The past three years have seen an
explosion in the number of wireless communication devices, especially in Asia
and Europe. The emergence of this new mobile delivery channel presents an
opportunity for retail financial institutions looking to proactively engage
their customers with additional services and products.
Not surprisingly, however, many financial institutions have been reluctant to
fully embrace the wireless delivery channel so far, still trying to determine
how best to capitalize on the PC-based Internet channel. Meanwhile,
telecommunications operators are taking advantage of the increasing penetration
of new generation mobile devices and are forging ahead full speed to deploy
innovative wireless services.
Members of Celent Communication's Retail
e Banking and Retail
eTrading and research service can download this report electronically by
clicking on the icon to the right.
In this 27-page report, "Wireless Financial Services: A Global Overview",
Celent Communications examines the global penetration of wireless devices and
analyzes its impact on financial services. The report also provides an in-depth
overview of the technological trends associated with the wireless delivery of
financial services and identifies the strategic issues financial institutions
must address in order to develop comprehensive business and technology
strategies for mobile financial services.
"While mobile commerce is still in its infancy, wireless financial services
are already a reality: In some regions like Scandinavia or Japan, driven by the
successful launch of mobile Internet services, mobile financial services are
already among the top services in terms of customer demand," explains Octavio
Marenzi, Managing Director at Celent. "European and Asian
financial institutions will lead this trend over the next 2 years; deploying
a wireless access channel is an absolute necessity for financial institutions in
these markets. However, in North America, there is no compelling reason for
financial institutions to offer wireless services. US banks and brokerage
firms implementing mobile services are likely to see very low numbers of users,
and have difficulty achieving positive returns on their investments."
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