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Mobile Banking And Bill Payment

Mobile Banking And Bill Payment. A Mobile World. 1.1 billion units shipped in 2007 2 billion units in use. 1984. 2007. U.S. Statistics. 220+ million cell phone subscribers 8.4% of U.S. households wireless-only Cell phone penetration in US households more than 72%. U.S. Statistics.

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Mobile Banking And Bill Payment

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  1. Mobile Banking And Bill Payment

  2. A Mobile World • 1.1 billion units shipped in 2007 • 2 billion units in use 1984 2007

  3. U.S. Statistics • 220+ million cell phone subscribers • 8.4% of U.S. households wireless-only • Cell phone penetration in US households more than 72%

  4. U.S. Statistics • 52% of users keep their mobile phone turned on 24x7 • 58% use their phone for something else other than calls (84% of 18-24 year olds)

  5. Not Just For Phone Calls • Games • Internet • Email • Camera • PDA (Calendar, Contacts, Notes)

  6. Not Just For Phone Calls • Music • Television • Navigation (GPS)

  7. We’ve Come A Long Way

  8. The Case For Mobile Banking • Most bank call center calls are for: balance, transaction inquiry, funds transfer, or bill payment • Up to 50% of those calls currently come in from cell phones

  9. The Case For Mobile Banking • Mobile phone usage highest among consumers under 45 -- same as online banking and bill payment • Consumers are twice as likely to carry a cell phone than cash • Today’s young debit card user needs frequent balance inquiries.

  10. Total Banking Users - Internet and Mobile Users (mil) Netbanker

  11. Great forecast reports available from companies such as Javelin

  12. Online Resources Survey (Existing Online Banking Users) How likely are you to use a mobile phone banking service to view balances and perform transfers if it was offered by this financial institution? 22% very likely to use 20% likely to use 58% not likely 4000 respondents in three days

  13. Multiple Technology Options • Downloadable application • SMS (text message) • WAP 2 / Micro browser • eMail • VRU • Call Center

  14. Downloaded Application - Advantages • Easy to use • Good branding possible (logo) • Fast • Good, easily understood security

  15. Downloaded Application - Disadvantages • Difficult to support installation • Difficult to upgrade • Not available on all devices • Data service not available to all users

  16. Downloaded Application – Installation Video

  17. SMS - Advantages • Widely available on device • Service widely available • Easy to use ?

  18. How To Send A Text Message • Go to menu on your cell phone. • Find Messages and click ok or enter to confirm your selection. • Find New Text (might be abreviated as txt) messages and click that. • Type in the cell phone number of the person or people you want to send the message to. Text messages can only be sent to cell phones or email addresses. You cannot text to a landline. • After typing in the cell phone number click ok/enter to confirm that the cell phone number you typed in is correct • There are 3 letters on each key. You'll need to click the button to rotate through the letters. For example, if you want the c, click the number 1 button 3 times (A, B, C). If you have T9, type each button once for each letter and the phone will create the word. To scroll through the word options for T9, use the up and down keys to select the right word. • Continue typing in your message. When the blinking cursor moves past the letter you have just typed, type the next one. (In T9, type continuously). • Press send.

  19. SMS – How It Works For Banking

  20. SMS – How It Works For Banking • balance • bal chk • bal chk mypass • cu1 bal chk mypass • cu1 trans 25 sav chk mypass

  21. SMS - Disadvantages • Expensive (3 cents per message wholesale) • Best effort delivery • Can be slow • Cumbersome to use ? • No graphical branding possible • Susceptible to Spamming/ message hijacking • Security and compliance issues unknown

  22. eMail - Advantages • Widely available on device • Service widely available • Easy to use ? eMail - Disadvantages • Expensive (3 cents per message wholesale) • Best effort delivery • Can be slow, may be filtered • Cumbersome to use ? • No graphical branding possible • Susceptible to Spamming/ message hijacking • Security and compliance issues unknown

  23. WAP / Microbrowser - Advantages • Good branding possible • Easy to implement changes

  24. WAP / Microbrowser - Disadvantages • Tried and failed in the past • Susceptible to Phishing • Difficult to login ? • Difficult to accomplish multi-factor • Can be slow

  25. Mobile—Comparing the Technologies

  26. Downloaded Application vs. Mini Browser (WAP) Time and number of keystrokes on a multi-tap keypad to view current balances.

  27. Mobile Banking Performance Video

  28. iPhone Surprises Completely new approach to touchscreen Internet browsing with dynamic zooming and scrolling Most existing web applications are suddenly mobile!

  29. More iPhone Details It doesn’t have everything… yet. • Single mobile carrier (AT&T) • Slower data speed • Lacks peripheral connectivity • No cut-and-paste • No multi-tasking • Difficult to handle mixed-case entry of password fields • JavaScript (and AJAX) is slow

  30. Mini-browser (iPhone) - Advantages • No new programming required – same Internet site works fairly well • Familiar experience for consumers • Great branding possible • Easy to implement changes Mini-browser (iPhone) - Disadvantages • Can be slow • Contradiction with WEB 2.0 initiatives • Only 6% of market • Susceptible to Phishing • Multi-factor challenge

  31. More Comparisons Time and number of keystrokes/taps to view current balances.

  32. It’s Not Only The iPhone

  33. What Is Happening In The Market?

  34. Each Mobile Technology Has A Place SMS • The way to reach a consumer – great for alerts • Actionable biller alerts WAP / Browser • Low security sites (no FFIEC, i.e. Billers) • Possible solution for banking and bill payment Mobile application • Mobile banking and billpay for today

  35. Online Resources Mobile Banking Solutions Multiple Technology Answer • Application – Best experience, premium solution • Micro-Browser – Broad audience reach, entry solution • Messaging – Robust alerting solution

  36. A Blended Approach…WAP With App

  37. Online Resources Mobile Banking SolutionDownloaded Application • Partnered with Access Softek for software & OFX expertise • Rides OFX rails – proven message set • Provides secure, integrated access to both online banking and payments • Check balances and account history • Initiate funds transfers • Review bill payment history • Schedule bill payments • Send and receive secure messages

  38. Online Resources Mobile Banking SolutionDownloaded Application Security • Fully encrypted, end-to-end using SSL • Device can act as hardware token • No new payees • Phishing proof • No sensitive data stored on mobile device

  39. Mobile Banking – System Diagram Online ResourcesData Center Cell tower VPN, frame, or other secure circuit Internet FI Data Processing System

  40. Mobile Banking – Consumer Experience

  41. Online Resources Mobile Banking SolutionDownloaded Application

  42. Online Resources Mobile Banking SolutionDownloaded Application

  43. Online Resources Mobile Banking SolutionMicro Browser

  44. Online Resources Mobile Banking SolutionMicro Browser

  45. Mobile Payments (mCommerce) • “still years away” (netbanker) • “…we are absolutely convinced that during the next decade the mobile handset and debit/credit card will converge into a single device.” (netbanker) The message: It is coming some day in the future.

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