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Recommended reading: banking competition

10/13/2014 04:57

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This week we are looking at how the evolution of mobile payments is affecting the struggle between the banks and their non-financial competitors, and how this is affecting the new needs of the financial system.

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Mobile payments are mushrooming, particularly among non-banking undertakings. This type of payment will increase by 60.8% between 2011 and 2015, reaching over 47 million transactions, according to the Capgemini and RBS World Payments Report 2014.

The report finds that the mobile payments market is becoming ever more competitive, particularly with regard to the fight for customer loyalty and market share between banks and non-financial undertakings.

The Snarketing 2.0 blog, a specialist in financial services and marketing, offers an interesting analysis of changing banking needs. It sets out a "not-so-new hierarchy" of these needs, in which security remains the base of the pyramid.

The blog says "the reality of the financial services environment is too global and complex", making it very difficult for disruptive agents, such as Apple Pay, to make any major impact. However, even so, it finds the competition exists and is getting stronger.

Finally, our image of the week is a 'techy' periodic table detailing the 118 key players in the universe of technology investors: