People across the country are finalizing their plans and wallets for spring break. As many Americans hit the road for vacations and family trips in the coming weeks, ensuring easy access to cash will be an important part of their vacation planning.
Welcome to the brutal world of business plan competitions. It's not about co-eds hoping to win the affections of the Bachelor. It's about late nights sketching out business models on sandwich wrappers, pizza boxes, newspapers and white boards.
You may have seen it. You're standing in line at McDonald's, Starbucks, Home Depot or a local store, and the person in front of you waives her phone at checkout then walks out with her stuff. No cash, no card, just a waving phone.
Whether promoting digital money, mobile payments, mobile banking, prepaid or a mobile wallet, one thing is certain: the lack of consistency in terminology and the vagueness typical of early product releases has made the task of distinguishing all the more difficult with each new announcement.
In its purest form, this will be simply a challenge to the branch-led distribution model. How so? Ultimately, with mobile banking and payments, the branch and resultant paperwork processes becomes a convenience "penalty" for transactional and basic onboarding.
A trend's growth factor depends, like all things do, on timing: Is the right technology in place in the right hands for a tech trend to take off? Or, if it's a new product or service, has it hit the price-point sweet spot in such a way as to get a handle with the right number of the right people?
70% of India's population is excluded from formal financial services that most people reading this blog take for granted. If financial services are to become a reality, they have to be delivered non-traditionally.