Amdocs, the leading provider of customer experience solutions,
today released the results from a new global survey around mobile
financial services (MFS) which revealed that more than 68 percent
of the respondents have yet to use mobile financial services, and
that new innovative solutions for savings, loans, and insurance
will drive the next phase of mobile financial services growth
across emerging and mature markets.
Conducted by analyst and consultancy firm Ovum on behalf of
Amdocs, the survey focused on both users and non-users of mobile
financial services worldwide. 8,500 consumers were surveyed in 17
countries across emerging and mature markets including UK, Denmark,
Finland, Norway, Sweden, US, Canada, India, Philippines, Malaysia,
Indonesia, Mexico, Brazil, Colombia, Guatemala, South Africa, and
Ghana.
"Consumers who have adopted mobile financial services appreciate
the benefits these services can bring. The ubiquity and convenience
– the ability to use mobile financial services anytime, anywhere –
was the overwhelming benefit cited by survey respondents in both
emerging and mature markets. These are immediate, tangible benefits
and a powerful riposte to those who say there is no value in mobile
financial services," said Eden Zoller, principal analyst with Ovum.
"This represents positive progress but mobile financial services
providers can't afford to be complacent as the research clearly
shows that there are fundamental issues and challenges that still
need to be addressed, ranging from security concerns and ease of
use, to lack of awareness."
Key findings include:
- Lack of market awareness and misperceptions about
mobile financial services are still key concerns – The
majority of the survey respondents either do not use mobile
payments or financial services applications, or are unaware of them
– this is more pronounced in emerging markets (73 percent) compared
to mature markets (62 percent). While 31 percent of respondents in
emerging markets said that they were unaware of mobile payments or
financial services, this figure was lower in mature markets (23
percent). 34 percent of respondents in emerging markets said that
they were aware but had no plans to use the services, compared to
30 percent of respondents in mature markets. Respondents who have
downloaded the application or subscribed the service but still
don't use it showed similar trends in mature (9 percent) and
emerging (8 percent) markets.
- Savings, loans, insurance & payment solutions for
medical treatment and education services will drive the next level
of growth in mobile financial services – 25 percent of
respondents in emerging markets said they're likely to adopt
advanced mobile financial services products – savings, loans, and
insurance – in the next year, compared to 16 percent in mature
markets. In some mature markets such as the UK and Sweden, the
likelihood was much higher, ranging from 17 to 30 percent. Emerging
markets (22 percent) are more likely to adopt mobile financial
services for making payments for medical treatment and education
services than the mature markets (15 percent).
- Increased security, low transaction charges, ease of
use, rewards for using the service, and service ubiquity are key
adoption drivers – Increased security was identified as
the most important factor for driving adoption in both mature (40
percent) and emerging (39 percent) markets. The preference for low
transaction charges and fees show a similar trend in both mature
and emerging markets (30 percent). What is perhaps more
surprising is that almost a third of respondents in both mature (30
percent) and emerging (29 percent) markets would adopt the services
if they were easier to use, illustrating the fact that ease of use
is still an issue. One third of the mature market respondents (30
percent) would use mobile financial services if they were offered
rewards, compared to 25 percent in emerging markets. A quarter of
the respondents in both mature (24 percent) and emerging (25
percent) markets said they would use mobile financial services if
they could use them anywhere, and at any time.
"Driving the next phase of growth is the biggest challenge,
globally, for mobile financial service providers," said Patrick
McGrory, division president for Amdocs' emerging offerings. "While
the mature markets such as the US, Norway, and the UK need
compelling value propositions, emerging markets such as Ghana,
South Africa, Brazil, India, Philippines, and
Mexico need innovative solutions that can deliver a range of
affordable mobile financial services that are a viable alternative
to traditional banking services. Communications service providers
who take the lead in overcoming these challenges are set to reduce
churn, improve customer stickiness, and tap new revenue
streams.
"Amdocs' MFS solution, which powers more than 30 customers'
systems, serving 500 million users across the globe, is designed to
better address the need for financial inclusion in the emerging
markets as well as offer innovative and exciting new services to
mature markets, which will accelerate adoption, encourage active
usage, and drive loyalty."
Supporting Resources
- Learn more about Amdocs Mobile Financial Services
- Learn more about the Amdocs-Ovum MFS Global Consumer
Survey
- Keep up with Amdocs news by visiting the company's website
- Subscribe to Amdocs' RSS Feed and follow us on Twitter,
Facebook, Google+, LinkedIn and YouTube
About Ovum
Ovum was founded in 1986 and has its HQ in the UK with further
offices across all regions. Ovum is comprised of two core business
areas: consultancy along with research and analysis (R&A)
teams. R&A is organized around key practices that together
cover the whole of the communications; media, digital commerce and
IT value chains. Ovum's expertise includes market sizing and
forecasting, surveys, trend analysis, competitor, product and
strategy assessment. Clients include retail banks, online players,
advertising agencies, broadcast and media companies, telecom
operators, technology and software vendors, device manufacturers,
regulators and enterprises.
For more information, visit Ovum at www.ovum.com
About Amdocs
Amdocs is the market leader in customer experience software
solutions and services for the world's largest communications,
entertainment and media service providers. Our portfolio
powers The New World of Customer Experience™, where a wide array of
innovative and personalized services are delivered seamlessly to
end users, regardless of device or network. For more than 30 years,
Amdocs solutions, which include BSS, OSS, network control and
optimization, coupled with our professional and managed services,
have accelerated business value for our customers by streamlining
complex operating environments, reducing costs and speeding time to
market for new products and services. Amdocs and our more
than 24,000 employees serve customers in over 90 countries. Listed
on the NASDAQ Global Select Market, Amdocs had revenue of $3.6
billion in fiscal 2014.
Amdocs: Embrace Challenge, Experience Success.
For more information, visit Amdocs at www.amdocs.com.
Amdocs' Forward-Looking Statement
This press release includes information that constitutes
forward-looking statements made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995,
including statements about Amdocs' growth and business results in
future quarters. Although we believe the expectations reflected in
such forward-looking statements are based upon reasonable
assumptions, we can give no assurance that our expectations will be
obtained or that any deviations will not be material. Such
statements involve risks and uncertainties that may cause future
results to differ from those anticipated. These risks include, but
are not limited to, the effects of general economic conditions,
Amdocs' ability to grow in the business markets that it serves,
Amdocs' ability to successfully integrate acquired businesses,
adverse effects of market competition, rapid technological shifts
that may render the Company's products and services obsolete,
potential loss of a major customer, our ability to develop
long-term relationships with our customers, and risks associated
with operating businesses in the international market. Amdocs may
elect to update these forward-looking statements at some point in
the future; however, the Company specifically disclaims any
obligation to do so. These and other risks are discussed at greater
length in the Company's filings with the Securities and Exchange
Commission, including in our Annual Report on Form 20-F for the
fiscal year ended September 30, 2014 filed on December 8, 2014 and
our quarterly 6-K form furnished on February 9, May 11 and August
10, 2015.
Media Contact: Sara Preto Fusion PR for Amdocs
Tel: +1-212-651-4214 E-Mail: sara.preto@fusionpr.com
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