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Mobey Forum explores mobile wallet strategies for FIs

October 17, 2013

Mobile banking collaborative Mobey Forum has released a new white paper, "Mobile Wallet: Strategic Options for Banks." In it, the forum posits that if FIs are to remain competitive in a mobile age, they need to act now to formulate a sustainable mobile wallet engagement strategy. 

The paper is the fifth in a series dedicated to analyzing the role of the mobile wallet in general and in mobile wallets for FIs in particular, according to a Mobey Forum news release. It begins by explaining how the mobile wallet will transform the consumer shopping experience and concludes with recommendations devised to help banks establish optimal ecosystem positioning.

The document describes three groups of services that are expected to drive mobile wallet adoption: "payments"; "own value-added services"; and "value added services from third parties."

These groups are mapped against three models for wallet ownership: "own wallet"; "joint venture wallet"; and "third party wallet."

Five strategic go-to-market options are derived from this process, and then explored and assessed. 

"Each strategic option has its own merits, but what unites them all is the need for banks to step out of their comfort zones and rethink their roles in the market," said Amir Tabakovic, chair of the mobile wallet workgroup of the Mobey Forum.

"Now is the time for banks and financial institutions to do their homework and establish a strategy to safeguard their position in the future of transactional mobile financial services."

"Mobile Wallet: Strategic Options for Banks" is available for free download at the Mobey Forum website. The four preceding white papers can also be downloaded from the site at no charge.

Read more about mobile banking.