced waiting times and a greater choice of banking channels and services. [Read more…]