Mobile banking in the financial inclusion movement continues growing worldwide.
The traditional financial services industry is struggling today to keep up with a rapidly changing world. Part of the struggle comes from the complete solution paradigm.
For example, a large retail bank will offer its retail customer a set of solutions. With a large budget and many vendors, they deliver a complete solution to their customer’s needs. That is the way they think about delivering value.
But even with billion-dollar budgets (the largest companies spend this on IT), this approach has limited innovation and moves slowly.
- The new generation—mobile, highly social, and living in real time—have their own needs, wants, and desires. For them, twentieth-century financial services frequently fall short
- The industry is facing increased demands from small businesses that need scaled services as well as traditional businesses that need improved services. Both need fast access to innovation
- More people need to—and can be—served. The industry needs to shift from serving the top to bottom of the pyramid
- In the new digitally-connected world, everyone has access to data and to the financial marketplace. In the Internet-of-things, global commerce is growing and pushing beyond the limitations of traditional financial services
- Mobile banking has positively impacted financial inclusion in Africa and other world regions.