It is estimated that today there are more than 4 billion people across the globe using mobile technology. Figures in Pakistan are estimated to be just shy of the 100 million mark. While these figures are staggering in and of themselves, the interesting fact to note is what these handheld devices are being used for.
Phones are no longer limited to the mundane task of making and receiving calls - they are portable devices that are fast replacing personal computers themselves. Blackberry App World sees 1 million downloads a day, Ovi by Nokia sees about 3 million and the iPhone app store leads the pack with 10-20 million downloads a day.
As the reach of these devices proliferates, enterprises across the globe are conceiving 'out of the box' propositions in order to empower formerly out of reach segments. Financial institutions are stepping up with Mobile Banking applications, some in collaboration with mobile network operators, as each service provider seeks the right mix to tap a previously unbanked segment through mobile technology.
HBL MobileBanking is set to target not only the affluent few with a greater propensity for leisure time, but also the unbanked masses of the population. The offering caters to both GPRS and USSD handsets so that no distinction exists where the need for financial services is identified.
On GPRS enabled mobile handsets, HBL MobileBanking customers can check their online account statement, request cheque books, transfer funds, top up prepaid accounts and pay utility, HBL Credit Card and post paid bills. In a separate offering, HBL MobileBanking has partnered with Ufone. This service enables mutual customers of HBL and Ufone to check their account balances, monitor their accounts using mini account statement services, pay utility and Ufone post paid bills or top up Ufone prepaid accounts by dialing *808 No.
Remote banking via mobile devices will be a catalyst for change and it has the potential to alter the scope of conventional banking as we know it today. This is a great opportunity not only to reach sectors which were previously unidentifiable, but to create greater transparency as we move towards a cashless economy where money can be tracked and accounted for. What is encouraging to note is the ease with which new technology is adopted, and how quickly it proliferates through all strata of the economy.
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