The immediacy, flexibility and portability of the mobile channel are attracting attention and funding from the financial industry. Because of these characteristics, delivery of financial services applications via mobile data networks clearly has potential for the long term. Today's mobile financial services applications do not fully leverage this unique value due to limitations in content, devices, and technology. Basic value levels, chiefly access to information by pull or push, remain dominant across much of the world. While the trend is toward more mobile delivery of sophisticated services such as wireless transactions on demand, the ability to truly build on the immediacy, flexibility and portability of mobile data capabilities is not yet complete.
Additional Information
The immediacy, flexibility and portability of the mobile channel are attracting attention and funding from the financial industry. Because of these characteristics, delivery of financial services applications via mobile data networks clearly has potential for the long term.
Today’s mobile financial services applications do not fully leverage this unique value due to limitations in content, devices, and technology. Basic value levels, chiefly access to information by pull or push, remain dominant across much of the world. While the trend is toward more mobile delivery of sophisticated services such as wireless transactions on demand, the ability to truly build on the immediacy, flexibility and portability of mobile data capabilities is not yet complete.
This Research Note provides an in-depth look at the various levels of sophistication of retail mobile financial services applications. It reviews the steps necessary to fully leverage levels that value. The Note is the companion to TowerGroup Research Note 026:43F, “Mobile Financial Services Overview: Charting the Course from Experimentation to Profitability.”
What this Research Note reviews:
The levels of convenience and value that mobile financial services can offer consumers, both presently and in the future
The five levels of consumer content that will be supported on the mobile financial interface
Where those mobile financial services offerings in key regions fit into the five levels of consumer mobile content, and how those offerings are likely to evolve
Potential areas for for financial services institutions to enhance revenues via development of mobile financial services development, both retail and enterprise professional
The Note considers the relative maturity of mobile financial services offerings in key world regions along this value matrix and examines how and when firms, carriers, and vendors will reach the highest value levels.
Related Reports:
Mobile Banking and Payments, April 2009: Leaders, Laggards, and New Trends
Case Study in Mobile Brokerage: E*Trade's First-Mover Advantage
The Customer-Driven Architecture: Interactive Financial Services Technology in the iPhone Era
Predicting Alternative Payments Vendor Success: Balancing Needs Among Banks, Merchants, and Consumers
Nordic Consumer Survey, Mobile Devices and Services
From Niche Play to Mainstream Delivery Channel: US Mobile Banking Forecast, 2008-13
Reach Out and Touch Someone? Impact of the Financial Crisis on Voice Trading and the Trading Turret
Mobile Banking: Over-hyped Gimmick or Credible 21st Century Banking Channel? (Strategic Focus)
Open Source for Institutional Brokerage: Tough Times Demand Open Minds
Mobile Money Transfer Report 2009: Profiting From Cross-border Remittance And Global Banking
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