Mobile Banking - much more than an iPhone App, February 2013

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Summary

The number of banks in the US and in Germany halved between 1990 and 2012. Traditional banking is under pressure by at least 4 mega trends in banking: Increase of regulation, legacy technology, consolidation and changing customer behaviour.

By 2016 the number of Internet capable mobile devices will reach more than 4 billion devices globally and smart phones are already used always and everywhere.

The future is always here – it’s just not evenly distributed yet. You can see this if you take a look at digital natives, the usage of phones in Africa, Google wallet and Square.

For banks it will become critical to position themselves in the world of customer experience much earlier.

The MyPrivateBanking Mobile Applications Report 2011 gives banks on average a score of 35 out of 100 points. Major critiques are “only simple basis services”, “mainly useless information”, “available only for iPhone” and “security issues”. A look at current mobile banking offerings does not disprove the report. They are mainly static, text based and lack of visual experience.

But you can think different about mobile banking. Actually you can build native apps for all platforms that are highly dynamic and provide an experience, e.g. by making use of augmented reality technology embedded in customers’ life. Banks may be able to win back the car loan business at the point of sale and embed mobile and tablet technologies in their sales processes.

Commonwealth Bank of Australia’s “Kaching” and moven are examples of what can be done.

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Mobile Banking - much more than an iPhone App, February 2013

  1. 1. Mobile Banking – much more than an iPhone App www.FrankSchwab.de by Frank Schwab
  2. 2. Number of US Banks (1990 to 2012) Source: FDIC 6.000 7.000 8.000 9.000 10.000 11.000 12.000 13.000 14.000 15.000 16.000 1990 20122000
  3. 3. Number of German Banks (1990 to 2012) Source: Deutsche Bundesbank 1990 20122000 0 5.000 4.000 3.000 1.000 2.000
  4. 4. Mega trends in Banking Increase of regulatory requirements Legacy technology Changing customer behaviour Consolidation
  5. 5. Traditional Banking
  6. 6. 2011 20162012 2013 2014 2015 662 M 4.03 B Source: Cisco, 2012 Number of internet capable mobile devices
  7. 7. 72% Watching TV Playing Video Games Listen to music Reading newspapers Reading books Internet Smartphones are used always and everywhere Sources: The Mobile Movement Study, Google/Ipsos OTX MediaCT, Apr 2011 Base: Smartphone Users (5013) Q. In general, which of the following media-related acOviOes do you do while also using the Internet on your smartphone?
  8. 8. “The future is always here - it’s just not evenly distributed yet.” - William Gibson, Fiction Novelist
  9. 9. Digital Natives
  10. 10. Mobile payments
  11. 11. Square 1 billion US $ in payments in 2012
  12. 12. For banks it will be critical to position themselves in the world of customer experience much earlier
  13. 13. Source: MyPrivateBanking – Mobile Applications Report 2011 Mobile Banking: On average banks score 35 out of 100 points Bank Max score = 100 Deutsche Bank 50 Caisse d´Epargne 50 Bradesco 49 DBS Bank 47 ING Group 47 Citibank 46 Société Générale 46 Uni Credit 45 Banco Bilbao 44 Credit Agricole 44
  14. 14. MyPrivateBanking – Mobile Applications Report 2011 Major critique Only simple basis services Mainly useless information Available only for iPhone Security issues
  15. 15. What can we observe?
  16. 16. Account overview Money transfer Branch finder ATM finder Text based Static Lack of visual experience
  17. 17. What can we think of?
  18. 18. Dynamic High visual experience Monthly expenses
  19. 19. 18 € 53 € 5 € 12 € 17 € 23 € Augmented reality Set budget for daily needs Control your status with your iPhone
  20. 20. Traditional banks may try to win back the car loan business at the point of sale Car Dealer Location based service
  21. 21. Best Practice: Commonwealth Bank of Australia
  22. 22. moven is betting BIG on a mobile future for banking http://www.moven.com
  23. 23. Frank@FrankSchwab.de Do you want to learn more? http://www.FrankSchwab.de

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