Mobile banking and payment solutions will forever change banks

TowerGroup has recently issued a report examining the overall evolution of mobility in the financial services sector. Mobile banking overall is fast emerging as an indispensable business asset for banks to retain customers and reach new segments (youth, ethnic, unbanked) to secure deposits. Ultimately, TowerGroup expects mobile phones will do for financial services what Apple iPods did for music - spur a sea change in the way consumers access services and suppliers deliver them."

"Banknet's Seminar on Mobile Banking & Payments" on 26th August 2008 at Taj President, Mumbai will bring together GMs, DGMs, EVPs, SVPs, Heads of Mobile Banking from 10 major banks to discuss the challenges, opportunities & experiences.

With its theme “Changing Mobile Payment Landscape – Challenges & Opportunities”, the Seminar on Mobile Banking & Payments aims to keep apace with the recent developments, emerging m-payment models, newest technologies and market trends in the mobile banking & payments more

TowerGroup estimates that every month until the beginning of 2009, between 150 and 300 banks and credit unions in the United States will sign contracts for mobile banking solutions. Mobile banking will reach close to 6 million users by the end of 2008, and TowerGroup forecasts 42 million US active users of mobile banking by 2012.

"We believe the rise of next-generation mobile banking and payment solutions will forever change banks and payments companies," said Virginia Garcia, TowerGroup. "Mobility has the potential to enable timely, relevant, and actionable outreach that will ignite customer engagement unlike any other channel.

(Please note there is no association of TowerGroup with Seminar on Mobile Banking mentioned above)

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