Mobile Banking: Evolution or Revolution? PDF
Preview Mobile Banking: Evolution or Revolution?
Mobile Banking Also by Bernardo Nicoletti L’IMPRESA MONDIALE: Nuove Strategie di Produzione (w ith Michael J. Baker, Kristian Moller and Stephen T. Parkinson ) STRATEGIA AZIENDALE E SVILUPPO TECNOLOGICO ( with Giorgio Eminente ) CASI DI ORGANIZZAZIONE E MANAGEMENT (w ith Franco Fontana and Marco Lacchini ) I CIRCOLI DI QUALITÀ LA GESTIONE DELLA QUALITÀ MANAGEMENT PER L’EDILIZIA ASSISTENZA TECNICA E QUALITÀ TOTALE: Come migliorare la soddisfazione dei clienti e la redditività delle imprese di assistenza tecnica GLI STRUMENTI DEL LEAN & DIGITIZE LA METODOLOGIA DEL LEAN & DIGITIZE SERVIZI AZIENDALI PRE E POST VENDITA LEAN AND DIGITIZE CLOUD COMPUTING AND FINANCIAL SERVICES LEAN PROCUREMENT Mobile Banking Evolution or Revolution? Bernardo Nicoletti University of Rome ‘Tor Vergata’, Italy © Bernardo Nicoletti 2014 Softcover reprint of the hardcover 1st edition 2014 978-1-137-38655-7 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6–10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The author has asserted his right to be identified as the author of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2014 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries ISBN 978-1-349-48166-8 ISBN 978-1-137-38656-4 (eBook) DOI 10.1057/9781137386564 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. A catalog record for this book is available from the Library of Congress. To my father, who loved me so much and initiated me into banking This page intentionally left blank Contents List of Illustrations x List of Abbreviations and Acronyms x i Introduction 1 1 Innovation in Financial Services 4 Introduction 4 Challenges for financial institutions 5 Mobile banking for a new model for financial institutions 6 Financial institutions in the near future: evolution or revolution? 12 Smartphonatics 14 New delivery channels 1 5 Conclusions 1 6 2 Mobile Banking 1 9 Introduction 1 9 A Lean and Digitize way to do banking: mobile banking 1 9 The value of mobile banking 2 8 Critical success factors for mobile banking 3 3 Architecture design 35 Analyze and process design 4 2 Payment services 6 2 m-POS 6 8 Mobile wallet 6 9 Mobile-only banks: another revolution in banking 7 1 Verify 7 5 Conclusions 7 8 3 Management of Mobile Banking 8 0 Introduction 8 0 vii viii Contents The economics of mobile banking 89 Conclusions 94 4 Opportunities, Challenges, and Remediation 9 6 Introduction 96 Mobility, risk, and change 98 Opportunities 9 9 Challenges 9 9 Remediation 102 Conclusions 1 04 5 Regulatory Framework for Mobile Commerce 1 05 Introduction 105 Regulations on customer and data protection 106 Mobile banking and mobile commerce 110 Conclusions 111 6 Mobile Security 1 12 Introduction 1 12 Challenges of mobile security 1 13 Potential threats 113 Consequences 115 Controls 1 16 Countermeasures 1 16 Security software 117 Penetration testing 1 22 Security recommendations for mobile banking 1 23 Conclusions 1 25 7 Mobile Banking throughout the World 126 Introduction 126 Mobile banking in the Americas 1 27 Mobile banking in Asia 130 Mobile banking in Europe 131 Mobile banking in Australia 137 Mobile banking in Africa 1 39 Conclusions 1 40 8 The Future 142 Introduction 1 42 Contents ix N etwork technologies 143 W earable handsets 143 C loud computing 1 43 F uture functionalities in mobile banking 146 ( Big) data 1 48 I mplementation 1 59 C onclusions 161 Conclusions 162 Innovation in products 1 62 Innovation in processes 1 64 Innovation in organizations 165 Innovation in business models 1 66 Glossary 1 70 Notes 1 86 References 1 93 Index 2 05
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