News & Views - Savantor

A Growing Market for Personal Financial Services

Friday, 01 February 2008

Just a quick look at the state of the payments market suggests there is a strong message here for the Banks in terms of the number of new players in the money transfer, loans and personal finance markets.

  • Vodafone continues to expand their money transfer service using SMS text messages.
  • Western Union and MasterCard are both attempting to utilise mobile phones for remittances by working with GSMA - an international trade group of mobile phone operators - to develop the commercial and technical specifications for services.
  • A new generation of personal finance web sites are gaining ground rapidly.  Have a look at Wesabe, Geezeo, Mint, Buxfer, BillMonk, Expensr and NetworthIQ.com.
  • Monitise launches mobile remittance system
  • Banks facing increasing competition from social networks like Zopa, Prosper and Lending Club

Add to this the more established systems like PayPal, Google Checkout and now China's version of PayPal, Alipay.com (Alipay is China's largest online payments services with 47 million users in August 2007, and 80,000 new users registering every day) and it could be a worrying trend for the traditional finance providers.

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