http://www.infosys.com/finacle Mobile banking has often been perceived either as an extension of internet banking or as an isolated channel, which can help banks in minimizing costs and generating better revenue streams. One of the major reasons cited for the success of mobile banking is the omnipresent nature of the channel, which sets it apart from all the traditional ones. This differentiator can drive revenues not only from the mobile perspective but also in conjugation with other channels. Today, banks need to carefully study how the mobile can fit into the overall multi-channel framework in order to truly leverage the benefits associated with it.

1. Retail Banking:
Making Other Channels Mobile
Universal Banking Solution System Integration Consulting Business Process Outsourcing

2. Abstract: Amidst the spectacular growth of the coverage for the bank as more and more
mobile banking channel, it is easy to lose sight people are brought within its fold.
of its other advantage, namely the ability to
usher in true multi-channel banking. Apart from • Transacting: Customers can commence a
being a convenient, low cost channel with near transaction on internet banking, save it
universal reach, the mobile is able to draw midway, and conclude it on mobile. For
more value out of other channels in retail example, they can use their mobile to edit
banking – from the ATM to the internet. In this a transaction that was initiated and saved
article, we examine the different ways in which using internet banking. They could even
the mobile comes together with other assisted initiate a direct multi-channel transaction,
and self-service channels to bring significant such as a card-less ATM cash withdrawal,
benefits to banks as well as their customers. with their mobile device. In addition, the mobile
can be used by corporate entities to approve
Mobile banking has often been perceived critical e-payments. Agents empowered by
either as an extension of internet banking or mobile phone can also conduct cash-in and
as an isolated channel, which can help banks cash-out transactions on behalf of their
in minimizing costs and generating better customers and allow them to avail microfinance
revenue streams. One of the major reasons facilities which can’t be provided through
cited for the success of mobile banking is the traditional means.
omnipresent nature of the channel, which sets
it apart from all the traditional ones. This • Financial management: The ability to
differentiator can drive revenues not only from compare two home loan products on an
the mobile perspective but also in conjugation internet portal might seem notional, but if
with other channels. Today, banks need to customers could perform similar comparisons
carefully study how the mobile can fit into the across channels and devices, it would
overall multi-channel framework in order to truly greatly help them in planning their finances.
leverage the benefits associated with it. An example of such capability is the setting
up of monthly budgets on internet banking
To understand this point of view, banks need to and real time delivery of alerts on mobile
come out of silo based channel banking where device in case the spend exceeds the budget
each channel has separate a budget / strategy or vice-versa. Moreover certain transactions
with little or negligible interaction between them, could be tagged as exceptional which
and focus on driving mobile banking strategy require prior approval before they are
from a customer experience perspective. Mobile executed. Such ubiquitous and real-time
banking can become a key enabler of multi- control over finances is only possible through
channel banking while still serving its current seamless multi-channel interaction enabled
role of a low cost and convenient channel. In by mobile devices
the following section, we outline how mobile
banking can act as an enabler of a bank’s • Alerts: Cross channel alerts play a big role
multi-channel strategy: in fraud prevention and financial management.
A wide variety of options to customize alerts,
• Origination: Prospective customers can common to channels such as internet and
commence the onboarding process on the mobile banking, translates into unified and
mobile, and complete it over the internet or improved control over finances. Such alerts
at the branch. Mobile enabled agents provide can be reactive, proactive or both. One such
extensive support for onboarding in areas alert could be in the form of a text message
where access to other banking channels, is sent to the customer whenever a cheque of
limited. Agents are able to conduct proper high value is presented at a branch, with an
KYC checks and also support alternatives option to stop payment while another might
in case customers lack a single identity indicate multiple failed login attempts on
document. This automatically ensures greater internet banking
Retail Banking:
Making Other Channels Mobile

3. • Context sensitive marketing: When banks experience across channels leads to greater
have an integrated, unified view of customers’ satisfaction and loyalty.
activities across all channels, they can push
relevant, targeted marketing messages to • Security: The mobile offers a convenient
their mobile phones. For instance, they could way to split security mechanisms across
send an advertisement for a prepaid forex different channels for extra protection. Banks
card to the mobile phone of a customer who can enforce additional checks – to be
has just purchased an airline ticket through performed on the mobile – in case they detect
internet banking. Such real time cross malicious or suspicious transaction requests
channel marketing enables banks to instantly on other channels. For instance, in case of a
monetize the opportunity. suspicious credit card transaction, an alert
can be delivered to the mobile device of the
• Advisory: Rather than waiting in line at the customer, requesting him to quickly block
branch to meet an advisor, customers can the card in order to prevent its misuse.
book an appointment over mobile banking, Further, the mobile can also act as an anti-
and even specify whether they would like to skimming device which provides a one-time
interact via video or text chat or sit across passcode for secure access to accounts
the table at the branch. By enabling banks without the need to enter the PIN number
to service customers regardless of their of the ATM card.
physical location, mobile banking can improve
turnaround time and efficiency as well as These are but some scenarios illustrating the
provide an opportunity for face to face potential of the mobile channel, not only as an
interaction, which until now, was only possible independent channel of transaction, but also
at the branch. as an enabler of true multi-channel banking.
While most banks have made a beginning with
• Personalization: Customers can use the basic mobile banking services, they must now
mobile to set their personal banking preferences seize the chance to unleash its full potential in
for individual channels or request that the the above context.
choices be carried to all channels. For
instance, they may direct the bank to deliver
language specific alerts to their mobile Author
device when they are in a particular region Shekhar Kapoor
or even set default language, time zone and Consultant – Finacle
“favorite” options at one go for all channels. Infosys Limited
Such seamless and personalized customer
Retail Banking:
Making Other Channels Mobile