Tag: mobile banking

Banks are now vying for a top spot in this marketplace where the potential for growth is astronomical.

The African marketplace is providing a rather unique mobile banking opportunity to financial institutions that are looking into new areas of considerable potential, as the majority of people there have cell phones, but do not have bank accounts.

This provides the opportunity to use mobile technology to bring services to a fresh banking market.

This concept is far from simply being theoretical. Mobile banking is already seeing explosive growth in many countries throughout Africa and now banks are hoping to be able to step into these economies in order to make sure that they don’t miss out on this new revenue stream. At the moment, many of these services are currently dominated by telecom companies, as is the case in Kenya. However, in that country, one of the largest banks in the country – Equity Bank – is entering into the battle in order to reclaim some of the turf that it has traditionally called its own.

Currently, M-Pesa holds the top spot as the most popular mobile banking service in Kenya.

M-Pesa gives an individual in Kenya the ability to use a mobile wallet for receiving payments, sending funds to other users of the service, or even withdrawing cash from agents at roadside stands and convenience stores located throughout the country. The company, itself, is owned by Safaricom, which is a Vodafone Group subsidiary in Kenya.

This service is providing banking services to individuals and business owners who have previously been unbanked. That said, it offers them a range of service that are highly useful to them. For example, it means that their funds can be kept in digital form so that their risk if they are robbed is considerably lower. Furthermore, individuals who live in rural areas but who migrate to the city to work there for weeks or months at a time can send funds back to their families without having to make the physical trip.

The M-Pesa mobile banking service first launched in 2007, and now it is handling an estimated $18 billion in annual transactions. This from individuals ranging from the pedicab drivers in Mombasa to the cattle herders in the distant villages of the Rift Valley, and everybody in between; nearly all of whom have previously been unbanked despite the fact that they make up approximately 43 percent of the economic output of the country.

The financial institution intends to release the first 3D banking app in the world this September.

The new smartphone app uses augmented reality technology to assist customers in locating the closest branch or ATM, shows transactions, account balances, and spending locations, all of which is displayed in three dimensions, and Westpac New Zealand (NZ) hopes that the app will help customers gain better control over their credit card spending.

The app was the concept that took the top spot in The Westpac Global App Challenge in the UK.

The application utilizes the smartphone camera, which scans a consumer’s debit or credit card. After scanning, it instantly generates a 3D visual representation that is equipped with bar charts to show the user the amount of money that was spent in different categories, for instance, utilities, food, travel, etc. It also sums up loyalty points, allows the customer to make on the spot payments and flags the number of days that are left before a bill is due.

The unnamed rocket scientist, who developed the application, has a side business of building apps. Simon Pomeroy, the chief digital officer at Westpac NZ, said of the challenge winner that “His job is in innovation. He spends his time thinking about apps and saw the ability to create one he’d use himself. He was just really blown away by the fact that he could enter something online and have it taken to this level.”

Augmented reality technology takes mobile banking to another level.

Pomeroy said that after seeing the concept for the app, it became clear the impact AR tech can have in terms of “adding a new dimension to mobile banking.” He also noted that one of the important features of the app is its ability to find ATMs that were part of the ATM Global Alliance around the globe that could be used by Westpac customers free of charge.

Pomeroy stated that Westpac customers are constantly asking the company for quicker and more convenient ways to conduct their banking. What Westpac feels the app will accomplish is it can bring everyday banking to life in a visually appealing way that is easy to use. It will take daily banking to a whole new level.

The new augmented reality app will be released for iOS in September. Westpac said that there will also be an app released for Android mobile devices, which will come out later this year.