Biggest trends in mobile banking

Clickatell CEO, Pieter de Villiers predicts that mobile check capture, person-to-person payments and customized apps will be the biggest trends in mobile banking this year.

De Villiers told MyBroadband BusinessTech that 90% of the banks they deal with have, or will have, a mobile strategy by the end of 2012. This is driven by the need to serve their customers in a more cost-effective manner and the need to offer more value added services.

“Mobile financial services are a hot topic and nowhere [is] this more apparent than Africa, a continent with millions of unbanked mobile phone users. Currently Africa is leading mobile payment initiatives and deployments globally,” said de Villiers.

Top mobile banking trends

De Villiers expects three trends to be big in mobile banking: mobile cheque capture; person-to-person payments; and customized apps.

  • Mobile cheque capture – Many of the big banks currently give customers the ability to deposit cheques into their bank accounts using their mobile phones. However, as customer demand for this facility grows, more banks are going to put the infrastructure in place to meet this demand.
  • Person-to-person payments are something we are all familiar with but until recently these transactions did not take place in real time. However, with Visa recently changing certain rules to enable two consumers to exchange debit card information in a secure way, person-to-person payments will now be able to show up in someone’s cheque account within seconds.
  • Customized apps – Currently, a lot of banks have one mobile app for all of their customers. However, 2012 is seeing an increase in the customized banking apps that are tailored to the needs of a specific customer group. For example a banking app could be customized to college students, or to the needs of a premier banking client.

According to de Villiers consumers can expect an increase in value-added services, in particular mobile money services, from a variety of providers in South Africa.

Latest news

Partner Content

Show comments

Follow us

Recommended

Biggest trends in mobile banking