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Towards M-BankingWhat part of it is REAL? A software consultants’ perspective
Agenda Traditional Banking Towards M-Banking:What part of it is REAL? A software consultants’ perspective
MyBank-In-MyPocket ! Mob-IS: Infosys Mobile Information Systems Initiative
Questions?
Traditional Banking Full-service branches absorb up to 65% of banks operating
expenditures It costs about 50% more to serve a customer in a lobby Banks are losing money on 20% of their customers, and
merely breaking-even on 20% of their customers - BAI, USA
Cost of branch operations increasing
Source :Booz Allen Hamilton
Traditional Banking
Trade Finance Personnel
Customer
Customer has to visit several desks
DepositPersonnel
Customer
Loans Personnel
Customer
Internet Perspective
Everyone’s “Internetworked” with the customer
InternetCustomer
Deposits Loans
BrokingTrade
Finance
$1.07
$0.27
$0.10
Branch ATM Internet
Cost of Internet Banking lower and decreasing
The Internet Perspective
The Prophecy Internet Commerce is no longer a FAD ! Internet can be used to deliver all banking services. The Web has to be a strategic imperative at any
progressive bank Mobile devices (Cell-Phones, PDA’s) are getting
increasingly Internet enabled and will be yet another channel for the Internet Access… Hence for Mobile-Internet Banking
Towards M-Banking Convergence: Technology and Financial Services The statistics: An indicator or a market creator Are we talking about Multi-Channel Customer Service? What are the Banking Services that the mobile
customer would really want? Experience Note
Convergence: Mergers and Acquisitions !
Technology Convergence Financial Services Convergence
Wireless Technology
Internet Technology
Handheld Devices
Retail Banking
Mutual Funds
Stock Trading
Insurance
Providing Services Through Technology (reaching the Customer!)
Statistics: An indicator or Market creator?Over 3000 banks to offer Online Financial services (At least Accounts Inquiry)Users of Online Financial services growing at 220%Increasing number of Internet Only banks SFNB, Egg, WingSpanbank, Telebanc, Net.Bank & more.
40 million Bill Payments in US are through the Internet 30% of all US brokerage transactions are Internet generated
Mobility Communications and Commerce Ubiquitous Access
Convergence Voice, data, and video Wireless-Wireline
Critical Mass Number of subscribers Network scale Penetration
The Wireless Explosion
The number of digital mobile subscribers will grow from 210m
in 1998 to 1,045m in 2003 The number of digital handset shipments will grow from 143m
in 1998 to 535m in 2003 In some countries the penetration of mobile phones already exceeds 60%
The Internet Explosion
Fastest ever adoption rate (compared to radio, TV, Cable) The number of internet users will grow from 142 m in 1998 to 399m in 2002 Growing consumer acceptance of internet- based applications
The Wireless Internet
Competition Deregulation Differentiation through enhanced services
Co-operation Standards Partnership and Investment M&A
Sources: IDC, Forrester Research, US Dept. Of Traffic, The Yankee Group, Piper Jaffray
The Global Wireless Internet Market Is Exploding
Are we talking about Multi-Channel Customer Service?
• Reaching to your customers
• Reducing the Requirement- Service Distance
• Channels are the enablers of services
• The m-Channel is yet another one-Ofcourse which
adds/complements the existing ones
PC-Internet
Yours Services
Cell Phone-Internet (WAP)
Call Centers
IVRS
News papers
TV
ATM
Lets come down to the basics...Do we need m-Banking Services? A million dollar question?
Lets Assume a Wireless Access that is
• Fast
• Cheap
• Secure
Do I need Mobile
•A/C Transactions
•Check Alerts
•A/C status
Mobile Technology does reduce the requirement-to-service distance
Yesterdays luxury is tomorrows necessity
What are the RIGHT m-services?
A million dollar question !
Mobile Frictions !
Mobility of an entity is high if– Entity changes locations
– Entity requires the service too often
– Entity needs access to Information too often
Mobile Friction can be thought of as any resistance faced by the Entities
Mobile Frictions manifest themselves in the requirements to service distance
Mobile Technology Acts as lubricant
Degree of Mobility
Mobile Frictions
What is Mobility ?
Example ATM
What are the Banking Services that must be m-Enabled
Reduce the requirements-to-service distance have Medium Security Sensitivity are Emergency based or Instantaneous Reduce Bank’s operating costs
Services that ...
Towards e-Enabling Banks
The Infosys Way
A Solution Architecture
Infosys e-Enabling Process
Understand Design Implement Deploy Transform
The m-Enabled Services
The e-Enabled Services
We have e-Enabled 25 Banks so far….
Understand
Defin
e
Implem
ent
Not a Linear
Approach
m-BankAway
AlertsWorkflow
IntegrationRequests forms
Information Feeds
Core ModuleAccounts inquiry
Funds Transfer
Depository
Requests
Administration tool
P aymentsModule
CorporateModule
Bill Payment & presentmentEngine
Integrated Shopping Mall
Trade Finance
Cash Management
forex rates, tickers, market rates, reviews
Secure mail
facility
Key Functional Modules
WAP Banking Functionality Account Balances Last 5 Transactions Funds Transfers Bill Payments Check stoppage/status inquiry Loss of ATM Cards Requests like Account Statements, Demand Drafts Temporary Suspension
SMS Banking Functionality Separate M-Pin maintained for SMS Banking maintained by customer
himself Account Balances Last 5 Transactions Funds Transfers Bill Payments Stop Cheques Loss of ATM Cards Requests like Account Statements, Demand Drafts
An m-BankAway Experience Note
• Creating acceptability & growth• Generating returns from m-banking • Security Issues• Handling Varied Load of Customers
Acceptability & Growth
What to do ? Register Existing customers Bundle with Promotion offers Road shows in key metros Sustain web advertising Tie ups with popular cyber retailers, search
engines
ChallengeCustomer Attraction & Retention
Security
What to Do Understanding Risks & Threats Deploying Robust Security Architecture Deploying intrusion detection tools Regular Audits Update Security Implementation
ChallengeRobust Security Architecture
Varied Load of customers
What to Do Look at deploying server “farms” Use scalable platforms Use reliable communication carrier
ChallengeFast response to customer requests in all situations
What are the essentials Strategic Planning
– Choosing right target segments– Clearly defining the web roadmap
Organisational Changes– Learning Culture– Willingness to streamline business processes
Project ManagementClear project scopeAdequate fundingTop management commitmentChoosing capable partner(s)
The Infosys e-Enabling Offering
Consulting services for e-nabling banks
Technical consulting services on network & security architecture
Implementation & integration services Customization of applications
End-to-end services
Road BlocksThe WAP
Security hole!
Back-End Integration with
other Bank Operations
Cost of the Wireless Access
Identifying the RIGHT m-services
Speed of the Wireless Access
Unified
m-Transaction
Model
Future: MyBank-In-MyPocket !
Unified m-Transaction Model
Zero Paper Currency Society
Personalized MyBank
In-MyPocket
911-Bank !
Unified Bank Account
MyBank is My Money Manager
Mob-IS Infosys Mobile Information System Initiative
Mob-IS ServicesM-BankAway
OnScan
Application Development, Testing and Integration
Multi-Channel Portal Development
WAP, BlueTooth
High-End Technology Consulting
Powered by InFluxTM
Partners to build Information Infrastructure for the New Economy
Highest market capitalization among IT services companies listed on the NASDAQ
Forbes’ list of “20 for 2000” SEI-CMM level 5 and ISO-9001 Over 8000 people strong, and growing 220+ clients including 32 new clients in Q1 FY 2001
Infosys Today
Vision To be a globally respected corporation that provides
best-of-breed software solutions delivered by best-in-class people
Worldwide Recognition
“Murthy tops almost every Indian survey as the most esteemed manager… ” “Best managed Indian company... ”
“Infosys has been a trail-blazer in creating incentives and delegating power to employees... ”
“... the darling of many foreign investors - partly because its disclosure practices make it one of the most transparent companies in India... ”
“It has set new standards for disclosure and for investor relations in India... ”
A few of our customersInternet & E-business engagements
Fidelity InvestmentsAppleCBS SportslineAon InsuranceAmazon.comNordstrommySAP.comSamsungDellbeyond.comEC Cubedpreis24.comStaples.com
Strategic outsourcing relationships
Toshiba
Nordstrom
Goldman Sachs
Aon Insurance
Sainsbury’s
Apple
Aetna
American Express
Communication Projects
Jetstream
Quintessant
Avici
Cisco
Nortel Networks
Lucent Technologies
Bell Atlantic
Fujitsu
Belgacom Mobile
Paradyne
A few of our customersEnterprise Solutions &Package Implementation
Large development &reengineering projects
Maintenance, enhancements & production support
Visa
Nestle
Reebok
Belgacom Mobile
Nordstrom
Apple
Rockport
Dell
Southern California Edison
GAP
General Electric
Staples.com
Aon
Ericsson
Belgacom Mobile
First Data Resources
Aetna
Bell Atlantic
Goldman Sachs
JCPenney
Bank of America
DHL
Sainsbury’s
GTE
Nestle
DeLaRue
Adidas
Reebok
Belgacom Mobile
Toshiba
Apple
beyond.com
AlphaSmart
Rockport
Dell
Petopia.com
Nordstrom
Questions?
“Towards effectively deploying Mobile Technology for NexGen Banking ….”