Mustafa Patni and Michael Lindsey
Left to Right: Joram, Matt, Nick, Brandon, and Mustafa
Just a few short hours ago I returned from New York where I attended a round-table discussion on mobile banking. Let me first thank the entire team at Aite. In two short hours we covered a variety of topics including:
* Is the term mobile banking tainted from the failed attempt in 2001?
* Who will ultimately own the clients - banks or carriers?
* What will be the role of mobile banking for the un-banked or under-banked?
* Does mobile banking have a business purpose or is it just keeping up with the Jones's?
* What kind of fraud or security attacks can we expect and how do we handle them?
* Where will mobile banking take us by 2010? Will mobile payments be a factor?
Overall, the discussion was outstanding and there was a strong turn-out with over 80 people in attendance representing banks, vendors, trade publications and press. I'd also like to take a minute to thank my fellow panelists:
* Nick Holland - Aite Group
* Mustafa Patni - Washington Mutual
* Joram Borenstein - RSA
* Michael Lindsey - Bancorp South
* Matt Dill - Western Union
If you are looking for a fresh opinion from an industry expert these five are as sharp as they come.
Now, this obviously does not summarize the full content and depth of the morning, but a few "big picture" notes would be:
* We (banks and carriers) will not decide who owns the client. The market will evolve and they will dictate to us who's in control by voting with their dollars.
* Do not ignore the un-banked and under-banked. They represent a very large target segment with big potential.
* Mobile banking does have inherent value. By adding another service to the relationship the client is less likely to defect.
* As always security is paramount. The keys will be customer education and a "mobile guarantee"
* Mobile payments will be a thriving and profitable industry but be patient.
No comments:
Post a Comment