As reported by The Economic Times, paper-based transactions cleared through cheques in FY 2015 (April 2014 – March 2015) summed up to INR 85 lakh crore (US$1.33 Trillion) whereas cashless transactions through credit card, debit card, NEFT, and online wallets comprised of INR 92 lakh crore (US$1.43 Trillion). The total transaction amount in India – exclusive of cash transactions – reached $2.76 Trillion in FY15.
The main reason behind this spike in cashless transactions is the growth of eCommerce industry in India, which allowed consumers to purchase products at discounted rates at the realm of their homes. Also, the new generation is shifting towards hi-tech gadgets and technology to make funds transfer as it’s easier, hassle-free and instant transaction compared to paying by cash or cheque. With online funds transfer or virtual payment system, people can send or receive payments instantly at the touch of a button rather than visiting banks to withdraw or deposit money.
Social media banking apps :Banking on social media enhances user experience in retail banking; social media is now an important channel to attract, engage, cross-sell and retain customers. Customers value ease of transactions, especially for small payments and transfers. Social media banking apps allow users to make small money transfers to friends. Users can also split a common bill and maintain payee list for instant fund transfers. Currently, there is a gap between the customer demand and bank offerings over social media —customers value the ability to transact and get account information, while most banks only offer information gathering services such as ATM location and product catalogues.
Image based banking:Image based banking services such as Remote Deposit Capture and Photo Bill make optimum use of the camera features in smartphone. ■ Globally, there is a multi-fold rise in the number of banks that are planning to or have already launched these services for the mass market. ■ These services are particularly suitable for the US, where about 2.1 million checks are expected to be migrated to remote deposit capture by 2016, and adoption of photo bill pay is expected to be about 33 percent by 2018. ■ Notably, many regions globally, including the European region, face difficulty in providing the image based banking service, due to the regulatory and security concerns.
Virtual customer support:Banking users value the ability to solve problems on real-time basis and keep the personal touch alive while using remote self-service channels such as mobile phones. ■ Over 50 percent of customers want banks to incorporate social and human aspects of service — such as more personalized customer service and tailored advice — into online and mobile banking. ■ Banking apps are increasingly being innovated to include virtual customer support through videos, calls and messaging without having to visit the bank.
Use of analytics :Analytics helps in engaging with customers, instead of just providing ‘push’ customer services. Customers greatly value non-transactional services provided by the banks. ■ Personal financial Management (PFM): customers value the ability to budget their expenses, set monthly limits and calculate their instalments. These services can be provided through analysing big data on spending and savings. ■ Marketing: analytics is also increasingly being used to cross-sell by providing shopping updates and offers, location-based deals, mobile advertising and loyalty programs through SMS or mobile applications. These services have helped improve customer satisfaction and retention considerably. ■ Fraud alerts: widespread use of multiple banking channels has increased the security concerns to the peak levels. Many banks are deploying resources to negate the concern with the help of analytics to provide real-time fraud and unusual transaction/suspicious alerts on mobile phones.
Biometric apps and security features
Rising security concerns have also increased the need to enhance basic banking apps to include biometrics and other such security measures. There have been many incidents of fraud and security breach in mobile banking applications of different banks globally, resulting in slow penetration of mobile banking, especially in developed nations. ■ Voice biometrics, fingerprints, iris scans, and other authentication options are beginning to replace passwords as a means to verify a user's identity and simplify the login process while banking online or via a mobile device. ■ Banks are providing apps that recognise voice command and allow users to make balance inquiries and transfers, locate nearby branches and ATMs.
Banks are increasingly integrating upcoming digital technologies and platforms to expand their reach in mobile banking. Some of these include the following: ■ Cloud: The ability to store banking-related documents such as authentication proofs and checks enhances user experience of mobile banking. ■ Wearables: The advent of smart watches and Google glass has created a niche market for mobile banking. ■ Augmented reality/3D: Enhancement and enlargement of the viewing experience of users is likely to be the next big thing, especially with the entrance of wearables.
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