Trends in Financial Services Delivery: Implications for a User-centric Mobile Banking Business Model

The rapid expansion of information and communication technology and mobile communication devices has played a definite and considerable role in people's social lives. The mobile banking market is characterized with a history of numerous tried and failed solutions, and a future of promising but yet uncertain possibilities and innovations. In the past decade, user- centered design has become the essence of creating innovative mobile banking business models. In this domain, designers and business model developers focus on comprehending and meeting people's specific requirements. In this paper, we describe a collaboration business model, which involves collaboration among all stakeholders in the mobile payments value chain, with the focus on the consumer. It is about the convergence of collaboration, communication, community and content. We describe the stakeholder involvement and its implications on the innovation process. An analysis of the mobile banking environment is provided using a multidisciplinary approach involving all the relevant factors. The analysis of frameworks and aspects of external influences is necessary to comprehend all the relevant factors, and analyze the different influences that impact the mobile banking market and lead to economic development. This refers to technological aspects, regulatory and standardization frameworks, social and cultural factors and marketing aspects. Each of them has a remarkable influence on adoption of mobile banking business models, and each of them represent a very extensive research area for itself. We are not going to analyze them in detail, but our focus is on the social and cultural factors and regulatory frameworks. Social and cultural factors are important determinants for the use of different mobile banking business models. These factors include, but are not limited to, economic conditions within the country, payment culture, and culture's disposition to trust. On the other side, regulatory requirements including liquidity, security, fraud detection and management and in particular money laundering prevention is essential. The analysis of frameworks and aspects of external influences is necessary to comprehend all the relevant factors and analyze the different influences that impact the mobile banking market. Finally, we conclude with key success factors leading to consumer acceptance of a new m-payment system.