How Latin American banks are using Knomi® to win more customers and prevent fraud Dramatic advances in mobile phone technology and networks present banks the opportunity to make their services more accessible. Customers can now use their mobile devices to quickly apply for new accounts and credit lines, access their account information, and perform purchases and transactions, all without ever visiting a branch or ATM. Credit towards purchase of big-ticket items such as home appliances, electronics, and furniture can be issued on the spot by retailers at the point of purchase. By many measures, Latin America leads the world [...]
For financial institutions, mobile banking is a cost-effective way to reach new consumers. The technology offers financial inclusion and unprecedented convenience. The Nielsen Mobile Shopping, Banking and Payment Survey found 47 percent of consumers across the globe used their mobile phones to check their account balances at least once in the six months prior to March 2016. 42 percent said they had used their mobile devices to pay bills.