Recently, mobile financial applications have come to include banking, wireless payments/micro payments, wireless wallets, bill payment services, brokerage services and money transfers. These new technologies have opened the potential to turn the mobile device into a business tool, possibly replacing our traditional intermediaries such as banks and credit cards.
Mobile banking is generally defined as carrying out banking transactions and other related activities via mobile (AKA handheld) device. Services typically offered include bill payments, money transfers, balance inquiries, interest/exchange rates, sale/purchase of stock, and much more. As the wireless technology and transmission speeds continue to improve, the rate of mobile financial service is also likely to increase.
Mobile phones are transformed into secure, self-contained purchasing tools capable of instantly authorizing payments via the cellular network with wireless payment systems. Micro payments are electronic payments for small-purchase amounts and the demand for an easy to use system is high. Micro payment technology has a wide range of applications from making payments at parking garages, to buying groceries.
An e-wallet is a piece of software that stores an online shopper's credit card information so that the shopper does not have to reenter that information for every online purchase. Recently, companies such as SNAZ offered mobile-wallet (m-wallet) technologies that enabled cardholders to make purchases with a single click from their mobile devices.
Many companies are now offering customers the option of paying their bills directly from a cell phone. Bill payments are made using a mobile device with SMS (short messaging service) which is the same technology that supports text messaging.
These are just a few of the examples of how technology is changing the way in which we do business.
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Doing things fast and easy is what everyone seems to be wanting. I would submit that the old adage"haste makes waste" has come into play with the electronic age. For instance the ease of emailing has lead to some conflicts (cyberspace battles) that might have been avoided had emailing were not as fast and easy as it is.
The fear I have is that some of the mobile applications in financial services outlined in Jessica's blog, might result in far too many users making dangerous impulse moves that had they spent more time and had a bit more difficulty before pressing the "send button" they may have avoided making a poor decision. Quick and easy has gotten us to the dire financial situation we are facing in the mortgage business. We need to be careful; the quick and easy path is not always the best or most effecient way!
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