Many people confuse online mobile banking as the same thing. While they’re similar, there are several differences between the two. Primarily, online banking takes place from either a desktop or laptop, while mobile takes place from a smartphone. Understanding Mobile Banking & Its Advantages Mobile banking can be conducted anywhere there’s a phone network connection. Because phone networks extend over larger areas than WiFi networks, it provides a more reliable access to a customer’s finances. As with online banking, mobile systems include Interactive Voice Response (IVR), Short Message Service (SMS) and increasingly Smart Phone Applications, so...
Read MoreOn Sept. 9, I facilitated a Twitter discussion focused on the potential of Bitcoin and crypto currencies in emerging markets. Some highlights from the discussion include the following: To start we looked at the conditions in emerging markets Cash is still dominate and typical represents 80% of transactions. There are large unbanked or underbanked populations Those who can afford it the least, pay the most for banking services like remittances, bill pay. The cost is time, travel, and fees. Banks are much better at serving the elite then the mass market. Many products and services that scale well in developed markets struggle in emerging markets for a number of reasons...
Read MoreThe workforce is constantly evolving with Millennials fresh out of college and eager to make their mark on the world. As with every generation before them, they have their own lingo, their own career goals and even their own preferred technologies. Among these include mobile banking and the marketing of banking services via social media, and here’s why: Over 50% of the workforce is comprised of Millennials. This tech-savvy group relies on social media, such as Facebook, Twitter, Pinterest and LinkedIn for everything from status updates to current events. Social media marketing is efficient and green. Advertising costs add up quickly for banks, and Millennials...
Read MoreSoftware — not gold, silver, or paper — just might be the future of global currency. It’s a bold statement that’s starting to resonate within government corridors around the world. As recently as a few years ago, the “fad” of Bitcoin could’ve easily been dismissed. Today, this is no longer the case. Known as a cryptocurrency, Bitcoin and other peer-to-peer virtual currencies, have achieved widespread global acceptance within emerging markets including in China, India, Brazil and Kenya. Within these countries, Bitcoins are considered by some as safer long-term investments than either stocks or the national currency. While Bitcoin...
Read MoreAlternative currencies are sweeping across the globe. And as global currencies adapt and evolve for The Digital Age, many are turning to Bitcoin to conduct transactions, both small and large. This shift has made it easier and more mainstream to conduct business via this young currency, leading more companies within emerging markets to bank on the future of it. This is truly a fascinating phenomenon to witness. While some people may seek to diminish its importance, the reality is that change is not unique in the annals of history. Indeed, every culture in the world has experienced the emergence of new forms of trade currency at some point in time, and many of those have...
Read MoreIn theory, financial services should be available to everyone, regardless of economic status. However, reality paints a different picture. The lack of financial inclusion that extends to all classes is a serious cause of concern, which has prompted Mastercard to host the Mastercard Foundation Symposium on Financial Inclusion.Held in Turin, Italy from July 16 to 18, this symposium focused on the fact that there are still at least 2.5 billion people who don’t have affordable and convenient access to financial services despite modern technology. Big-name speakers discussed ways to reach out to excluded groups in spite of the challenges and issues that hinder their...
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