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More About This Title The Power of Mobile Banking: How to Profit from the Revolution in Retail Financial Services
English
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.
English
SANKAR KRISHNAN is Head of Banking Services, Americas at HCL, one of the world’s leading technology and business process optimization firms. He is best known for his work at Citibank, where he served in a variety of executive roles in the Middle East, South Asia, Africa, Europe, and North America. Prior to joining Citibank, he worked at Standard Chartered Bank and Price Waterhouse, now PricewaterhouseCoopers (PwC). He lives in Scarsdale, New York.
English
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
