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This Financial Insights report presents some of the most innovative and impressive mobile banking services available in Asia. Mobile banking and payments have faced their fair share of hurdles since their inception. At present, Asia's banks and telecommunication providers have been struggling to find the appropriate business model to balance the revenue requirements of the multiple parties involved in the value chain against the needs and expectations of consumers. In addition to this, the varying levels of mobile phone technology and telecommunication infrastructure across the region make it extremely difficult to deploy an effective mobile financial solution. Abhishek Kumar, senior research analyst, Asia/Pacific Banking Advisory Service notes, "Currently, mobile banking deployment differs significantly between developed and developing countries in the region. Financial institutions in the region's mature markets are seeking to converge Internet and mobile banking channels, whereas those in developing markets are looking to grow customer bases by focusing on the unbanked." Kumar concludes, "Ultimately, with the progression of mobile technology and financial services, we believe that majority of financial institutions in the region will seek to converge the Internet and mobile channels in the hopes of truly making financial services available to customers anywhere and at any time. The customer will no longer have to go the bank because the bank will be in their pocket." |
