Posts Tagged ‘mobile’
One challenge that banks continue to fail at is mobile banking. Jim here coins the phrase ‘active banking’ to describe the gap that can be filled with mobile banking. Some have tinkered with active banking but most focus on mobile being a mini online banking (‘passive banking’).
In these days of deliberating on cost cutting while simultaneously improving service to assure customer retention, this piece is worth the read, to form basis for analysis of your own strategies for active and passive banking.
The Impact of Always-On Mobile Banking | netbanker
But most users will want to be in active banking mode as little as possible. So the challenge for financial institutions will be to make it easy for mobile users to balance "active banking" (alerts, warnings) with "passive banking" (logging in, requesting more data, changing settings and preferences).
Ultimately, the companies that manage this communication challenge well, will have customers for life.
Mobile still gets more attention from Vendors than it does from many banks and this continues to surprise me. Certainly the large banks have uptake in their mobile offerrings, but it is not stellar growth. Tower Group recently noted the economic crisis could change that.
Meantime here is another excellent offerring from Fiserv that appears to be geared to help banks get over that hurdle by making the integration of mobile transactional banking and payments easier and faster to implement.
Brookfield Wis., June 1, 2009Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, today introduced Mobile Money FastTrack™, a straightforward mobile banking solution that can be rapidly deployed by financial institutions. Mobile Money FastTrack, a streamlined version of the flagship Mobile MoneySM solution introduced by Fiserv in 2008, delivers essential mobile banking features within an affordably packaged solution that can be enhanced as the mobile channel matures.
Mobile Money FastTrack can provide “triple play” technology that enables consumers to access their accounts using any of the three primary mobile access modes: mobile browser, SMS (text messaging) or a downloaded application.
The available downloaded application technology also supports mobile banking on high profile devices such as BlackBerry® smartphones and the Apple® iPhone™.
Relevance to Bankwatch:
I mention ‘transactional’ banking for mobile because at the root of the hurdle for banks is the lack of consumer drive in North America for mobile. I attribute this to North American consumers coming to the mobile space late, but also and importantly, they are already avid online banking users with decent connectivity wherever they require it, which leaves them wondering what more mobile can bring to them. Questions North Americans ask themselves are how the mobile fits with their current online banking habits.
With the exception of new markets, eg unbanked, banks would do well to help consumers with the answer to that question. For example inclusion of payments (bills and remittances), account alerts, or tagging expenses while making purchases are the kinds of things that might supplement the users experience. Note the Fiserv offerring mentioned above has payments included.
Mobile payments continues to grow worldwide, yet limited in North America so far.
Mizuho Bank, in partnership with NTT DoCoMo plans to launch a financial services and remittance services via mobile phone
Researched by Nobuyo Henderson
In general it continually amazes be that banks are not leaping on this opportunity for a low cost, high visibility ad for their online services. Which leads me to todays question de jour for bank executives:
Have you tried an iphone?
If not go to a store immediately and do so. Whether you buy it or not, you will be left with the impression this is a game changing device, and remember the people who use them are vocal. Then go talk to someone who does iphone apps and be prepared to be surprised at the cost of entry.
Anyhow, well done Intuit.
Monitise continues to grow, expanding into the African growth mobile market.
Monitise has been awarded US$1.5 million by the Africa Enterprise Challenge Fund (AECF) to help fund the launch of its mobile banking and payments service in East Africa.
Monitise East Africa will initially offer services in Uganda and then plans to expand into neighbouring countries, including Burundi, Democratic Republic of Congo, Ethiopia, Kenya, Rwanda, Tanzania and Zambia. The service will enable the provision of banking, payment and money transfer services by both banks and mobile networks, within the regulatory framework of each market.