Mobile Banking Leapfrogs in Rapid Growth Markets
The web is going mobile; this is no newly realised secret. Our lives have become too fast paced to consider any other solution. Starting with communication going mobile, messaging soon followed and social media was on the heels of email. Mobile banking is the next milestone which is spreading like wild fire through smartphones globally. According to TNS research surveys over 50% of consumers in rapid growth economies want to use mobile phones for greater access to financial services which includes mobile banking.
In these rapid growth markets, which include South Africa, mobile phones are set to become virtual debit cards. South Africa has been slightly behind in this developing sector only due to the infrastructure of mobile banking arriving in the country only recently. But South Africans need not worry, things are picking up greatly and the huge market for South African mobile banking has got everyone excited and eager. There will also better access to affordable smartphones in the not so far future making it possible for lower income South Africans to take part in the convenience which is mobile banking. The banks see mobile banking as the answer to government calls for greater access to financial services in a country where more than 11-million people have no access to banking services.
SA’s four big banks with application monitoring are competing for the market share of this growing trend. Mobile banking FNB is in the lead with 2.8million users followed closely by the biggest customer bank ABSA. Mobile banking usage in emerging markets like Africa could leapfrog that in more developed markets. With proper hosted backup, well developed technology and well placed security more people can have access to the anytime, anywhere concept of mobile banking. As well as delivering new services in developed markets, mobile wallets can bring people without bank accounts into the wider financial world and help drive economic and social development. Mobile banking brings more forth hands full of optimistic opportunities.