Ubiquitous Financial Services for Developing Countries

Abstract

The latest advancements in mobile communication technologies offer lucrative business cases for financial service provides. The new technologies are not just used for enhancing the existing financial enterprise systems with wireless communication extension but to create new services for nomadic users that have not being existed yet. This will enable more versatile financial service offerings to nomadic end users. Additionally it will expand financial services to new user groups that have not been able access the either geographic or economic reasons. The research problem of the paper is to define end user and middleware requirements and design solutions to enable ubiquitous financial services for nomadic users. The prototype systems must be integrable on top of existing traditional enterprise system solutions. The research is based on the constructive method by analyzing the related publications and industry trends, interviewing experts in the financial services field and experimentation with the selected technologies. The final outcome is prototype service environment which is based on the new innovations introduced in this paper. The major findings include system requirements, design solutions and prototype service environment.

Mobile financial services, financial inclusion, and development: A systematic review of academic literature

“…Mobile financial services (MFS) usually indicate the use of a mobile phone to access financial services. In recent years, MFS have been recognised as an innovative and effective means to achieve financial inclusion by providing new financial services to excluded people (Sihvonen, ). Previous literature identifies the typology of MFS and the different ecosystems within which they operate.…”

ICT industry in Serbia: Condition and improvement by QMS

“…• Development of methodologies, methods, approaches and patterns for information system reengineering. Some of possible actions are connected with significant financial investments and long time for implementation (improvement of infrastructure, education (Lynch and Szorenyi, 2005), financial support (Sihvonen, 2006;Bagchi and Putnam, 2004). Some other actions are accompanied with government interventions and development of general ICT framework.…”

“…Then, we define existing problems and suggest actions necessary for improvement of IT in the Serbian industry. There are many different approaches in improving of ICT education (Lynch and Szorenyi, 2005), financial investments (Sihvonen, 2006), improvement of quality (Dutta, and Sekhar, 2004). One approach of improvement of Serbian ITC industry is adopting a general framework policy for the integration of the acquis in the field of standards and technical regulations.…”

Past, present and future of mobile financial services: A critique, review and future agenda

“…In this regard, mobile financial services have become an influential instrument in stimulating financial inclusion in developing countries. These services have created a dynamic platform by extending the reach and access to financial services to those who have insufficient resources and restricted access to conventional banking (Sihvonen, 2006). As reported by Global System for Mobile communications Association (GSMA), nearly 2.5 billion people in developing countries are unbanked and rely on cash or informal sources for their financial requirements (Plenderleith, 2018).…”