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"People buy things on their phone, they use Facebook and Twitter, and soon enough they will be doing banking on the phone," he says.
"This investigation is going to draw attention from the highest levels of the U.S. government because it raises questions about how all the embassies in the U.S. are doing banking business here and what kind of money laundering or corruption vulnerabilities exist".
Only some 400,000 people in the country, out of nearly 240 million mobile phone users, are actually doing banking on their handsets.
Speaking at conference in Boston on Thursday Tower Group Inc. analyst Bob Egan said that the idea of doing banking on a mobile phone, whether it is moving funds or paying bills is still a novelty.
Software and algorithms that many are arguing may be better at doing banking and managing our money than banks themselves.
This may be due to increased governmental oversight, a natural retrenchment and return to doing banking business as usual, and/or other investment priorities.
Similar(50)
You don't need money to do banking.
If banks once did banking, now they practise law.
Joint-stock companies developed, as did banking and credit institutions.
How does banking change and how does technology change it?
As economic cycles change, so do banking relationships.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com