Welcome to the New World of Mobile Text Message Marketing!

i have been so captivated about this new and exciting marketing trend that I set up this blog to gather ideas, comments and input from experts, professionals as well as ordinary citizens. My goal is to get this site as the central, focus point on pertinent news, information and developing trends about the text message or short code marketing industry.

Remember the internet about 10 to 15years ago? What did the 'experts' say then?

Where are they now? And by the way, who has not heard of Bill Gates?

Now let me make a very bold statement!

I believe that the mobile text marketing industry is going to be the next biggest thing since the internet! Businesses which learn, use and capitalize on this trend will thrive and grow; those which do not will simply die! Individuals who understand and take advantage of this trend by exposing and marketing the product to businesses (small, medium and large) will generate substantial fortune!

And businesses who OFFER these services have the potential of creating unimaginable wealth to its investors and owners (remember Microsoft and Google).

Now, don't take my word for it, listen to the following quotes:
• Mobile marketing is changing the advertising and marketing landscape the same way that the internet did a decade ago'. Source: Unknown.
• 'There will be more than 350 billion text messages sent in the US alone this year'. Source: Mobile Marketing Association
• Short code text message advertising is the most powerful advertising medium ever invented' Source: New York Times.

Over the next couple of weeks, we will discuss the following:
• What is mobile/sms/ text marketing? How does it work?
• What does "short code" mean? Why is it so important?

o Hint: Remember the domain name on the internet? The short code is the equivalent on your mobile device! I'll show you how to get one inexpensively!
• If you are a small business owner (restaurant, bar, car wash, grocery store, car dealership, real estate) how do you get a leg up in your neighborhood?
• If you are an individual who wants to take advantage of this trend. How and where do you start?
• And much more!!

Stay tuned and let me hear from you.

Challenges of Nigeria Mobile Banking

Mobile Banking refers to provision of banking and financial services with the help of mobile telecommunication devices. The scope of offered services may include facilities to conduct bank and stock market transactions, to administer accounts and to access customized information. Also known as M-Banking in Nigeria or in some instances SMS Banking etc. It is a term used for performing balance checks, account transactions, payments and others transaction services via a mobile devices. Some mobile Banking applications in Nigeria use pre programmed configurations settings.

Mobile Banking in Nigeria started from the transaction based activities whereby Bank customers are Notified via sms when transactions are conducted on their account or via Atm. This is a one way event and only for informational purposes only. GT Bank was on of the earliest Banks to provision this service to customers.

That was the early days on Mobile Banking in Nigeria. Nigerian Banks are now deploying full fledge banking via the Mobile Phones with array of services which were only possible in the Banking Halls before. Zenith Bank, UBA , GTBank, Diamond and Intercontinental Banks are the fore runners of this innovation.

Despite the watch and see attitude that some very leading Banks are taking about Mobile Banking in Nigeria, The mobile remains the Only and most available feasible means to provide mass market alternative to Branch Banking in Nigeria. The internet has only a penetration rate of 6 percent in a population of 140 million but mobile technology is close to 50 percent penetration with prospects for growth.

Mobile devices are the most promising way to reach the masses and to create a tie-in among current customers, due to their ability to provide services anytime, anywhere, high rate of penetration and potential to grow. Deployment of 3G in coming months will also enable Banks to offer more robust Mobile Banking technologies.

Key challenges in developing a sophisticated mobile banking application are Interoperability. The single reason for is the manner in which mobile phone applications evolved over time, device manufacturers focused on particular standard and and this led to a proliferation of applications. The Financial Regulator CBN should look in this issue at this early stage so that Mobile Banking ecosystem can be robust with National standard that cuts across all Banks. Bank specific Mobile Banking platforms is akin to having each bank deploying its own ATM Technology which other bank customers cannot access.

Interoperability can also help to evolve a standard that will enable low end phones which are currently excluded, to do Mobile Banking. Some countries like India and South Africa are already using some standards like R-World and USSD.

Application distribution for Mobile Banking is another area where some Banks are facing Challenges. While some forward looking Banks are overhauling their gateways and reducing their reliance on Mobile Operators settings to enable customer's phones, Some Banks are actually asking that Customers come with regular Operator settings which in many instances might not be correct configurations settings..

Operator settings are not really meant for critical operations since most of the settings are used for entertainment based activities. Nigerian Banks that are looking at competing at this sector must look beyond operators settings which might not be correct, delayed in arrival,may not come at all and not regularly updated. Some Mobile operators do update like every three months while some do not at all. For wap and Gprs based Mobile Banking applications, mobile network coverage will also be an issue.

As part of their marketing strategies, I will expect that by now, customers do not need to visit local Branches to download Banking applications. Over-the-Air (OTA) Settings should be readily available online and some innovations can even come to play by Banks deploying Bluetooth application machines in Shopping malls and some strategic places where customers can visit and download Mobile Banking applications for free or for a fee..This will increase the addressable market of the Banks offering Mobile Banking exponentially in Nigeria.

Internet Banking – The Pros And Cons

Only a few years ago the concept of online banking seemed like a dubious one – concerns about security and computer glitches were enough to put most people off. But with the continuing success of flagship companies like Cahoot, Egg and Smile, more and more of us are choosing to do business over the net. Sophisticated technology means that your information is well protected, and an online account offers several advantages over traditional banking.

Anytime, anywhere

The convenience of being able to log on and carry out transactions at any hour of the day or night could be a welcome alternative to visiting the bank on your lunch hour. No queues and no bank holidays mean the customer has even more control over their finances. Plus, your account information is displayed as a clear overview – no more riffling through mountains of old bank statements to find the info you’re looking for.

Get higher

Because online banks don’t have the overheads of running branches, they can pass on the savings to the customer, and offer better rates of interest on your money. Not only do they offer substantially more interest on your current account but there are also loans available with very low APRs that will save you money in the long run.

Safe and secure

Some experts consider internet banking to be even more secure than traditional methods – you won’t have pieces of paper with sensitive information lying around, and there’s no danger of your business being overheard by other bank customers. Check that the site is secure whenever conducting business online, never send passwords or account information in emails, and be sure to log out when you’ve finished your session

The downside?

In the past there have been a few cases of computer glitches revealing customers’ personal information, but these have been relatively minor and as internet banking becomes more popular, systems are likely to become more secure than ever. Technophobes probably won’t enjoy banking online. You do need to make sure your computer’s security system is sound, and that you have privacy for your session. Some people may miss the face-to-face contact of their local branch, and most will choose a combination of online banking, phone banking and branch visits. As internet banking becomes more established, it’s likely most of us will end up conducting at least a proportion of our business online, and you could find switching on to the new banks well worthwhile.