This document discusses disruptive innovation in consumer banking channels. It notes that customer expectations and behaviors are changing as more services move online and mobile. Younger generations especially want convenience, simplicity, and to engage on their own terms across channels. To succeed, banks need integrated multi-channel strategies tailored to customer needs on each platform. New competitors are also entering the market with less complex, more customer-centric approaches. The document advocates rethinking banking to focus on the consumer and retail transactions rather than complex legacy systems.
In this presentation, we look at this issue, the steps the banking community need to get right to engage with modern consumers and how to develop powerful mobile—based propositions that people actually want to use.
Held in Bali, Indonesia, the “Mobile Banking and Payments for Emerging Asia Summit 2012” gathered many thought leaders from the telecommunications and banking industries; unveiling the potential of mobile channels penetrating Asia’s emerging markets. Spire Research and Consulting was honored to be invited as a post-conference workshop leader at this prestigious event.
Representing Spire Research and Consulting, Jeffery Bahar, Deputy Chief Executive Officer and Yap Far Loon, Business Development Director, Telecommunication, led a post-conference workshop in the “Mobile Banking and Payments for Emerging Asia Summit 2012” held in Bali, Indonesia. The event brought together many eminent industry experts and marketers from the telecommunications and banking industries – highlighting the potential of mobile banking and payments in emerging economies.
Read more about the event coverage here:
http://www.spireresearch.com/newsroom/events/spire-joins-mobile-banking-and-payments-for-emerging-asia-summit-2012-as-workshop-leader/
In this presentation, we look at this issue, the steps the banking community need to get right to engage with modern consumers and how to develop powerful mobile—based propositions that people actually want to use.
Held in Bali, Indonesia, the “Mobile Banking and Payments for Emerging Asia Summit 2012” gathered many thought leaders from the telecommunications and banking industries; unveiling the potential of mobile channels penetrating Asia’s emerging markets. Spire Research and Consulting was honored to be invited as a post-conference workshop leader at this prestigious event.
Representing Spire Research and Consulting, Jeffery Bahar, Deputy Chief Executive Officer and Yap Far Loon, Business Development Director, Telecommunication, led a post-conference workshop in the “Mobile Banking and Payments for Emerging Asia Summit 2012” held in Bali, Indonesia. The event brought together many eminent industry experts and marketers from the telecommunications and banking industries – highlighting the potential of mobile banking and payments in emerging economies.
Read more about the event coverage here:
http://www.spireresearch.com/newsroom/events/spire-joins-mobile-banking-and-payments-for-emerging-asia-summit-2012-as-workshop-leader/
Mobile Money Agent Network Development in HaitiNetHopeOrg
The Payment Innovations working group welcomed Nick Lesher of Open Revolution (www.openrev.com) to speak with Cameron Peake of Mercy Corps (www.mercycorps.org) on their experiences with mobile money agent network development in Haiti. We examine how NGOs can play a role in the development of healthy and sustainable mobile money agent networks.
Our Whitepaper on mobile banking solutions discusses the changing landscape of mbanking. It also discusses key challenges and drivers in mobile banking and how mobile banking apps can help banks optimize their resources and increase efficiency.
Next Generation Mobile Banking and Return on Investmentmistervandam
Fiserv white paper on how the advancement of mobile banking - particularly next generation features and functionality - are driving return on investment for financial institutions
Smart mobility in the financial sector has helped financial institutions to reach millions of customers through mobile services. Mobility adoption has helped financial industry to provide enhanced services to their customers like mobile banking, mobile money, mobile payment of utility bills, and much more.
With the ubiquity of the mobile phone, there is lot of interest in using this medium to deliver financial services. This document is a white paper on this field and tries to give the reader, a general understanding of the topic
Mobile Banking in 2020 - Mobile World Congress ReportNadejda Tatarciuc
Present report was presented at Mobile World Congress this year, showing the outlook for mobile banking by 2020! - how a younger world, more internet, crime, and activist governments will affect mobile banking penetration.
The Financial Advisor business is transitioning to a new paradigm in which advice, customer experience, and personalized content will merge. Advisors will need to build and maintain their personal brand via social media networks whilst balancing regulatory constraints. The industry has started to adapt but much more opportunity exists to create new interaction models and grow one's book of business. Among consumers, there is a growing expectation that firms have a social media presence as part of their engagement model – digital natives have a “social media first” mindset. This presentation highlights recent trends, transformations the industry is going through, and a roadmap to respond to these changes.
Mobile Payments: How U.S. Banks Can Deal with Disruptive ChangeCognizant
Banks are well-positioned to benefit from mobile payments, if they invest in the technology infrastructure and forge strong partnerships to out-maneuver emerging non-traditional players.
Using Mobile Money to Promote Financial Inclusion in PakistanKarandaaz Pakistan
This work provides an overview of the state of financial inclusion in Pakistan along with the mobile financial services industry, and points to specific opportunities which, if capitalized upon, could improve m-wallet uptake. Published for the first time in Pakistan, the deck brings together information from both national and international data sets and reports on financial inclusion and mobile money.
Disruption, mobile and financial servicesNadya Powell
A presentation given for the IPA on disruption, mobile and financial services. Three strategies to employ and the best disruptive uses of mobile out there. Thanks to Zoe Decool for research help.
Opportunities for disruption in Financial Services (with a mobile focus)Nadya.Powell
A talk given at the IPA on opportunities for disruption in Financial Services with a focus on mobile. Three strategies to employ, case studies and three golden rules. Thanks to Zoe Decool for research help.
A Little world is one of the fastest growing companies with a annual growth rate of 600%. The company has pioneered the concept of branch less banking by using mobile phone platform. The cost of operating a brank branch in India has now been reduced to 50$ per month. See the presentation and find out yourself how the concept works.
Gen Y consumers will earn 46% of the income in the United States by 2025, but they’re often misunderstood or ignored by financial services providers. This is especially true when it comes to online and mobile behavior and attitudes toward traditional banking.
Understanding this problem and designing to overcome it is critical to our work at Comrade, so we’re pleased to have partnered with Javelin Strategy & Research to publish “The Three Costliest Myths about Gen Y". This report applies consumer data to dispel the myths circulating in financial services today about Gen Y consumers. Beyond exposing pervasive misconceptions, it also explains how to optimize digital and physical touchpoints to attract tomorrow’s most profitable bank customers.
Perspective- Multi Channel Banking: A Five Point Strategy Infosys Finacle
The last two decades have witnessed a paradigm shift in the way people bank. While the shift from branches to ATM based cash withdrawals and from there on to internet banking was slow, it has been a different story in the case of mobile banking. The growth in adoption of mobile banking over the last three years has been tremendous. Many banks have rolled out internet banking, mobile banking, call centers, ATM based transactions and video banking. But, have banks moved from multiple channels to true multi-channel banking with seamless cross channel experiences?
Here we explore a five point strategy that would empower banks and financial institutions to define a robust multi-channel offering.
Mobile Money Agent Network Development in HaitiNetHopeOrg
The Payment Innovations working group welcomed Nick Lesher of Open Revolution (www.openrev.com) to speak with Cameron Peake of Mercy Corps (www.mercycorps.org) on their experiences with mobile money agent network development in Haiti. We examine how NGOs can play a role in the development of healthy and sustainable mobile money agent networks.
Our Whitepaper on mobile banking solutions discusses the changing landscape of mbanking. It also discusses key challenges and drivers in mobile banking and how mobile banking apps can help banks optimize their resources and increase efficiency.
Next Generation Mobile Banking and Return on Investmentmistervandam
Fiserv white paper on how the advancement of mobile banking - particularly next generation features and functionality - are driving return on investment for financial institutions
Smart mobility in the financial sector has helped financial institutions to reach millions of customers through mobile services. Mobility adoption has helped financial industry to provide enhanced services to their customers like mobile banking, mobile money, mobile payment of utility bills, and much more.
With the ubiquity of the mobile phone, there is lot of interest in using this medium to deliver financial services. This document is a white paper on this field and tries to give the reader, a general understanding of the topic
Mobile Banking in 2020 - Mobile World Congress ReportNadejda Tatarciuc
Present report was presented at Mobile World Congress this year, showing the outlook for mobile banking by 2020! - how a younger world, more internet, crime, and activist governments will affect mobile banking penetration.
The Financial Advisor business is transitioning to a new paradigm in which advice, customer experience, and personalized content will merge. Advisors will need to build and maintain their personal brand via social media networks whilst balancing regulatory constraints. The industry has started to adapt but much more opportunity exists to create new interaction models and grow one's book of business. Among consumers, there is a growing expectation that firms have a social media presence as part of their engagement model – digital natives have a “social media first” mindset. This presentation highlights recent trends, transformations the industry is going through, and a roadmap to respond to these changes.
Mobile Payments: How U.S. Banks Can Deal with Disruptive ChangeCognizant
Banks are well-positioned to benefit from mobile payments, if they invest in the technology infrastructure and forge strong partnerships to out-maneuver emerging non-traditional players.
Using Mobile Money to Promote Financial Inclusion in PakistanKarandaaz Pakistan
This work provides an overview of the state of financial inclusion in Pakistan along with the mobile financial services industry, and points to specific opportunities which, if capitalized upon, could improve m-wallet uptake. Published for the first time in Pakistan, the deck brings together information from both national and international data sets and reports on financial inclusion and mobile money.
Disruption, mobile and financial servicesNadya Powell
A presentation given for the IPA on disruption, mobile and financial services. Three strategies to employ and the best disruptive uses of mobile out there. Thanks to Zoe Decool for research help.
Opportunities for disruption in Financial Services (with a mobile focus)Nadya.Powell
A talk given at the IPA on opportunities for disruption in Financial Services with a focus on mobile. Three strategies to employ, case studies and three golden rules. Thanks to Zoe Decool for research help.
A Little world is one of the fastest growing companies with a annual growth rate of 600%. The company has pioneered the concept of branch less banking by using mobile phone platform. The cost of operating a brank branch in India has now been reduced to 50$ per month. See the presentation and find out yourself how the concept works.
Gen Y consumers will earn 46% of the income in the United States by 2025, but they’re often misunderstood or ignored by financial services providers. This is especially true when it comes to online and mobile behavior and attitudes toward traditional banking.
Understanding this problem and designing to overcome it is critical to our work at Comrade, so we’re pleased to have partnered with Javelin Strategy & Research to publish “The Three Costliest Myths about Gen Y". This report applies consumer data to dispel the myths circulating in financial services today about Gen Y consumers. Beyond exposing pervasive misconceptions, it also explains how to optimize digital and physical touchpoints to attract tomorrow’s most profitable bank customers.
Perspective- Multi Channel Banking: A Five Point Strategy Infosys Finacle
The last two decades have witnessed a paradigm shift in the way people bank. While the shift from branches to ATM based cash withdrawals and from there on to internet banking was slow, it has been a different story in the case of mobile banking. The growth in adoption of mobile banking over the last three years has been tremendous. Many banks have rolled out internet banking, mobile banking, call centers, ATM based transactions and video banking. But, have banks moved from multiple channels to true multi-channel banking with seamless cross channel experiences?
Here we explore a five point strategy that would empower banks and financial institutions to define a robust multi-channel offering.
Recent years have not been kind to banks, and the unstable economic climate didn’t help the cause either. However, there are some exciting developments taking place within the industry, which will help rehabilitate the damaged institutions of today into tomorrow’s banks.
http://www.infosys.com/finacle
Mobile banking has often been perceived
either as an extension of internet banking or
as an isolated channel, which can help banks
in minimizing costs and generating better
revenue streams. One of the major reasons
cited for the success of mobile banking is the
omnipresent nature of the channel, which sets
it apart from all the traditional ones. This
differentiator can drive revenues not only from
the mobile perspective but also in conjugation
with other channels. Today, banks need to
carefully study how the mobile can fit into the
overall multi-channel framework in order to truly
leverage the benefits associated with it.
Branch Bank of the Future – Transforming to Stay RelevantInfosys
The bank branch needs to stay relevant and reiterate itself as the preferred mode of banking. Read how the bank branch is transforming by integrating technology and innovation, and with other banking channels.
Transform research: The age of omnichannel banking 2015TransformUK
The death and destruction of traditional bank branches caused by digital and changing customer dynamics is widely foretold.
But even digital natives are dual citizens of the physical world. Branch location is still customers’ strongest reason for switching current account and retail customers still want branches for important elements of sales and service.
Retail is increasingly moving towards Omnichannel; enabling customers to do business on whatever mix of channels they choose. How channels are integrated is becoming as important as what channels are available.
This has big implications for banks. Too often today, it is almost as if the digital and bank branch experience is designed and built by different companies. In the future, digital will underpin how banks deliver great customer experiences across channels.
In this report we explore what drives the shift towards Omnichannel, how banks are performing today and a vision for Omnichannel banking in the future.
U.S. Retail Banking: Prescriptions for Channel Integration and BeyondCognizant
To achieve the dual goals of satisfying tech-savvy customers and boosting the bottom line, banks must first lay the foundation for integrated channels and fulfillment processes. Here is how they can embark on this two-laned path.
Digital Transformation in Banking Financial Services Industrysethnainaa
Digital Transformation is more than just moving from traditional banking system to
a digital one. It is a vital change in how banks and other financial institutions learn
about, interact with, and satisfy customer’s needs. The age of “Customer is King”
has truly arrived.
Digital Transformation in Banking Financial Services Industrydrishtipuro1234
Digital Transformation is more than just moving from traditional banking system to a digital one. It is a vital change in how banks and other financial institutions learn about, interact with, and satisfy customer’s needs. The age of “Customer is King” has truly arrived.
Consumer Internet banking has evolved from helping customers meet their basic banking needs to meeting more sophisticated requirements like personal financial management. Today, Internet banking is an important revenue builder and competitive differentiator for banks. However, despite its all-too-obvious advantages, many banks are unable to realize the full potential of the Internet banking channel.
Thought Paper:Four Strategies to Build the Smarter BankInfosys Finacle
Robert Kiyosaki, American investor and author (of Rich Dad Poor Dad fame), hits the nail on the head when he says, “You have to be smart. The easy days are over.”
As consumers go about trying to manage their money, there is an opportunity for banks to show them that they’re not alone – by being the ideal financial partner that listens, understands needs, shows respect, acts with integrity, serves with a purpose and exceeds expectations through its products, services and financial guidance.
In other words, by becoming a smarter bank.
Mobile Payments Convergence Van Dyke Nokia World Dec 2007mykahina
Presentation on the emerging trends of mobility and the future of consumer payments and banking. Presented in Amsterdam, Innovation Stream, Nokia World 4 Dec 2007
Mobile Banking - The Next Gen Approach Konrad Group
Mobile presents a huge opportunity for banks to better engage with existing customers, to win new customers and to increase revenue through mobile payments and mobile commerce capabilities.
Similar to Disruptive innovation in consumer banking channels (20)
Acquirer Systems provides test and validation solutions for the payments industry. Our software allows issuers and acquirers get higher quality products to the market faster, reducing cost and improving competitiveness in a complex and changing marketplace. The company has a global reputation for excellence with Bank Card Issuers, Merchant Acquirers, Payments Processors, and Terminal Vendors. We count blue-chip institutions such as Bank of America, Bank of Ireland, First Data, SwissCard, and Standard Bank of South Africa, amongst a growing customer base. We have 80+ installations across the United States, Europe, the Middle East, Africa and Asia. Acquirer Systems was founded in 1997, is privately held, and is headquartered in Dublin, Ireland.
Cover of a Whitepaper on Switch Migration written and produced for Acquirer Systems, as part of a lead nurturing strategy in its content marketing campaign
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Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
5. Do you understand the needs of the
Generation-Y Persona?
Do you know how to reach them?
3.54bn
people
are under
30 today
They
decide
how and
when they
want to
interact
They want
convenience and
simplicity
6. How do you connect with Gen-Y?
Do you
have a Do you
channel have a
strategy to plan to
provide reach
services on them?
their terms?
Is your
proposition Are you
going to capture findable?
their interest?
7. In the UK 27% of adults and almost 47%
of teenagers now own a smartphone
59% of these
acquired one in
the last year!
The growth in digital
channels and the
prolific use of
Smartphones is
changing how
consumers will:
• Buy goods
• Make payments
• Gain access to
services
• Interact with your
Financial institutions
8. So we need to think beyond the branch.
And channels need to be connected.
Think „Martini Banking‟.
Anyplace. Anywhere. Anytime.
Customers are demanding a mix of channels
and greater two way interaction from their
financial services provider. People call this
„channel banking‟ or „multichannel banking‟. Its
definition is inconsistent but it depends on
consistency of brand and customer experience
which means channel integration. This is tricky
when what consumers really want is for banking
to be simpler.
9. Conflicting multichannel definitions
“True multichannel banking provides a rich set of products and services to customers
in a seamless and always available fashion across all channels”
McKinsey Consulting, Banking on Multichannel, 2010
“The multi-product, multi-channel environment… presents a number of challenges. The first
is an unfocused approach to delivering products and services to the market. Banks can
easily fall into the “3E trap” of trying to be Everything to Everyone, Everywhere. ”
World Retail Banking Report, Cap Gemini, Unicredit, EFMA 2011
“One of the things that continues to surprise me about many banks’ multi-channel
strategies is how little most banks have integrated their ATMs into those strategies.”
Benjamin Ensor, Forrester Research, 2010
“the ATM is not a channel as such, but call centre, internet and mobile are channels”
Chris Skinner, The Multichannel Myth, FSClub Blog, 2009
10. By the way, we‟ve always thought
multi-channel banking means…
Multi-·chan·nel bank·ing /ˈMul ˈ ˈ
ti Chanl ˈbaNGkiNG/ n.
def:
“Creating a consistent and rewarding customer
experience by offering an integrated multi-channel mix
with specific products and services for each channel,
delivered according to the way people want to interact
on that channel”
This is the essence of “Connected-Generation Banking”.
11. How do you offer a multi-channel banking
experience to your customers?
Good multi-channel Banking is not about making the
“branch” available across different channels
1. The banking experience must be customer-centric, offering
relevant, simple, and consistent services as consumers
move from channel to channel.
2. Make both your brand and the quality of each customer’s
experience consistent across all channels through multi-
channel integration
3. Each delivery channel offering should be built from the
ground up maximizing its particular interaction capabilities
4. Offer channel-specific services that consumers actually
want to use on that channel (in a way they want to use
them).
12. The end of „Casino Banking‟
“retail banking
activities should
be structurally
separated, by a
ring-fence, from
wholesale and
investment
banking activities”
- Sir John Vickers
13. Consumers want a “simple” banking experience
(which is more difficult to achieve with complex legacy systems)
Consider:
1. How many steps does it
take to apply for a loan?
2. Can your consumers
identify their needs on
the homepage of your
website?
3. Is there a digital channel
for speedy customer
service?
4. Is the the right mix of
services available on the
right channels without
making the experience
complex?
14. Remember bank customers are regular
consumers, who are used to interacting
seamlessly with sophisticated retailers across
channels
15. New entrants are disrupting the landscape
1. Alternative Models
Clear alternatives are offering
simpler services, and bank-as-
retailer convenience services
2. Tailored Product Selection
Sourcing off-balance sheet
and highly regulated product
from “other” manufacturers
3. New Banks with out legacy
processes can provide
simpler and customer
centric experience for
consumers
3. The gate is open for more
E-money and Payment
services regulation making
market entry easier for this
type of new transaction
centric financial services
16. It‟s a profitable market…
Tesco‟s banking division made a £102m pre-tax
profit in the first half of 2010 - up 92%
17. And a new opportunity is dawning…
1
Focused purely on consumers and retail banking
transactions
2
Channel-specific solutions, which may be
integrated but are not the same core stuff just
rebadged over a new technology protocol
3
Simplified service offerings utilizing retailing
principles and social media, when and where
consumers want
18. Want to know more? Let‟s talk…
bayberryconsult.com
About Bayberry Bayberry Consulting
Bayberry is a business strategy and Alexandra House, The Sweepstakes
consulting firm. We specialise in Ballsbridge
banking and payments, hi-tech and Dublin 4
B2B marketing, and company growth. Ireland
What makes us different is our focus Tel: + 353 1 2827103
on turning the ideas we create into www.bayberryconsult.com
results for your company. info@bayberryconsult.com
twitter: @bayberryconsult
Editor's Notes
85% of all transactions are still cashGovernments encouraging move to Electronic payments to curb the black economy
3.54 billion, is under the age of 30. Over the next 10 years, Gen-Y should constitute the majority of ‘wealth accumulators’ in developed economies and will look for financial products to maximize their wealth. This segment is expected to have a higher disposable income than their predecessors. Banks need to begin to engage with them now to reap benefits later.Banks with a Gen-Y focus should be able to launch a product in three months.
For
Consumer want a more a simple banking experience but you need to think through what simple is all aboutOpening Hours? Some banks are now opening on a SundayProcesses – How hard is it to get a loan? Or open an account? Or enroll in online banking? How many steps does it take? Are there unnecessary policies or complex procedures interfering with efficiency? How long does it take? Where are consumers frustrated by bureaucracy? What hoops do you make people jump through?Locations – Are your branches easy to find? How accessible are your ATMs? Is it easy to get in and out of your parking lots? Once inside, do people intuitively know where to go and what to do?Online – How hard is it for consumers to find what they are looking for on your website? How far do they have to dig? How many clicks does it take? Is your site map intuitive? Is the interface confusing? Do you overwhelm visitors with links? Can people open accounts and apply for loans online? Can people ask you questions live online?Service Delivery – What could people do online that they can presently only do by making a trip to a branch? How many times is someone handed off before they get the information they need? If someone talks to three different people, will they get three different answers? What’s your automated phone system like?Products – Do you make it easy for consumers to compare products? Are your products easy to apply for and use? How much paperwork is involved? Can people easily access current account information via various channels?Choices – Do you offer too many? Are the differences clear? How do you make it easier for people to make the right decisions?Transparency – How easy is it for consumers to understand what they’re getting?Image & Identity – What does your brand identity say about you?
“Don’t Make Me Think” is a famous book about usability. The lessons apply to banking too. Don’t make it difficult for the customer to buy from you, or transact with you.
Regulation is making it easier to enter the market