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Retail Banking: Making other Channels mobile

598

Published on

http://www.infosys.com/finacle …

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.

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  • 1. Retail Banking: Making Other Channels MobileUniversal Banking Solution System Integration Consulting Business Process Outsourcing
  • 2. Abstract: Amidst the spectacular growth of the coverage for the bank as more and moremobile banking channel, it is easy to lose sight people are brought within its fold.of its other advantage, namely the ability tousher in true multi-channel banking. Apart from • Transacting: Customers can commence abeing a convenient, low cost channel with near transaction on internet banking, save ituniversal reach, the mobile is able to draw midway, and conclude it on mobile. Formore value out of other channels in retail example, they can use their mobile to editbanking – from the ATM to the internet. In this a transaction that was initiated and savedarticle, we examine the different ways in which using internet banking. They could eventhe 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 approveMobile banking has often been perceived critical e-payments. Agents empowered byeither as an extension of internet banking or mobile phone can also conduct cash-in andas an isolated channel, which can help banks cash-out transactions on behalf of theirin minimizing costs and generating better customers and allow them to avail microfinancerevenue streams. One of the major reasons facilities which can’t be provided throughcited for the success of mobile banking is the traditional means.omnipresent nature of the channel, which setsit apart from all the traditional ones. This • Financial management: The ability todifferentiator can drive revenues not only from compare two home loan products on anthe mobile perspective but also in conjugation internet portal might seem notional, but ifwith other channels. Today, banks need to customers could perform similar comparisonscarefully study how the mobile can fit into the across channels and devices, it wouldoverall 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 bankingTo understand this point of view, banks need to and real time delivery of alerts on mobilecome out of silo based channel banking where device in case the spend exceeds the budgeteach channel has separate a budget / strategy or vice-versa. Moreover certain transactionswith little or negligible interaction between them, could be tagged as exceptional whichand focus on driving mobile banking strategy require prior approval before they arefrom a customer experience perspective. Mobile executed. Such ubiquitous and real-timebanking can become a key enabler of multi- control over finances is only possible throughchannel banking while still serving its current seamless multi-channel interaction enabledrole of a low cost and convenient channel. In by mobile devicesthe following section, we outline how mobilebanking can act as an enabler of a bank’s • Alerts: Cross channel alerts play a big rolemulti-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

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