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Mobile Ubiquitous Banking 4 11 07
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Mobile Ubiquitous Banking 4 11 07

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  • Mobile Ubiquitous Banking [1]  

Mobile Ubiquitous Banking 4 11 07 Mobile Ubiquitous Banking 4 11 07 Presentation Transcript

  • Mobile Ubiquitous Banking
  • Mobile Ubiquitous Banking "What the iPod did for electronic music will pale by comparison with what mobile phones will do for money transactions." Bob Egan, Tower Group Source: USA Today
  • Mobile Ubiquitous Banking
    • Mobile Banking 2.0 or “True Mobile Banking”
    • Transactional banking directly from a mobile phone
    • No access to a website (WAP) required
    • Source: Netbanker.com
  • Mobile Ubiquitous Banking
    • Mobile Banking 2.0 or “True Mobile Banking”
    • Mobile banking fee revenues are forecasted to exceed $1B in 2011.
    • Mobile payments volume forecasted to exceed $6.9B in 2011.
    • Source: Mercator Advisory Group / PaymentNews.com
  • Mobile Ubiquitous Banking
    • Today in Korea and Japan mobile customers can
    • Access their checking and savings accounts, pay bills, transfer money, etc.
    • Make payments in place of cash or credit cards
    • Send money
  • Mobile Ubiquitous Banking
    • Kenya has 8 million mobile phone subscribers (population 35 million)
    • 80% of people are excluded from the formal financial sector
    • Virtual accounts hold up to $700
    • Source: The Guardian
    In Africa, customers are bypassing the banking system altogether using text messages to transfer money
  • Mobile Ubiquitous Banking
    • Aimed at the billions of people worldwide who are not able to get access to banks and traditional credit cards
    • Global migrant growth has spawned a huge market for money transfer
    • Targeting Developing Markets such as China, India and Indonesia, as well as areas of Africa and Latin America
    • Source: Reuters
    Global money transfer service using mobile phones
  • Mobile Ubiquitous Banking
    • The U.S. is a relative newcomer to mobile banking…
    • U.S. mobile customers still use mobile mostly for voice, only recently beginning to utilize full data capabilities of their phones
    • Some banks tried it during the late ’90s, wap frustrated users, dot com meltdown
    • Banks and wireless companies have had difficulty agreeing on how to charge customers
    • Consumer concerns about security
  • Mobile Ubiquitous Banking
    • … yet U.S. financial institutions see the potential of mobile:
    • Minimize the expense of face-to-face transactions and infrastructure
    • Enhance customer service with more options for control of information
    • Several U.S. banks are involved in tests and limited rollouts
  • Mobile Ubiquitous Banking What you can do Check account balances, view transaction details, pay bills and transfer funds, find nearby ATMs and connect to customer service. Who can use it Customers who have wireless, web-enabled mobile device. How to get it Once the service is in their location, customers will have to download an application to their mobile phone. Source: Wall Street Journal Mobile banking services launching 2007
  • Mobile Ubiquitous Banking
    • Contactless payments
    • Joint contactless payment program for cell phones, being tested in NY
  • Mobile Ubiquitous Banking Mobile wallets
  • Mobile Ubiquitous Banking Mobile wallets
  • Mobile Ubiquitous Banking Mobile wallets
  • Mobile Ubiquitous Banking An unlikely mash-up: financial services and social networks Mobile wallets
  • Mobile Ubiquitous Banking An unlikely mash-up: financial services and social networks Western Union meets Dodgeball? Mobile wallets
  • Mobile Ubiquitous Banking Mobile wallets
  • Mobile Ubiquitous Banking Mobile wallets
  • Mobile Ubiquitous Banking Mobile wallets
  • Mobile Ubiquitous Banking Network visualization: based on the amount and frequency of transactions between you and your friends
  • Mobile Ubiquitous Banking
    • In conclusion
    • Financial and wireless services are beginning to integrate
    • Services can now be made available to billions of people worldwide who do not have access to banks, credit cards
    • Mobile devices will enable financial institutions to develop numerous unforeseen products and services
  • Mobile Ubiquitous Banking