23 March 2018


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Innovation in Financial Services

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.

DIGITAL BANKING Tips - Tip 14: What can DUMB PHONES do for Digital Banking?

26 May 2015  |  2505 views  |  1

It is very impressive to see the capabilities and possibilities smartphones already delivered to our lives and the potential they have. From the digital banking perspective, having a client base that using smartphones with biometric readers and know how to use every single function of the device would be very nice. However, this is rarely the case (unless your bank located in somewhere like Singapore, where Prime Minister Posts His Own Puzzle-Solving computer code!). Actually, we have everything to be optimistic about the potential contribution of Mobile to Digital Banking, even the simplest version of mobile devices can be part of the Innovation if the business model is good.  

As of today, we have various customer segments in your bank database with different understanding "How to use Mobile”. Some are power users with high end devices and creates Miracles on mobile, some own smartphones but do not know how to use most of the features, some others using phones at Basic (SMS and Call) level etc. For this reason, we need to consider the mobile literacy variety in our client base while providing Digital Banking service to them. 

This is the short version of the post. 

Starting from Tip 2 to Tip 30 only short versions of my posts are available at Finextra. From Tip 31, full (long) versions of my posts can be read here.



TagsMobile & onlineRetail banking

Comments: (2)

Karim Maalouf
Karim Maalouf - Path Solutions - Beirut | 27 May, 2015, 14:51

Thank you Tolga for this interesting article

You showed how we are still relying on old findings then still building and evolving them.

I still remember, 20 years back when my father bought the first Siemens Mobile device... it was somehow revolutionary.

I believe in most cases, we are continuously performing what we have in hand and not substituting them, Do you agree with me?

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A Finextra member
A Finextra member | 27 May, 2015, 20:09

Hi Karim, many thanks for your feedback!

In my opinion, human needs always stay same but the way we answer to them changes and transform. In almost same year your father bought Siemens phone (mine did the same by the way!), Bill Gates said that "in future we will still need banking but not the banks". 

The basic principle behind Simple Digital Banking Tips is to explain what we do with what we currently have. If they serve this purpose, then I am very glad.

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