The meaning of the word mobile has changed over the last decade to mean much more than the ability to move freely from one place to another. From a simple cordless phone that allowed users to move away from the base, to a device that can do much more than make and receive phone calls, mobiles have become popular with the Gen Y. Mobile banking or mobile money as it is popularly known, has become the medium of choice for many banks and their customers. According to the Global Mobile Money Report 2015, although the biggest obstacle to the growth of mobile banking is trust, there is no doubt that mobile banking is booming. Let us try and understand the latest trends in mobile money: http://suyati.com/mobile-banking-mobile-money-trends/

1. Upward trend in mobile banking:
Mobile money trends

2.  Mobile banking has become the medium of choice
for many banks and their customers.
 According to the Global Mobile Money Report 2015,
although the biggest obstacle to the growth of
mobile banking is trust, there is no doubt that mobile
banking is booming.
The Millennium Generation

3. The Millennium Generation
 The millennium generation prefers non traditional banking
methods main reason being convenience and ease
 Less than 30% consumers of advanced age, however, use non-
traditional payments
 With better NFC penetration, better transaction support is
required.

4. The Social Scenario
Peer to peer transactions
Loans are increasing
The financial industry is booming
More opportunities for cross selling

5. Educating the masses
 Banks need to educate the customers about the
convenience and ease of mobile banking
 Trust and confidence that are achieved through
experience will endear the consumers
 Banks should reassure that their money is safe

6. Steps to be taken
Introduce free mobile wallet
Separate the Tablet and the Mobile
Change approach from store to mobile
Mobile apps to search financial products

7. The New Challenge to Banking
Difficulty to sustain customers
Nurture them to loyal customers
Turn loyalty into financial gain

8. In a Nutshell
 The banking industry is experiencing a paradigm change
as it goes digital.
 From cashless plastic transactions to mobile wallets, the
industry has come a long way from traditional system of
personalized banking.

9. That’s not all, feel free to share this information
For any queries on Mobile Technology

10. Suyati provides marketing technology and integration services for companies
that wish to combine the best of breed solutions and create a unified
approach to customer acquisition. This unified digital marketing approach
requires system integration between various CMS and CRM platforms, and a
slew of eCommerce, Marketing Automation, Social Media Listening, email
and social marketing, and customer service systems. Our specialized
knowledge in Salesforce, open source and .Net based systems enables us to
build effective custom integrated solutions for our clients.