How banks have changed over the yearsBranch bankingATMOnline bankingCall centerThe reasons for this have been cost, customer retention, customer satisfaction. Why they have not yet achieved all these so far is infrastructure, regulatory concerns, wrong way of understanding the customer, late technology adoption and general reluctance to their traditional way of working
Anecdote of alert before filling the gas or maybe an alert that you have to fill the gas. Mobile will touch and every part of lives. It would be an extension to our senses.
GSMA - estimates Mobile Money to be a $5+ Billion opportunity by 2012Frost & Sullivan – The mobile money market in Western Europe is forecast to increase to € 4-5 billion by 2013ABI Research – predicting that in 2015, $119bn worth of goods and services will be purchased via a mobile phone. In Japan, which has one of the most vibrant mobile markets, mobile commerce "exceeded $10 billion" in 2009Juniper Research - the number of consumers accessing banking services and products via their mobile phones will reach 816 million by 2011, a tenfold increase on the number using such services in 2007, Annual number of global mobile banking transactions will rise from 2.7 billion in 2007 to 37 billion by 2011, as a greater number of services are deployed worldwideKPMG - The global mobile money transfer market could grow to $21 billion by 2011Juniper Research – The international mobile money transfer market will be worth in excess of $65 billion by 2014 driven principally from migrant workers based in developed countriesGartner - mobile payment is a service at an early stage with an expected 32.9 million users worldwide in 2008, growing to 103.9 million users in 2011Edgar, Dunn & Company GSMA Research - mobile wallets are expected to be used by over 600 million people by 2011, rising to 1.4 billion in 2015M-commerce might leapfrog e-commerce in time to come. We are already seeing a lot of moves from retailers themselves. This includes a plain vanilla app store to integrating the whole back end store ordering process, to instore merchandise pricing to ordering them through the phone.A classic example is an app that allows you to prepare your store buy wishlist and than when you visit the store, it guides you on where those items are kept. By the time you check out it already builds the invoice and you can pay through your phone itself.In mobile payments the dominant method currently is SMS however with increasing adoption of NFC this will gain traction. Asia pac has taken mobile payments while US and EU already have established infrastructure however with new and emerging technologies and involvement of existing players this will gain adoption in US and EU as well
Population, mobile penetration, mobile worker population
Fairly experimented across the globe since last 10+ years. Now it covers a broad spectrum of all the personal financial services that are possible through other direct channels. Mobile phones using NFC have also enable mobile walletSome apps and add-ons are available for credit card paymentsBar code technology for coupons, tickets, shopping, vouchersAll sectors can be covered
Unlike pc’s where the Windows OS and mac ruled the mobile landscape is littered with multiple platforms having their own advantages and disadvantages. This requires a mobile banking playerTo either target one specific user group develop compatible technology for all this kind of technology landscapeVarying operator standards, bandwidth, regulations etc
Whether a platform can bring together all these set of services. Universality on both sides. Rapid changes in technology
Infrastructure – why would somebody kill the golden gooseMature technology – security is mature enough and same as internet banking
Banxafe, a service of the Belgian Banksys company plans on implementing payment by mobile. Banxafe works together with the big Belgian mobile operators (like Base, Mobistar and Proximus). This systems allows you to pay your coffee or even buy a car with a few simple taps on your mobile.All these infrastructure players are important for the success of mobile banking, payments and commerce strategy
What demands what
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