e four winning ingredients outlined in the previous post has shown again and again to place Banks in a leading position by taking charge of its own destiny through a Bank-Led approach to mobile banking…

The key to building a winning mobile banking proposition is to grasp the key elements that have led to bank-led mobile banking success in emerging markets in sub-Saharan Africa and Asia.

USSD (Unstructured Supplementary Service Data), has enormous potential to deliver new products and services to mobile customers in the Pacific, but has yet to come into its own as a mature, fully-fledged service. Like SMS, USSD has a low barrier to entry for subscribers and customers. It is intuitive, menu-driven and works across all handsets, yet unlike SMS, USSD services and availability varies greatly across Mobile Network Operators (MNO’s) and regions in the Pacific. “Just about every handset made in the last 10 years handles USSD sessions and menus, and all GSM handsets will at least handle basic USSD, which is why this is a popular service for top-ups and balance inquiries” said Gary Collins, Head of Mobile and InStore banking at Westpac Bank. “It requires no special handset functionality, so customers don’t need expensive java-enabled smartphones, or pre-loaded Sim-cards. From a mobile customer point of view, it is ready Read more…

Changing demographics, education and wealth distribution, fed in recent years by the dramatic fall in the costs of technology, and stellar advances in Mobile & Digital Innovation and Globalisation, appears to have awakened new interest from major banking players to the opportunities in new and fast-growth markets, recently suggested by new Solveworx research, and reports that banks like Commonwealth Bank of Australia, are actively looking at opportunities to extend and deepen banking services, beyond traditional mass affluent segments in the fastest-growing regions of Africa and Asia The paradox facing many banks keen to enter that segment, is that while the opportunity looks impressive on paper, when it comes to weighing up the economic business case, it appears that creative math seldom really makes the case stack up. Why is that? Well, at first glance, the answer appears fairly straightforward. Conventional retail banking thinking says the retail banking business is (mostly) Read more…

The action of delaying or postponing something Log Book Entry: Serial procrastinator… 7:00 – Decide to work from home because its cold outside 7:35 – Make resolute decision to finish crushingly boring assignment TODAY 7:36 – Weigh-up how I should reward myself when I complete said work 7:37 – Decide on my cool ‘reward’ which is “Do some fun stuff” 7:38 to 8:41 – Attack work with gusto. Feeling good. 8:42 – Notice smudge on laptop screen obscuring a letter on my screen 8:43 to 8:45 – Ignore smudge, focus on work 8:45 to 9:02 – Focus more on smudge 9:03 – Decide action needed to clean smudge 9:04 to 9:12 – Search drawers for screen cleaning solution 9:12 – Find cleaning solution AND a screwdriver I thought was missing 9:18 – Remember loose handle in kitchen that needs tightening 9:26 – Finish tightening handle of frying pan – job Read more…

Blockchain in Banking

It’s the concepts behind blockchain that we are interested in that are actually not that complex to grasp. Once you master the principles then it’s easier to see what everyone so excited about.

One of the most widely discussed topics in popular business commentary today has to be that of ‘Digital Transformation’ and ‘Digital Innovation’ in Banking – and there are only so many ways to say the same thing – banks intent on reaping the benefits of digitisation, have to change how they think and act as they go about their daily business, technology is simply the enabler. The consensus view across the many websites, blogs, case studies, research and anecdotal opinion, points to a clear link between those organisations that have successfully made deep-seated changes – not only in the sphere of Digital Technology – but the way in which they think and go about their business, are starting to reap the benefits. This should not come as a surprise. The latest in a series of annual surveys of senior bank executives, published (by EFMA) reveals that only a handful (13%), Read more…

A 360° view of the Enterprise Payments Value Chain  From card issuers and acquirers to gateways and switches, Banks and Payments providers everywhere are working to simultaneously embrace new technologies and keep pace with changing customer demands.  The Expert Cards & Payments Masterclass course is a must for Cards & Payments professionals in diverse roles to understand how the end-to-end payment industry works, how to position the bank as both platform-player and participant, and how to cement the Banks role by building an in-depth, expert-led knowledge of the major elements that make up the world of Cards & Payments…FIND OUT MORE Banks that have traditionally provided end-to- end services across the payments value chain are challenged to change to meet increased competition from Fin-Techs, non-banks and third-party providers. Digital payments and e-commerce providers are building out rival payment methods and their services are attracting more entrants into the payments space, while competition Read more…

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