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Agenda
Channel conversion Importance of mobile channel for banks Mobile banking in the past and today Customer needs and experience Security concerns and measures Mobile banking applications and implementation Mobile channel integration: approaches Partnership strategy ( Main Players/Stakeholders/ Partners ) Marketing Banking Focus Trends and Statistics Scenario in India M-Cheque
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Security Concerns
Devices are easy to lose/ steal and get misused Mobile communication being sent as clear text can be read or interrupted Location-aware applications are considered to be invasion of privacy Lack of standardizations in payment solutions
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Security measures
SMS channels can be used with encryption by mobile payment applications to protect data integrity and security.
Use of crypto-Java SIM cards & PKI (Public Key Infrastructure) for establishing hierarchy of trust; non-repudiation.
Debit/Credit cards linked to a specific phone number of consumer for added transaction security Implementation of secure PIN for transactions For a financial application, gateways should reside behind your firewall instead of the carrier premises.
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Alerting Services (Transaction alerts, reminders, Stock alerts, Offers & marketing promotions)
Mobile solutions for personnel servicing business customers e.g. mobile credit approval, mobile insurance assessment, mobile collections etc.
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Implementation strategy
Corporate strategy should drive the use of mobile technology. Determine which business processes or workflows would benefit most from being mobile-enabled Eg. Sales and field force automation Mobile enable first, those processes that guarantee the best return on investment
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Approach
Identify the right processes Define measurable outcomes Implement integrated platforms
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Enterprise - An Integrated middleware layer capable of connecting all delivery channels with all back end systems
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Marketing
Build up a database with high-quality and detailed information about customers in their target group.
Gaining an in-depth understanding about customers desires & building a means to address customers on a very personal medium such as a cellular phone
Launching marketing campaigns which are non-invasive and privacypreserving Position the products with a strong personal bond
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Banking Focus
SMS alerts can disburden more expensive channels (e.g. contact centres). Useful information can be transmitted to the client, and increase customer loyalty at low cost. Research shows that the more services the customer uses, the higher the switching costs would be. Also, the more services the customer uses, the greater are the banks expected profits.
Mobile offers - e.g Apply for a Personal Loan today "&" get a chance to win a free dream holiday to Singapore. Just reply "Loan" Conditions apply
Broadcast to increase the usage of Credit card or debit card - e.g 10 days left for 5%Cash Back "& Bonus Reward Point! Use IDBI Bank Debit Card Now! *Conditions Apply
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Trends
Mobile devices are proving to be the most compact technological aid of the future, set to overtake PCs and laptops.
Use of mobile handsets as a payment device is already well established in Europe and the leading Asia-Pacific markets. eg. Almost a million Koreans now do their banking via 3G cell phones (CNN report)
Services which link credit/debit cards with mobile hand held devices have started to pick up and are expected to play a major role.
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Statistics
Cell phone teledensity is still very low in India at around 6%, In comparison, Chinas cell phone density is at around 35%, while some of the European and Asia-Pacific countries have 100% teledensity or more in mobile telephony.
In the past two years, the number of people using mobiles has increased three times
Indian cellular services market is projected to reach $24 billion by the end of 2009, a CAGR of 35.6%, Gartner said. Indian cellular services market had recorded the highest growth in Asia Pacific and Japan region in 2004 with a CAGR of 67%. India is all set to be among the top four countries in mobile phone subscriber numbers by the end of year 2005, from its current 8th position, according to industry analysts As on August 31, 2005, There were 62.57 million mobile subscribers in India, according to data provided by the TRAI. Fixed Phone users already lag behind by 47.44 million Communications Minister Mr.Dayanidhi Maran recently announced the objective of India reaching the top of the heap with 250 million phones by December, 2007
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Indian Scenario
Increasingly faster transmission via GPRS 3G technology to be launched soon in India, is expected to bring in a mobile revolution. Broad band Internet in India is expected to ride on a 3G backbone Users are slowly getting used to the concept of a mobile hand held device as digital cash or wallet to carry out purchases Presently in India low-value m-commerce transactions are happening. High value mobile transactions would pick up once the concerns of mobile secure transactions are being addressed.
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mCheque
mCheque is a secure debit/credit card payment system using mobile phone SIM with security based on EMV 2000 specifications.
CUSTOMER
BANK
MERCHANTS/SERVICES
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mCheque - Overview
mCheque is a secure card-present transaction system. Acceptance of VISA/Visa Electron in mChq mode does not require a PoS terminal. Any GSM mobile phone (with an enhanced mCheque SIM) can be used to accept a VISA/Visa Electron payment in mChq mode. Upto 16 different VISA or VISA Electron cards from different Banks can be securely personalized Over-the-Air (OTA) on mobile SIMs.
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Product Benefits
Customer Benefits Secure, Convenient and easy method of payment Anywhere anytime payment
Merchant Benefits Additional payment method for customers Small payment amounts can be accepted Portable payment options for merchants on move (Taxis, Couriers, Doctors etc)
Banks Additional channel for customer payments Use of existing Infrastructure Value added service to customers
Its a new world of opportunities
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Future
Mobile devices will also be used to handle short distance payments and transactions enabled by the Blue tooth technology, for example Point of sale machines and parking meters
INDIA
Indias mobile market has grown to over 50 million subscribers and this number is constantly on the upswing. India is one of the worlds largest markets for mobile phones. A fact acknowledged by Nokia, Motorola and LG among others.
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THANK YOU
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