Path to mobile banking - a banker's experience

Path to mobile banking - a banker's experience

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  Path to Mobile Banking ABanker’s Experience Hussain Mazhar
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  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
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  Mobile Banking –Is already here SAMBA – KSA
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  Mobile Banking –Is already here Al Rajhi Bank – KSA
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  Mobile Banking –Is already here RAK Bank – UAE
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  La Caixa Movil– Spain • Strong eBanking & mobile banking, 2.2 M customers – Best M-Banking App, Huffpost 2012 • Cross platform App - all smart phones and tablets. • CaixaMovil App Store = over 50 Banking Applications. • Download CaixaMóvil Store from La Caixa App in iPhone or search each App in IOS Appstore. • Appstore applications offer different banking services, like transactions, tap and pay, credit cards, loyalty program, tickets applications and more. Mobile Banking – Is already here
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  Android AppiPhone AppBlackberry App Mobile Banking – Is already here La Caixa Movil – Spain
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  ANZ goMoney -Australia • Best Mobile App Design – Huffpost 2012 • The App integrates nicely with online banking and Registration is simple. • Login with just 4 digit PIN. • Pay anyone only by using mobile numbers. • Allows users to rename and reorder the accounts. • Allows users to add personalized pic to accounts. • The App can be viewed horizontally. Mobile Banking – Is already here
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  Bank Of America- USA • Best Multi-platform Service – Huffpost 2012 • Native Apps for all currently known devices, kindle fire, HP webOS and even for older devices. • Apps offer variety of services like (checking Balances, track transactions, making transactions to your friends US Accounts using their email addresses or mobile phones even if they don’t have accounts in Bank of America). • Mobile Check Deposit - take a pic of the Cheque and deposit the amount in your account. Mobile Banking – Is already here iPhone Kindle Windows
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  Time to Market 1.Opportunity cost….lost revenues 2. Rapidly changing customer behavior 3. Rapidly changing customer lifestyle 4. Rapid growth in new technologies 5. New opportunities and revenue streams 6. Competition from not only other banks but also other service industries (e.g. Telcos, Hyper markets, Google, Facebook, etc.) 7. Changing regulations Need of the time – Agile Bank
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  …and stay Relevant 1.Banking is boring…sell experience 2. Customer knows what he wants 3. Understand behaviors by segment, device, location and activity…analytics 4. Life stage and life style are both relevant. Life stage for product development and life style for relevant campaigns and bundling 5. Low tolerance & short attention span 6. Free….not just value for money Need of the time – Agile Bank
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  Applying AGILE - Lean -Dynamic solutions - Scrum…sprint iterations - Feature driven development Need of the time – Agile Bank
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  - Buy-in fromall concerned…..strategy, budget and 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 and communicated to all - Processes completed using blue sky thinking - Insist on hiring of relevant staff in support functions - Blame game - People are reluctant to embrace change The Pitfalls – be aware
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  - Use legacycore banking system if it is scalable - One size does not fit all…..go for best in class - Use middleware to add or subtract any number of ‘best in class’ front-end systems - Dynamic model, products, systems and processes - Reduce dependency on IT…..choose systems that give control to e-business managers - Upgrade skill set in the business team The Upgrade Era – build for change
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  Change Culture, OrganizationStructure - Environment: conducive to innovation ………..dress, timings, play, hot desking - Remove sales targets, put service targets - Remove silos….merge marketing, product development 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 STP The Upgrade Era – build for change
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  Smaller banks havea better chance to compete with large banks….less bureaucracy, quicker decision making, greater scalability and motivation Small is Big – magic beans Magic Beans – Tapping Travelers - Prepaid Cards - Multicurrency debit/prepaid cards for dynamic currency conversion - Travel destination mobile numbers…map downloads - Augmented reality for search Magic 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 offers at malls