P2P: The Next Big Revenue Opportunity For Banks
Your phone has become your record player, your music store, your concert hall. Your phone is your newspaper, your magazine, your access to world-renowned research. It’s become your map, your movie theater, your physical trainer, your post office.
As you know, it’s also become your bank, your ATM, your check, and the way you pay rent, a friend, or a business.
No industry is left untouched.
Dwolla is re-imagining a payments network built using 21st century technology and the internet, providing access on both the web and your phone.
Dwolla will join mFoundry in hosting a Webinar: “Mobile Peer-to-Peer: The Next Big Revenue Opportunity.”
During the webinar, we’ll cover why mobile P2P is critical to staying relevant, growing revenue and creating customer satisfaction. With P2P payments expected to grow to an $80 – $120 billion market by 2014, it’s more important than ever for banks to act now.
According to a study by AlixPartners LLP, 39% of consumers today say that having a mobile offering is “extremely important” or “important” in their decision to switch primary banks. Juniper Research recently reported that the number of people using their phones for banking purposes will grow to 590 million in 2013 and will exceed 1 billion by 2017.
“The ability to access banking information and make transactions ‘whenever you want’ and ‘wherever you are’ is a compelling proposition to most banking customers.” - Juniper Research
The Dwolla and mFoundry partnership will enable banks to:
(1) offer a P2P payments product powered by Dwolla,
(2) offer a convenient mobile payment solution powered by mFoundry’s Fin.X,
(3) boast real-time usability by your customers,*
(4) deliver all of this to the market very quickly,
(5) reduce administrative and operational costs,
(6) enjoy new security layers, compliance measures and data points,
(7) launch a new revenue stream by monetizing the service, and
(8) gain a long term innovation partner with Dwolla.
*We say “boast real-time usability” above because it truly is a unique offering. When banks partner with mFoundry and Dwolla to offer a very competitive mobile P2P solution, they have the incremental opportunity to leverage Dwolla’s FiSync technology - a real-time gross settlement API. This means they can move money from one bank account to another, in real-time, even between different banks, without using any of the existing systems, networks or resellers.
If you are a financial services professional:
Please join us as we discuss the next steps that you can take to make sure that your bank or credit union stays relevant in today’s fast-paced, technology-driven society.
If you are a banking customer:
Help us by answering this question in the comments: Would you switch financial institutions if you could do more with their mobile banking app?