Mobile in Banking
Increasing number of mobile phones motivates financial institutions to introduce new solutions for the clients to meet their growing expectations. The possibility of connecting to the Internet via a mobile phone has meant a major turning point in user behaviour. According to data provided by Strategy Analytics, a company engaged in analysing the international market in consumer electronics, 391 million mobile telephones were sold in the third quarter of 2011, which is a 19% year-on-year growth. 117 million smartphones were sold, i.e., 30% of all mobiles.
Modern bank – innovative solutions
GE Money Bank, as one of the leaders in Internet technologies, introduced several changes due to which the bank’s website has been adapted for cellular phones. As a result travelling clients can easily search for the nearest ATM or branch using GPS navigation, find out current currency rates, calculate a consumer loan payment or arrange a meeting with their personal banker. They can also connect to their accounts in the Internet Bank and manage their money.
The next step in the innovation implementation was launch of the new application for mobile phone users with the iOS (Apple) and Android operating systems. It features an improved version of branch and ATM searches, as well as all other functions of the mobile banking. Moreover, some website content is also accessible without an Internet connection in emergency situations.
According to the latest trends banks are developing their own online applications such as Personal Loan with the functionality of decision online, delivered by BPH bank in Poland. It enables customers to go through a credit score strategy within a few seconds, get information on the product offer as well as check current status of the application online.
More Innovations to Come
Mobiles have the ambition to replace in the future not only cash, but also payment cards. It means a positive outlook for banks and retailers alike. For clients, it means not only greater comfort, but also the need to rethink their relationship to their mobile telephone. When using their phone, they will have to behave as prudentially as with Internet banking from a PC or with a wallet full of money. GE Money Bank will enable mobile payments in the NFC system (essentially a payment card in a mobile) and subsequently, will offer further possibilities of comfortable payments from any place.
Considering the fact that the client has his mobile telephone on him at all times there is a great potential for mobile marketing purposes. Taking into account clients’ location and their needs at that moment, the bank can offer them its tailor made services in a targeted fashion.
In the long term mobile banking has an even greater potential in such areas as selling travel insurances, providing current information about the possible loans and payments’ amounts and topping up existing loan agreements.
Future of the direct banking
According to Deutsche Bank Research more than 40% of Europeans will use online banking in 2012. “We can imagine that soon, mobile banking will be entirely full-fledged and will offer most of the services that clients now receive through the Internet in their PCs or at branches. Smart mobiles will not replace the branch network and do not mean the end of Internet banking via PCs. They constitute yet another branch of direct banking and will feature certain specific functions that other ways of communication do not enable” said Ladislav Seifrt, Alternative Distribution Channels Leader, GE Money Bank Czech Republic.
