The Power of Mobile Banking E-Book

Sankar Krishnan

• Herausgeber: John Wiley & Sons
• Kategorie: Fachliteratur
• Sprache: Englisch

Seitenzahl: 243

Veröffentlichungsjahr: 2014

Beschreibung

Today's tech-savvy consumers are demanding a more personal customer experience from their banks, and banks are discovering that mobile services deliver individualized, tailored experiences better than any other technology. The Power of Mobile Banking: How to Profit from the Revolution in Retail Financial Services gives banking and financial professionals a well-researched guide for becoming transformational leaders. These leaders can convert their traditional retail "branch" banks into streamlined systems that deliver personalized services to their customers' laptops, tablets, and smartphones. Written by Sankar Krishnan--a career banker and noted financial services industry thought leader--The Power of Mobile Banking includes strategies for adapting mobile banking practices that suit the needs of both developed and emerging markets. Krishnan also shows how bankers can make their products and services relevant to a new generation of digital natives. Krishnan explores the expanding mobile payment systems that offer a wealth of financial opportunities for banking institutions and includes information on the growth of e-commerce, which holds the potential for new and profitable ways for banks to engage with consumers. The Power of Mobile Banking outlines the practical aspects of adapting to a mobile banking strategy and shows how to put the right players in place to ensure the technology works seamlessly. Once in place, a great mobile system delivers excellent service and benefits to users, as well as real value and unique features that cement customer loyalty. The book also offers advice for bankers who want to increase their bottom line by delving into the world-wide prepaid card market. Krishnan includes a discussion on the risks and hazards of mobile banking and reveals the critical investments that banks must be willing to make in order to avoid losing customers to telecoms, retailers, and technology providers. The time for retail banking to prepare for the new paradigm is now and The Power of Mobile Banking is the guide for professionals who want to adapt, evolve, and succeed in this new mobile-driven world.

Leseprobe

The Power of Mobile Banking

How to Profit from the Revolution in Retail Financial Services

SANKAR KRISHNAN

Cover Design: Wiley Cover Image: © iStock.com/Pablo631

Copyright © 2014 by Sankar Krishnan. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, [phone], fax [phone], or on the Web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, [phone], fax [phone], or online at http://www.wiley.com/go/permissions.

Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

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Library of Congress Cataloging-in-Publication Data:

    ISBN 978-1-118-91424-3 (Hardcover)

    ISBN 978-1-118-93203-2 (ePDF)

    ISBN 978-1-118-93204-9 (ePub)

To my family and friends

Contents

Foreword

Preface

Acknowledgments

CHAPTER 1 The Power and Potential of Mobile Banking

Why I Wrote This Book

Think Behavior, Not Technology

Why Mobile Banking, and Why Now?

Sanity Checks

Looking at the Opportunities and Challenges

Time to Rock the Boat

Focusing on the Customer Experience

New Models for Charity

Is That a Bank in Your Pocket, or Are You Just Happy to See Me?

Evolution or Revolution?

Why Innovation Is Foundational

Notes

CHAPTER 2 How Did We Get Here?

A Rich History, with Lots of Luggage

Is Mobile Banking a Real Trend?

It’s All about Location

How Free Is Free?

M-Payments

Creating the Future of Mobile Banking

Notes

CHAPTER 3 Welcome to Generation M

“See and Hear” Replacing “Touch and Smell”

Taking the Friction Out

Mobile Operators and Banking

Mobile Banks

Artifacts for a New Age of Banking

Note

CHAPTER 4 Less Cash, More Sales, Fewer Hassles

Soon, Everyone Will Accept Credit Cards

Following the Path to Acceptance

CHAPTER 5 Readiness Steps

Making It Real and Taking Your Show on the Road

Channel Discipline

Treating Different Channels Differently

Develop a Customer Strategy

Open Up Your App Store

Banks Aren’t Your Only Competitors

API-ifying Your Bank

Remind Me, Why Are We Doing This?

Notes

CHAPTER 6 Prepaid Cards

A Step in the Right Direction

Financial Inclusion

The Present and Future of Prepaid

Business Takes Prepaid Seriously

ATMs and Prepaid Cards

Interview with Todd Nuttall

Building Trust with Customers

Over the Horizon

Notes

CHAPTER 7 Risks, Problems, and Headaches

Know What You’re Getting Into

Don’t Restrict Finance to the Desktop

Forty Years in the Desert?

Mobile Apps Are Not Manufactured

Think Globally, Act Locally

The Role of the CIO in Mobile Banking

Notes

CHAPTER 8 Mobile Everything

The Doctor Will See You Now . . .

What’s the Business Model?

Aligning Technology with Plan Incentives

Evolving Interfaces

A Practical Framework for Patient Self-Management

Improving Health Care, One Atom at a Time

Mobile and Cities of the Future

Notes

Conclusion

Mobile Is the New Normal

Net Takeaways

Recommended Reading

About the Author

Meet Our Expert Sources

Index

End User License Agreement

List of Tables

Chapter 6

Table 6.1

List of Illustrations

Chapter 1

Figure 1.1

Categories

Figure 1.2

Home Screen

Figure 1.3

Receipts

Guide

Cover

Table of Contents

Foreword

Preface

Chapter

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Foreword

Mobile banking is upon us. The rise of the mobile device combined with the increased value of mobile business has made mobile the most important channel for the future of banking. And because mobile devices allow for significant innovation, they will quickly transform retail banking across the world.

Forecasts estimate that more than one billion people will be using mobile banking by 2017. But the number might be even larger than that. Consumers want a personal customer experience from their banks, and mobile delivers a personal, tailored experience better than any other technology.