12 mobile banking trends to watch for in 2014
DESCRIPTION
Banks are implementing latest innovations in their everyday banking technology solutions. Here we discuss 12 trends in mobile banking to watch in the year 2014.TRANSCRIPT
12 Mobile Banking Trends to watch in 2014
Innovative Technology
Game-changing magic of the technology paves way for real-time
access and simplicity in banking interactions through Mobile Banking
In developed economies, banks operate in highly competitive
environments, increasingly challenged to differentiate through products and
pricing
Innovative Technology
Banks seek out innovative technologies to help them
build a stronger relationship with their customers and
increase customer loyalty, while controlling operational costs
Price and Infra Advantage
The infrastructure is there to multiply mobile banking usage
Well-priced smart phones and high-speed 4G in more neighbourhoods
Click with your Smart phone
smartphone camera has been a key to mobile banking’s rapid adoption
First iPhone, in 2007 shipped with 2 MP camera
Recently shipped iPhone 5S has 8MP camera
Picture Pay, where consumers can pay a bill by snapping a picture of it
Digital Wallet the Challenging Part
Consumers, financial institutions, merchants, smart phone makers
still others have to be brought on board in
this game changing endeavour of
phone replaces the plastic card
Smarter and more personalized
Integral to wallet adoption will be inclusion of rewards and discounts as
the phone becomes the delivery tool
A digital wallet will be substantially smarter and more personalized
than a plastic card in a leather wallet
A singular payment Application
Mobile wallet allows consumers to store and manage
their credit, debit, prepaid and gift cards on their
smart phone using a
singular payment application
A singular payment Application
No need of carrying around a stack of
physical plastic cards
swipe phone or tap the screen, a payment can be easily made
Conventional Apps
Most banks today have comprehensive suite of mobile apps that enable
customers;
to check account balancespay bills transfer money between accountsreceive information about new
products/services, fraudulent activities
Advanced Apps and Technology
Biometrics fingerprints, eye scans, voice prints for
user log in authentication
Image Banking and Remote Deposit Capture(RDC)
customers can scan their checks and the image is immediately transmitted
to the bank
The economic factor for Banks
key reason that top banks across the globe are investing in mobility is that
finding the economics of operating many physical branch
locations prohibitive
Geo - Mobile Banking Usage
Turkey tops in internet banking, with almost 50%
participation
Age - Mobile Banking Usage
younger aged people tops in this list
Competitive Advantage
Banks will continue to invest in technologies that give them a
competitive advantage and
enable them to reach the modern consumer
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