Mobile Banking is the notion of using the mobile device as banking terminal for the end user, and thats about where the simplicity ends. In all fairness pure mobile banking is nothing but data transport from the banks infrastructure to a mobile device, the challenge really is fitting that data into a smaller form factor on as many phones as possible.
You all know the notion that not all children are born equal and the same applies for markets in mobile banking. I have had the pleasure of adding comfort to end users in the US and Canada, but I have had the great and fulfilling pleasure of seeing how my solutions have/are and will help people in Africa "get by" by offering them services that they would not otherwise have access to at all.
I would like to ask the question "How much value does a "car loan product" offer to a guy in DRC or Nicaragua who makes $2 a day?" - I am almost sure you will all agree that it has little to no value for the guy.
If that statement holds true then that means that western banking is shit out of luck in those emerging markets!! Because here at "home base" we only know about those types of services (and yes, I bundle sub prime creativity into that statement)
Let me as another question now "How great is the Iphone/Android/BB or even mobile web penetration in the DRC?" - very low... Again we are out of luck here in the west, because the extent of our "mobilization" efforts really stop at those 4 different mobile access types. In DRC, China, India, Brazil etc. etc. serving a couple of million iphone subscribers mean absolutely nothing, because the markets are so large that even if you have 2 million iphone customers in Chine, you have essentially lost, and somebody else will come in and find a way to serve the remaining 1 Billion people!!!
So needless to say, mobile banking is taking off in the US, but only because of advanced mobile SDK's for easy thick client development on iphone and the fact that the mobile is nothing but a service extension of the Internet banking we all know. In emerging markets they are picking up quickly and some banks out there have already cracked the code and are disinter-mediating VISA/MC and traditional payments schemes because they have found a way to serve near 100% of the markets cell phones (without breaking the backs of their end customers) and have ventured down the path less travelled by offering, not saving accounts as primary use case, but innovative payments types that actually appeal to the $2 a day guy....
In the coming years I am determined to help bank a continent (yes "A continent" I am not sure which one yet :o) ) and I need your help to do so.... I think I am well on my way, and luckily I am surrounded by smart people and my friends in the mobile money space who are always up for sharing "lessons learned".
Stay tuned.......
You all know the notion that not all children are born equal and the same applies for markets in mobile banking. I have had the pleasure of adding comfort to end users in the US and Canada, but I have had the great and fulfilling pleasure of seeing how my solutions have/are and will help people in Africa "get by" by offering them services that they would not otherwise have access to at all.
I would like to ask the question "How much value does a "car loan product" offer to a guy in DRC or Nicaragua who makes $2 a day?" - I am almost sure you will all agree that it has little to no value for the guy.
If that statement holds true then that means that western banking is shit out of luck in those emerging markets!! Because here at "home base" we only know about those types of services (and yes, I bundle sub prime creativity into that statement)
Let me as another question now "How great is the Iphone/Android/BB or even mobile web penetration in the DRC?" - very low... Again we are out of luck here in the west, because the extent of our "mobilization" efforts really stop at those 4 different mobile access types. In DRC, China, India, Brazil etc. etc. serving a couple of million iphone subscribers mean absolutely nothing, because the markets are so large that even if you have 2 million iphone customers in Chine, you have essentially lost, and somebody else will come in and find a way to serve the remaining 1 Billion people!!!
So needless to say, mobile banking is taking off in the US, but only because of advanced mobile SDK's for easy thick client development on iphone and the fact that the mobile is nothing but a service extension of the Internet banking we all know. In emerging markets they are picking up quickly and some banks out there have already cracked the code and are disinter-mediating VISA/MC and traditional payments schemes because they have found a way to serve near 100% of the markets cell phones (without breaking the backs of their end customers) and have ventured down the path less travelled by offering, not saving accounts as primary use case, but innovative payments types that actually appeal to the $2 a day guy....
In the coming years I am determined to help bank a continent (yes "A continent" I am not sure which one yet :o) ) and I need your help to do so.... I think I am well on my way, and luckily I am surrounded by smart people and my friends in the mobile money space who are always up for sharing "lessons learned".
Stay tuned.......
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