‘What Qualifies Solution as Mobile Financial Products’

Hannes van Rensburg, the Chief Executive Officer of Fundamo has listed the features a solution must be processed in order to be seeing as mobile financial products. Writing in his blog “Hannes van Rensburg's Blog”, he asks, “What would get a financial product to qualify as mobile? Alternatively, what should one be looking for when finding financial products to deploy on mobile?
According to him, counter-intuitively, should not be a disqualification for mobile financial products. “For instance, mobile financial products should not be for small amounts only - it is quite fine to do this for big value tickets too. As a matter of fact (if properly deployed) the phone could be a nice security enhancer for large value financial products,” Rensburg submits.
He listed the following as the characteristics of mobile financial products.
Should be real-time products. Balances should be up to date all the time and any transaction should be applied immediately.
The ownership of the product and the identification of the ownership should be central to the product. The mobile phone carries identity best.
The product should be dependent on some dynamic element. Transactions/payments that can be run against it or prices/exchange rates that change. Long term products where nothing change are better suited to paper. Information display and input fields must be limited. You do not want to complete a few page application form on a phone.