Setting the Scene for Mobile Banking

“Setting the Scene for Mobile Banking” describes the ecosystem and highlights the key issues and opportunities facing many of the industry’s participants, setting the agenda for further research as the industry rapidly evolves – providing substantial opportunities for Software and IT services vendors.

The increase in penetration of smartphones is driving a revolution of how people bank, buy and pay. Mobile banking and commerce is growing at about 50% p.a., faster than on-line at 20% p.a., and this growth will continue as consumers gain confidence in these innovative systems. This dynamic is generating a host of opportunities for established companies and many new entrants. It will also create many challenges as the new business models interact with the more traditional structures in a complex, global ecosystem. Winning in any area of the payments and banking world depends on the ability of companies to generate scale and reach and to create real and defensible value. Many new entrants will fail to achieve these objectives and older established companies will have to change quickly or lose out. In this dynamic market, SITS companies will have to ensure they have the right strategies and understand the market to ensure long term success.

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