Mapa mobile banking2013-followingorleading-brochure


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Mapa mobile banking2013-followingorleading-brochure

  1. 1. June 2013 – Page 1 © MapaMobile Banking 2013 – Are youfollowing or leading?Insight report on the latest and most innovative mobilebanking solutions around the world todayJune 2013
  2. 2. June 2013 – Page 2 © MapaReport structure:A. Executive SummaryB. IntroductionC. Brands Featured1. Devices and Banking Platforms2. Mobile Banking - Current Provision3. Mobile Banking Innovations4. Case Study5. What Does the Future Hold?D. ConclusionMethodology:This report contains in-depth quantitative and qualitative research of 67 banks in 14 countries tounderstand what the current state of the mobile banking market is. That scope was widened toinclude other banks / new financial services providers around the world in order to find the bestand recent innovations in mobile banking.See the very latest mobile bankinginnovations from around the worldObjective:The objectives of this report were to:• To understand the current state of themobile banking market• To identify areas and examples of recentinnovations• To consider how mobile banking will evolvein the coming years
  3. 3. June 2013 – Page 3 © MapaExecutive SummaryAThe Mobile Banking market• iOS and Android native apps clearly lead the way. All 67banks analysed have both• 3 in 5 banks have either a BlackBerry or Windows Phoneapp. But, only 1 in 4 of these have both• 2 in 5 banks automatically detect mobile visitors to theirwebsite• 3 in 4 banks have a mobile logon option on their websiteCore banking functionality - separating fact from fictionMyth #1: only crazed and risk- adverse banks givecustomers information before loginReality: 1 in 6 of some of the world’s largest banks letcustomers see their balance with no login option.Myth #2: Banks generally don’t let customers makepayments outside of the bank to new payees via mobileReality: Over half of banks we researched let customersmake payments to new payees.Myth #3: Payments to mobile / email are great, but onlyfor the early innovatorsReality: More banks have this functionality than don’t.• Despite numerous recent releases, PFM (15%) and securemessaging (19%) are not common in mobile banking yet• Around a third of banks use the smartphone camera forimporting information• Around a third of banks allow customers to place share orfund trades via mobile appsInnovations• Banks are investing in ways to help customersunderstand their finances. For example: pre-logininformation, transaction categorisation and future spendinganalysis• Development of transaction functionality is still centred ontraditional bank payments rather than point-of-sale. Forexample, savings goals, share trading and bill payment• Mobile is providing more options to contact the bank. Forexample: push notifications, secure inbox and live chat• Mobile banking is increasingly being integrated with onlinebanking and physical banking experiences.• A number of banks let customers personalise their mobilebanking experience and have added social elements topayments.• Social media is still under-utilised by mobile banking apps.• Online is utilised for account servicing more than mobile.However, examples of mobile account servicing offer astrong value proposition for the customer• The mobile user experience is improving throughinnovation in navigation techniques.• To date loyalty and offers have been used as separateapps instead of integrated into mobile bankingThe future• Innovations seen now will shape mobile banking in theshort term• In the medium to long term, new players and devicesthreaten to radically change financial servicesSample page from report
  4. 4. June 2013 – Page 4 © MapaMobile Banking – Current Provision2Transactions: Transactions are central to mobile offerings and hence most banks allow customers to make transfers andpayments to existing payees.31%Of banks allowcustomers to use theirsmartphone camera toimport cheque or billinformation34%Of banks allowcustomers to place share/ fund trades *98.598.552. transfers (own accounts)External paymentsExternal payments to new payee (using bank details)To mobile number or email addressVia physical contact (e.g. QR code, bump, bluetooth)To social mediaPercentage of banks offering transaction typeIncludes separate apps and sub-brands aimedat retail customersSample page from report
  5. 5. June 2013 – Page 5 © MapaUnderstanding Finances: While banks have improved the speed of login to mobile banking, 18% have removed the need to loginat all to see account balances. All examples found require the customer to opt-in to this service.Mobile Banking – Current Provision2The Swedbank (SE) pre-loginlanding pageWhen the customer shakestheir phone, the balance fortheir selected account appearsBNZ (NZ) don’t show one account,but all the customer’s accountsCustomer reception:• Swedbank’s 1 million mobile banking customers used the shake feature 20 million timesin the first 3 months of operation• Commonwealth Bank’s (AUS) pre-login balance was voted as customers’ favouritefeature of Kaching on a Facebook poll (see left)Sample page from report
  6. 6. June 2013 – Page 6 © MapaTransactions: In the research for this report, Mapa encountered more banks who have a pay-to-mobile or email service than thosewho don’t. A number of banks have used this payment method instead of allowing traditional payments to new payees.Mobile Banking – Current Provision2’Pay your contacts’ -NatWest (UK). Serviceintegrated into existingmobile banking app.Payments to cards on theVisa network.PopMoney – Citi (USA).Fiserv powered USpayments integrated intomobile and/or onlinebanking. Allows paymentsto any US mobile numberor email address.Pingit - Barclays (UK).Standalone app availableto Barcalys customers andnon-Barclays customers.Payments to any mobilephone number in the UK orselected African countries.Swish (SE). Joint ventureamoung Sweden’s largestbanks. Standalone appallowing payments to anySwedish mobile numberSample page from report
  7. 7. June 2013 – Page 7 © MapaMobile Banking Innovations3Understanding Finances: Rather than letting customers analyse their past situation, some providers have started to helpcustomers make spending decisions by analysing future transactions. Simple’s (USA) safe-to-spend shows customers theirbalance less future transactions. Customers can alter their current safe-to-spend by spending from their future goals. GoBank(USA) tell customers whether they can afford to make a purchase based on their future budget.Goals by Ian Collins, Front-End Engineer at Simple“My favorite way of describing Goals is comparing it to its antithesis: credit cards.Credit card[s] require no thought or planning up front–you can swipe to your heartscontent. The planning part usually comes well after the money is already gone. Thissort of reverse financial planning can be tricky, especially when it turns out youvespent more than youll earn before the payment is due. We wanted to turn that ideaon its head…Thats why, in order to inspire and facilitate saving, we wanted to makesomething encouraging, something effortless and automatic.” expands atthe top of the pageCustomers can choose to divert funds from a goalto pay for a transactionAfter GoBank customers manuallycreate a budget (not shown) they canAsk the Fortune Teller whether theycan afford to spend a certain amount.They either get the thumbs up orthumbs downSample page from report
  8. 8. June 2013 – Page 8 © MapaPersonalisation: BNP Paribas (FR) customers can personalise their mobile banking app by creating a personal profile.Customers can tailor both the pre-login and secure environment. This profile approach is one more commonly adopted in tabletbanking services as banks have attempted to create a perception of a personalised portal into the bank.My profile after login.Customers create theirprofile by adding a photo,editing their notificationsettings and information aswell as choosing whetherto view their balancewithout logging in.Pre-login page. Theweather backgroundrepresents the customer’sbalance. A tap on thephoto reveals their exactbalance.After login customers see adashboardThis can be modified bythe user – add / removeand reposition dashboardelementsMobile Banking Innovations3 Sample page from report
  9. 9. June 2013 – Page 9 © Mapa4Account Servicing: Barclays was relatively late to release a smartphone bankingapplication (July 2012), instead relying on a mobile web solution. When it arrived, theapp focused on providing a simple and clean user experience for customers across abroad range of platforms (iOS, Android and BlackBerry). A separate app and loginexists for Barclaycard customers, although Barclaycard balances appear in the Barclaysapp.Case StudyMobile Banking Functionality• Register phone and account andlogin with a 5 digit passcode• Access the app on multipledevices• View both personal and businessaccount in one place, as well asBarclaycard accounts• Make transfers and payments toexisting payees• Real-time refresh balances• Hide and reorder accounts• Mobile PINsentry (see section 3)• Find branches / ATMs• Links to download other Barclaysapps• Suggest ideas / give feedback• Cancel registration• Choose statement preferences• ISA sales messagesCustomer adoptionIt took 13 years for Barclays InternetBanking to reach 2 million users. Ittook two months to reach that onmobile.Swipe or ’Facebook’ style naviationmenuAccount summary screenSample page from report
  10. 10. June 2013 – Page 10 © MapaWhat Does the Future Hold?51st generation mobile bankingMobile logon optionMobile appsView balances, transactionsMake transfers, make paymentsSimple contact information2nd generation mobile bankingImproved authentication and registrationP2P paymentsBill payments / camera scanningNotificationsPersonalisationPFMSocial elementsSocial media read-onlySecure inboxAccount servicingImproved UX and ‘wow’ factorsRich media / graphicsSimple revenue builders: mobile top-up, non-targeted offersView loyalty informationView all bank productsNext generation mobile bankingAlternative security solutionsPoint -of-sale paymentsMobile bill invoicesActionable notifications‘Future’ PFM / predictionTwo-way social media conversationPersonalised contact optionsManage / service all bank productsEngagement with other bank channelsMobile wallet and mCommerceAdvances revenue builders: targeted offersTravel and charityRedeem and trade loyaltyInternational paymentsSegment specific mobile propositions‘The pack’ is entering orin this phaseLeaders are entering thisphaseFuture mobilebanking?See next pages…Where are we now?Innovative leaders of the pack - many of whom we have seen inthis report - are entering the next generation of mobile banking.Sample page from report
  11. 11. June 2013 – Page 11 © MapaSubscribe to our dashboards or use our free socialmedia resources to keep ahead of the game• Go to our news section on our site andsubscribe to the RSS• Follow what we are saying on• Join our LinkedIn Group DigitalBanking Innovation• Look at what we are reading at best way to get in touch is to email the authors: Joshua Grantand Alexander Hertzell or Edward Chatham, Managing Director:joshua@maparesearch.comalexander@maparesearch.comedward@maparesearch.comOr give us a ring on: +44 (0)20 7727 3130OUR CLIENTS