Mobile Phones will Disrupt Global Banking Industry

The World Bank recently announced that 2.5 million adults in the world did not have access to bank accounts and therefore have no financial security. In its report on financial inclusion, the World Bank wanted to change this by providing financial access to all working-age adults by 2020. The only way this goal can be achieved is through the use of mobile devices to replace traditional banking networks and infrastructure. A similar trend is also emerging in advanced Western countries where smart phones are now being used as mobile wallets, therefore substituting services previously provided by the major retail banks.