Sunday, February 17, 2008

Mobile Banking Fundamentals

I thought that it could be worth my while to document the different components that constitute mobile banking the way that I see it. Many different views of mobile banking exists in the market today. These views of banking are often driven by the realities of different markets. It stands to reason that mobile banking solutions applicable in a London main-street bank and mobile banking in war-ravaged Congo will be different. But surely there should be some similarities. It must be possible to find elements of the same thing in both.

I do believe that mobile banking can easily be made up of five components. Every mobile banking deployment must have all five components. Some of these components may already exist in some instances or in others all have to be sourced (because nothing exists). In some instances two or more of the components are bundled together and are almost undistinguishable as separate components. Yet the following framework is a sound way to think about mobile banking. The components are:

1. Mobile channel access

2. m-Commerce management layer

3. Banking transactional manager

4. The value store system

5. Administrative support

In the next few blogs, I will describe each of these in more detail.

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