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

194 Pages·2014·8.95 MB·English

by  Sankar Krishnan

The Power of Mobile Banking

The Power of Mobile
Banking
How to Profi t 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.
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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)
Printed in the United States of America
10 9 8 7 6 5 4 3 2 1
To my family and friends

Contents
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
vii
Contents
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
viii