Monday, January 27, 2014

Next Generation of Mobile Banking II

Next Generation of Mobile Banking…Part 2
Last year January in collaboration with Forrester we published a report regarding the Next generation of mobile banking. That was from a more technology perspective. Lets have a look what the next generation of mobile banking app should bring in 2014!
Australian Bank CommBank recently promoted their latest mobile banking app via their own blog
Did they got it all right for 2014 ?
Why Commbank ? Are they setting the norm ?
I have been fortunate, when I was responsible for global mobile banking efforts @ Capgemini, to work across the globe gaining insights how banks in all regions stepping into mobile space.
I must say when I worked for National Australian Bank (2012), Commbank already had a leap forward regarding the mobile banking. Although Westpac, staying nice in their slipstream, recently being the first bank bringing mobile banking functionality to the new hardware, wearables, smartwatches.
In 2013 Commbank customers responded to the awesome mobile banking experiences by bringing more than 1 billion of transfers in less than a year.
Mobile Banking 2.0
So looking at the top 5 functionality for 2014.
1. Contactless Payments
2. QR Bill Payments
3. Social Banking
4. Quick Balance Check
5. oeps......
again they create excitement…until I arrived at number 5 (ATM & Branch Locator).
Some regions are divesting into their branch channel bringing cost of banking down, also in favor of  customer fees. In these regions more than 80% of banking services can be done online and/or via mobile.
The customers are ready; having their devices in their pockets 24x7. Lots of banks are not ready though but try keeping their customers ‘satisfied’ by having branches open between 9-6pm ?!!
For cash-out at ATM one may argue there is a more universal need however I would have expect some more exciting add-on mobile experiences. Same like the balance check, which at the Commbank, just sits one swipe away from your mobile homescreen.
Mobile devices could come in very handy to battle out the fraud scams at ATM machines, simply by providing a push notification on every ATM visit. Add the account balance and we are good. Overall it provides more security and at the same time making ATM receipts obsolete.
A hidden strategic mobile objective: Increase Your Customer Service
For 2014, I strongly recommend to stretch mobile banking to a more unknown, major strategic objective:
Increase your customer service by using mobile CRM tools to improve customer experience and thus increase your customer service. More over it also allows your bank to cut costs dramatically. 
Say no to software, Create experience
I am not talking about Salesforce apps here !
Citi got it already better by pulling in their twitter feeds into their app.
The best example I have seen is sitting in the French app of Groupama. Here you are not waiting impatiently until you get served whilst listening to unfavored music tunes. Instead it has a friendly, service menu with great experience. It also reduces customers ‘waiting time’ and giving them options by using different contact points from the mobile device; like a mobile website, a youtube video or setting your alarm once an agent is available to chat or talk.
Lets see which banks (and other industries ?) in 2014 will challenge the Australian Banks. Just remember, building great mobile experiences is every manager’s challenge for the next 5-10 years (says Forrester…) !!