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    increasing role of M-Commerce

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    Intro to Electronic Commerce

    Research the commercial applications of m-commerce in one of the following areas:
    1. Financial services
    2. Marketing and advertising
    3. Travel and transportation
    4. Human resources management
    5. Public services
    6. Health care

    Develop a report that contains the following:
    A. Product Services Overview
    i. Briefly outline the evolution of the product/ service/ concept
    ii. Define and Describe the underlying technology(ies)
    iii. Describe the major advantages and disadvantages of the product/ service/ concept

    B. Broad Market Overview
    i. Outline the current market environment
    ii. Describe the drivers for adoption/ growth
    iii. Market inhibitors

    C. Specific Market Applications
    i. Describe the specific applications and the market segments at which they are aimed
    ii. Identify and evaluate the potential opportunities for adaptations of the product/ service/ concept

    Some sources that can be reviewed for this assignment include the following:

    Please ensure that you appropriately cite all sources used in this report.

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    Solution Preview

    We will discuss about the increasing role of M-Commerce in Financial services. We will cover areas such as Mobile banking, Mobile payments/micro payments, which represents a major portion of the M-commerce in financial services industry.

    Overview of M-banking:

    Overview of Mobile Banking
    The advancement of Internet has revolutionized the way the financial services industry conducts business. It has empowered organizations with new business models and new ways to offer 24x7 accessibility to their customers. The ability to offer financial transactions online has created new players in the financial services industry, such as online banks, online brokers and wealth managers who offer personalized services.

    Over the last few years, the mobile and wireless market has been one of the fastest growing and most interesting markets in the world. It is still growing at a rapid pace. A recent study done by In-Stat/MDR claims that the number of mobile subscribers worldwide will reach 2 billion before the end of 2007. Mobile users have just started to fully utilize the data capabilities in their mobile phones. In Asian countries like India, China, Indonesia and Philippines, where mobile infrastructure is comparatively better than the fixed-line infrastructure and in European countries
    where mobile phone penetration is very high (80% of consumers use a mobile phone), mobile phone banking is likely to appeal even more. This opens up huge market for financial institutions interested in offering value added services. With mobile technology, banks can offer a wide range of services to their customers such as doing funds transfer while traveling, receiving online updates of stock price or even performing stock trading while being stuck in traffic.

    According to the German mobile operator Mobilcom, mobile banking will be the killer application for the next generation of mobile technology. Mobile devices, especially smartphones, are the most promising way to reach the masses and to create "stickiness" among current customers, due to their ability to provide services anytime, anywhere, high rate of penetration and potential to grow. According to Gartner, shipment of smartphones is growing fast, and should top 20 million units in 2006 alone.

    source: http://www.polaris.co.in/new/PDF/Oct2005/SOA%20in%20Mobile%20Banking.pdf

    The proliferation of mobile communications in countries around the world, especially the developing countries, has the potential to bring a wide range of financial services to an entirely new customer base, according to a new report commissioned by infoDev in partnership with the International Finance Corporation (IFC), and GSM Association.

    Mobile enabled financial services, or m-Banking, can address a major service gap in developing countries that is critical to their social and economic development. In many developing countries, particularly in rural areas, access to financial services is limited. A large proportion of the population is excluded from formal banking systems and make payments entirely using cash, which is far less secure and flexible ...

    Solution Summary

    We will discuss about the increasing role of M-Commerce in Financial services.