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Research paper on assessmet of sales potential of cloud-based mobility solutions for financial institutes

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Research paper on assessmet of sales potential of cloud-based mobility solutions for financial institutes

Research paper on assessmet of sales potential of cloud-based mobility solutions for financial institutes

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  • 1. ASSESSMENT OF SALES POTENTIAL OF CLOUD-BASED MOBILITY SOLUTIONS FOR FINANCIAL INSTITUTES IN PUNE REGION 1. Dr.Satish Pawar 2. Mr.Amit Zaware 1. Professor at Sinhgad Institute Of Management, Vadgaon, pune. 2. Reserach Student at Sinhgad Institute Of Management, Vadgaon, pune. Email-id: 1.satishpawar@sinhgad.edu, 2.zaware_amit@yahoo.com ABSTRACT: The basic objective of the project is to identify mobility solutions used in financial institutes and bank and potential demand for the OPENHOUSE’s mobility solutions in market. Moreover, to know the needs of the market in regards to products, services, deliverable, pricing and how value additions can be done for the customer requirement. It was important to know the opinion of the end user about the usability and if there are any shortcomings in service provided. On intense study of various facets, it is being felt that there is good acceptance for OPENHOUSE’s mobility solutions in the market. Comparing to other mobility solution providers OPENHOUSE provides highly secure and affordable solutions to finance sector. In the future OPENHOUSE’s mobility solutions are emerged as most acceptable solutions. Taking these things into consideration there are lots of opportunity for the Mobility Solution Providers which already exist and which are due to enter in the Indian market. Key Words: financial institutes and banks, OPENHOUSE mobility, end user. [1] INTRODUCTION: A 'perfect storm' of trends are combining to provide businesses with a wealth of new opportunities to engage with their customers and employees over a wide -range of mobile channels The key drivers which continue to shape the business are:     Increased desire to engage over mobile Emergence of mobile focused offerings Consumerization of IT creates opportunities for employers. Business are embracing cloud computing. Financial Institutes can retain existing customers and acquire new customers by empowering their mobile workforce and customer with their real time information. Mobile enablement helps enterpriser to reach out and interact in real time. As trend is changing and individual customers are changing their mind, financial institutes have to change in adopt current scenario. We have analysed problems faced by financial institutes and tried to reduce their most of service problem that they faced in surveying customers. Our searcher found that individual financial institute have problems such as communication with customers, knowledge acquisition, promotions of new schemes, providing transaction details to customer, customer engagement with company, feedback
  • 2. collection, sales force tracking, new mobile based Applications back office work and many more. As a solution to them concept of Mobility Solutions came into existing. We surveyed 100 financial advisors and solved their problems. Customer engagement became easy for financial institutes because of Mobility Solutions provided by OENHOUSE overall support by IMImobile’s cloud based technology makes their business more expandable sitting in one roof. The purpose of this project is to describe the available mobility solutions by OPENHOUSE for financial institutes and their functioning. This project will ensure that actual practices followed in Assessment of sales potential of mobility solutions provided by OPENHOUSE for Financial Institutes in Pune region. [2]CONCEPTUAL BACKGROUND Mobility to an organization means balancing business demands for mobile flexibility while being able to manage the mobile environment with their standardized IT environment. Simplify enterprise mobility with an integrated end to end mobile solutions designed to make business, employees and customers more effective by enabling businesses to gain insight and control. Enterprise mobility management is the set of people, process and technology focused on managing the increasing array of mobile device, wireless networks and related services to enable broad use of mobile computing in business context. OPENHOUSE’s four point advantages 1. OPENHOUSE technology already integrated with several network operators, eliminating the complex and long process such as having to establish these connections as well as handle multiple teams, approvals and proprietary technologies. 2. Resources are easily accessible through a cloud based self service environment. 3. Enable a very wide range of solutions that you develop, including customer self-service, product promotions, employee communication and audience engagement and also provide tools to manage enterprise media, set up portals and launch campaigns, surveys and contests. 4. Help reduce the ‘time to market’ since all solutions are self-managed and involve minimal external dependence. OPENHOUSE is a simple, secure and accessible of freeing the potential of your business from every restriction. 2.1 Overview of Mobility Solutions Provided by OPENHOUSE SMS broadcast (m-Communicate): Deliver message to thousand of recipients and send them automated, personalized responses when their response is received.   Promotional SMS broadcast Transactional SMS broadcast TATA Sky is one of the largest DTH Service provider in India. Integrated Text SMS alerts in their CRM system using IMImobile SMS Gateway APIs. User gets various automated alerts for channel subscription, payment reminders, and payment confirmation. On an average TATA Sky pushes two to three Lakh text SMS alerts per day.
  • 3. Voice broadcast (m-Communicate): Create interactive campaigns that automated bulk voice calls to mobile or fixed-line users and play pre-recorded message. Mahindra is an Indian multinational pioneering in utility vehicles, tractors, IT, Financial and Tourism. Their tractors division has been using IMImobile Voice SMS Service to communicate with the existing customers as well as farmer community in their local language. They communicate regarding free service camps, auto shows, festive offers etc. They communicate with approximately 10k to 15k farmers daily. Communication using mobile medium has increased their campaign response rate by 90%. CUSTOMERS CAN INITIATE COMMUNICATION (m-Engage) Missed Call to SMS: Customer can place a missed call to a given number at no cost to them and receive SMS in response. Using multiple voice numbers, you can even run opinion polls. This service is usually used to capture potential leads when the target audience doesn’t have internet access or Smartphone. Missed Call to Call : Customer can place a missed call to given number to receive an immediate call-back. This service integrated with our Call Flow Designer and is useful when the customer needs to go through a validation process. This service is usually used to capture potential leads when the target audience doesn’t have internet access and Smartphone. SMS to Call: Customer can send an SMS to given number to receive an immediate call-back. Several IMImobile OPENHOUSE customers have used this service during the launch of a new product and service. This service is usually used to capture potential leads when the target audience doesn’t have internet access and Smartphone. Click to Call: The Click to Call application enables business to turn web foot-fall into lead-generating phone calls. Download a web widget from IMImobile OPENHOUSE and place it on your website. Customer browsing the site can enter their mobile number to receive a call back. The Click to Call widget place an out-bound call to the site visitor and the number you choose and patches both the calls in a call conference. Interaction through SMS Short-codes: Short-codes are special mobile numbers that are short and non geographic and therefore easy to remember. They are a cost-effective way of interacting with your customers. e.g The short-code 57827 is frequently used for various customer engagement campaigns by IMImobile. Long-codes: Long-codes are ten-digit virtual mobile numbers that can used for both SMS and voice communication and are globally accessible. Keywords: Keywords allow your business to establish a cost-effective, two-way SMS communication channel while creating unique identity for business. Star TV is one of the biggest Entertainment and News media in India. IMImobile manages their all India short code 57827; which they use for various customer engagement activities like Contest, Polling, and Voting etc. Star TV
  • 4. configures various real-time activities using “SMS studio” and also have access to live results. Star TV interacts with millions of audience on a day to day basis. Interactive Voice Response System (IVRS): IVR service enables automated voice applications, so you enterpriser can connect with customers in cost effective and convenient way. Using the intuitive Call Flow Designer, enterpriser can build voice applications without any programming. [3] LITERATURE REVIEW 3.1 The future of mobile payments: New online players competing with Banks by “DEUTSCHE BANK” For a number of years the financial sector has been coming under increasing pressure in one of its core business segments: accounts and payments. The rapid developments in technological and webbased applications and products are confronting traditional banks with major challenges. Because of the increasing regulatory obligations as well as cost pressure mounting many banks are at risk of becoming less innovative. The market for innovative mobile payments is still in a very early stage. Even in the US, which is – next to Japan – clearly the frontrunner, business models are only about 1-2 years old. Thus, the future development is highly uncertain. In Germany the number of internet users has risen to more than 75% in 2013, at the same time the growth rate has slowed over the last few years. This corresponds roughly to the EU-27 average of 73% in 2011, although the average masks considerable differences among the European countries. The rising number of internet users also means that the routine use of web-based technologies will continue to increase and that the internet savvy of consumers will rise further due to their mounting online experience. In the period 2006 to 2011 the number of bank branches in Germany fell by 6.6% to a total of 39,643, whereas the UK saw 5,525 branches close (-19.8%) according to the Bank for International Settlements. According to DB Research projections, in 2030 a total of nearly 44 million Germans are expected to be familiar with online banking services. By comparison, the figure in 2010 was only slightly over 27 million. 3.2 The Mobile Cloud: When Two Explosive Markets Collide- Cisco IBSG Research uncovers new opportunities for SPs to prosper in this rapidly growing and evolving market. Almost half (45 percent)of survey respondents owned smart-phones. Even more remarkable, up to 60 percent of U.S. mobile phone subscribers could be smartphone users by the end of 2013. Voice calling ranked as the fifth-most-used function by business users. Both business users and consumers are much more interested in using their smart-phones for texting and taking photos, which ranked first and second, respectively. In addition, business users, given their frequent use of smart-phones for both their work and personal lives, are the largest adopters of more advanced types of hybrid (business and personal) services, such as apps, playing games, mapping, videos, and social networking. And, of course, business users are the largest users of more work-centric features such as productivity
  • 5. tools, business conferencing. applications, and 3.3 Mobility Solutions in EnterpriseSized Businesses: Quantifying the Return on Investment by Microsoft Corp. IDC’s ROI Methodology: IDC uses a three-step process to measure benefits and costs and calculate the ROI. 1. Measure the impact of the solution on the organization. IDC looked at the benefits generated by the mobile LOB application:     Reduction of IT costs: IT labour, telecommunications services and infrastructure, hardware and software. Increase in IT productivity: Ability to grow the environment without adding overhead. Increase in user productivity: Increase the time to do useful work. Increase in business benefits: Includes reducing administrative staff, user travel costs, paperwork costs, and downtime as well as increasing revenue realization 2. Ascertain the investment. IDC captured the initial and annual costs of the following:      Software- application and wireless Hardware- back-end server and mobile device IT labour- installation and annual management Servicesmobile data and telephone and consulting Training - user and IT staff 3. Project the investments and benefits over a three-year period and calculate the ROI and payback for the deployed solution. IDC uses the discounted cash flow method to calculate the NPV, ROI, and payback period over three years. As a standard, IDC uses a 12% discount rate. [4] About IMImobile Pvt. Ltd.: IMImobile is a global technology partner for operators, media companies and enterprises. The IMImobile products and services portfolio is built on a core modular service platform called the DaVinci Evolved Service Platform. The platform provides an integrated and flexible range of CRM, messaging, rich media content and advertising solutions. It also provides a series of interfaces to enable a mobile marketplace and an ecosystem of application developers. [5] RESEARCH METHODOLOGY: In this project research methodology used by researchers is Cross Sectional Descriptive conclusive design. Primary data used such as Questionnaire filled by Representative of Financial Institutes. Data is also collected through informal interview with Branch Manager of Banks, LIC, Brokerage firms and CAs. Secondary data used through Research paper on Mobility Solutions. Researchers have used sample unit as Financial Institutes considering sample size 100 Representatives of F.I. in Pune region. Sampling method used is non-probability convenience sampling. 5.1 OBJECTIVES OF THE STUDY: The project was conducted for following objectives:
  • 6. 1. To analyze presence of mobility solutions used in Financial Institutes of Pune region. 2. To find out key drivers and barriers for financial institutes to use mobility solutions in the business. 3. To understand criteria while selecting mobility solution partner by financial institutes. 4. To measure potential adoption of cloud based OPENHOUSE mobility solutions technology by financial institutes. Feedback Collection 7% Sales Meeting Tracker 9% Productivity tracker 12% Employee Attendance… 21% Location Mapping 23% Mobile Website Video Calling m-Banking App Customer Portfolio App 34% 45% 54% 65% Voice Response… 71% 78% Transactional SMS 5. To analyse Financial Institute’s top mobile priorities in the next one year Meeting Scheduler 82% Emailing 96% Promotional SMS 98% 5.2 SCOPE OF THE STUDY 1. The whole project was based with the agenda to analyse sales potential for mobility solutions provided by cloudbased OPENHOUSE for Financial Institutes and determining expansion of Mobility Solutions provider OENHOUSE in Pune region with help of such practice .In depth analysis of individual financial institute and customised mobility solutions for the company. 2. The area of the project work is Pune city and its location where the survey has been undertaken those are Financial Institutes, Banks, CAs firm and Tax Consultant in Camp, Kothrud, Swargate, Shivaji Nagar, Aundh, Hadapsar, Vimannagar. [6] DATA COLLECTION INTERPRETATION: AND Researcher have collected a data through questioner and interpreted facts that financial institutes should consider. From above response given by financial institutes, it is clear that 98% of F.I. uses promotional SMS as mobility solutions. In F.I. mobility solutions are majorly used for promotional activities. Customised mobile applications are not much familiar to F.I. 6.2 Key Drivers to use mobility solutions Figure 2: Key Drivers Customer acquisition and retention Increase the use of Smartphones Need to innovate & grow business 82% 80% 77% Customer Demand 72% Brand Positioning 72% Meeting Challenges from competitors 69% Security 65% Control over employee 56% Easy to access 50% Cost Saving 6.1 Familiar Mobility Solutions in F.I.: Figure 1: Mobility Solutions used by F.I. Regulation 35% 10%
  • 7. 82% of F.I. believes key driver to use mobility solution in business is customer acquisition and retention. Also 80% adopted it because of increase the use of smart-phone and tablets. Institutes are ready to bring technology changes in business. m-Data collection tool m-Employee… Video Conferencing Sales Force Tracker Location mapping Mobile Banking 6.3 Key Barriers to use mobility solutions Portfolio Management… Opinion Poll(Short… Figure 3: Key barriers USSD services Feedback collection Data is highly confidential 70% Attitude to change 68% Dependent on solution provider Interactive services to… Text & Voice Messages 0% 20% 40% 60% 80%100% 65% Security Concern 60% High initial investment 56% Interested Not Interested In Future 70% of financial institutes find highly confidential data is key barrier to implement mobility solutions in business. 68% finds difficult to switch from traditional approach and 65% faces dependability on solution provider as key barrier. These key barriers are restricting F.I. to adopt mobility solutions in business. 89% of F.I. interested in using cloud based text and voice messaging service. More than 60% of institutes are ready to adapt cloud based solutions like video calling, Sales force tracker App, m-Banking and portfolio management App. More than 40% of F.I shows interest in future adoption of solutions like data collection tools and m-employee management App. 48% of institute doesn’t show interest in USSD services. From the above data analysis we get clear idea that maximum number of F.I. interested in cloud-based mobility solutions and remaining wants to adapt this technology in future time. Very less portion is covered with not interested response. 6.4 Market Potential for cloud based Mobility Solution 6.5 Criteria for solution partner Figure 4: F.I. interested in cloud-based mobility solution. Figure: Selection Criteria Constraint by regulation & legacy system Interoperability across service provider 40% 32% Restriction on market access 22% Need for Standardisation 21% selecting mobility
  • 8. Competitive differentiation Vertical Specific Expertise Pricing model and flexibility 93% 91% 90% Minimum down time 87% 24*7 Service support Increased employee… 76% Faster customer issue… 69% Improved customer… 68% Faster internal issue… 62% 87% Increased sales revenue 58% Reduced sales cycle time Network Security 83% Existing client list of provider Up gradation of technology 81% 80% Vehicle Area Network 78% 45% Increased worker… 36% Improved brand… 32% Reduced inventory cost 23% Competitive… 21% Same provider of competitor 48% Improved employee… 12% Geographic Location 46% It’s too soon to tell 10% 93% of financial institutes keep competitive differentiation through specialization criteria while selecting mobility solution partner and 91% emphasises on vertical specific expertise. Between 80 to 90% of financial institutes look for pricing model, rebalance of mix of product & service, minimum down time, 24*7 supports, easy to access, network security, network security. Around 80% of F.I. has same criteria while selecting mobility solution partner. 6.6 Benefits experienced as a result of deploying mobility solutions Figure 6: Benefits of mobility solutions From the above data, 76% of F.I. experienced benefit in increase employee responsiveness and decision making whereas 68% gets benefit of faster customer issue resolution and improved customer satisfaction. 6.7 Top mobile priorities in next 1 year. Figure 7: Mobile priorities Help implements business mobile marketing… 54% Provide more support for customers 52% Support more connected mobile handheld… 47% Implement/improve mobile security 45% Support more mobile applications for… 42% Implement corporate mobility strategies or… 40% Extend internal systems for mobile access 38% Provide more support for mobility applications for… R&D on new issues with third party solution provider Hire IT professionals to support mobility solution 35% 21% 12%
  • 9. 54% of F.I. wants to improve in mobile marketing and 52% wants more customer support through mobile solutions. 40 to 47% of F.I. targeting priorities as corporate mobility strategies, more mobility support for employees, mobile security and more customer device connections. There is great opportunity for mobile solution partner to do business with in finance institutes.   [7] FINDINGS:        Almost all financial institutes are aware of mobility solutions and willing to adopt technology change in business. Currently text/voice messages and emails are most widely used mobility solutions. There is large scope of adoption for customised mobile applications in financial sector. Researcher found that around 80% of financial institutes have similar key driving factors to use mobility solutions in business. Financial institute shows more willingness to use cloud-based mobility solutions which increase customer satisfaction and easily communicate with customer. Also financial institutes want mobile solution to increase sales revenue and simplify business operations. Researcher found that there is chance of 55% financial institute adopt cloud-based mobility solutions in business and 31% willing to adopt in future period. While selecting mobility solution partner 90% of financial institutes emphasis on competitive differentiation through   specialization and vertical specific expertise. More than 50% of financial institute has mobile priority as business mobile marketing and more customer support in next one year. High data confidentiality and dependence on mobility solution partner is the key barriers for financial institute to implement mobility solutions in business. Financial institutes experienced maximum benefits by using mobility solution in responsiveness of employees and decision making speed and also increased in customer satisfaction. Major costs saving areas are Human resource, Business operations, sales and promotion activities. [8] CONCLUSIONS: On the basis of research done during the 60 Days summer training, analysing the data that was collected through a questionnaire and face-to-face conversation with the people I conclude this project work with the words that- In spite of the bleak and grim outlook the future of cloud-based Mobility Solutions market is growing at a very high pace. IMImobile’s OPENHOUSE technology has emerged a very strong player in the field of cloud-based mobility solution provider. It is giving stiff competition to all players. If the progress of OPENHOUSE goes in the same way then it will emerge as a major player in the mobility solutions. They have much more potential to expand their business in Pune region. Cloud-based mobility solution of IMImobile Pvt. Ltd. is the best possible way for financial institutes to run their business.
  • 10. [9] RECOMMENDATIONS   On intense study of various facets, it is being felt that there is good acceptance for OPENHOUSE’s mobility solutions in the market but IMImobile should more focus on reaching to small enterpriser. The segment based pricing strategy will be more helpful in competitive market.  Provide competitive differentiation through specialization and vertical specific expertise.  Other vital things are maintaining good customer relationship by promotional schemes, giving ad-on services that is being offered to consistent clients.  IMImobile may use multilevel level marketing strategy or chain marketing to reach small enterpriser of region. It will avoid unnecessary investment on Human Resource and give profit sharing to every level marketing pyramid. [10] BIBLIOGRAPHY [a].Research Methodology - C.R.Kothari [b].The Network as a Service for Mobile Engagement (OPENHOUSE for Business Whitepaper) September 2012. [c].Sales Toolkit Provided by IMImobile Pvt. Ltd. [d].The expanding role of mobility in workplace (Custom technology adoption profile commissioned by Cisco System) by Forrester Consulting February 2012. [e].The power of cloud driving business model innovation: IBM Global Services Executive Report by Saul Berman, Lynn Kestrson-Townes, Anthony Marshall and Rohini Shrivastava, June2013. [f].Enterprises Mobility Solutions, Q1 2013 by Liz Herbert, February 2013. [g].The future of mobile payments: New online players competing with Banks by “DEUTSCHE BANK” by Thomas F. Dapp, Antje Stobbe, Patricia Wruuck, December 2012. [h] www.imimobile.com [i]. www.openhouse.com [j]. www.slideshare.com

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