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In collaboration with:
Building the future
of mobile banking
Part I
REPORT
Building the future of mobile banking Part II: Organisation and processes
REPORT
In collaboration with:In collaboration with:
Building the future of mobile banking
Part III: Security and regulatory issues
REPORT
WAYS TO SUCCEED IN MOBILE BANKING5
1 ENLARGE CUSTOMER TARGET AND SEEK OUT NEW SEGMENTS
2 BUILD A DEDICATED CUSTOMER ACQUISITION STRATEGY
THIS INFOGRAPHIC IS BASED ON CONTENT FROM THREE MOBILE BANKING REPORTS PRODUCED BY EFMA AND WAVESTONE. DOWNLOAD THEM ALL AT efma.com/studies
3 REINVENT THE
CASHBACK
ADAPT AUTHENTICATION LEVEL TO TYPE OF OPERATION
TAKE ADVANTAGE OF BEST PRACTICES TO ANSWER MOST BASIC CUSTOMER REQUESTS
DIGITIZE LENDING PROCESS TO ACQUIRE AND KEEP CUSTOMERS, AND GENERATE INCOME
Mortgage
Business loan
IMPLEMENT A TOKEN BINDING SOLUTION
RAISE CUSTOMER AWARENESS OF PHISHING RISKS
Aggressive pricing, with ʻpay per use servicesʼ to balance the model
90-SECOND ONBOARDING
A smooth and progressive onboarding process leveraging mobile capacities
COMMUNITY
New brand awareness development levers to balance the lack of physical network
PROVIDE SERVICESTHAT ARE:
Current online banksʼcustomer targets
New growth levers
Historical onlinebanksʼ core customers
EXAMPLES INCLUDE:
HIGHLY AVAILABLE
Very sensitive – Hard authentication at each transaction
Identify and detect fraudulent emails
Use a secureconnection
Protect mobile device
UNIQUEStand out from the crowd
with new offerings
PERSONALIZED63% of banking customers are asking for more tailored services
All services available tothe customer 24/7
Sensitive – Simple authenticationat each session
Personal data – Simple authenticationonce a week
Personal notifications – Simple authenticationonce a month
Authorisationserver
Aggregator
Token thief
API (Resource server)
Use a unique andcomplex password
Payments
ProductsTransaction
explanations
DocumentsTechnical issues
•An extensive self-care offer •Personalized round-the-clock support through AI•Telephone access to bank counsellors
Branch Online/branch Online with remote support
4 REDESIGN BANKING PROCESSES TO SUPPORT AN OUTSTANDING CUSTOMER EXPERIENCE
5 FOCUS ON SECURITY AND DATA PROTECTION TO MATCH TRUST LEVELS OF TRADITIONAL BANKS
80%of requests are basic
0
20
10
Hou
rs r
equi
red
per
loan
SIMPLENPS tends to decrease dramatically
beyond three steps
MASS-AFFLUENT
MASS-MARKET
MILLENNIALS
THE ELDERLYENTREPRENEURS
AND SMESMIGRANTS ANDFREQUENT TRAVELERS
(TO BENEFIT FROM DISINTERMEDIATION)
CUSTOMER EXPERIENCE