So much is made of new applications that come onto the market today and the debate between apple store and Android will probably go on forever.  One of my biggest concerns with applications today is predominate focus is on “entertainment” applications. Most most popular apps are generally games or some type of entertaining diversion; seldom are they relevant to the user.  Relevance in this case also means valuable.

Let’s start with mobile banking and transactions:

Sure there are some simple apps that allow you to do banking online – but do these applications allow for transactions (in a smooth way) with your accounts.  Visa, MasterCard, PayPal are all into online/mobile transactions – but they are not always connected to a persons bank account.  There needs to be a higher interaction between transactions, accounts, Point of Sale (POS) and payment systems that makes using the mobile phone a vehicle for improving ones life.   McKinsey & company recent published an article about Emerging Market Mobile Money: banking on the next Billion customers which focused on rural banking, transactions, etc. through a mobile phone.  It is certainly a good start on reaching something more complete.  I think it needs to go further and be more wide-spread.  There is a business opportunity out there for banks, Telecoms service providers, security (encryption/biometrics) and others if they worked together to create a mobile banking eco-system.  An eco-system that would allow for the safe and secure movement of currency and capital to give everyone a better chance at improving their lives.