Analysis of mobile services in the financial sector


Extensive research of mobile financial services has been conducted in digital finance, FinTech, blockchain and cryptocurrencies. These new technologies and products are changing the financial services industry. It is critically important to know how customers will accept these changes. This article aims to discuss the inclusion of Mobile services in the financial sector and how users are likely to adopt mobile financial applications (MFA). Empirical investigation was conducted into what a customer considers to be most important when using MFA and the correlation between level of income of the user and adoption of MFA in Lithuania and in Germany. The findings show that income influences the adoption of MFA in Lithuania, but has no effect in Germany. Also, the key factors of using MFA are: security, comfortability, fast performance and cost. In addition to analysing results, new recommendations are proposed to improve future mobile financial services.

Article in English.

Mobiliųjų paslaugų analizė finansų sektoriuje


Mobiliųjų paslaugų plėtra neišvengiamai keičia kasdienį žmonių gyvenimą, kuriamos naujos visuomenės socialinės struktūros, bendravimo ir bendradarbiavimo būdai. Vykstant ekonominei bei informacinės visuomenės plėtrai mobiliosios paslaugos yra svarbios finansų institucijoms ir jų klientams. Naudotojams jos yra patogios, nes galima greitai ir paprastai atlikti reikiamas kasdienes finansines operacijas, o finansinių paslaugų teikėjams efektyviau vykdyti savo veiklą. Straipsnyje išanalizuotos mobiliosios paslaugos finansų sektoriuje, naudojamos finansinės technologijos, jų saugumo aspektai. Atliktos Lietuvos ir Vokietijos gyventojų apklausos apie naudojimosi mobiliosiomis finansinėmis programėlėmis įpročius, įvertinti jų rezultatai. Nustatyta, kurie aspektai svarbiausi vartotojams naudojantis programėlėmis, išanalizuotas ryšys, siejantis respondentų pajamas ir mobiliosios programėlės naudojimo dažnumą.

Reikšminiai žodžiai: mobiliosios paslaugos, finansų sektorius, mobilioji finansinė programėlė, finansinės technologijos.

Keyword : mobile services, financial sector, mobile financial application, financial technologies

How to Cite
Zigmantavičiūtė, E., & Šileikienė, I. (2019). Analysis of mobile services in the financial sector. Mokslas – Lietuvos Ateitis / Science – Future of Lithuania, 11.
Published in Issue
Sep 27, 2019
Abstract Views
PDF Downloads
Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.


Beck, R., Czepluch, J., Lollike, N., & Malone, S. (2016). Blockchain − the gateway to trust-free cryptographic transactions. In ECIS 2016 Proceedings. AIS Electronic Library: Association for Information Systems (AIS).

Burleson, J. (2013). Bitcoin: the legal implications of a novel currency. Review of Banking & Financial Law, 33(1), 99-105.

Cai, C. W. (2018). Disruption of financial intermediation by FinTech: a review on crowdfunding and blockchain. Accounting & Finance, 58(4), 965-992.

Eisenmann, M., Linck, K., & Pousttchi, K. (2004). Nutzungsszenarien für mobile Bezahlverfahren. Ergebnisse der Studie MP2. In K. Pousttchi, & K. Turowski (Eds.), Proceedings of the 4th Workshop on Mobile Commerce Commerce (pp. 50-62), Germany, Augsburg.

European Central Bank. (2012). Virtual currency schemes. Frankfurt am Main, Germany: European Central Bank.

Eyal, I. (2015). The miner᾽s dilemma. In IEEE Symposium on Security and Privacy (pp. 89-103). IEEE.

Fanning, K., & Centers, D. P. (2016). Blockchain and its coming impact on financial services. Journal of Corporate Accounting and Finance, 27(5), 53-57.

Farmer, P. (2014). Speculative Tech: the Bitcoin legal quagmire & the need for legal innovation. Journal of Business & Technology Law, 9(1), 85. Retrieved from edu/jbtl/vol9/iss1/6

Gervais, A., Karame, G. O., Wüst, K., Glykantzis, V., Ritzdorf, H., & Capkun, S. (2016). On the security and performance of proof of work blockchains. In Proceedings of the 2016 ACM SIGSAC Conference on Computer and Communications Security − CCS᾽16 (pp. 3-16). New York, USA: ACM Press.

Glaser, F. (2017). Pervasive decentralisation of digital infrastructures: a framework for blockchain enabled system and use case analysis. In Proceedings of the 50th Hawaii International Conference on System Sciences (HICSS) 2017 (pp. 1543-1552). IEEE.

Gomber, P., Koch, J. A., & Siering, M. (2017). Digital Finance and FinTech: current research and future research directions. Journal of Business Economics, 87(5), 537-580.

Hochstein, M. (2015). FinTech (the word, that is) evolves, American Banker. Retrieved from

Irwin, A., & Milad, G. (2016). The use of crypto-currencies in funding violent jihad. Journal of Money Laundering Control, 19(4), 407-425.

Kosba, A., Miller, A., Shi, E., Wen, Z., & Papamanthou, C. (2016). Hawk: the blockchain model of cryptography and privacy-preserving smart contracts. In IEEE Symposium on Security and Privacy (pp. 839-858). IEEE.

Liebenau, J. M., Elaluf-Calderwood, S. M., & Bonina, C. M. (2014). Modularity and network integration: emergent business models in banking. In 47th Hawaii International Conference on System Sciences (pp. 1183-1192). IEEE.

Linck, K., Pousttchi, K., & Wiedemann, D. G. (2006). Security issues in mobile payment from the customer viewpoint. In J. Ljungberg (Ed.), Proceedings of the 14th European Conference on Information Systems (ECIS 2006) (pp. 1-11), Göteborg, Schweden.

Maad, S., Garbaya, S., McCarthy, J. B., Beynon, M., Bouakaz, S., & Nagarajan, R. (2010). Virtual and Augmented reality in finance: state visibility of events and risk. In Augmented reality. Croatia: InTech.

Marian, O. (2013). Are cryptocurrencies ‘Super’ tax havens? Michigan Law Review, 112, 38-48.

Merz, M. (2002). E-commerce und e-business: marktmodelle, anwendungen und technologien (2nd ed.). Heidelberg: Dpunkt Verlag.

Nakamoto, S. (2008). Bitcoin: a peer-to-peer electronic cash system. In A. Schwienbacher, & B. Larralde (Eds.), Alternative types of entrepreneurial finance: white paper. Retrieved from

Notheisen, B., Hawlitschek, F., & Weinhardt, C. (2017). Breaking down the blockchain hype – towards a Blockchain market engineering approach. In Proceedings of the 25th European Conference on Information Systems (ECIS) (pp. 1062-1080), 5-10 June, 2017, Guimarães, Portugal.

O’Dwyer, K. J., & Malone, D. (2014). Bitcoin mining and its energy footprint. In N. J. Piscataway (Ed.), 25th IET Irish Signals & Systems Conference 2014 and 2014 China-Ireland International Conference on Information and Communities Technologies (ISSC 2014/CIICT 2014) (pp. 280-285). IEEE.

Pollari, I. (2016). The rise of Fintech opportunities and challenges. Finsia Journal of Applied Finance, (3), 15-21.

Pousttchi, K., Selk, B., & Turowski, K. (2002). Akzeptanzkriterien für mobile Bezahlverfahren. In F. Hampe, & G. Schwabe (Eds.), Proceedings of Mobile and Collaborative Business. Multikonferenz Wirtschaftsinformatik 2002 (pp. 57-67), Germany, Nuremberg.

Puschmann, T., Nueesch, R., & Alt, R. (2012). Transformation towards customer-oriented service architectures in the financial industry. In ECIS 2012 Proceedings. AIS Electronic Library: Association for Information Systems (AIS).

Scribd. (2015). The Bretton Woods system 2015 white paper. Retrieved from https://www.

Tiwari, R., & Buse, S. (2006). The mobile banking prospects: a strategic analysis of mobile commerce opportunities in the banking sector. Hamburg: University Press.

Waksberg, J. (1978). Sampling methods for random digit dialing. Journal of the American Statistical Association, 73(361), 40-46.

Zigmantaviciute, E., & Gudaitis, T. (2014). Personal finance management in young households in Lithuania. In Lithuanian Scientific Conference (pp. 112-114). Vilnius.

Zyskind, G., Nathan, O., & Pentland, A. (2015). Decentralizing privacy: using blockchain to protect personal data. Security and Privacy Workshops (SPW) (pp. 180-184). IEEE.