What Future Holds for Mobile Money & Agent Banking? - PowerPoint PPT Presentation

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What Future Holds for Mobile Money & Agent Banking?

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Finance mobile app development solutions and agent banking services are about to witness upsurge in the world in future. Both have their own advantages. – PowerPoint PPT presentation

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Title: What Future Holds for Mobile Money & Agent Banking?


1
(No Transcript)
2
Future of Mobile Money Agent Banking
  • The number of people using smartphones for
    spending money and mobile banking has been
    constantly increasing. The former trend of
    shopping and banking on the desktops and laptops
    has given way to shopping using the smartphones.
  • Thanks to mobile payment apps, mobile devices,
    especially smartphones, that have become the
    center of financial activities of the people in
    the modern world.
  • Mobile payment is the modern way of making
    payment by using a mobile devices. With
    Smartphone dependence growing, a lot of
    innovative ways have been developed that allow
    any consumers to make payment conveniently, using
    mobile devices.
  • Heres where a Mobile Application Development
    Company plays a crucial role in enabling
    businesses as well as individuals to accomplish a
    secure and reliable mobile payment.

3
Fundamentals of Mobile Money and Agent Banking
  • Monetary payments made by using mobile devices
    and mobile applications are collectively known as
    mobile payment.
  • Smartphone usage has been on a steady rise and
    users preferences have definitely ensured that
    the mobile payment model is not only extensively
    followed but also modified and improved.
  • With almost any transaction being made possible
    using mobile apps, global businesses are
    required to facilitate a smooth payment mode
    through smartphones, that offers its users the
    convenience and security.
  • Mobile payment applications are fast replacing
    cards and cash transactions in the modern world.

4
Role Played by Mobile Money Agent Banking in
the Financial Sector
  • Mobile Money
  • Mobile money was initially developed for
    increasing financial inclusion specifically for
    those people who were formerly excluded.
  • When mobile money was first launched, it caused
    disruption of the agent distribution networks in
    the rural financial sector.
  • Now, agent distribution networks are being used
    by mobile money providers for increasing
    financial inclusion as well as for delivering
    efficient financial services.

5
  • Agent Banking
  • Agency Banking is the regulation which authorizes
    financial institutions to empower a banking agent
    to provide banking and financial services, on
    behalf of the bank.
  • This differs from mobile money considering the
    fact that while in mobile banking, one performs
    transactions on the mobile device, in agent
    banking, cash deposit and withdrawal are
    performed from the bank account directly.
  • The strategy that allows banking institutions to
    perform their operations everywhere, agent
    banking, is a concept that offers good customer
    care and faster response time. It helps people
    located in rural areas more.

6
The Way of Functioning of Agent Banking
  • There is a striking similarity between the
    functioning of agent banking and mobile banking.
    In agent banking, bank agents are trained and are
    provided with a mobile phone as a POS terminal.
  • The essential skills that will be imparted to
    them for providing banking services according to
    the standards, that are set default by the bank.
    They help customers in accessing to fast and
    affordable banking.
  • The common services provided by these agents
    include account opening, bill payment, funds
    transfer, cash withdrawal/deposit, balance
    inquiry, collecting documents, mini statements,
    and any other such services that are allowed by
    the bank.

7
Benefits of Agent Banking to Banks
  • Financial inclusion of the unbanked segment is
    facilitated, helping banks to expand their
    customer base.
  • Business processes may be simplified, while
    efficiency can be enhanced further. Efficient at
    agent network expansion, agent banking enables
    reaching out to increased number of people
    according to the need.
  • Agent banking enables banks to cut down on
    marketing time related to new services and
    projects offered to customer base in smaller
    locations.
  • A range of products as well as payment facilities
    through a single bank agent is possible. Cashless
    culture is promoted as well.
  • Agent banking acts as a means to serve wider
    customer base under reduced costs.

8
Mobile Money Agent Banking are Replacing Cash
and Cards
  • In most of the developed and developing countries
    in the world, over 74 of online consumers are
    managing their finances by making use of
    smartphones.
  • More and more people across the globe are
    comfortable making large purchases by using the
    mobile payment apps.
  • Payment through cash and card are steadily
    getting reduced gradually all over the world.
  • For people who dont have access to bank
    accounts, new mobile payment apps offer absolute
    financial solutions without the need for having
    physical wallets containing cash.

9
Wrap-up
  • More nations in the world are following the
    cashless economy trend, necessitating a thorough
    and secure collaboration between all the industry
    stakeholders.
  • Smartphone penetration is certain to rewrite the
    course of finance mobile app development in the
    near future. In future, we are about to observe a
    drastic upsurge in agent banking as well.

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