"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" 

Sunday, July 6, 2008

Recap from Mobile Commerce Summit - Part 2

One of the most interesting sessions from the Mobile Commerce Summit was titled "NFC Mobile Payments Ecosystem and Applications - An Update of Pilots around the World."

Here are a few of the comments that caught my attention:

1) When Dom Morea (SVP - First Data) was asked the question, "Who will pay?" (i.e. how are the carriers compensated in the new model) He responded, "If incremental value is created people will pay."

In other words, don't worry about specifying "who" right now because the fact is everyone will be willing to pay if the solution generates revenue and creates shareholder value.

2) James Anderson (VP - Mastercard) then added the following:
* If the only solution is to take dollars from an existing player - we're dead.
* Look at your customer base. Figure out who will pay for NFC and then sell to them.
* 80% of the value will come from 20% of the market
* The banks that lead will begin to take good clients from other institutions. That's the benefit that will cover the upfront cost until the value is proven.

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