Statistics say that there are currently 41 million cellphone users in the country, and approximately 5.5 million of are using their phones for some sort of monetary transaction. Research firm RNCOS predicts that the rising mobile penetration in the country will expand the mobile banking use, analysts say that mobile banking user base in the country will soar to beyond 11 million users in 2011.The following excerpt from an article gives us a glimpse into the future of this technology in the country and the rest of the region:
Research group Financial Insights sites that though "mobile banking has faced its fair share of hurdles since its inception"..."Mobile banking and payments have been flourishing in Asia Pacific for years"
The report noted that among the emerging trends in mobile banking in Asia Pacific are the fact that while in the past, mobile banking and payments were driven by telecommunication players, now, banks are taking the lead in deploying such services.“This is not to say that telecommunication companies have been cut out of the mobile banking proposition. Rather, banks are now partnering with telecommunication companies and other information technology vendors to deploy such solutions on a more equal footing,” it said.
Currently, mobile banking deployment differs significantly between developed and developing countries in the Asia Pacific region. Financial institutions in the region’s mature markets are seeking to converge Internet and mobile banking channels, whereas those in developing markets are looking to grow customer bases by focusing on the unbanked.
It was also pointed out that newer and more innovative mobile banking solutions are being implemented. This has resulted in mobile banking services moving beyond being just an extension of current financial services delivered via a mobile device.
By fully integrating mobile solutions with the banks’ core systems, these solutions now provide more value-added services not only to the customers but also to the bank itself, the report said.
“Ultimately, with the progression of mobile technology and financial services, Financial Insights believes that majority of financial institutions in the Asia Pacific region will seek to converge the Internet and mobile channels in the hopes of truly making financial services available to customers anywhere and at any time. The customer will no longer have to go to the bank because the bank will be in their pockets,” Kumar added.
Source:
Reyes, Mary Ann Ll. (2009, April 27), Internet, mobile bank convergence to impact on consumer expectations, Philstar.com, Website: http://www.philstar.com/Article.aspx?articleid=461532
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