"Brandon McGee, Industry Insider, Mobile Banking Guru...He is not only the real deal, a genuine industry insider, but also knows exactly what's on the minds of financial service pros as they contemplate the various mobile options." - Jim Bruene, Publisher & Founder, Online Financial Innovations

"Going Mobile. Local executive carves niche as national expert on fast-growing banking-industry technology trend" - Scott Olson, Indianapolis Business Journal (IBJ)

"Brandon McGee, the industry's unofficial ambassador for mobile banking" 

Thursday, November 8, 2007

Aite - Mobile Banking Round-table Discussion

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.

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