cool infographics continued

What are people doing on their mobiles ? Well again, inmobi has made it very easy for you this morning, no need to engage ZAMPS, i dont think they have considered mobile yet as a medium. *exclaim if you must*….
Mobile wallet holds strong growth potential across developed and emerging markets, as infrastructure permits and services become available. Convenience is again a key driver for mobile wallet; however, many consumers in emerging markets are attracted by not needing to carry cash – See more at:
In my view, ecocash is a forerunner. Its educating the public for the banks and for free! There is plenty a service to be had on mobile, and the bank wallet will be the primary source of funds for this mobile lifestyle.
Go ahead and give them a call… The Masters of Mobile

Should banks in zimbabwe be worried about ecocash ?

Me thinks not, and I’ve got the coolest info graphics to prove my point.

Instead of fighting the establishment,they should be embracing the technology to leverage on a super user experience.

22% of mobile users globally have performed banking activities on their phones. While 15% of mobile users globally have used their phones as a mobile wallet, where they pay for products and services via SMS, a mobile phone app, or by touching their mobile phone to a sensor. – from Kantars, info graphic on money goes mobile;
I think the market has yet to deliver the ultimate end all and be all mobile solution in Zimbabwe. There is significant room  to improve and deliver a mobile lifestyle.  And i would unashamedly recommend that companies in Zimbabwe talk to to  get their mobile thinking groove on.
Inmobi’s infographic on mobile media consumption patterns should convince you if nothing else. Consumers are spending more and more time on their devices. its your captive audience, and you want to move their transactions to the same device.
* drops chalk and walks away from the  board*  # HelloChildren!

What next for the banking sector on the eve of mobile money?

Kenya’s mobile networks are now collectively the largest bank in the country, thanks to the mobile money deposits they hold on behalf of their subscribers.

According to the telecoms regulator, the CCK, the mobile networks held Sh226 billion (US$2.65 billion) in deposits at the end of last year — compared to the country’s largest commercial bank, which held deposits of Sh223 billion.

“The mobile money transfer service continued to record tremendous growth during the period. The number of mobile money transfer subscribers grew by 9.4 per cent to 21.1 million up from 19.3 million recorded in the previous period,” the CCK said in a report. Coupled with well over 63,000 agents, the M-pesa network far outweighs any bank branch network in sub-Saharan Africa.

In Zimbabwe, Ecocash’s growth, second only to Mpesa has seen them acquire 2.1 million customers. Compare this with banking sector account holders estimated at only 1.5million, the banks are struggling not just for share of customer wallet, but share of customer period.

Banks and financial institutions launching mobile wallets in the immediate future should expect to enter a hotly contested market, crowded with own-brand solutions that are limited to the delivery of proprietary services only, according to Mobey Forum’s Business Workgroup. This means that banks and financial institutions should think very carefully about their chosen structure and approach to market. Decisions taken now will have a significant bearing on the value they are able to deliver to customers and, in a crowded market, value will be the key to earning the loyalty of end-users.”

As each bank seeks to develop its own mobile banking solution, it must consider the various platforms already in the market, and attempt to differentiate its offering from another wallet.Image


SMS marketing for bank customer acquisition

Mobile is no longer a nice to have. Mobile can deliver specific calls to action to specific consumers, based on location, time, and, most importantly, a demonstrated interest in the products or services being offered. Banks that do not put mobile first and foremost do so at their peril. Mobile is all about experiences and personal interactions with brands.

Are enough of our banks focused on mobile banking as a service? Yes and in a big way.

 Banks are looking to provide innovative services to their customers, and to remain competitive they have to offer mobile banking to customers. By moving certain services to mobile, customers can use on their own time. With transaction and access charges remaining low convenience provided by mobile banking outweighs the costs in the minds of consumers. It all depends on what fees the banks choose to charge and the perceived value to the customer. The core tenant of mobile banking is the cost of convenience for the customer

3 top benefits of mobile banking are the ability to view accounts anywhere at any time, helping users stay in control of their finances and access to real-time information. A recent report looking at the financial behaviors of Bank of America mobile users found that 25 percent say they are avid users of mobile banking. This group cites their top mobile banking activities as checking account balances (81 percent), transferring funds (64 percent) and paying bills (63 percent).

Banks  are looking to mobile banking to generate revenue for sure, but they will also look to save costs since the ROI on call center deflection, cost-effective deposits, etc. is already very compelling.

Juniper has big bets on how mobile banking will affect payments and commerce in the coming years. Additionally, the company defines the mobile commerce market as being made up of mobile payments, mobile retail and mobile banking.

The three inevitably tie together with transactions, information and alerts, mobile point-of-sale and remote access all being factors that will impact the mobile commerce ecosystem.

The big growth area for Kenyan banks, will be with real time settlements, with this, you will see a lot more customers using the bank bill pay option.

However for most banks, mobile banking awareness and adoption are low. Among top reasons for this, is customers don’t adopt the service simply because they don’t feel the need for it. Banks need to focus on building awareness and encourage adoption. This is where the use of mobile to acquire and grow customers is a must.

Recent study by Inmobi, states that Kenyan web user consumes 6 hours of media daily with mobile accounting for 31% of that time. Banks can no longer ignore SMS in their marketing campaigns, if they want to get the reach and awareness necessary for customer activation and acquisition on mobile banking.

What’s your Mobile Strategy for 2011?

2010 can un-disputedly be defined as the year of  the mobile. Now its come and gone and you still haven’t figured out this mobile thing. You can’t understand the hype,  but you attempted to win a Range Rover, win 50 million , win a Vitz,  talked to radio presenters about your marital woes, and waited for the  elusive million bob call from your mobile network, all via your mobile phone.

Now it’s not too late to make sense of it all. If anything,  this year has taught us  that the market is still young, still underutilized and you still have the potential to win at the mobile game. But, you  must have a mobile strategy. You can’t blindly copy what others are doing, unless you know why they are doing it.

If you did not  get any lessons or tips  from watching Kencell- Celtel-Zain,-Airtel  morph, then learn this,  that you have to have a plan. And a good plan. Not a reaction to what the others are doing, but a plan to achieve your fundamental goals. Have these goals clearly defined. Are they profit, customer acquisition, or service delivery?

Your mobile strategy will help you determine the customer journey. The customer journey is the most important of all your goals, because if you get it right, then you can achieve all your other goals.  Mobile is  the opportunity for brands to communicate directly with customers. It’s a very addressable channel, and the always on nature of it means customers are always reachable.

What should your strategy look like?

First determine what your ideal channels are going to be.  Take SMS for example;

SMS is really the simplest and the best medium for reaching customers.  It is said that 90% of text messages are read within 3 minutes of delivery and the recipients eventually read more than 99% of all text messages. Messaging is still a legitimate medium to communicate with a mass audience.   The immediacy of SMS makes it an ideal channel for brands to communicate with their customers. Take Radio for example, it is the perfect medium for text because it allows users to be than much more connected to their favourite stations.

For other brands, SMS capitalizes on the opted-in database ,like  information service subscriptions( 6667 nation mobile, 411 on Safaricom) to establish an ongoing relationship with the customer. Subscription services like these rely on the information being highly relevant to the person and at that very moment. These are context aware. Contextualizing the service to suit the audience, helps to create multiple channels that will deliver instant value to the end user.

A large part of your mobile strategy will really be about defining your customer’s experiences. User experiences for mobile are like science you can’t afford to get it wrong.  It is about getting into the daily lives of your targets and how they unfold and determining the best point of interaction.

The second part of your strategy is in profiling your customer.

What do they like? When do they like to receive it? What are their consumption habits? You can’t do this randomly or assume that you know your audience. Take for example a simple information subscription service like Horoscope. If I subscribe to the idea that the stars determine the outcome of my day, then it makes no sense to send me a horoscope alert in the afternoon. Say Breaking News, it implies I want to receive the news when it breaks, before every one else. It beats logic, for you to send a news item after I have watched it on the news.

Your next step is to determine what your brand perception is going to be. How you will raise awareness and associations. You have to do your research, and think of ways to use mobile to influence the target at the moment of the purchase decision.  You want the end user to associate your brand with a mobile experience, not just a promo code that can be copied by the competition. The reason for the proliferation of promotional SMS campaigns is research on the market that says, the Kenyan audience will respond to the idea of a better life by simply SMS’ing their name to a short code!

While this may work in the short-term for quick money gains, you don’t want your brand to be associated with a scheme just to fleece customers. Take mobile banking for example. You don’t think of Barclays Hello Money by their interactive code, or KCB connect by the code *522#, but for a customer they know what the brand value communicates you simply access the service via your mobile phone. The brand is perceived as convenient, and has established an anytime, anywhere transaction culture.

I end this with a quote, whose author I cant remember, but simply put, “If you are not winning, you need to change your strategy. If you didn’t have a strategy, you should get one.”