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All major smart phones, tablets, kindle and internet bankingOffers almost all functionalities that are on internet banking siteIntuitiveLacks mobile specific services except ATM locator….its internet banking on mobile
All popular smart phonesOffers all functions of internet bankingIntuitiveLacks mobile specific funtions except ATM locator
My favorite in the regionAll popular smart phonesOffers all functions of internet bankingIntuitiveHas some mobile specific funtions - ATM locator, partner offers….best deals by location and category
La KayshaHas custome made (with NCR) ATMs that are completely interactiveAlso has a Kaysha Wallet product
Note that the layout changes with the device based on users behavior on each device….but the branding is still consistent
1- the more you delay, the more you are losing the business to another bank or opportunity of booking that business2- Customers are changing their behaviours with the new devices (iphone 5, galaxy s4) and new sites (amazon, google)3- the world is in our hands now. Customers use various devices for different things. Online shopping, discounts, search, chatting, word of mouth, instant feedback4- No surprise…new models, new devices, new sites and new apps5- I will discuss this at the end
1- customers do not come to banks to shop. They have already made up their mind on what they want from the bank.
Path to mobile banking - a banker's experience
Path to MobileBankingA Banker’s ExperienceHussain Mazhar
Contents• Mobile Banking – Is already here• Need of the Time - Agile retail bank• The Pitfalls – Be aware• The Upgrade Era – Build for change• Small is Big – Magic beans for small players
La Caixa Movil – Spain • Strong eBanking & mobile banking, 2.2 Mcustomers – Best M-Banking App, Huffpost2012• Cross platform App - all smart phones andtablets.• CaixaMovil App Store = over 50 BankingApplications.• Download CaixaMóvil Store from La Caixa Appin iPhone or search each App in IOS Appstore.• Appstore applications offer different bankingservices, like transactions, tap and pay, creditcards, loyalty program, tickets applicationsand more.Mobile Banking – Is already here
ANZ goMoney - Australia• Best Mobile App Design – Huffpost 2012• The App integrates nicely with onlinebanking and Registration is simple.• Login with just 4 digit PIN.• Pay anyone only by using mobile numbers.• Allows users to rename and reorder theaccounts.• Allows users to add personalized pic toaccounts.• The App can be viewed horizontally.Mobile Banking – Is already here
Bank Of America - USA • Best Multi-platform Service – Huffpost 2012• Native Apps for all currently known devices,kindle fire, HP webOS and even for olderdevices.• Apps offer variety of services like (checkingBalances, track transactions, makingtransactions to your friends US Accountsusing their email addresses or mobilephones even if they don’t have accounts inBank of America).• Mobile Check Deposit - take a pic of theCheque and deposit the amount in youraccount.Mobile Banking – Is already hereiPhoneKindleWindows
Time to Market1. Opportunity cost….lost revenues2. Rapidly changing customer behavior3. Rapidly changing customer lifestyle4. Rapid growth in new technologies5. New opportunities and revenue streams6. Competition from not only other banks butalso other service industries (e.g. Telcos, Hypermarkets, Google, Facebook, etc.)7. Changing regulationsNeed of the time – Agile Bank
…and stay Relevant1. Banking is boring…sell experience2. Customer knows what he wants3. Understand behaviors by segment, device,location and activity…analytics4. Life stage and life style are both relevant. Lifestage for product development and life stylefor relevant campaigns and bundling5. Low tolerance & short attention span6. Free….not just value for moneyNeed of the time – Agile Bank
Applying AGILE- Lean- Dynamic solutions- Scrum…sprint iterations- Feature driven developmentNeed of the time – Agile Bank
- Buy-in from all concerned…..strategy, budgetand dependencies agreed- Quality of staff…..experience, qualifications,skills and ability to blue sky- Ability to think like a customer not a banker- Requirements should be agreed andcommunicated to all- Processes completed using blue sky thinking- Insist on hiring of relevant staff in supportfunctions- Blame game- People are reluctant to embrace changeThe Pitfalls – be aware
- Use legacy core banking system if it isscalable- One size does not fit all…..go for best in class- Use middleware to add or subtract anynumber of ‘best in class’ front-end systems- Dynamic model, products, systems andprocesses- Reduce dependency on IT…..choose systemsthat give control to e-business managers- Upgrade skill set in the business teamThe Upgrade Era – build for change
Change Culture, Organization Structure- Environment: conducive to innovation………..dress, timings, play, hot desking- Remove sales targets, put service targets- Remove silos….merge marketing, productdevelopment and IT- Re-write roles and job descriptions- Restrict IT role to interfacing & maintenance- All hires should have some IT background- Use mobile devices for staff- Internal processes should also be STPThe Upgrade Era – build for change
Smaller banks have a better chance to compete with large banks….lessbureaucracy, quicker decision making, greater scalability and motivationSmall is Big – magic beansMagic Beans – Tapping Travelers- Prepaid Cards- Multicurrency debit/prepaid cards fordynamic currency conversion- Travel destination mobilenumbers…map downloads- Augmented reality for searchMagic Beans – Tapping Partners- Online discounts with partners- At location discounts with partners- Relevant cross sell- Behavioral data sharing- Collaboration with new data providers- Augmented reality for partner offersat malls