Sourced from :http://www.europeanfinancialreview.com/?p=996
The mobile banking industry is one that is still young which indicates vast possibilities for any interested banks and providers. It has been very successful in developing countries with platforms such as Kenya’s M-Pesa showing great innovation and service. The developed world, however, is yet to embrace such opportunities. The system will involve the following fundamental characteristics;
1.Instant, 24/7, 365 days/year operation — the first such remittance solution without the need for cards of any kind, money moves from account to account instantly using mobile as the channel
2.Works on all mobile phones
3.Mobile Money Identifier (MMID) A unique 7 digit number for each account Enables customers to link the same mobile to multiple accounts Removes chances of wrong transfer resulting from change of mobile numbers and typing errors
4.Mobile number and MMID combination uniquely points to a bank account
The industry presents an opportunity for better collaborations between network companies and banks as mobile banking utilizes the existing mobile number and ATM messaging.
5.Works on the existing ATM Messaging, Switch, and Network, making it easier for banks to adopt this quickly. Sourced from: https://hbr.org/2012/04/innovations-in-mobile-banking
Mobile technology is changing the ecosystem of the banking industry as new players with innovative solutions enter this market. Sourced from: http://www.europeanfinancialreview.com/?p=996
The bottleneck in this process is the approver – as they need to be online to approve. Sourced from: http://www.finextra.com/blogs/fullblog.aspx?blogid=6587