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Top 8 Mobile Finance Trends 2015

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We’ve asked customers and partners, spoken to industry experts and made our own conclusions and predictions to help financial organisations succeed in mobile
in 2015.

Who are the mobile innovators and disruptors of the financial industry? How will banks tackle mobile security threats in 2015? What will Apple Pay mean for the financial institutions? What’s the regulatory impact of new mobile technology such as wearables? How do financial institutions stay on top of mobile technology with an accelerated pace of innovation? How much longer will employees of financial firms be tied to a desktop? You'll find the answers in this presentation.

Published in: Economy & Finance, Mobile
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Top 8 Mobile Finance Trends 2015

  1. 1. Top 8 Mobile Finance Trends 2015
  2. 2. What will Apple Pay mean for the financial institutions? Who are the mobile innovators and disruptors of the financial industry? How will banks tackle mobile security threats in 2015? What’s the regulatory impact of new mobile technology such as wearables? How do financial institutions stay on top of mobile technology with an accelerated pace of innovation? How much longer will employees of financial firms be tied to a desktop? We’ve asked customers and partners, spoken to industry experts and made our own conclusions and predictions to help financial organisations succeed in mobile in 2015.
  3. 3. 1. Customer First and User Experience The main topics and focus when speaking to financial institutions is still regulatory challenges, cost reduction pressures, cyber security threats and reduced footfall to retail branches. Customers, whether they are consumers or businesses, always seem to be far down the priority list. Controllers, business analysts, lawyers and software engineers create and shape new products with limited or no involvement of the customers. When we recently showed a video to the CMO of a bank of the painstaking steps that a customer had to go through to sign up for an online account he stopped us in the middle and said, “This is enough. We have to do something now.”
  4. 4. What this means for you In the past banks have been pretty well protected from competition except a few success stories of Internet only banks. This is no more. With money going digital, branch offices becoming obsolete, start-ups disrupting loans, forex, payments and credit cards, traditional banks are facing real threats and challengers can grasp the opportunity. Forget about Mobile First if you don’t like buzzwords and put the Customer First in your business. Give product managers and business managers real power to lead and develop products and customers experiences that put the Customer First. Tell the other departments that their goal is to support and not to obstruct this effort. Ask yourself about the honesty in having customers sign several pages of terms and conditions that they will never read. Start now! Forget about ‘Mobile First’ if you don’t like buzzwords
  5. 5. 2. Use Start-ups and Disruptors as Inspiration Following on the Customer First trends, many of the start-ups in the fintech industry are now offering services that are directly in competition with the banks and not just provided to the banks. Recent success stories include Prosper and Lending Club in the loan space, Simple for improved banking, Mint (previously known as Check) for financial planning, TransferWise disrupting forex and Venmo in person- to-person transfers. Some get acquired while others continue to disrupt as independent companies.
  6. 6. What this means for you The financial industry is slower than most other industry due to the complexity, regulation and security requirements. Use this to your advantage to beat or leverage the start-ups before they disrupt your business or help your competitors get an advantage. Several of the trends outlined in this presentation can leverage the core ideas, or potentially technology, of these start-ups. Here are some of the start-ups that we believe have potential of disrupting or helping financial institutions disrupt the financial space in 2015 and beyond: Lenddo Using social media to score and underwrite small loans over a mostly mobile platform Ferratum Mobile/online only banking in Europe (Disclaimer: DMI client) Bionym Heartbeat authentication that can be used as an alternative or complement to passwords, secure ID devices and more to improve banking security MyMobileSecurity Personal security services and tools for bank customers Pindrop Pattern recognition to detect fraud Personetics Making personalised real-time recommendations to customers and bank retail staff based on big data Use this to beat the start-ups before they disrupt your business
  7. 7. 3. Omni-Channel Banking Imagine if you could start completing an application for a new credit card from your mobile, continue from the tablet at home and when in need call customer service and have them help you fill out the blanks. Customers today expect their service providers to keep all data in one place and provide services based on this. However, the real experience is very different. Most registrations are still based on old fashion PDF printouts that have to be mailed to the bank. In fact, most banking processes are 20 years or older and were never designed for the web or mobile.
  8. 8. What this means for you Design services and user experiences that work the same way independent of channel and/or device. Ask customers what they do on the move, what they do at work or at home with access to a desktop/laptop, when they want to speak to customer service over the phone or in a retail branch and design your services based on this. Challenge and rethink processes and find ways to avoid barriers to entry such as tedious and annoying forms, 5 min videos that customers have to watch and papers, papers and more papers. Take the opportunity to redesign some of your core banking processes if they cannot support the user experience that customers expect and want. Take the opportunity to redesign processes to give your customers what they expect and want
  9. 9. 4. Banks Turning Into a Digital Marketplace In the past the bank branch office provided the opportunity for banks to sell everything from bank accounts, mortgages, forex and credit cards to pension plans, mutual fund savings and insurance. Now online and mobile banking have completely taken over. The smaller screen of mobile devices and quick bites of consumption (e.g. checking balance) means that the services recommended need to be relevant and spot on.
  10. 10. What this means for you Use the power of data to provide your customers with the services they want or need. If a customer is traveling a lot, offer them a travel insurance tailored for them; if a millennial has too much cash in their account, provide them with a first introduction to long-term savings, etc. Banks have amazing data at their hands although usage is restricted. Use it to serve your customers, because they expect it. Use data to serve your customers
  11. 11. 5. Help Protect Your Customers All the cyber security threats, hacks and data intrusions are causing concerns among customers. Is it safe to use my bank application over an open Wi-Fi network? Can other apps access the banking data on my phone? Can I use a device that is not my own to complete a personal banking transaction? Customers have no idea and the number of threats and media focus on this keeps increasing. The biggest barrier to customers signing up and using mobile banking is still security concerns.
  12. 12. What this means for you This is an opportunity for banks and not a threat. Be the bank that offers customers the assurance that it’s safe and help your customers stay safe. Provide them with the tools necessary to use the mobile safely on public Wi-Fi-networks, monitor for viruses and Trojan horse apps, understand the access rights of each application and tell them what third-party apps are safe to use. Be the bank that helps your customers stay safe
  13. 13. 6. Apple Pay To make it short Apple Pay was probably the most talked about and misunderstood disruption in finance in 2014. The impact so far in terms of retail payments have been minimum and will most likely continue to be so. The real disruption is that Apple customers no longer need to enter credit card details when buying goods and services through apps supporting Apple Pay. In addition to this we feel that a lot of retailers and service companies were a bit too fast to jump on the bandwagon in terms of supporting Apple Pay. Starbucks has proven that it’s possible for bigger retailers to go on their own and integrate payments and loyalty to drive long- term value.
  14. 14. What this means for you We love Apple Pay but make sure that you evaluate Apple Pay from a customer value perspective and the long-term impact on your business. How important is the data that Apple captures and doesn’t share with you? Could you get customers to sign up directly with credit cards and other payment mechanisms with a small incentive and will this offer create greater value for your business in the long- term? Evaluate Apple Pay from a customer value perspective
  15. 15. 7. The Office is Going Mobile Banks are typically the biggest property occupants in any downtown area and especially in the financial centers. Most financial services require a great share of the customer facing process and all of the administration work to be carried out in a bank office. This means that financial services sales staff frequently spends a day per week or more in the office when they would prefer to spend their time with customers. In addition to this, banks occupy prime real estate, which is a big expense. What if it was possible to mobilise the office for banks? We think it is.
  16. 16. What this means for you Most financial institutions have regulatory, security and process requirements that make it difficult for bank staff to work from home, in the field or on-site with customers. And you’re already at risk anyway. According to a recent survey by Ovum, 62% of those employees who use their own devices at work do not have a corporate IT policy governing that behaviour. Challenge these restrictions and start redesigning your services for a mobile only world. Start redesigning your services for a mobile only world
  17. 17. 8. Customers Want Access to Everything On The Go Bank CIOs frequently tells us that their corporate and institutional customers don’t need or want mobile services because they spend all day in an office with desktops. According to a recent study by Mobile trading, DARTs (Daily Average Revenue Trades) have been steadily increasing since 2012, with 13% of all trades being placed on a mobile device in 2014. This is of course the average for trading and generally not corporate trades. However behaviour is changing with almost 50% of all work applications accessed from mobile devices (Ovum multi-market BYOD survey) and the work environment for corporate banking and customers is also changing.
  18. 18. What this means for you Customers expect mobility and flexibility whether they are individuals or employees of a hedge fund. The role of the office is changing, work life and personal life is becoming less and less distinct and customers expect to be able to access information and services whenever and wherever they are. This may be challenging and the organisations that solve this challenge first will be the winners of tomorrow. The organisations that solve this challenge first will be the winners of tomorrow.
  19. 19. Fighting for a world full of mobile solutions since 2005 web www.goldengekko.com email info@goldengekko.com

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