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Upward trend in mobile banking: Mobile Money Trends

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The meaning of the word mobile has changed over the last decade to mean much more than the ability to move freely from one place to another. From a simple cordless phone that allowed users to move away from the base, to a device that can do much more than make and receive phone calls, mobiles have become popular with the Gen Y. Mobile banking or mobile money as it is popularly known, has become the medium of choice for many banks and their customers. According to the Global Mobile Money Report 2015, although the biggest obstacle to the growth of mobile banking is trust, there is no doubt that mobile banking is booming. Let us try and understand the latest trends in mobile money:

http://suyati.com/mobile-banking-mobile-money-trends/

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Upward trend in mobile banking: Mobile Money Trends

  1. 1. Upward trend in mobile banking: Mobile money trends
  2. 2.  Mobile banking has become the medium of choice for many banks and their customers.  According to the Global Mobile Money Report 2015, although the biggest obstacle to the growth of mobile banking is trust, there is no doubt that mobile banking is booming. The Millennium Generation
  3. 3. The Millennium Generation  The millennium generation prefers non traditional banking methods main reason being convenience and ease  Less than 30% consumers of advanced age, however, use non- traditional payments  With better NFC penetration, better transaction support is required.
  4. 4. The Social Scenario Peer to peer transactions Loans are increasing The financial industry is booming More opportunities for cross selling
  5. 5. Educating the masses  Banks need to educate the customers about the convenience and ease of mobile banking  Trust and confidence that are achieved through experience will endear the consumers  Banks should reassure that their money is safe
  6. 6. Steps to be taken Introduce free mobile wallet Separate the Tablet and the Mobile Change approach from store to mobile Mobile apps to search financial products
  7. 7. The New Challenge to Banking Difficulty to sustain customers Nurture them to loyal customers Turn loyalty into financial gain
  8. 8. In a Nutshell  The banking industry is experiencing a paradigm change as it goes digital.  From cashless plastic transactions to mobile wallets, the industry has come a long way from traditional system of personalized banking.
  9. 9. That’s not all, feel free to share this information For any queries on Mobile Technology
  10. 10. Suyati provides marketing technology and integration services for companies that wish to combine the best of breed solutions and create a unified approach to customer acquisition. This unified digital marketing approach requires system integration between various CMS and CRM platforms, and a slew of eCommerce, Marketing Automation, Social Media Listening, email and social marketing, and customer service systems. Our specialized knowledge in Salesforce, open source and .Net based systems enables us to build effective custom integrated solutions for our clients.

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