Efma Wavestone 5 ways to succeed in mobile banking 180503 · In collaboration with: the future...

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