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The Power of Mobile Banking: How to Profit from the Revolution in Retail Financial Services

The Power of Mobile Banking: How to Profit from the Revolution in Retail Financial Services

Sankar Krishnan

ISBN: 978-1-118-93202-5

May 2014

192 pages

Description

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.

Foreword xi

Preface xv

Acknowledgments xix

CHAPTER 1 The Power and Potential of Mobile Banking 1

Why I Wrote This Book 1

Think Behavior, Not Technology 3

Why Mobile Banking, and Why Now? 8

Sanity Checks 10

Looking at the Opportunities and Challenges 13

Time to Rock the Boat 16

Focusing on the Customer Experience 19

New Models for Charity 20

Is That a Bank in Your Pocket, or Are You

Just Happy to See Me? 23

Evolution or Revolution? 24

Why Innovation Is Foundational 26

Notes 29

CHAPTER 2 How Did We Get Here? 31

A Rich History, with Lots of Luggage 31

Is Mobile Banking a Real Trend? 34

It’s All about Location 34

How Free Is Free? 37

M?]Payments 37

Creating the Future of Mobile Banking 40

Notes 41

CHAPTER 3 Welcome to Generation M 43

“See and Hear” Replacing “Touch and Smell” 43

Taking the Friction Out 46

Mobile Operators and Banking 47

Mobile Banks 49

Artifacts for a New Age of Banking 51

Note 52

CHAPTER 4 Less Cash, More Sales, Fewer Hassles 53

Soon, Everyone Will Accept Credit Cards 53

Following the Path to Acceptance 55

CHAPTER 5 Readiness Steps 59

Making It Real and Taking Your Show on the Road 59

Channel Discipline 62

Treating Different Channels Differently 63

Develop a Customer Strategy 65

Open Up Your App Store 67

Banks Aren’t Your Only Competitors 69

API?]ifying Your Bank 71

Remind Me, Why Are We Doing This? 73

Notes 76

CHAPTER 6 Prepaid Cards 77

A Step in the Right Direction 77

Financial Inclusion 83

The Present and Future of Prepaid 84

Business Takes Prepaid Seriously 86

ATMs and Prepaid Cards 89

Interview with Todd Nuttall 90

Building Trust with Customers 95

Over the Horizon 97

Notes 98

CHAPTER 7 Risks, Problems, and Headaches 99

Know What You’re Getting Into 99

Don’t Restrict Finance to the Desktop 104

Forty Years in the Desert? 106

Mobile Apps Are Not Manufactured 108

Think Globally, Act Locally 110

The Role of the CIO in Mobile Banking 112

Notes 114

CHAPTER 8 Mobile Everything 115

The Doctor Will See You Now … 115

What’s the Business Model? 117

Aligning Technology with Plan Incentives 118

Evolving Interfaces 122

A Practical Framework for Patient

Self?]Management 124

Improving Health Care, One Atom at a Time 128

Mobile and Cities of the Future 131

Notes 134

CONCLUSION 137

Mobile Is the New Normal 137

Net Takeaways 138

Recommended Reading 141

About the Author 143

Meet Our Expert Sources 145

Index 167