The two-way communications and processing power of the mobile phone in the hands of your customers is changing the way you do business (or at least it should)
The mobile phone is the most successful technology in the history of the world. There are now more than 3 billion cell phones worldwide – more than personal computers, televisions, or payment cards. Americans now send more text messages than we make cell phone calls. Mobile devices are changing the model for delivery of information to consumers – it is disruptive technology with the power to change traditional business models overnight and enable new players. The mobile phone is emerging as another window to the Internet and for some demographics it is already their primary Web access – and the improved user interface provided by Apple’s iPhone and other mobile handset manufacturers has increased that potential even further.
In the world of mobile financial services alone, there are now over 100 companies competing for relevancy in the space while the traditional powers in banking, payments, telecommunications and technology all jockey for position as well. Even in the North American market, where mobile innovation is trailing Europe and Asia, things are developing at a rapid pace. The plastic card metaphor for payments is no longer a given. The mobile phone is ubiquitous, truly portable, and is a payment form factor that does something a plastic card will never do – it enables two-way communications with customers that can be leveraged to extend marketing offers, provide customer service, or facilitate secure transactions.
We work with our clients – leading merchants, large recurring billers, public transit agencies, financial institutions, wireless carriers, payment processors, payment card issuers, device manufacturers and technology start-ups – to develop and deploy actionable strategies to harness the potential of the mobile phone to:
- Enhance and defend current lines of business from disintermediation;
- Develop innovative new lines of business and revenue;
- Build go-to-market strategies for new mobile service offerings; and
- Increase customer satisfaction and loyalty, while reducing the costs to provide those services.