As user affection for mobile phones continue to soar every passing minute, employing mobile phones for financial transactions remains a cause for concern. The bolstering of user confidence especially for applications such as mobile money depends on concerted efforts of regulatory agencies taken against data security and data leakage.
Discuss
Research reveals that users spend more time on their mobiles than on computers. Mobile money will go a long way in providing financial services to the unbanked and empower individuals to store and manage funds. All this forms a part of the Global Partnership for Financial Inclusion (GPFI), and SME Finance Framework.
Discuss
Smartphones are increasingly replacing currencies and cards as the preferred payment option for the upwardly mobile digerati. Growing adoption of mobile payment services helps consumers get the best deals, complete transaction and view real-time statements all through a handheld device. Reports predict six-fold increase in payments to $984 billion in 2014. Near Field Communication-enabled devices use wireless technology that helps to wave and pay with phone.
Discuss
Advent of artificial intelligence systems such as face detection technology in financial sector, especially banking, is bound to have tremendous impact on customer service. Apart from alerting staff about regular customers' branch visits, it can also improve efficiency of ATMs. Face detection technology also throws open interesting possibilities to academics, marketers, application vendors, security professionals and regulators. Though there are several regulatory and security hurdles to contend with, its launch will change lives forever.
Discuss
Senior leadership in enterprises is yet to recognize value derived from data collection and evolve a successful data strategy in sync with their business goals. Institutions such as banks that gather large amount of consumer data must explore possibilities with big data. Further, enterprises need to manage information assets and identify critical data and bridge analytical resource gaps.
Discuss
In the digital environment, financial services organizations employ Social Media to enable innovation and actively engage with employees. The main objective behind this motto is to equip digital employees to compete with nimble operators. Further, enterprises also endeavor to serve customers better. All these efforts culminate in providing immense business value. This results in the question as to what is the next big billion-dollar opportunity.
Discuss
Beleaguered financial institutions scouting for a winning formula would do well to factor in the influence of social channels in driving business; give due consideration to customers financial position; weigh in affordability and accessibility; imbibe consumer individuality and investor awakening and arrest the slide with a combination of freethinking, wise action and prudent policies that put long-term benefits over short term interests.
Discuss
Similar to health ailments traversing the testing, diagnosis, treatment and recuperation route, each country suffering economic malaise goes through confusion, order and development to attain economic prosperity. A case in point is the economic meltdown experienced in the U.S. and the Europe. To restore order, these economies must attack the root cause of their malaise. Further, they need to take concerted action to stem the cascading effect of failure on rest of the world.
Discuss
Google's launch of the first mobile wallet app, a few weeks ago, will trigger innovation in our lives. The NFC (Near Field Communication) technology on which Google’s wallet works will evolve quickly. And this will replace the physical wallet.
Discuss
Business stewardship is all about providing a “purposeful direction” to organizations that one is designated to lead. The biggest gain is achieved when leaders help talented associates find a clear sense of direction and make it profitable for them to walk that path.
Discuss
Conventional banking may not be relevant tomorrow to a set of people who are currently outside the financial net, namely, teenagers and the very young. Raised on a diet of technology, connectivity and instant gratification they may expect banking to be fuss-free, mobility-enabled and integrated with the social web.
Discuss
Now, smartphones are leading mobile payments innovation at the top end of the market. Even kids seem to understand this phenomenon. And that’s a demographic that’s hard to ignore.
Discuss
Multiple developments in mobile financial services sphere are turning smartphones into an all-seeing eye — one that can track every user move even when money is not changing hands. It can also provide a financial institution a wealth of information to offer all sorts of services to customers.
Discuss
Banks can become more interesting and less boring if they deliver an enjoyable experience. Compared with emerging models and providers of financial services, traditional institutions appear a little sleepy. Are they becoming complacent?
Discuss
Consumers may soon demand pocket-sized financial services such as a customized package that comes at a lower cost but allows the use of just one or two service channels only. How about a pay-per-use deal on everything, including consultations with the retirement expert?
Discuss