A new book has posed what is considered a very significant question: is mobile banking a new channel, a new business model or a revolutionary platform for social change?
Mobile banking will be big, but how big? Is it a new channel for existing banks, or a new business model for entrepreneurs and non-banks? Former Citibank executive Sankar Krishnan paints a vivid picture of mobile banking and its future in his new book, The Power of Mobile Banking: How to Profit From the Revolution in Retail Services (John Wiley & Sons, 2014).
Krishnan leans towards the vision of mobile banking as a new business model, or, perhaps, more accurately, as a robust and scalable platform for many new business models. He isn’t merely touting mobile banking as a business strategy, however, as the book also provides compelling evidence as to the important role that mobile banking can play in raising standards of living and improving quality of life in developing economies all over the world.
Indeed, Krishnan’s global view and inclusive perspectives are what make this book different from typical business books. The author describes a future that is made better through mobile banking; he envisions a world in which billions of non-banked and underbanked people living at the bottom of the pyramid gain access to safe, legal and practical banking services through their mobile devices.
This makes the book revolutionary in the sense that it blends highly practical business ideas with an optimistic vision for a better future in which billions benefit from the power of mobile banking.