Discover how the next generation in Mobile Money management could revolutionise the banking industry as we know it.

1. INNOVATE TO WIN:
FROM MOBILE BANKING
TO MOBILE MONEY
How the ‘next gen’ in Mobile Money management
could revolutionise the banking industry as we know it

2. Gazing into a
crystal ball app...
No-one knows how we will be using our mobile
in 12-18 months.
But since the advent of the smartphone the world has
seen an exponential acceleration in mobile innovation.

3. Gazing into a
crystal ball app...
All indications are that mobile will continue to play
a central role in consumer’s lives.
In this environment, the demand for simplified,
mobile-driven experiences is only likely to continue.

4. Redefining the rules
of engagement.
Mobile, with its ability to provide a more personal experience,
has opened the door to re-assert relationships with consumers.
But in order to do so, banks must first acknowledge
the power shift that has come with the move to mobile.

5. Building
on success
First generation mobile banking:
bringing traditional banking services to mobile.
The next gen challenge is to deliver a new banking
experience, using mobile to develop:
more connected banking and payment services,
clever contextual offers based on data driven insights,
and create stronger customer relationships.

6. So how might the
next generation look?
Imagine a scenario in which a consumer purchases tickets to a concert.
He shares the news of his purchase with his social networks. On the way to
the concert (in a taxi pre-booked and paid for via his mobile), he is served
vouchers for restaurants close to the venue; restaurant brands that his
transactional and social history show he often frequents. He downloads the
vouchers via his mobile banking app and uses his mobile to pay the balance.
At the concert he meets his friends, who pay for their tickets via peer to peer
payment. After the gig, he shares a positive review online, and is rewarded
with priority booking and a discount on tickets for the band’s next gig.

7. Will banking ever
be the same again?
‘One size fits all’ is no longer appropriate.
Next generation Mobile Money will power a move towards
segmented services specifically developed for individual groups:
Small businesses
Personal wealth management
Migrant workers
Students and the Millennial generation

8. Getting
personal
As mobile banking becomes more segmented, the next step is greater personalisation
Data analytics enable institutions to create products and offers delivered direct
to the mobile that are:
Relevant / Timely / Personal
Mobile banking will transition from humble ‘banking service’ to ‘lifestyle enabler’

9. Consumers are ready for
more from their banks
A
100%
80%
60%
40%
20%
0%
“I would feel more confident in buying goods
and services through a mobile phone if I could
do so through an app offered by my bank”
Among Smartphone owners
Spain
Agree strongly
United Kingdom
Agree
Germany

10. Consumers are ready for
more from their banks
B
I have no strong opinion
100%
Indifferent, it doesn’t matter to me as long as
I get the best deal on any product/service
I’m not interested in where it’s coming from
80%
60%
Concerned, I think financial institutions should
not advise people about non-financial matters
40%
Valued, I think banks should provide more
information to customers
20%
“Many retailers now offer financial services
products (e.g. M&S, Tesco). If the tables
were turned and your bank started to offer
products that you can buy and offers, much
like supermarkets do - how would you feel?”
Among Smartphone owners
0%
United Germany
Kingdom
Spain
Surprised, I hadn’t even considered that banks
might be able to do anything other than deal
with my money matters

11. Steps to
success
In order to take advantage of the huge opportunity presented by Mobile Banking,
financial institutions must:
Get the right apps – build high engagement, easy to use apps
Collaborate – change the traditional insourcing mindset and find the right partnership
Choose an open platform…

12. A platform
for delivery
Open platform architecture will ensure financial institutions remain:
Agile and scalable
The speed of change is too quick for closed point systems
Connected to the ecosystem
Access to market leading products and services is essential
Future proofed
New technology could change the game tomorrow – open platform prepares banks for the unexpected

13. Find out more by downloading the Monitise Pathway
Paper on next generation mobile banking at:
www.monitise.com/insights