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The MOBILE BANKING SERVICE for Modern nomads of the Steppe
History of AMARo To extend the banking service to  those who are unbanked and have  no access to financial services    o S...
What AMAR offers?
Advantages of AMARo BANK BASED MOBILE BANKING   • XacBank – over 10 years of history in banking sector   • No virtual or e...
What is the status of AMAR now?             #                             АМАR                       XacBankClient base   ...
The benefits AMAR brings to XacBank                                   • 50,000 transactions per monthA tool to lower opera...
What were challenges?o LACK OF PROPER LEGALIZATION REGARDING:   • E-Signature   • E- Financeo “ZERO” EXPERIENCE IN BUILDIN...
Agent network                                                                   • Quality                                 ...
AMAR ecosystem                                    Goods                                            Wholesale              ...
Marketing strategy             • Focused to introduce the service               • Brand creationStage I:                  ...
What we are doing to increase a usage?o MARKETING CAMPAIGNS THROUGHOUT THE COUNTRY   • On site training for large groups -...
Plan for futureo AMAR REBRANDING:   • AMAR- it is an E-Banking service, not only mobile phone bankingo SOFTWARE DEVELOPMEN...
Online Banking     THANK YOU FOR YOUR ATTENTION
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Battsog Khurlee, Xac Bank - Amar the Mobile Banking Service

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Transcript of "Battsog Khurlee, Xac Bank - Amar the Mobile Banking Service"

  1. 1. The MOBILE BANKING SERVICE for Modern nomads of the Steppe
  2. 2. History of AMARo To extend the banking service to those who are unbanked and have no access to financial services o Selected one of the selected 9 out of 70 participant from 38 countrieso To decrease the cost of banking services compared to traditional banking channels Launched on 2th July, 2009
  3. 3. What AMAR offers?
  4. 4. Advantages of AMARo BANK BASED MOBILE BANKING • XacBank – over 10 years of history in banking sector • No virtual or e-money involved. Only real bank accountso SIMPLE AND INTERFACE INDEPENDENT • SMS based service simplifies the tech base. No need for specialized phone • Menu application for all 4 different operating system.o CHEAP AND FLEXIBLE • A lot cheaper alternative for user comparing to other means of banking channels • All basic banking services included • Service types can be added or modified anytime • Cash transactions available through agent networko 24/7 SERVICEo SECURE THROUGH INNOVATIVE LOGICAL IDEAS
  5. 5. What is the status of AMAR now? # АМАR XacBankClient base 123,000 450,000Outstandingbalance /usd/ 21,0 million 275,7 millionCash agent* 845 97 branches+91 ATM’sMerchants** 1,108 800 POSMonthly transaction # 50,000 350,000Monthly transactionamount /usd/ 3-3,5 million 340 millionMonthly inquiry 70-80 thousand -service* A place, where AMAR client can withdraw or deposit a cash ** A place, where AMAR client can pay for purchase or service
  6. 6. The benefits AMAR brings to XacBank • 50,000 transactions per monthA tool to lower operational cost • 70-80 thousand enquiry for information per monthA way to increase client base • 120,000 registered clients • Transaction amount is 3-3,5 million usd per Deposit month • CheapCustomer service • Easy • Secure Only way to provide service to • If there is network coverage - it works unreachable places
  7. 7. What were challenges?o LACK OF PROPER LEGALIZATION REGARDING: • E-Signature • E- Financeo “ZERO” EXPERIENCE IN BUILDING AGENT NETWORK • Vast country with low population • High cost of operationo CUSTOMER ADAPTION • Public trust and awareness of advantages of mobile banking • High cost of marketing • Low percentage of active userso COOPERATION WITH MNO’S: • Different terms and conditions, policy • Poor technical capability • Competition from operators
  8. 8. Agent network • Quality • Few agents • Ecosystem • As many agents • Agents- cash as possible withdrawal only Current II stage I stage • Biggest network ever • Easy to maintain and • Increase in number of • Good participation of train; transaction & amount;PROS branch staff; • Less expensive; • Expensive • Large numbers of non • Conflict with an • Hard to convince big active; agents-Cash deposit; companies to join;CONS • Expensive to • Still cash society ; maintain;
  9. 9. AMAR ecosystem Goods Wholesale payment Agents Wholesalers CashGoods Purchase POINTS: & o AMAR+ POS Cash withdrawal o Dedicated team to take care of both agents & wholesalers o Cross sale & upsale to all parties • Internet banking • Credit line/ loan • Others AMAR clients
  10. 10. Marketing strategy • Focused to introduce the service • Brand creationStage I: EXPENSIVE • Customer base • Agent network • Focused to make it common use • Usage based marketing activityStage II: • AMAR+ other banking service, product EFFECTIVE • Development to make more user friendly • Focused to extend • Partnership with strategically important EFFORTStage III: companies NEEDED • Loyalty program
  11. 11. What we are doing to increase a usage?o MARKETING CAMPAIGNS THROUGHOUT THE COUNTRY • On site training for large groups - small incentive for active participants • Usage based promotional activityo DIRECT APPROACH TO EXISTING non AMAR BANK CLIENTS • From branch & Call Center • Direct SMS & Emailo DEVELOPMENT&IMPROVEMENT SYSTEM • Enable clients to use AMAR for their bill payment easily • Registration from distanceo NEW POLICY TO PUSH CLIENTS TO USE E-CHANNEL • Fee introduction for small amount of transaction at Bank
  12. 12. Plan for futureo AMAR REBRANDING: • AMAR- it is an E-Banking service, not only mobile phone bankingo SOFTWARE DEVELOPMENT • From SMS based to WAP based service • NFC or other necessary technologyo START MAKING REVENUE FROM THE SERVICE: • Payment collection fee from utility companies • Entrance fee from clientso AGENTS/Reconsideration of AGENT POLICY/: • ATM for cash withdrawal • Agents for cash deposits and payment collection
  13. 13. Online Banking THANK YOU FOR YOUR ATTENTION
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