FINsights: Financial services in the mobile age

The latest issue of FINsights addresses mobile payments in financial services. It provides a commentary on the 'big three' phenomenon in mobility, encompassing enterprise mobility, mobile banking and mobile payments.

Realigning mobile payments: An open system solution for an evolving industry
By Anish Khakhar and Adeesh Jain

Consumers consider their mobile a connectivity-enabling extension of themselves and, increasingly, a 'do-it-all' device. Unfortunately, many current mobile payment (m-payments) offerings are unilateral or bilateral in nature - limiting the creation of a seamless, 'all-to-all' m-payments ecosystem. To emerge successful, such a solution must not be rigidly coupled to select parties or rely on major changes to the current payments infrastructure. It must generate acceptable returns for all involved. Our article explores the current m-payments ecosystem, challenges and a potential solution to drive the industry forward.


Mobile money transfers: Opportunities and challenges in an evolving market
By Hari Srinivasan and Hrishikesh Deshpande

Immigrants the world over are sending money home. The big question for banks is: How are they sending money? Due to its ubiquity and relative ease of use, many believe the future lies with the mobile. Our article examines mobile money transfers - the movement of money from one entity to another, using a mobile device. Our experts analyze the drivers of the mobile money transfer business, the technologies available and the primary market segments. Additionally, the challenges and opportunities are presented - providing banks with a primer on this potentially lucrative business.


Mobile payments: A new frontier for payment / money service providers
By Shashidar Bhat and Debodeb Datta

Potential is a word that is often used to describe the mobile payments market. Many believe that consumers prefer mobile payments, and that it is an incredibly lucrative service offering for mobile service providers (MSPs) and payment service providers (PSPs). To remain relevant and retain control over their current offerings and knowledge base, Payment Service Providers (PSPs) must move quickly to establish a strong mobile payment offering. If they don't, MSPs will do it themselves. Our article highlights actions that PSPs must take in order to build a strong mobile payments offering that provides a value proposition to all involved (PSPs, MSPs, consumers, and partner banks).


Deploying mobile solutions – choosing the right partner
By Balwant C Surti and Shripriya Ragunathan

As mobile banking continues to grow in popularity, it becomes crucial for banks to develop a long-term mobile banking road map. A critical component of a banking road map is the partner a bank leverages to implement its mobile banking solution. From traditional banking solution vendors, to iPhone application developers, to the bank's internal IT department, each vendor provides a unique set of advantages and disadvantages that a bank must consider when devising a mobile banking road map. Our article explores the different partnership options available, and provides an in-depth view on what a bank should consider when selecting such a partner.


The future of retail banking: Mobile as a core delivery channel
By Puneet Mody

To reap the benefits of mobile banking, retail banks must view this channel independent of an internet banking and revamp their mobile banking strategies. Our article delves into the historical progression of retail banking channels, culminating with a review on the benefits associated with the mobile channel. Our expert provides recommendations for banks to leverage the potential of mobile banking.


Achieving financial Inclusion by leveraging mobile technology
By Gautum Bandyopadhyay and Kiran K. S. R

The unbanked as estimated by the Financial Access Initiative, exceed 2.5 billion people worldwide. It is becoming increasingly clear that going mobile is the way forward to financial inclusion. Our article highlights the role of mobility in banking the unbanked, examines a few models that work, breaks down the challenges that mobility presents, and provides a sneak peek at what the future may hold for mobility in the unbanked space.


Mobilizing the enterprise – strategies and technologies to drive organizational readiness
By Jaideep Vijayakar and Srinivasan Venkatachalam

The term ’enterprise mobility’ has been bandied about often over the last few years. But what does it really mean? What truly constitutes a mobile enterprise, and how can your organization get there? Our article delves into enterprise mobility, providing a snapshot of what a mobilized enterprise looks like and presents a road map to lead a proactive organization.


The role of mobility in the regulatory ecosystem
By Alwyn Vaz

Mobile technology with its pervasive nature promises shorter decision cycles, faster response, increased productivity and simple, easy-to-follow communication. For each of the identified regulatory handicaps, our article presents a potential mobility-driven solution that transform handicaps into strengths.


Ensuring security in enterprise mobility
By Jithesh Sathyan and Shibu K V

It is very likely that your enterprise is ’going mobile’. Though the benefits of such an endeavor are incredibly compelling, the risks can also be high - hackers, phishers, and fraudsters are increasingly realizing that the mobile device presents a window to the enterprise. Our article outlines the importance of mobile security and provides a lowdown on techniques and products used to protect the mobile organization.


Mobility – driving efficiencies and growth in the insurance industry
By Baskar Sridharan and Partha Sarathi Panda

To compete in today's 'on-the-go' world, every organization must have a mobile strategy and considerable mobile capabilities. This is especially true in the insurance industry, where customer satisfaction is driven by reliability, transparency, and ease of communication. Our article explores mobility's role in the insurance industry, the advantages of a mobile strategy, and the importance of mobility in the claims management and sales lifecycles.


Workforce mobility – An enterprise perspective
By Kiran Kalmadi, Swaran Kumar Patnaik, and Yamini Kona

Organizations have realized that employee mobility translates into timely decisions, increased productivity, reduced overheads, improved organizational agility, a stronger bottom line, and prompt customer service. Due to the growing pressure on organizations to achieve more in less time, mobility can no longer remain the preserve of top executives, but must become an enterprise-wide facility. Our article examines enterprise mobility and associated benefits and provides a case study of mobility efforts by Infosys.


The need for a truly mobile CRM (tmCRM) solution
By Sumeet Lakhanpal and Vishal Bhat

Customer Relationship Management (CRM) must not only be real-time and end-to-end, it must be mobile. Achieving a mobile CRM system is more complex than simply supplying mobile applications to the sales force. Mobility implies ’anywhere, anytime’, and mobile phones are limited in space and connectivity. A truly mobile CRM (tmCRM) system integrates Mobile CRM (mCRM) with offline CRM, to create an ’always on’ solution for its customer-facing employees. Our article examines the need for such a solution and provides an overview of the challenges in implementing a tmCRM platform.



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