Mobile commerce is something that financial services firms cannot ignore. Of the people using wireless today, only a small fraction are currently using it for financial services, but that number is expected to grow rapidly. A recent TowerGroup study estimated that there were only 500,000 users of wireless financial services in the U.S. in 1999 and 9.8 million in the rest of the world. The same study projects that by 2005, the number of U.S. users will grow to 35 million, with 230 million users in the rest of the world.

M-commerce is now where e-commerce was about five years ago: poised to grow explosively over the next several years with players from multiple industries vying for the customers attention. Never mind that the current technology is slow and difficult to use. In two to three years, deployment of emerging technologies such as 2.5G and 3G networks will enable more powerful wireless financial services applications.

Now is the time for firms to begin low-cost pilot projects focused on targeted market segments. These projects can provide immediate cost savings and move your business up the wireless learning curve. You need to get as much out of the pilot project as possible, and there are some good ways to make sure you do.

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