Building a Robust Mobile Experience in Financial Services - Futurebank 2013 presentation

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Presentation given by Ludwig Schulze, CEO of Mistral Mobile, at the Futurebank 2013 event in Singapore

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  • Worldwide mobile penetration is above 90%Few exceptions; Burma <5%
  • Who here is ready to hand over the mobile phone to their neighbor?How about your PC?How about using the same ATM?How about going to the same bank branch?
  • WHO WILL OWN RETAIL BANKING IN FUTURE?
  • People have lots of differen types of mobile phones with different capabilities. Some have smartphones (all Singaporeans do), some have low-end phones. Some have mobile data, some have not.
  • People have lots of differen types of mobile phones with different capabilities. Some have smartphones (all Singaporeans do), some have low-end phones. Some have mobile data, some have not.
  • for 48% it’s the prime factor, and especially high amongst the youth – and when considering switching a bank – robust mobile banking experience reduces customer switching considerataions by 50% (AlixPartners Mobile Financial Services Tracking Sudy 2012)The user interface which is in the hands of your customer is the most PERSONAL link between you and the customer besides the staff at your branch. So you want to make sure your customer feels appreciated. Which is going to be hard to achieve if you consider mobile being just an extension of online. Mobile provides capabilities which are not available online, such as personal contacts. People have emotional attachment to their mobiles, not with their PCs (and consider tablets being part of mobiles here)
  • So you want to make sure your customer feels appreciated. Which is going to be hard to achieve if you consider mobile being just an extension of online. Mobile provides capabilities which are not available online, such as personal contacts. People have emotional attachment to their mobiles, not with their PCs (and consider tablets being part of mobiles here)
  • Simple SMS, SMS/IVR, USSD and SIM toolkit based solutions for with any mobile phone, and hence allow servicing anyone throught these alternatives. All of these are text based, with SMS/IVR including a voice component to provide security not available with plain SMS solution. With USSD and SIM toolkit the role of the mobile operator is high as they control these access methods.
  • Native applications and browser-based solutions then require mobile phone to have more advanced capabilities. Featurephones and smartphones do. Both these provide graphical experience to the user. Native applications are dependent on the operating system, or engine, of the phone whereas browser-based approach can be used with any phone having a browser. Browser-based approach, however, does not offer as high security as native applications and the user experience when using with a browser is much more compromised than with native applications.
  • This phone costs $6K but doesn’t even support JAVA applications!If you want to support all your users with great user experience each of these needs a bit different treatment. Which is fine to begin with but gets interesting when you eventually need to update the stuff. More on that later.
  • Your customer uses his phone, which in turn needs to talk to your transaction system. In the online work, this is handled with data traffic. In the mobile world, there is mobile data to do the same trick. The fat pipe. But not all of your customer may not have data connections (exclude Singapore – everyone does
  • Strange bedfellow
  • New applicationupdates are needed maybe 2-4 times per year to deliver new features, updates to existing features and what nots. If you think you don’t need to do it that often then likely you are falling out of the race amongst your competitors.
  • But then each tx causes also traffic to the tx system – everytime a person checks their balance, it creates more load. And it costs money to have enough capacity at backend to handle the load. Should not the load be optimized only for financial tx which actually exchange value? Balance queries run typically about 3:1 against financial tx, so smart solution (ie balance maintained in app and updated everytime there is a financial tx, or notification from system) can reduce the backend load caused by mobile transaction requests by 2/3.
  • But then each tx causes also traffic to the tx system – everytime a person checks their balance, it creates more load. And it costs money to have enough capacity at backend to handle the load. Should not the load be optimized only for financial tx which actually exchange value? Balance queries run typically about 3:1 against financial tx, so smart solution (ie balance maintained in app and updated everytime there is a financial tx, or notification from system) can reduce the backend load caused by mobile transaction requests by 2/3.
  • But then each tx causes also traffic to the tx system – everytime a person checks their balance, it creates more load. And it costs money to have enough capacity at backend to handle the load. Should not the load be optimized only for financial tx which actually exchange value? Balance queries run typically about 3:1 against financial tx, so smart solution (ie balance maintained in app and updated everytime there is a financial tx, or notification from system) can reduce the backend load caused by mobile transaction requests by 2/3.
  • Building a Robust Mobile Experience in Financial Services - Futurebank 2013 presentation

    1. 1. BUILDING A ROBUST MOBILE EXPERIENCE IN FINANCIAL SERVICES LUDWIG SCHULZE, CEO, MISTRAL MOBILE
    2. 2. MOBILE PHONES NOW MATTER ...A LOT 2 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    3. 3. EVERYONE HAS ONE (ALMOST) INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013 3
    4. 4. BUT NOT ’JUST ANOTHER CHANNEL’ A DIFFERENT ANIMAL ENTIRELY... 4 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    5. 5. ALWAYS WITH YOU 5 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    6. 6. DEEPLY PERSONAL UNLIKE PC-BASED WEB OR ATM INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013 6
    7. 7. BUT MOBILE ALSO ENABLES DISRUPTIVE COMPETITION, MUCH LIKE WEB BEFORE IT INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013 7
    8. 8. WITH 2B NEW MIDDLE CLASS BY 2020; MOBILE PROVIDES MEANS TO SCALE 8 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    9. 9. TO WIN IN FINANCIAL SERVICES IS TO WIN IN MOBILE 9 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    10. 10. THEREFORE, A ROBUST MOBILE EXPERIENCE IS CRITICAL 10 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    11. 11. UNFORTUNATELY, MOBILE IS ALSO A BIT COMPLICATED 11 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    12. 12. A HUGE VARIETY OF MOBILE PHONES, EACH WITH UNIQUE CAPABILITIES 12 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    13. 13. A HUGE VARIETY OF MOBILE OPERATORS 13 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    14. 14. SOME PHONES WITH DATA / INTERNET ACCESS INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013 14
    15. 15. SOME WITHOUT... (BUT IT ALSO MAY DEPEND ON THE STREET, WEATHER, NETWORK TRAFFIC...) 15 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    16. 16. BUT ALL CONSUMERS HAVE HIGH EXPECTATIONS FOR PERSONALIZED, EFFICIENT SERVICE 16 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    17. 17. 48% SAY MOBILE IS THE MOST IMPORTANT FACTOR IN CHOOSING A BANK Source: AlixPartners Mobile Financial Services Tracking Sudy 2012 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013 17
    18. 18. AS A RESULT, MOBILE INTERFACE IS THE MOST PERSONAL LINK TO YOUR CUSTOMERS 18 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    19. 19. TEXT INTERFACE WORKS ON ANY PHONE 19 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    20. 20. GRAPHICAL EXPERIENCE COMES WITH MORE ADVANCED PHONES 20 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    21. 21. BUT BE CAUTIOUS TO ASSUME YOUR CUSTOMER’S WEALTH BASED ON THEIR PHONE’S CAPABILITIES 21 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    22. 22. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013 © Mistral Mobile 2012 22
    23. 23. BEHIND THE USER INTERFACE, IS THE HEAVY MACHINERY TO CARRY THE TRANSACTIONS 23 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    24. 24. WITH A MOBILE OPERATOR PARTNER? 24 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    25. 25. AN ALPHABET SOUP OF OPTIONS: (USSD, SMS, IVR, HTML, JAVA,...) 25 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    26. 26. USSD End-User Reach SIM Card Static Apps Requires data Mobile Operator Independent Updatable (without user action) Interface & Branding System Load INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013 26
    27. 27. A NEW SECURITY CHALLENGE 27 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    28. 28. A MOVING TARGET OF PRODUCT, REGULATION AND OPERATING SYSTEMS 28 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    29. 29. TOO OFTEN LEADING TO UNSEEN COSTS INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013 29
    30. 30. FOR EXAMPLE, THE HIDDEN BURDEN OF APPLICATION UPDATES 30 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    31. 31. INCREASED TRANSACTION PROCESSING POWER COSTS FOR INEFFICIENT MOBILE SYSTEMS 31 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    32. 32. CREATING A ROBUST MOBILE EXPERIENCE HAS UNIQUE OPPORTUNITIES & CHALLENGES 32 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    33. 33. © Mistral Mobile 2012 33
    34. 34. Nokia exits mobile financial services market, former leaders create Mistral Mobile Nokia enters mobile financial services market Deep engagement with industry 1.2 million users and > 8,000 agents in Nokia Money launched < 9 months in India; joint-ventures under development 2012 2011 2008 2010 2009 HISTORY OF MISTRAL MOBILE 34 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    35. 35. MISTRAL MOBILE POWERS FINANCIAL SERVICE PROVIDERS TO REACH EVERYONE 35 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    36. 36. MOBILE FINANCIAL SERVICES ON ANY PHONE © Mistral Mobile 2012 36
    37. 37. © Mistral Mobile 2012 37
    38. 38. © Mistral Mobile 2012 38
    39. 39. © Mistral Mobile 2012 39
    40. 40. © Mistral Mobile 2012 40
    41. 41. © Mistral Mobile 2012 41
    42. 42. © Mistral Mobile 2012 42
    43. 43. OUR SOLUTIONS PROVIDE MOBILE APPLICATIONS AND MIDDLEWARE FOR ANY TYPE OF FINANCIAL SERVICE MONEY MOBILITY GATEWAY FINANCIAL SERVICE PROVIDER SYSTEMS 43 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    44. 44. ENABLING ANYONE WITH ANY TYPE OF MOBILE PHONE MONEY MOBILITY GATEWAY 44 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    45. 45. DEVICES SUPPORTED BY MISTRAL VOICE-BASED SOLUTIONS SMS/IVR and full IVR NATIVE ANDROID APPLICATIONS MIDP APPLICATIONS NATIVE iOS APPLICATIONS All APPLICATIONS ARE NATIVE, NOT HTML5 GIVEN SECURITY REQUIREMENTS 45 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    46. 46. MONEY MOBILITY GATEWAY ADMINSTRATION FEATURE #2: … FEATURE #3: … MONEY MOBILITY GATEWAY FEATURE #1: SEND MONEY FEATURE #4: … USING BUILDING BLOCKS WHICH CAN BE CHANGED TO INSTANTLY PROVIDE LATEST FEATURES FOR EVERY USER 46 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    47. 47. REDUCED OPERATING COSTS Money Mobility SuiteTM Operating Cost Savings Cost of Updating & Adding Services Typical Operating Cost (Indicative) Cost of Customer Support Cost of telecom (vs. USSD) Cost of platform (TPS reduction) Operating Cost with Money Mobility saving (indicative) 47 INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY CONTAIN TRADE SECRETS. UNAUTHORIZED USE IS STRICTLY PROHIBITED. © MISTRAL MOBILE 2013
    48. 48. VISIT US AT BOOTH 4I04 WWW.MISTRALMOBILE.COM INFO@MISTRALMOBILE.COM TWITTER @MISTRALMOBILE

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