Posted: 16 Jan, 2012 - 15:32
My guess is that:
a) we will see better graphics and application user interfaces that are targeted for the natural interaction between advisors and customers
b) we will see bankers become more mobile when they have mobile applications, applications and systems will evolve from the desk to everywhere.
c) as a consequence, wireless connectivity, security and managability will be a prerequisite
Posted: 16 Jan, 2012 - 16:14
Not to strike a contrarian note but I remember the words of the CEO of HDFC Bank, the second biggest private sector bank in India, which was also recently voted as the Best Bank in Asia. According to him, banking is a simple business and we shouldn't complicate it by using too much technology. It might seem Luddite but, according to published reports, he rarely does email and doesn't own a mobile phone. Maybe this is an extreme situation but, personally, I haven't seen bankers really use laptops to improve their engagement with me - and most other retail customers - in any significant way in at least three countries (Germany, India, UK) that I've been in over the past 10-12 years. I doubt if tablets will make any difference in everyday banking in the short or medium term. In the long term, to paraphrase John Maynard Keynes, tablets themselves will be dead anyway!
Posted: 17 Jan, 2012 - 07:08
I might have to disagree here, I believe it depends upon the segment of the customer banks are focusing on. If we consider the younger generation (age <35), people are willing to adapt to these technologies and would love the offerings as these are more convenient and less time consuming plus more engaging. On the other hand, if we talk about the generation (age>35), people might still be reluctant to these technologies and prefer the traditional Banking and hence the % of people adapting to new technologies might not be that high for this generation. In long terms we know that the younger generation (who are willing to adapt to new technologies) will be replacing the generation (age>35) and hence the % will be growing higher and higher.
Posted: 17 Jan, 2012 - 14:16
Ketharaman,
Your argument is flawed - technology, when properly deployed, makes banking simpler. The problem often is, that technology is not designed for the customer, but to save costs or some other internal business goal.
All the data right now indicates that tablets are creating a permanent shift in behavior in respect to interaction via web. What the tablet is doing is creating the concept of the 'screen' as an access point, rather than just a PC with a browser. Also, clearly, App-like functionality is key for simple interactions, not clunky, poorly designed websites, with tiny little buttons, hyperlinks, etc.
If a banker like the CEO of HDFC, doesn't own a mobile phone or a tablet, then he should be immediately replaced. He's out of touch, disconnected from what is now a normal approach to banking.
Every major bank brand in the world right now is rushing to mobile enablement, they're committing to social media, improving the web, and incorporating technology into the branch experience in an effort to make branches seem relevant again.
Wake up and smell the coffee! Tablets aren't a fad. Internet, social media, and mobile aren't going to disappear, taking us back to a romantic age of traditional banking interactions. The shift is irreversible, and the table it just a messenger of the potential for change.
BK
Posted: 20 Jan, 2012 - 14:22
Reuters report a 30% increase in bank’s implementations of iPad applications whilst Gartner see a 75% increase in mobile payment volumes in 2011 over 2010. Clearly then there is both a dramatic increase in demand and some attempt by Banks to meet that. However how the ‘banking on a tablet’ experience differs from just internet banking per say or phone applications is yet to be realised. Consumers want a far greater feature set in both those channels for a real difference to be made in the stickiness of consumers, brand loyalty or customer satisfaction levels.
Mobile phone applications as a start need extended geo-location services that utilise the data GSM provides. Internet Banking just needs to catch up with countries such as the Nordics in Personal Financial Management. Once main-stream, PFM can then provide all the added functionality of reporting, messaging, alerts, goals etc. When defining tablet banking we’re really just talking about a different form factor i.e. a different kind of computer. It’s not the device itself that will make a difference rather a culmination of mobile and internet based service improvements, presented in a touch and user friendly way.
Posted: 21 Jan, 2012 - 07:53
I think Brett and Joshua hit the nail on the head regarding tablets changing the user experience.
As we are quickly seeing in the retail sector (which is becoming a bellwether for the FI vertical) people spend more time on a tablet than a phone, but expect more in return. It is also a much more interactive experience than the desktop online banking experience.
Banks will need to find new ways to take advantage of this interactive potential with PFM apps and tactile components that make banking easier.
Tablet banking also allows for the integration of social media into the banking experience since the flow from one web location to another is so seamless.
Finally, the use of video within tablet banking is important and much more logical than with traditional mobile banking. This allows for a greater emphasis on financial education.
I agree that tablet banking needs to differ from mobile and can not be viewed as an extension of online banking if banks hope to differentiate in the marketplace.
Posted: 22 Jan, 2012 - 19:54
2 areas where I see tablet banking creating a difference...
1. PFM tools embedded into tablet banking apps will add immense value for the average user and change the way he looks at banks. We want banks to help us manage our manage our money rather than just safeguard them.
2. This is more employee facing but tablets could change the way private bankers or relationship managers interact with preferred clients. Lot of potential for good portfolio management and customer service tools over a tablet app. This could well bring in a new segment of customers somewhere between the so-called mass affluent and the HNW.