Opportunities in Mobile Banking and Mobile Payment
IDC says - Banks Should Seize Mobile Banking Opportunity
Tremendous opportunities exist in the mobile banking arena for
mobile financial services players given that there will be over 270
million European mobile subscribers by 2003, according to an
International Data Corp. (IDC) report, "Banking on Mobile:
Prospects for Western Europe." Although some banks have already
entered the mobile space, IDC believes opportunities still exist for
those banks that have not yet embraced mobile banking.
Visa Sees Its Future in Mobile Commerce
Internet and wireless technologies are making u-commerce -- short
for universal or ubiquitous commerce -- possible, says Visa's
Malcolm Williamson. People will be able to order and pay for things
using their handheld computers or mobile telephones, instead of
going through one of Visa's 22 million merchant users. And with
almost 75 percent of purchase transactions globally still done using
cash or checks, "clearly the great opportunity for us is
absolutely enormous," says Williamson.
AvantGo Survey Names Mobile Banking Top Wish for PDA Users
Almost two thirds of U.K. AvantGo PDA users would like mobile access
to their online bank account, according to a new survey by AvantGo,
a provider of mobile infrastructure software and services. The
survey asked U.K. subscribers of the AvantGo mobile Internet service
about how they currently use their PDA and the capabilities they
would like to see added in the future. Over 5,000 people responded.
Strategy Analytics is not very optimistic of early adoption of
e-commerce in the financial industry
Major financial institutions have retrenched from their aggressive movement into e-commerce by cutting back on funding and staffing.
E-commerce planners are less enthusiastic about prospects for e-commerce in
financial services, and less secure about their own careers, than they were
eighteen months ago, when senior management was pushing massive sums of
money toward the online channel to fight expected competition from
dot-com upstarts. For more, go to the press
release.
For more information:
http://newsletter.mbizcentral.com/cgi-bin4/flo?y=hDrO0BRKHY0PM0Ogm0Ae
http://newsletter.mbizcentral.com/cgi-bin4/flo?y=hDrO0BRKHY0PM0Ogo0Ag
http://newsletter.mbizcentral.com/cgi-bin4/flo?y=hDoj0BRKHY0PM0OTX0AO
Mobileinfo Comments and Advisory: It is interesting
to note that different market research companies have reached
different conclusions at the same juncture. Therefore, it is
important to go deeper to find the real truth about what is going
on. We believe that mobile applications
in the financial industry do have a significant potential but only over
a long term basis. We also expect that credit card giants like Visa, Maser Card and American Express
along with member banks will be important players in future mobile payment
systems. However, current economic environment is forcing companies to
postpone non-critical projects.
AvantGo survey seems
to suggest strong endorsement of wireless banking. On the other hand,
other studies, including the ones listed above, have come to a different conclusion. We sit on the sideline and
feel that no single mode of delivering service - whether it is teller-based banking,
ATMs, desktop-based Internet banking or wireless banking, will be
the predominant channel. In fact, uptake of wireless banking will be
slow and reserved for mobile-commerce and emergency transfers and
bill-payment. In those countries and cities, where train ride is
normal mode of travel between office and work, wireless banking may
take off. However, in general, we can not rationalize the need for a
majority of consumers to use wireless banking except in those cases
where they are extremely mobile and do not get a few moments in
front of an Internet desktop to put their financial household in
order.. Finally, there is a difference between "would like to
do wireless banking" and "actually doing wireless
banking". Simple survey questions bring forth ambiguous
answers.
