The future of mobile banking and mobile payments in Malta : an analysis of the current state of play and potential opportunities for stakeholders, businesses, and consumers

Abstract

Technological advancements and developments practically occur on a daily basis. Globally, mobile banking has become quite popular and, although we have not yet reached the point where every banking-related transaction can be done using a mobile phone, the future of Mobile banking looks very promising.

Locally, there are currently three main applications available on the market which provide customers with mobile banking functionalities. While these all offer different levels of functionality, they all provide very similar services. Revolut is considered to have revolutionised the mobile banking sphere and has emphasised the importance for traditional banks to introduce additional innovative features in line with customer expectations.

This study was carried out to better understand the current mobile banking scenario in Malta. Additional features such as, for example, card-less withdrawals and chatbot integration, were suggested to both banks and users, as these were found to be potential areas for growth. Therefore, the study as a whole aims to provide a thorough analysis of the current situation of mobile banking, possibly identify any gaps present within the market, what banks can do to increase the value they provide to customers and what they can do, moving forward, in order to ensure that mobile banking provides nothing short of the simplest form of banking available anywhere, anytime.