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Showing posts with the label mobile banking

Mobile Consumer Behaviors - The Seven Essential Questions

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Digital Transformation is the process of updating your business and IT infrastructure to align with today's and tomorrow's consumers.  Today that is important, but hard to do.  Mobile consumer behaviors are changing far faster than most IT budgets and initiatives and that can cause problems.   If your customers are adopting technologies and changing their path-to-purchase journeys at a pace that is faster than you can deliver, then you are opening up an opportunity gap for a more nimble competitor. Do your internal sales and executive strategy sessions begin with these questions: Where are our customers to be found?   What technologies are our customers using?   How are our customers' path-to-purchase journeys' changing?   Are we meeting our customers along their path-to-purchase journeys and supporting them? Are we digitally transforming at a pace that will keep us aligned with our customers' pace of change?   Is our IT budget aligned with the required p

Mobile Commerce News Weekly – Week of November 23, 2014

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The Mobile Commerce News Weekly is an online newsletter made up of the most interesting news, articles and links related to mobile commerce and marketing, mobile payments, mobile money, e-wallets, mobile banking, mobile ads and mobile security that I run across each week.  I am specifically targeting market size and market trend information. Also read Connected Globe News Weekly Also read Field Mobility News Weekly Also read Mobile Cyber Security News Weekly Also read Mobile Health News Weekly Also read Mobility News Weekly Looking for an enterprise mobility solution?  Read the Mobile Solution Directory Here ! Shoppers are going mobile in larger and larger numbers, according to on-line retail data leader comScore. Mobile digital commerce is expected to have grown by 25 percent over the last season, almost twice the growth of desktop E-commerce.  Overall digital commerce is expected to grow by 16 percent, reaching $61 billion.   Read Original Content Powa, a commerce speci

The Impact of Digital Transformation and Mobile Apps on Banking

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The banks of today will not be the banks of tomorrow unless you're caught in the script of Ground Hog's Day  ~ Kevin Benedict Mobile apps are rapidly replacing branches as the customer preferred point of interaction with banks. Today, customers are choosing their banks based upon the quality of their mobile apps and the services that are enabled.   In recent customer satisfaction surveys, mobile apps were shown to play a significant role in keeping customers satisfied. In addition, users today are seeking ways to consolidate their personal financial management tools and banking tools all in one application.  They would like a complete view of their personal finances.  The challenge today is these services are often providing by different providers with different apps. In the following news excerpts from 2014, we can clearly see the impact mobile and online banking is having on banks. RBS recently announced there has been a 30% fall in the number of transactions carrie

Mobile Commerce News Weekly - Week of December 8, 2013

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The Mobile Commerce News Weekly is an online newsletter made up of the most interesting news, articles and links related to mobile commerce and marketing, mobile payments, mobile money, e-wallets, mobile banking, mobile ads and mobile security that I run across each week.  I am specifically targeting market size and market trend information. Also read Enterprise Mobility Asia News Weekly Also read Field Mobility News Weekly Also read Mobile Cyber Security News Weekly Also read Mobile Health News Weekly Also read Mobility News Weekly Looking for an enterprise mobility solution?  Read the Mobile Solution Directory Here ! Digital security firm Oberthur Technologies has partnered with mobile services specialists mBank in a project aimed at bringing together the m:Wallet solution from OT’s MoreMagic subsidiary and mBank’s experience in branchless banking, to provide mobile branchless banking including merchant payment, money transfer, loans, credit and insurance.   Read Original

Mobile Banking, Mobile Payments and Digital Transformations

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I read with interest (no pun intended) an article today titled, The Future of Mobile Payments and Banking , from Cognizant's banking and financial services expert Tony Virdi.  In the article he identifies a number of mobile and digital trends he is seeing in 2013 including: Changing consumers behaviors and demands are driving transformation within the banking and payment processing industries The volume of digital (mobile and Internet) banking transactions is growing exponentially The role of the bank as a physical venue or outlet has changed as most transactions are moving online or mobile Digital bankers [I read mobile/Internet bankers] are rapidly becoming the new power base Retail banks are increasingly dedicating discretionary budgets to investments in digital solutions Banks can increase their wallet share and income by offering more and better digital services Banks are increasingly focused on m-commerce as a means of both providing better customer service as well as

Banks, Mobile Technologies and SMAC, Part 3

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This article is Part 3 in a series on Banks, Mobile Technologies and SMAC .  Click here to read Part 1 and Part 2 . In this article my colleague Peter Abatan, a Mobile Technology Consultant and banking expert with Cognizant, shares his insights into the digital transformation happening in the banking industry.  This transformation reflects new and innovative business models, the rapid adoption of mobile apps for banking, social media and other cloud based solutions.  In this article Peter and I discuss P2P (peer-to-peer) lending services and their potential integration with Internet based and mobile banks. P2P lending sites are part of the emerging digital transformation happening in the banking industry. Their purpose is to provide higher returns for investors/savers, while using SMAC (social, mobile, analytics and cloud) based technologies to help find lenders for people/companies that may not meet a traditional bank’s criteria for lending.  They are a in effect, match makers.

Banks, Mobile Technologies and SMAC, Part 2

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This article is Part 2 in a three part series (read Part 1 and Part 3 ) For those that missed Part 1 , Peter Abatan, my colleague at Cognizant and a banking industry and mobility expert, has been sharing his thoughts on trends in the banking industry.  The following points come mostly from his email messages to me and his blog articles.  He believes Internet and mobile banks will create increasing competition for traditional banks for the following reasons: Checks are quickly becoming obsolete.  In fact, the UK plans to phase out checks by 2018. Internet and mobile only banks will not issue or process checks; instead they will offer alternatives by which you can make payments. This reduces their operation costs. People are carrying less cash than they did 5 ago.  That makes ATMs less important. According to the Financial Times (FT), UK consumers did nearly 10% less shopping with cash in terms of monetary value, in 2012 than in the previous year. FT goes on to say that the use

Banks, Mobile Technologies and SMAC, Part 1

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The mega-trends of SMAC (social, mobile, analytics and cloud) plus IoT (Internet of Things/Connected devices/M2M) are changing entire industries.  I am being asked frequently now to meet with IT and business teams to review how SMAC and related trends are impacting various industries so companies can better plan to meet these transformations. My colleague at Cognizant , Peter Abatan, is both a banking expert and a mobile technologies expert.  Recently Peter has been sharing his thoughts with me on the topic of how SMAC (social, mobile analytics and cloud) trends are impacting the banking industry.  Here are some excerpts from our exchanges: Bank branches are predicted to see diminishing foot traffic (visits per branch) at a rate of 8-10% each year for the next 8 years.  People are using mobile apps in increasing numbers rather than visiting branches for routine banking tasks. Given the popularity of mobile banking apps, the banks with the smartest and most responsive mobile banki

Mobile Expert Video Series: Mark Crofton

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In this short interview recorded this week in Orlando, FL at SAPPHIRE NOW 2013, SAP's Mark Crofton talks about mobile solutions, mobile banking and trends in Latin America.  Enjoy! Video Link: http://youtu.be/C_Hejd5622U ************************************************************* Kevin Benedict , Head Analyst for Social, Mobile, Analytics and Cloud (SMAC) Cognizant View Linkedin Profile Read the whitepaper on mobile, social, analytics and cloud strategies Don't Get SMACked Learn about mobile strategies at MobileEnterpriseStrategies.com Follow me on Twitter @krbenedict Join the Linkedin Group Strategic Enterprise Mobility Full Disclosure: These are my personal opinions. No company is silly enough to claim them. I am a mobility and SMAC analyst, consultant and writer. I work with and have worked with many of the companies mentioned in my articles.

Speed, Change and Mobile Banking

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I am reading an interesting book titled Bank 3.0 by Brett King.  In this book King discusses the revolution and upcoming demolition of traditional banks in light of mobility.  Here are some interesting numbers from the book: In 1980 - credit cards took 14 days to approve, personal loans 7-14 days, home mortgages 30+ days. In 2008 - credit card were instantly approved, personal loans pre-approved/24 hours, home mortgages 24 hours. The increase in speed between 1980 and 2008 was primarily the result of the internet evolution and e-commerce.  Now jump forward to 2013, and mobility is the cause of the next increase in tempo.  People with mobile devices want instant access to their personal account information.  They want their business relationships and shopping experiences to be wonderful, convenient, digitized and instant.   My wife is my guide in this area.  She wants a great mobile app from any company we work with.  She directly associates the brand quality with the mobil

Mobile Commerce News Weekly – Week of November 25, 2012

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The Mobile Commerce News Weekly is an online newsletter made up of the most interesting news, articles and links related to mobile commerce and marketing, mobile payments, mobile money, e-wallets, mobile banking, mobile ads and mobile security that I run across each week.  I am specifically targeting market size and market trend information. Also read Enterprise Mobility Asia News Weekly Also read Field Mobility News Weekly Also read M2M News Weekly Also read Mobile Health News Weekly Also read Mobility News Weekly Also read SMAC News Weekly Smartdevices continue to gain momentum and according to Tapjoy’s recent study, m-commerce is expected to globally explode by 300 percent. Read Original Content U.S. social media ad revenues are expected to reach $9.2 billion in 2016, up from $4.6 billion in 2012, representing a compound annual growth rate of 19.2 percent, according to the fall update of the BIA/Kelsey’s U.S. Local Media Forecast. Read Original Content Mobile payment

Mobile Commerce News Weekly – Week of November 18, 2012

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The Mobile Commerce News Weekly is an online newsletter made up of the most interesting news, articles and links related to mobile commerce and marketing, mobile payments, mobile money, e-wallets, mobile banking, mobile ads and mobile security that I run across each week.  I am specifically targeting market size and market trend information. Also read Enterprise Mobility Asia News Weekly Also read Field Mobility News Weekly Also read M2M News Weekly Also read Mobile Health News Weekly Also read Mobility News Weekly Also read SMAC News Weekly New research from Juniper shows more than 500 million people will use mobile coupons next year, a 30 percent rise on 2012, with the growth powered by further integration into social networks. Read Original Content A recent IDC report estimates total mobile device spending, driven largely by m-commerce, will exceed $1 trillion by 2017. Read Original Content The Australian arm of mobile network operator Vodafone has released details of

Mobile Commerce News Weekly – Week of November 11, 2012

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The Mobile Commerce News Weekly is an online newsletter made up of the most interesting news, articles and links related to mobile commerce and marketing, mobile payments, mobile money, e-wallets, mobile banking, mobile ads and mobile security that I run across each week.  I am specifically targeting market size and market trend information. Also read Enterprise Mobility Asia News Weekly Also read Field Mobility News Weekly Also read M2M News Weekly Also read Mobile Health News Weekly Also read Mobility News Weekly Also read SMAC News Weekly ABI Research believes that more than $100 billion in NFC payments will be processed by 2016. The forecast for the following year is even greater as sales could reach as high as $200 billion. Read Original Content In a recent report BIA/Kelsey projected U.S. mobile local advertising will reach $5.8 billion in revenue by 2016. Read Original Content Smartdevices continue to gain momentum and according to Tapjoy’s recent study mobile com

Mobile Commerce News Weekly – Week of November 4, 2012

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The Mobile Commerce News Weekly is an online newsletter made up of the most interesting news, articles and links related to mobile commerce and marketing, mobile payments, mobile money, e-wallets, mobile banking, mobile ads and mobile security that I run across each week.  I am specifically targeting market size and market trend information. Also read Enterprise Mobility Asia News Weekly Also read Field Mobility News Weekly Also read M2M News Weekly Also read Mobile Health News Weekly Also read Mobility News Weekly During last week's Q4 2012 earnings call, Starbucks CEO Howard Schultz said the Starbucks Mobile Payment app is now being used more than 2 million times per week on average. Since its launch in January 2011, customers have used the app to make more than 100 million mobile transactions. Read Original Content Internet advertising revenues climbed to an all-time high during the first six months of 2012, galvanized by dramatic growth in mobile ad spending, accord

Mobile Commerce News Weekly – Week of October 21, 2012

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The Mobile Commerce News Weekly is an online newsletter made up of the most interesting news, articles and links related to mobile commerce and marketing, mobile payments, mobile money, e-wallets, mobile banking, mobile ads and mobile security that I run across each week.  I am specifically targeting market size and market trend information. Also read Enterprise Mobility Asia News Weekly Also read Field Mobility News Weekly Also read M2M News Weekly Also read Mobile Health News Weekly Also read Mobility News Weekly ABI Research believes more than $100 billion in NFC payments will be processed by 2016. The forecast for the following year is even greater as sales could reach as high as $200 billion. Read Original Content CEO of Google, Larry Page, said the company’s mobile business, which includes advertising and app sales, is now generating revenue at an annual run rate of $8 billion, as compared to $2.5 billion one year earlier. Read Original Content Research In Motion ha

Mobile Commerce News Weekly-Week of September 30, 2012

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The Mobile Commerce News Weekly is an online newsletter made up of the most interesting news, articles and links related to mobile commerce and marketing, mobile payments, mobile money, e-wallets, mobile banking, mobile ads and mobile security that I run across each week.  I am specifically targeting market size and market trend information. Also read Enterprise Mobility Asia News Weekly Also read Field Mobility News Weekly Also read M2M News Weekly Also read Mobile Health News Weekly Also read Mobility News Weekly Bank of America is testing a new mobile payment service that lets customers use their Apple or Google smartphones to scan pictures to pay for things. Read Original Content According to a Gartner report the analyst firm expects mobile payment transaction volumes and values to grow 42 percent annually through 2016. By then they project that the market will be worth $617 billion with 448 million users. Read Original Content Mobile will matter—even, or perhaps espe

Mobile Commerce News Weekly – Week of September 23, 2012

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The Mobile Commerce News Weekly is an online newsletter made up of the most interesting news, articles and links related to mobile commerce and marketing, mobile payments, mobile money, e-wallets, mobile banking, mobile ads and mobile security that I run across each week.  I am specifically targeting market size and market trend information. Also read Enterprise Mobility Asia News Weekly Also read Field Mobility News Weekly Also read M2M News Weekly Also read Mobile Health News Weekly Also read Mobility News Weekly The number of mobile phones in use around the world in 2011 reached six billion while the number of mobile banking users worldwide reached 300 million with adoption of the service in developed countries growing significantly. Read Original Content TechNavio's analysts forecast the Mobile Commerce Payment market in China will grow at an annual rate of 41.67 percent over the period 2011-2015. One of the key factors contributing to this market growth is the inc