Mobile Financial Services and Fintech

According to a survey conducted by EY (“EY Fintech Adoption Index” 2016), most of the digitally active population makes use of fintech services to make payments and transfer money. These are the typical services provided by mobile banking apps. Table 4.3 shows the results of the EY survey.

As stated in the model presented in Chap. 3, one of the main challenges for traditional financial institutions and fintech startups is to maintain a customer-centric approach to their business. The approach followed by

Table 4.3 Most used Fintech services (Ernst & Young 2016)



Percentage (%)

Money transfers/ Payments

  • • Use of non-banks to transfer money
  • • Online foreign exchange
  • • Overseas remittances



  • • Online stockbroking/spread bettings
  • • Online budgeting/planning
  • • Online investments
  • • Equity and rewards crowdfunding
  • • P2P



  • • Car insurance using telematics
  • • Healthcare premium aggregators



• Borrowing via P2P websites


fintech startups manages to develop richer interactions with their users, in a goal-oriented and proactive environment able to turn mobile devices into virtual advisors. A clear, big picture of the business may support the whole process. Mobile financial services apps may combine with other innovations, generally categorized as non-product innovations: for instance, a combination of Big Data Analytics technologies with robo- advisors could be a line of action. These technologies, by analyzing and processing user and market information, help in delivering high-tailored products and “advice” to the end-users of the product. For instance, they could advise elderly people with dependent family members to keep a low percentage of their portfolios into equities, for example.

The previous chapter analyzed some of the product innovations delivered to the market in recent years. Each of them has its own peculiarity that actually differentiates its business from the rest of the market. It is interesting to consider the framework developed in Chap. 3 to suggest fintech organizations how to manage their mobile financial services in the best suitable way.

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