Banking goes mobile

Friday 14th, September 2012
in Banking
, ,

When it comes to mobile marketing, clever leveraging of the device’s features can reap banks great rewards and help retain tech-savvy target audiences.

A STAGGERING volume and frequency of daily transactions are executed electronically today. Institutions that hold on to the belief that physical branches remain at the core of what the brand does, will not adapt easily to the customer of tomorrow who rarely visits a branch or the customer who sees no need for an over-the-counter transaction with cash or cheques. Those who still classify Digital – Web, Mobile, Self-serve, ATM and iPhone applications as “alternative” channels will be playing catch up for the next decade, while intermediaries will increasingly capture niche service
opportunities.

Independent research from IDC Banking and Cap Gemini indicates a steady and significant shifting preference for both sales and service interactions over the past decade. given below is the statistic:-

Current day customers prefer executing a sale or service interaction digitally i.e. through the PC or Mobile. The penetration and adoption of the digital medium, and hassle free/ease of operation has powered this surge! And given below are some reasons on how web and mobile technologies are impacting banking:-

Service queries like balance enquiry, check book request etc, that is now at the finger-tip rather than the bank door-step

Freedom and flexibility of timings that allow for anytime banking

Intuitive and friendly / helpful interfaces that make the experience easy and enjoyable

All trails in one place without the hassles of bulk paperwork/documentation

The Indian scenario internet and mobile technology impacting banking has turned out to be truly ‘customer friendly’

YES. Banking can no longer afford to operate a 1-size fits all kind of service models. With privatization of banks from 1993 onwards and higher demands from consumers, even traditional banks today look to go beyond to win / retain the customer.

Digital [Internet & Mobile] is an extremely useful medium by which banks can get customer centric and friendly. Banks are leveraging the following Digital medium attributes:-

Analytics led insights for personalization
Graceful degrading and flawless transition technologies that render memorable customer experiences to fulfil the information and task orientation needs of the customers

Security issues when banking is powered by internet and mobile technology

The security issues vis-a-vis baking are highly overrated. With maturity over time and advancements on the:-

A. Technical front like encrypted security, and water tight authentication mode and hack-proof sessions

B. Functional front like stricter, additional compliance requirements like 3-D security and improved risk monitoring

data security is not a concern any longer.

YET…like Air travel which is safer than Road travel, Digital banking is more secure compared to conventional banking continues to suffer.
Following is a quick Digital security issues check:-

  • Check for digital certificate display like Visa and 3D seal
  • Follow a password policy i.e. not having commonly used words, and seperate passwords for mail and banking account
  • Check for secure session while sharing any personal info or data. Example look for https and NOT http
  • Check for positive verification on your nominated email or for a sms on your mobile phone
  • Finally, never share any personal info, with call center agents who impersonate your bank
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This article was first published in Economic Times

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