Certain features are unique to a platform, because, fundamentally, they service customers and members in different ways. Taking a picture of a check to make a deposit works best on a mobile phone. That experience cannot be exactly replicated through any other channel, even though we use similar technology with ATM (image deposit), branch (branch capture) and remote (home scan) channels.
Another mobile-exclusive feature is the capability to instantaneously turn your debit card “off and on” depending on usage. In order to avoid fraud, you can keep your debit card deactivated until you need to complete a transaction. Using your mobile banking app, you can activate the card for that one purchase. The capability is also important if you are out and notice your debit card is missing. Instead of spending time on the phone with your institution while someone is running up charges on your card, you can pull out your mobile device and instantly turn the card off, then reach out to your bank to report the issue. Unless consumers carry their laptops with them while shopping, this is a feature that is exclusive to the mobile channel.
In community banking, technology has been the proverbial double-edged sword. One effective edge is the ability to sell valuable products and services tailored for the individual customer. The dangerous edge is the complex and expensive burden on the banks, many of which are ill-equipped to administer the IT necessary to support these necessary advancements.
But cloud technologies will enable the sword to be swung safely – to enable banks to return to the simplicity of the past, but also serve and thrive in the future.
The rise of the digital channels have given banks a unique opportunity to drive lower complexity, everyday tasks to digital channels while beginning to refocus live channels to provide guidance and support for more complex, relationship building activities.
Disruption brings opportunity both for you and for the disruptors, who are faster, stronger, and sometimes even better at giving customers what they really want, more conveniently than before. The question is, how do you turn digital disruption into opportunity and fundamentally rethink how social, mobile, and tablets can transform your consumer banking experience?
Even if doesn’t come with a fancy iOS app, Walmart’s new “Pay for Cash” service is going after a significant market— those who don’t like to use credit cards online or who don’t have them.
With “Pay for Cash” customers shop an expended virtual store and order online, but come into the bricks and mortar store to pay, at which time the reserved order is shipped. By offering a non-credit-card-based payment option, the company stands to grow the “underbanked” segment of its base. Electronics and consumables (food and drink) were the most desired products for would-be Pay for Cash shoppers, along with health and beauty items. So if the online service is successful, expect these categories to enjoy significant growth — and millions of consumers to enter the e-commerce space for the first time. Via The CMO site.
Many banks still forbid their employees from using Facebook, Twitter or any other social media tools. But for Daniel Marovitz, MD, head of product management, Global Transaction Banking, Deutsche Bank, it is “nonsense” for banks to ban their employees from using these sites.