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Banking on Mobile

SOLVING THE EQUATION OF PHONE-BASED PAYMENTS

Author: Lafferty Research Services

Publishing date: October 2017

Banking on Mobile: Solving the equation of phone-based payments

Report now available
Financial institutions are earmarking most of their innovation budgets to develop their mobile offerings. In fact they are investing more in mobile than the other hotly discussed technologies in financial services today, such as blockchain and bitcoin. Banking on Mobile: Solving the equation of phone-based payments addresses the key questions facing banks and payments providers as they strive to innovate in this fast-moving space:

  • How can a bank deliver a strong mobile offering, while embracing good design and ensuring strong security measures?
  • How can banks use mobile technology to protect themselves from the increasing number of newcomers that are poised to eat up market share?
  • What strategy should the banks follow for mobile wallets: a proprietary app or a partnership with one of the 'Pays'?
  • What can mobile money achieve and what are the obstacles and issues around delivery?
  • How can banks leverage mobile analytics to develop new offerings?
  • How can mobile technology, on feature or smart phones, deliver financial inclusion and open new markets for retail banks?
  • How can banks reach potential customers using financial education tools?
  • How can banks best benefit from the lucrative mobile payments market?

24 detailed case studies from around the world
The report concludes with profiles of financial services providers that have faced many of these issues around mobile and have performed better than their peers. The case studies are global in scope and show the potential for delivering all kinds of financial services from payments to savings and lending including new ways of using data for credit scoring, financial education, financial inclusion, personal financial management along with a variety of rails including QR codes and the offerings from the different 'Pays', plus bank-led efforts to develop easy-to-use national schemes which the Nordics have excelled at. The case studies don't neglect the fact that millions in the developing world rely on feature phones.

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