TOP THREE TECHNOLOGIES DISRUPTING BANKING: Mobility

Several new technologies have emerged in recent years which are starting to have a dramatic impact on the banking industry. The most important of these according to banks is mobility, where 59% of banks expect the impact to be high or very high. We see examples of this in all sectors and sub-sectors of the retail banking business and mobile continues to be the hottest area of innovation focus for most banks.

Disruptive Technologies

Rating of the importance of disruptive technologies by banks

Using a scale of 1 to 7, the categories are High (6 or 7), Neutral (3, 4 or 5), Low (1 or 2)



Mobile developments are having a significant impact but there is some way to go before it is widely used as a channel for banking and payments. For example, in the United States, the Federal Reserve reported that 39% of people with mobile phones had used mobile banking in 2014, an increase from 33% in 2013. Only 22% used mobile payments in 2014 but this figure will likely increase more rapidly with the launch of new services such as Apple Pay.

Mobile Money

Telcos are important players in mobile money around the world and hence will be competing with the banks in many markets. According to the GSMA, there were 255 mobile money services globally at the end of 2014, up from 233 services at the end of 2013. The number of active mobile money accounts reached 103m. Examples of services launched recently by telcos are:

  • Your Mobile Money (Peru)
    With the goal of promoting financial and social inclusion in Peru, Movistar partnered with MasterCard to launch Your Mobile Money in 2015. This is the first electronic money service in Peru, which will offer users significant savings in their money transfers.

  • Myanmar Mobile Money (Myanmar)
    Myanmar Mobile Money was launched in 2014 by Myanmar Post and Telecommunications and MECTel. It is focused on offering basic financial services through its network of agents and partners across the whole of Myanmar. The service enables person-to-person transfers, withdrawals and deposits, as well as salary disbursement and merchant payments.

About Finacle Mobile Banking solution
The Finacle Mobile Banking solution offers an intuitive and secure, banking and payment experience to retail and corporate customers. Architected on the IBM MobileFirst platform, this solution delivers banking on a variety of mobile platforms, devices, and access modes. The solution enables your institution to delight customers with a broad range of differentiated service capabilities such as speech based payments, touch ID based biometric authentication, augmented reality, personalized onboarding through QR codes, and mobile remote deposit capture.

Does your bank have the right strategy for mobility?
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