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The Power of Mobile Banking: How to Profit from the Revolution in Retail Financial Services

Book Description

Today's tech-savvy consumers are demanding a more personal customer experience from their banks, and banks are discovering that mobile services deliver individualized, tailored experiences better than any other technology.

The Power of Mobile Banking: How to Profit from the Revolution in Retail Financial Services gives banking and financial professionals a well-researched guide for becoming transformational leaders. These leaders can convert their traditional retail "branch" banks into streamlined systems that deliver personalized services to their customers' laptops, tablets, and smartphones.

Written by Sankar Krishnan—a career banker and noted financial services industry thought leader—The Power of Mobile Banking includes strategies for adapting mobile banking practices that suit the needs of both developed and emerging markets. Krishnan also shows how bankers can make their products and services relevant to a new generation of digital natives.

Krishnan explores the expanding mobile payment systems that offer a wealth of financial opportunities for banking institutions and includes information on the growth of e-commerce, which holds the potential for new and profitable ways for banks to engage with consumers.

The Power of Mobile Banking outlines the practical aspects of adapting to a mobile banking strategy and shows how to put the right players in place to ensure the technology works seamlessly. Once in place, a great mobile system delivers excellent service and benefits to users, as well as real value and unique features that cement customer loyalty. The book also offers advice for bankers who want to increase their bottom line by delving into the world-wide prepaid card market.

Krishnan includes a discussion on the risks and hazards of mobile banking and reveals the critical investments that banks must be willing to make in order to avoid losing customers to telecoms, retailers, and technology providers.

The time for retail banking to prepare for the new paradigm is now and The Power of Mobile Banking is the guide for professionals who want to adapt, evolve, and succeed in this new mobile-driven world.

Table of Contents

  1. CHAPTER 1 The Power and Potential of Mobile Banking
    1. Why I Wrote This Book
    2. Think Behavior, Not Technology
    3. Why Mobile Banking, and Why Now?
    4. Sanity Checks
    5. Looking at the Opportunities and Challenges
    6. Time to Rock the Boat
    7. Focusing on the Customer Experience
    8. New Models for Charity
    9. Is That a Bank in Your Pocket, or Are You Just Happy to See Me?
    10. Evolution or Revolution?
    11. Why Innovation Is Foundational
    12. Notes
  2. CHAPTER 2 How Did We Get Here?
    1. A Rich History, with Lots of Luggage
    2. Is Mobile Banking a Real Trend?
    3. It’s All about Location
    4. How Free Is Free?
    5. M-Payments
    6. Creating the Future of Mobile Banking
    7. Notes
  3. CHAPTER 3 Welcome to Generation M
    1. “See and Hear” Replacing “Touch and Smell”
    2. Taking the Friction Out
    3. Mobile Operators and Banking
    4. Mobile Banks
    5. Artifacts for a New Age of Banking
    6. Note
  4. CHAPTER 4 Less Cash, More Sales, Fewer Hassles
    1. Soon, Everyone Will Accept Credit Cards
    2. Following the Path to Acceptance
  5. CHAPTER 5 Readiness Steps
    1. Making It Real and Taking Your Show on the Road
    2. Channel Discipline
    3. Treating Different Channels Differently
    4. Develop a Customer Strategy
    5. Open Up Your App Store
    6. Banks Aren’t Your Only Competitors
    7. API-ifying Your Bank
    8. Remind Me, Why Are We Doing This?
    9. Notes
  6. CHAPTER 6 Prepaid Cards
    1. A Step in the Right Direction
    2. Financial Inclusion
    3. The Present and Future of Prepaid
    4. Business Takes Prepaid Seriously
    5. ATMs and Prepaid Cards
    6. Interview with Todd Nuttall
    7. Building Trust with Customers
    8. Over the Horizon
    9. Notes
  7. CHAPTER 7 Risks, Problems, and Headaches
    1. Know What You’re Getting Into
    2. Don’t Restrict Finance to the Desktop
    3. Forty Years in the Desert?
    4. Mobile Apps Are Not Manufactured
    5. Think Globally, Act Locally
    6. The Role of the CIO in Mobile Banking
    7. Notes
  8. CHAPTER 8 Mobile Everything
    1. The Doctor Will See You Now . . .
    2. What’s the Business Model?
    3. Aligning Technology with Plan Incentives
    4. Evolving Interfaces
    5. A Practical Framework for Patient Self-Management
    6. Improving Health Care, One Atom at a Time
    7. Mobile and Cities of the Future
    8. Notes
  9. Conclusion
    1. Mobile Is the New Normal
    2. Net Takeaways
  10. End User License Agreement