By @SimonCocking Mobile is impacting heavily on our society today. In this book, Nicoletti analyzes the application of mobile to the world of financial institutions. He considers future developments and the possible use of mobile to help the transformation in products, processes, organizations and business models of financial institutions globally. Buy the book from PalgraveMcmillan here.

Mobile banking may not be completely secure but it still offers a massive opportunity for the future of banking. You may have noticed we have been interviewing a lot of leading banking thought leaders recently. If one thing is clear, it is that no one is sure who will prevail in the current explosion of FinTech startups and traditional banks looking to future proof their current decisions.

Nicoletti states early on “financial services need to change”(p6), with the need to move from mass banking to personalised services. In many Western countries the current services offered by banks are wholly inadequate and leave the user, us the customers, annoyed and unimpressed by their services. Up until now many banks have retained their customers due to customer complacency rather than any feeling of satisfaction with the services offered. While there is no clear winner, yet, it’s clear that mobile payments will only rise and rise (p63) and whoever can offer the best way to deliver these services will reap the rewards.

The challenges are to solve the security, integration and risk management issues. There is a massive opportunity here too. Once these challenges are successfully addressed mobile banking will be able to launch in many markets quickly, unconstrained by the need for bricks and mortar locations.

Nicoletti spells out four key areas where financial institutions need to innovate (p162); products (services), processes, organisations and business models. Crack this and you’ll be minted!

It’s a good book, it addresses the key challenges. Since being published in 2014 you wonder how far these things have progressed. Perhaps we’ll see some of the answers at next weeks inaugural FPAI event in Dublin.


If you would like to have your company featured in the Irish Tech News Business Showcase, get in contact with us at [email protected] or on Twitter: @SimonCocking

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