Infographic: the impact of MFS loyalty programs on consumer usage

Many MFS providers are grappling with the unyielding challenge of how to accelerate usage and adoption 2-3 years after deploying an MFS solution. Often times, many forget the Pareto Principle –  whereby 80% of your revenue comes from 20% of your loyal customers  Many tend to neglect this key target audience- which can be a gold mine if catered to appropriately. In a recent joint Ovum & Amdocs survey, both consumers and services providers were asked about MFS loyalty programs from their perspectives – the results were surprising. The survey clearly shows MFS providers are missing out- either by not […]  More >>

Video blog: 5 misconceptions service providers have about MFS loyalty programs

We recently partnered with Ovum to measure the impact of loyalty programs linked to mobile financial services (MFS). Consumers and services providers were asked about MFS loyalty programs from their perspectives – the results were surprising. The survey clearly shows MFS providers are missing out- either by not offering a robust enough loyalty program or by not offering one at all. When it comes to specific loyalty program features or incentives, consumers are clear and explicit about what will drive them to use their mobile wallet more often. Yet, service providers are not capitalizing on that, and are either offering […]  More >>

Focus on Loyalty or Lose

In Game of Thrones, loyalty is frequently earned through conquest, arranged marriages, or fighting with powerful friends. Mobile wallet service providers, on the other hand, don’t have to take such extreme measures to get their customers to “bend the knee.” They can foster loyalty through more socially acceptable means, such as reward points, discounts, or cash back. So why aren’t they doing more to develop customers like Ser Davos Seaworth, the most loyal knight in the seven kingdoms of Westeros? We commissioned Ovum, a leading analyst firm to conduct two parallel surveys and try to better assess where the gaps […]  More >>

The Ovum Decision Matrix – A Must Read When Seeking a Mobile Wallet Platform for your business

Traditional bank services are not enough to retain customers, and fall far short in onboarding new customers. Successful banks are providing seamless, easy-to-use mobile wallets that provide customers with the mobile services they need. However, mobile wallet platforms are complicated to develop, driving backs to implement cost effective white-label platforms. However, selecting the right platform vendor poses new challenges for banks. To assist in this critical decision-making process, Ovum developed the Ovum Decision Matrix: Selecting a White-Label Mobile Wallet Solution, 2016–17. The report helps banks understand and analyze the capabilities and strengths of various leading vendors of white-label digital wallet platforms. Ovum’s […]  More >>
Market Leader

A Wallet Platform Worthy of my Mobile Phone

When I was around 14, my grandfather gave me a really nice wallet. What I remember most about it was the feel of the smooth leather on my hands when I touched it. I had a similar tactile experience when I got my first iPhone.  Simply touching that smooth black back phone made me happy. Ironically, nearly thirty years after getting my first really nice wallet, my really nice phone is turning into a wallet. And one of mobile wallet platform leaders, according to Ovum, is Amdocs. It’s great to be recognized by Ovum, especially considering they are grouping us […]  More >>
trends crsytal ball

Channeling 2017 – what does the MFS crystal ball predict?

In 2016, we saw some creative MFS initiatives, such as chatbots for making digital payments, and payment rings. Looking ahead, 2017 promises to be even more exciting. Let’s have a look at some hot trends for the coming year. Banks are embracing BoT (Bank of Things) For the last few years, we have seen that banks have started offering their customers a multi-channel experience, providing mobile financial services such as mobile wallets and mobile banking including loans, credit lines and insurance. Improving integrated multichannel delivery will therefore be a main trend in 2017. To make the customer journey run as […]  More >>
United Nations representative at DFS FG

Amdocs Helps Establish Global MFS Standards at United Nations

ITU (originally known as the International Telegraph Union) is the United Nations specialized agency for information and communication technologies – ICTs. Founded on the principle of international cooperation between governments (Member States) and the private sector (Sector Members, Associates and Academia), ITU is the premier global forum through which parties work towards consensus on a wide range of issues affecting the future direction of the ICT industry. One of its most prominent and popular groups is the FG DFS – the focus group – in which our very own Sharath Dorbala was chosen to participate as an SME on the world of […]  More >>
fintech bestie

Is the Financial Services Industry the Friend or Foe of MFS? (Hint: Think Bestie)

Mobile financial services are gaining traction. According to the GSMA 2015 State of the Industry: Mobile Money report, mobile money is reaching more than 411 million people globally. Moreover, it is available in 85% of countries where the vast majority of the population lacks access to a formal financial institution. This in itself is good news for all stakeholders in the MFS ecosystem: banks, telcos, policy makers, technology partners and NGOs. FinTech is a main driver of MFS since it enables the convergence of financial services and telecommunications. Mobile operators and FinTech companies active in the financial services industry are […]  More >>
Africa MFS

The 5 Main MFS Game Changers in Africa

The impact of mobile financial services in Africa extends far beyond financial; it also has a positive socio-economic ripple effect. Particularly in African countries, digital money enables individuals and institutions to transfer funds instantly and securely without the need for a middleman. It also drives international commerce, supports financial inclusion, and changes the way people shop, handle savings and conduct business. Here are five permanent ways that mobile financial services are shaping and changing life in Africa. Building a bright new financial future for Africa’s unbanked Mobile money offers the underbanked and unbanked access to financial services that were previously […]  More >>
B2B2C

B2B2C and Banking-as-a-Platform – Finding the New Frontier for CSPs and Retailers

With the year-over-year increase in active mobile money accounts and the monthly value of total mobile money transactions in developing markets reaching US $19 billion at the end of 2015, one would expect this would translate into a thriving ecosystem of use cases and accelerated digitization. Yet this is not happening. Today, the retailer ecosystem is a closed top-down system with nearly 60% of transactions being cash-in and cash-out (CICO) and funds being transferred between the depositing and withdrawing parties (P2P).  This means that although MFS is evolving, it is not expanding, since the use cases remain the same. However, […]  More >>