The Future of Mobile Phone Banking in the Philippines: Global Trends for Rural Bankers to Consider (Part 3 of 3)
RBAP-MABS Chief of Party John V. Owens shares the future of mobile money in the Philippines during the Roundtable Conference on November 9, 2011.
During my presentation, I shared with the audience some of the latest relevant updates and trends that we are seeing from around the world in terms of the uses of mobile money and mobile banking services.
One interesting theme is the use of viral marketing to support the expanded use of mobile money and mobile banking services by focusing on key influencers in particular markets. The second major agent of change is referred to as the “Stickiness Factor” or the specific content of a message that makes it memorable and the third major agent of change is referred to as the “Power of Context.” This last factor points to the fact that human behavior is sensitive to and strongly influenced by the environment and the surrounding circumstances at a particular time and place.
Banks, MFI, and even agents are beginning to see the benefits of offering mobile money-enabled banking services in order to better address real client needs and use it as hooks to attract more banking clients as well as to cross sell additional banking services to their clients interested in a mobile wallet.
