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The MOBILE BANKING SERVICE for Modern nomads of the Steppe
History of AMAR
o Selected one of the selected 9 out of 70 participant from 38 countries
o To extend the banking service to those who are unbanked and have no access to financial services
o To decrease the cost of banking services compared to traditional banking channels
Launched on 2th July, 2009
What AMAR offers?
o BANK BASED MOBILE BANKING• XacBank – over 10 years of history in banking sector • No virtual or e-money involved. Only real bank accounts
o SIMPLE AND INTERFACE INDEPENDENT• SMS based service simplifies the tech base. No need for
specialized phone• Menu application for all 4 different operating system.
o CHEAP AND FLEXIBLE• A lot cheaper alternative for user comparing to other means of
banking channels • All basic banking services included• Service types can be added or modified anytime• Cash transactions available through agent network
o 24/7 SERVICEo SECURE THROUGH INNOVATIVE LOGICAL IDEAS
Advantages of AMAR
АМАR#
What is the status of AMAR now?
XacBank
123,000Client base 450,000
21,0 million Outstanding balance /usd/ 275,7 million
845Cash agent* 97 branches+91 ATM’s
1,108 Merchants** 800 POS
50,000Monthly transaction # 350,000
3-3,5 millionMonthly transaction amount /usd/ 340 million
70-80 thousandMonthly inquiry service
-
* A place, where AMAR client can withdraw or deposit a cash
** A place, where AMAR client can pay for purchase or service
A tool to lower operational cost• 50,000 transactions per month• 70-80 thousand enquiry for information per
month
A way to increase client base • 120,000 registered clients
Deposit • Transaction amount is 3-3,5 million usd per month
Customer service
• Cheap • Easy • Secure
Only way to provide service to unreachable places • If there is network coverage - it works
The benefits AMAR brings to XacBank
o LACK OF PROPER LEGALIZATION REGARDING:• E-Signature• E- Finance
o “ZERO” EXPERIENCE IN BUILDING AGENT NETWORK• Vast country with low population• High cost of operation
o CUSTOMER ADAPTION • Public trust and awareness of advantages of mobile banking• High cost of marketing • Low percentage of active users
o COOPERATION WITH MNO’S:• Different terms and conditions, policy• Poor technical capability• Competition from operators
What were challenges?
I stage II stage
Current
• Quality • Ecosystem
• Few agents • Agents- cash
withdrawal only
• As many agents as possible
Agent network
PROS
• Biggest network ever • Good participation of
branch staff;• Expensive
• Easy to maintain and train;
• Less expensive;
• Increase in number of transaction & amount;
CONS
• Large numbers of non active;
• Expensive to maintain;
• Conflict with an agents-Cash deposit;
• Hard to convince big companies to join;
• Still cash society ;
POINTS: o AMAR+ POSo Dedicated team to take care of both agents &
wholesalerso Cross sale & upsale to all parties
• Internet banking • Credit line/ loan• Others AMAR clients
Purchase &
Cash withdrawal
Wholesale payment
Agents Wholesalers
Goo
ds
GoodsC
ash
AMAR ecosystem
• Focused to introduce the service• Brand creation • Customer base• Agent network
Stage I:
• Focused to make it common use • Usage based marketing activity • AMAR+ other banking service, product • Development to make more user friendly
Stage II:
• Focused to extend• Partnership with strategically important
companies• Loyalty program
Stage III:
Marketing strategy
EXPENSIVE
EFFECTIVE
EFFORT NEEDED
What we are doing to increase a usage?
o MARKETING CAMPAIGNS THROUGHOUT THE COUNTRY• On site training for large groups - small incentive for active participants• Usage based promotional activity
o DIRECT APPROACH TO EXISTING non AMAR BANK CLIENTS • From branch & Call Center• Direct SMS & Email
o DEVELOPMENT&IMPROVEMENT SYSTEM• Enable clients to use AMAR for their bill payment easily• Registration from distance
o NEW POLICY TO PUSH CLIENTS TO USE E-CHANNEL • Fee introduction for small amount of transaction at Bank
o AMAR REBRANDING:• AMAR- it is an E-Banking service, not only mobile phone banking
o SOFTWARE DEVELOPMENT• From SMS based to WAP based service• NFC or other necessary technology
o START MAKING REVENUE FROM THE SERVICE:• Payment collection fee from utility companies• Entrance fee from clients
o AGENTS/Reconsideration of AGENT POLICY/:• ATM for cash withdrawal • Agents for cash deposits and payment collection
Plan for future
Online Banking
THANK YOU FOR YOUR ATTENTION