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

  • ID: 2865971
  • Book
  • August 2014
  • Region: Global
  • 192 Pages
  • John Wiley and Sons Ltd
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Mobile is an important platform for commerce, and smart bankers will use this book to ramp up their mobile strategies.
Ashok Vaswani, CEO, Retail and Business Banking, Barclays

Krishnan s book strikes at the juxtaposition of social–mobile and the implications of understanding and shaping customer behaviors. The book is a must–read for managers, not only in financial services, but in any industry where innovation is central to delivering successful commercial outcomes.
Shawn Banerji, Managing Director, Russell Reynolds Associates

Banks must wake up to the new mobile reality if they want to compete successfully. Mobile offers significantly more agile infrastructures and lower operating costs. Mobility, including geolocalization, opens a whole new spectrum of services that banks could potentially offer to add value to the relationships with their customers.
Ignacio Oviedo, Former SVP and CIO, International Banking Division, Banamex

A handy and easy–to–read book that makes a good case for why it s important for bankers to get their arms around mobile and understand its potential.
David Maya, Partner, Oliver Wyman

Mobile represents a huge business opportunity for banks. Krishnan s book provides an executive–level overview of the challenges and benefits of mobile banking, along with great practical advice. Bring a copy of this book to your next board meeting!
Matthew Wilcox, Managing Director, Marketing Strategy and Innovation, Fiserv

Mobile is transforming the pace, possibilities, and the way in which services are delivered and accessed. Krishnan offers thought–provoking views from industry leaders, key considerations for strategy, and emerging breakthroughs that compel us to fundamentally rethink the customer experience. It forces us to focus on behavior before technology. A must read for business leaders today.
Rich Epstein, Chief Architect, Maersk Line

Building on his 25 years of banking experience and his vision of where mobile technology is headed, Krishnan charts a course for retail financial services in the future. In this warning to banks everywhere, Krishnan rightly suggests that retail finance may be the next industry to get turned upside down by the mobile revolution that is sweeping the globe.
Patrick Perrella, Director, Graduate Career Services, Mendoza College of Business, University of Notre Dame

The pace of innovation in mobile technology is astonishing. This book will help readers make sense of how mobile can be leveraged effectively in retail banking.
Frank J. Casale, Founder and CEO, The Outsourcing Institute and Institute for Robotic Process Automation

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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


Mobile Is the New Normal 137

Net Takeaways 138

Recommended Reading 141

About the Author 143

Meet Our Expert Sources 145

Index 167

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Sankar Krishnan
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