They say that mobile will revolutionize the way we gather and interact with information by 2015.That mobile is big is no longer in question. Its no longer the next best thing, its actually THE THING. As we continue our info graphics lessons, here are some interesting facts about mobile, to get you thinking about the possibilities.
1. We don’t share phones even with our Spouses!
2. Information is always available 24/7 even when idle
3. By 2013 Mobile phones will overtake PCs as the most common web access device WORLDWIDE!
4. 7 out of 10 people sleep with their phones within reach
5. Twice as many people have phones than they do credit cards
6. Smart phone sales will surpass computer sales by 2013
7. Mobile phones will become the dominant platform for listening to music by 2020.
two years ago social media,the power of mobility and connectedness was used to overthrow some very powerful dictators,i.e Tunisia, Egypt. Mobile payments have now entered their disruptive phase- consumers have already adopted the new thinking, that you can pay for services via your phone.
If mobile isn’t already a part of your marketing or customer acquisition strategy then it should be.
Me thinks not, and I’ve got the coolest info graphics to prove my point.
Instead of fighting the establishment,they should be embracing the technology to leverage on a super user experience.
Kenya’s mobile networks are now collectively the largest bank in the country, thanks to the mobile money deposits they hold on behalf of their subscribers.
According to the telecoms regulator, the CCK, the mobile networks held Sh226 billion (US$2.65 billion) in deposits at the end of last year — compared to the country’s largest commercial bank, which held deposits of Sh223 billion.
“The mobile money transfer service continued to record tremendous growth during the period. The number of mobile money transfer subscribers grew by 9.4 per cent to 21.1 million up from 19.3 million recorded in the previous period,” the CCK said in a report. Coupled with well over 63,000 agents, the M-pesa network far outweighs any bank branch network in sub-Saharan Africa.
In Zimbabwe, Ecocash’s growth, second only to Mpesa has seen them acquire 2.1 million customers. Compare this with banking sector account holders estimated at only 1.5million, the banks are struggling not just for share of customer wallet, but share of customer period.
Banks and financial institutions launching mobile wallets in the immediate future should expect to enter a hotly contested market, crowded with own-brand solutions that are limited to the delivery of proprietary services only, according to Mobey Forum’s Business Workgroup. This means that banks and financial institutions should think very carefully about their chosen structure and approach to market. Decisions taken now will have a significant bearing on the value they are able to deliver to customers and, in a crowded market, value will be the key to earning the loyalty of end-users.”
Since the advent of mobile advertising and marketing, leading global brands are putting significant budgets behind mobile. The battle for customers within the FMCG and retail segments will increasingly shift to mobile as part of the integrated mix, leveraging its unique contextual information to reach customers on the go.
MPESA has grown at a phenomenal rate in Kenya, with close to 14M customers and nearly 40,000 agents. M-PESA is closer to Kenyans than any bank. Only 20% of the bankable population in Kenya is formally banked. Mainly due to low incomes, and the high cost of banking. Another factor is the poor infrastructure and distance from bank branch, plus numerous and lengthy procedures associated with account opening.
With mobile set to become the dominant channel in digital banking, customer demand is placing growing pressure on banks to deliver advanced and engaging services through mobile platforms. Banks however have not caught on to the enormous benefits that come with a clearly defined mobile strategy responsive enough to the rapidly changing industry.
The success of M-PESA however is not only from the deployment of an efficient and wide agent network, but from its simplicity; Innovative and customer-centric solutions. They think like customers. What do customers want? What do they need?
The customer demand for MPESA service leaves banks with no choice but to plug M-PESA onto their m-banking menus. The cost of convenience to the customer outweighs any double charge the customer incurs. Money is consistently moving out of the banks ecosystem into M-PESA and whoever is lucky enough to bank them.
However in my opinion, the banks are educating customers for when M-PESA officially gets a banking license. Put two and two together. If my bank has allowed me to move money into my M-PESA, officially they indicate that they have endorsed the service and hence trust it, hence its good enough for the end user. In a customer’s mind, that’s as good as any place to store your money. Recent surveys suggest that 26% of M-PESA customers use the service to save .Once M-PESA figures out how to take on deposits and acquire a banking license, guess who’ll lose?
Japan’s Jibun Bank is a case in point. It was created in 2008 as a joint venture between the country’s largest bank, BTMU and KDDI, a telecommunications operator. Designed from the outset as a mobile-only bank without a branch network, within two years it had more than one million accounts and US$1.7bn in deposits. Yes people, a MOBILE ONLY Bank is possible.
As the adoption of smartphones continues and speed of access improves, customers across every age group are becoming increasingly comfortable with conducting more and increasingly complex transactions through their mobile phones. By 2013, PayPal expects its mobile payment volumes to total US$7.5bn. Smartphones are proving the key enabler of mobile banking, in developed markets.
Banks traditionally make money from lending, so I suppose they will read this and think hey, that’s no skin off our back. But if they lose deposits, guess what’s next? Lending. And guess who has figured out how to make money profitably from lending small amounts i.e airtime….