In today’s world, the fluidity attained by banking customers and firms while making transactions and payments reflects the disruptive growth of online and mobile device and applications. Also a significant number of retail and e-commerce companies are joining the bandwagon of businesses practicing mobile payment options. Banks are themselves seen deploying all mobile strategies, replacing personnel from the counters with tablets and self-service kiosks for customers for engaging comfortably in banking operations. This phenomenon of mobile banking is purely defined by the level of device penetration, consumer inertia, and network ubiquity across geographies.
By covering a broad spectrum of functionalities—in-store payments, online payments, peer-to-peer payments, mobile wallets, carrier billing, and mobile point-of-service payments—the mobile banking technology market promises much than convenience and immediacy, enabling the stakeholders to gain visibility on inflow and outflow of relevant financial data. However, as more applications emerge at the doorstep of retail, commercial, and investment banking customers, the CIOs, CMO, and line of business heads are pressured to constantly update their websites and online banking practices to facilitate data discovery and user experience. Large banks are suffering from challenges while converting their existing customers into mobile as well as monitoring for anomalies in transaction behaviors.
Additionally, the impeding regulatory pressures are driving banks to make their APIs open to the third parties, resulting in the creation of new generation services that can be plugged back into their systems to enhance operations and bolster productivity. These trends are shifting the gears of banking and fintech firms toward innovation such as video banking, mobile biometrics, and risk and surveillance platforms. With much introspection, it is rather easier to predict collaboration among the solution providers as an assured way of transforming banks into ‘mobile application stores’ that host an array of banking products.
Apropos to this scenario, we aim to enlighten our readers with the experience and expertise of top ten mobile banking solution providers while dodging complexities in the evolving state of banking sector to serve the rising population of mobile users.
