Mobile-only banks: A new frontier for mobile networks

Mobile-only banks: A new frontier for mobile networksThe mobile banking and payments market has grown exponentially in the past few years, says Orange’s Marc Rennard, and the opportunity “has not been ignored by the mobile operators, with many taking an active role since the beginning of the millennium, often targeting very specific use-cases as a means of carving a niche for themselves,” he explains.

“The challenges today for operators navigating the mobile finance space remain significant but the path forward is more evident,” Rennard adds. “It’s important that the customer experience makes a tangible difference to people’s lives, which is something mobile can deliver on.”

In this paper Rennard outlines how operators can navigate the current challenges in the mobile financial space before turning to the changing shape of the customer-bank relationship. He then explores the benefits of mobile-only banks compared to traditional banks and provides details of the mobile network operator’s plans to launch its own Orange Bank in France.

Orange's Marc RennardFinally, Rennard offers insight into what consumers can expect from Orange and how it plans to reinvent retail banking for the mobile age.

This eight-page article has been written by Marc Rennard, Deputy CEO of customer experience and mobile banking at Orange, and forms part of the second volume of NFC World’s What’s New in Payments report.

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This eight-page document is available free of charge to NFC World Knowledge Centre members (PDF format, 1.8MB).

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This item is part of the What's New in Payments Knowledge Centre.