How many features of that fancy smartphone do you use on a regular basis? If you’re like me, an average mobile phone user, not many, I bet.
The thing is, it’s no different with for mobile banking. While mobile technology continues to evolve rapidly – take wearables for instance, which will be the second highest selling consumer electronics product by 2020 – banks are yet to exploit even its existing power to the fullest.
This is lost opportunity, at a minimum. We believe banks must intensify their approach to digital, reworking strategy if needed to keep pace with the shifts in the market. In the past, their reluctance to forge ahead could have stemmed from concerns about security and compliance. But today, they need have no such fears, because security technology has also advanced leaps and bounds. Hence banks don’t have to choose between quality of experience and robust security. They can have both.
Having established the need for deepening mobility adoption by banks, let us examine some of the possible scenarios of the future. Banks can indeed onboard customers without them ever visiting a branch and help him sign in by just looking into the app. In certain countries, banks have gone mobile first to spread financial inclusion. They could really benefit from a facility such as this.
Another use case is transaction banking on wearables. Imagine that a guy named John is out on his morning run. During a break, he taps his smart watch to see a notification reminding him that his rent to Tom, the landlord, is due today. He taps his approval to a question asking him if he would like to initiate payment. The transfer goes through, even as he begins to run again. In next to no time, Tom’s acknowledgement of the payment pops up on his wrist.
Here’s another good one – a facility to authenticate oneself without a password. All it would take is a mobile phone with a front camera to complete an iris scan, and presto, you are in that quickly.
It is time to get ready for the frictionless banking experience. If these sound somewhat far-fetched you need to be there at Confluence 2016. You really need to see for yourself our innovative solution that provides an Uber type, simple to use, frictionless, end user experience. The emerging wealth generation and those that think banking relationship is too complicated to utilize will absolutely love it!