The Bankwatch

Tracking the consumer evolution of financial services

Archive for the ‘Telephone Banking’ Category

Why iPhone is game changing, and Bank technologists should take notice

iPhone is more than a phone. It will act as a catalyst for change. It contains technology capabilities that are much more open than phones to date which are generally closed, with limited browser capabilities. This from Chris at FactoryCity.

FactoryCity » Why I’m involved in iPhoneDevCamp

iPhoneDevCamp isn’t really about the iPhone. Personally, I could care less about the iPhone. What I am interested in, however, is the opportunity that the iPhone affords to promote the development and building of open web technologies in the conspicuous absence of proprietary technologies like Flash, SilverLight et al.

Mobile banking has been held up for many reasons, including focussing on the wrong things. But a key impediment, has been the limited browser capabilities of the phones, as telco’s seek to force users into telco authorised content.

Smart developer people will work out the implications, but the power in platforms that cross between PC and phone are significant, making more universal services easier to create.

Update:  LA Times coverage of iphonedevcamp (Reg’n required)

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Written by Colin Henderson

July 7, 2007 at 15:53

Finextra: Lloyds TSB launches debit card fraud detection service

Lloyds announce a service that’s a long time coming.  Many credit card companies have had this service for years.  An automated alert to the customers telephone will announce a potential fraud alert. 

The message customers hear will ask them if they recognised the transaction in question. If the customer thinks fraud has taken place they will be transferred to a call handler who will then freeze the account and organise a refund. Where customers recognise the transaction, they will be able to confirm it is genuine and end the call.

Source: Finextra: Lloyds TSB launches debit card fraud detection service

The service is based on the First Alert developed by Adeptra which works alongside Lloyds TSB’s fraud detection systems, automatically calling customers, whenever and wherever card fraud is suspected on their account.

The system has been in use for the bank’s credit card customers since 2005 and is now being extended to cover all debit card customers.

This is a strong contributor towards loyalty, because it is a multi channel play.


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Written by Colin Henderson

March 14, 2007 at 22:42

BankNet 360 – Japanese Bank Rings in Mobile Banking

 What struck me here as interesting is that the Yahoo username and password provides access to account information.  I cannot imagine our information security people permitting that, and for good reason.  I can see enormous phishing potential ramping up against Net Bank.

Tokyo-based Japan Net Bank is offering its customers cell phone banking services through a partnership with new investor Yahoo! Japan. The announcement follows news earlier this week that Yahoo! had acquired a 40% stake in the bank for $218 million.

Accountholders can use their Yahoo usernames and passwords to access their accounts.

Source: BankNet 360 – Japanese Bank Rings in Mobile Banking


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Written by Colin Henderson

October 5, 2006 at 19:07

HSBC and first direct launch next generation mobile phone banking

Described as “next generation” this new service provides statement and balance information.

What surprises me is that it requires a software download, but this appears to provide additional security.

The banks are now inviting customers to sign up for ‘on demand’, 24 hour access to banking services including mini-statements and balance enquiries through their mobile handset. Consumers can also top up their own or someone else’s prepay mobile. To use the service, they need only download a piece of software onto their phone. As with online banking, once registered and authenticated people will have secure access to their accounts – wherever they are

Source: Finance News | HSBC and first direct launch next generation mobile phone banking


Written by Colin Henderson

October 5, 2006 at 17:50

BankNet 360 – Big Blue Creates ‘Bank of the Future’

This is pretty far out stuff.  IBM have built a $250 million Bank of the future in Singapore to illustrate the technological future for Banks. 

The facility includes a surveillance system that monitors how much time customers spend in different sections of the branch and to what extent they are viewing product displays, biometric authentication devices that recognize users through the veins in their fingers, and automated teller machines that take deposits and recycle the cash for dispensing.

Source: BankNet 360 – Big Blue Creates ‘Bank of the Future

No pictures yet, and I am really curious to see the details.  I located some more on the announcement, but no real details yet.

Also some additional reading on the topic that showed up in my search.………

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Written by Colin Henderson

September 26, 2006 at 22:21

"Proactive click to call, chat and call tracking solutions – eStara Blog – Pay per Call…it’s about options"

 Of course eStara have a self serving interest here, but the logic in their argument remains valid.

“This means giving consumers the choice of either talking to the business via their PC or over a regular landline or mobile phone without requiring that the merchant or the buyer download additional software. Forcing buyers and sellers down a single path creates an unnecessary barrier that could interfere with the sale.”

Source: “Proactive click to call, chat and call tracking solutions – eStara Blog – Pay per Call…it’s about options. – Mozilla Firefox”

Talking into a mike plugged into the PC is still for ultimate geeks.  That’s not even close to decent adoption, let alone mainstream.  But everyone has a phone. 

Relevance to Bankwatch:

Push to Talk/ click to call is all the rage right now.  In the future some shared capability will exist to implement the current eStara type solution, and the skype solution without duplicative costs, but for now Banks need eStara or LivePerson solutions.

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Written by Colin Henderson

August 29, 2006 at 17:32

"Putting people back"

 Came across this article from June this year, talking about the extreme shifts we have seen away from the branch in the late 90’s, and back to the branch in this decade.

“The real lesson for the banks has been that customers value human interaction when making financial decisions that could have important consequences in their lives. Of all the additional channels, the call centre is the only one that can provide this human touch. “

Source: “Putting people back – Mozilla Firefox”

I would argue the shift to Internet and branchless was right, just 30 years early.  But there are some nice touches in this piece:

“You could even think of the call centre as a branch, except you dial it. It really isn’t all that different. There are some  supporting technologies.”

I firmly believe in the concept of the entire bank as a call centre.  This point gets lost in the back to branches tidal wave.  The majority of time spent on relationship building in the branch is actually over the phone.  Consider the typical mortgage application. 

  1. Customer will phone (or visit) for an appointment. 
  2. Customer visits for appointment
  3. Follow up information – phone, fax and email
  4. Confirm logistics such as appraiser, lawyer, documentation – all phone
  5. Appointment with lawyer – phone

The line between the branch and the call centre can then  become blurred.  Gardner says that banks are likely to take more immediate advantage of this by making more use of  expensive personnel, such as financial advisers.

Relevance to Bankwatch:

We are in the midst of a demographic and technology shift.  The answer isn’t about one thing or another.  Its about transition, and being ready for periodic sudden shifts, because the transition isn’t smooth.  A recent example was broadband which transformed internet use, promoting video.

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Written by Colin Henderson

August 26, 2006 at 02:44

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