Why will mobile financial services & NFC be any better than existing online banking services? – Questions from Helen Keegan, Musings of a Mobile Marketer & Mobile Heroes

Last updated: 20 March 2014

In our latest post answering questions from mobile influencers here at Mobile World Congress, we’re taking a look at questions from Mobile HeroesHelen Keegan relating to mobile financial services (MFS).

Helen asked us how MFS (and specifically NFC) will improve on the services which online banking providers have now offered for a number of years. My first response to this would be that we are talking about completely different platforms. A mobile phone or tablet is a personal device, which is uniquely customised from one user to another. The mobile is not just another way to access online banking services, but a banking companion, which travels with the user anywhere, anytime.

With this in mind, MFS can be built to match the habits and preferences of each user. By mapping to the personal lifestyles of the user, MFS can bring the end-user closer to the service provider. Mobile banking and NFC are also perfectly-positioned to offer consumers value-added services such as loyalty program management. As long as consumer demand for smartphones and applications continues to grow, the need for constant innovation in MFS will continue. And far from being technology which is only of benefit to banks, mobile banking and NFC can provide consumers with a whole new world of possibilities.

Helen also expressed the views of many a frustrated consumer by asking if we will ever have an alternative to a login and password for MFS. The answer to this is far more straightforward: we already do. Gemalto’s MFS application lets users access their accounts using a single PIN without compromising security.

With security assured, adoption of MFS will undoubtedly explode over the months and years ahead. This can only possibly be a good thing for both consumers (who will benefit from a more personalized service) and for banks (which will enjoy more frequent interactions with their customers), so we look forward to seeing what other MFS innovations Mobile World Congress has still to offer.

We are offering demos in our Mobile Financial Services ecosystem on mobile money, mobile payment and mobile NFC, for both emerging and developed markets. Come and try it out. Hall 8 Stand 8A102.

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