The Future of Mobile Banking

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Video and slides synchronized, mp3 and slide download available at URL http://bit.ly/13S1GeY.

Michael Nuciforo covers the recent history of mobile banking from SMS alerts to Java, then Web and Native apps. It highlights the major trends, key industry players, and consumer expectations. Filmed at qconlondon.com.

Michael Nuciforo is a Mobile thought leader and futurist who was previously the Head of Mobile Banking at RBS. Prior to setting up his own business Keatan, Michael was responsible for delivering the UK’s Number 1 Mobile banking service for iPhone, iPad, Android and BlackBerry across both RBS and NatWest brands. He now advises to some of Europe’s largest banks and retailers on mobile strategy.

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The Future of Mobile Banking

  1. 1. MICHAEL NUCIFOROMobile Consultant, Innovator and FuturistThe Future of Mobile Banking
  2. 2. InfoQ.com: News & Community Site• 750,000 unique visitors/month• Published in 4 languages (English, Chinese, Japanese and BrazilianPortuguese)• Post content from our QCon conferences• News 15-20 / week• Articles 3-4 / week• Presentations (videos) 12-15 / week• Interviews 2-3 / week• Books 1 / monthWatch the video with slidesynchronization on InfoQ.com!http://www.infoq.com/presentations/future-mobile-banking
  3. 3. Presented at QCon Londonwww.qconlondon.comPurpose of QCon- to empower software development by facilitating the spread ofknowledge and innovationStrategy- practitioner-driven conference designed for YOU: influencers ofchange and innovation in your teams- speakers and topics driving the evolution and innovation- connecting and catalyzing the influencers and innovatorsHighlights- attended by more than 12,000 delegates since 2007- held in 9 cities worldwide
  4. 4. • Co founder of Mipaga – Mobile Commerce start-up• Co founder of Keatan – Mobile Consultancy• Former Head of Mobile Banking – Royal Bank of Scotland• Former Mobile Banking Channel Manager – ANZ Banking Group• Launched first Mobile Banking service – 2008• Winner of 6 industry awards• Regular blogger – www.theboldwar.com• And tweeter - @theboldwar2About me…
  5. 5. 3We heard it all before…
  6. 6. 4This time it’s different…
  7. 7. 5Everything aligned…
  8. 8. 6Mobile banking has now arrived…
  9. 9. 7And it’s impacting everything…
  10. 10. 8Boundaries are being blurred…
  11. 11. 9Two perspectives…
  12. 12. 10For customers…
  13. 13. 117 million users and growing…
  14. 14. 12Desktop plateau…
  15. 15. 1340%60%Increasing and shifting…
  16. 16. • On average an active Mobile Banking user will login times amonth.• This means Mobile Banking user will log in the same amountof times as Online Banking users.141520Incremental interactions…
  17. 17. “The number of interactions consumers arehaving with their bank has increased fromonce a week, for much of the last century, tonearly once a day”This means…15
  18. 18. 16Transaction MigrationHIGH SALES NO SALESThe product sales conundrum…
  19. 19. 17No sales yet…
  20. 20. 18New sales opportunities…
  21. 21. 19New business model…
  22. 22. 20With Mobile at its heart…
  23. 23. 21Two rivals can be friends…
  24. 24. 22Transformation must occur…
  25. 25. This means…23Banks have been given permission to be intheir customers pocket. What will they dowith that honour?
  26. 26. 24The second wave is coming…
  27. 27. Screens will be everywhere…25
  28. 28. New propositions will emerge…Jack, aged 56 Teacher - $40,000“My friends and I all use Mobile banking but I can’t waituntil I can do more…”Jack opens his newMobile app and takes ascan of the TV he wantsto purchase.The app tells Jack theprice of the TV and thecurrent balance of hisbank accounts.26Jack buys the TV usinghis debit card. Heshares the buy with hisfriends and family.
  29. 29. …and change behaviours…Sam, aged 27 Real Estate - $50,000“It is really exciting to see where mobile is heading andwhat it means for my lifestyle…”27Sam is walking past hisfavourite store. He getsa push notificationabout a new deal.He uses the new tap-and-collect service toorder the goods andget them instantly.Sam then shares thedeal with his friends.He gets a rewarded forsocialising it.
  30. 30. 28For staff…
  31. 31. • Organisational investment and structure are not in place• Business processes are not aligned to mobile• Skills and knowledge gaps are holding back progress• You need to educate so you don’t have time to innovate• Systems are not in place for testing and development• Mobile should be BAU but its still a project29Unintended consequences…
  32. 32. 30No where to hide…Design
  33. 33. $Will deliver significant benefits…• More Mobile = Less Cash and Paper• Cash is expensive to manage and maintain• Cost and environmental footprint reduction• More Mobile Transactions = Cost Reduction• Less will be spent on property and equipment• Branch head count will reduce• More Mobile = Anytime, Anywhere• Greater staff productivity and accountability• Better interaction and speed of communication3124/7
  34. 34. This means…32“Everyone is investing in mobile. Thewinners will be the banks that can deliver –not just talk about it”
  35. 35. New attitude…33
  36. 36. 34Across all areas…
  37. 37. 1. Don’t ignore it - Mobile is here and now2. If you embrace its impacts you will find opportunities3. You have more opportunities than ever to interact with customers4. Close the gap now – think about Mobile product sales5. Product ales can be incremental if you approach them differently6. Mobile can deliver greater efficiency in all your channels7. New propositions can deliver a better experience and new revenue8. Staff can also benefit from the adoption of Mobile9. Enjoy the ride – they don’t come around often!35Key Takeaways…

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