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In South Africa, mobile banks fitted out with biometrics have allowed rural populations that were previously denied bank accounts to have access to banking that is both convenient and secure.
But getting competing mobile operators to work together at all is challenging, said one participant, who had a tough time convincing 12 competing mobile banks in Cambodia to "unite all telecoms companies under one common switch".
Like any new service, mobile banks have drawbacks, according to analysts.
"Mobile banks in the US are still unproven," said Stephen Walker, mobile banking analyst at Forrester Research.
Europe's mobile banks are more likely to be offshoots of well-known High Street banks, in large part due to regulations in the region.
Mobile banks are evolving to make money work for you through their platforms (minus the voice, for now).
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Moreover, most the studies focused on e-banking or mobile banking have been descriptive in nature.
Mobile Banking: Welcome to Mobile Banking!
Mobile Banking: Hey.
Mobile Banking: Surprise!
Mobile Banking: Suit yourself.
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