The rapid advancement of technologies such as analytics, Blockchain, cloud, mobile and social media have created major opportunities to drive a better customer experience for financial service providers but are also spawning headaches when it comes to security and compliance. At the centre of this customer-centric innovation is the mobile wallet, which is a terrific way for consumers to shop card- or cashless and effectively manage their banking and financial planning tasks while on the go. Per Statista “Chart of the Day” based on Ericsson’s most recent Mobility Report, the number of mobile subscriptions.
Weighing in on the advantages and disadvantages
"A stick has two ends", a Russian idiom, meaning that when you fight with a stick be careful not to strike yourself when attempting to strike the opponent. At one end of the stick mobile services offer many benefits to both financial service providers and consumers such as:
At the other end of the stick is the bad, the mean and the ugly: