The Power of Mobile Banking

SANKAR KRISHNAN is Head of Banking Services, Americas at HCL, one of the world s leading technology and business process optimization firms. He is best known for his work at Citibank, where he served in a variety of executive roles in the Middle East, South Asia, Africa, Europe, and North America. Prior to joining Citibank, he worked at Standard Chartered Bank and Price Waterhouse, now PricewaterhouseCoopers (PwC). He lives in Scarsdale, New York.

Foreword xi Preface xv Acknowledgments xix CHAPTER 1 The Power and Potential of Mobile Banking 1 Why I Wrote This Book 1 Think Behavior, Not Technology 3 Why Mobile Banking, and Why Now? 8 Sanity Checks 10 Looking at the Opportunities and Challenges 13 Time to Rock the Boat 16 Focusing on the Customer Experience 19 New Models for Charity 20 Is That a Bank in Your Pocket, or Are You Just Happy to See Me? 23 Evolution or Revolution? 24 Why Innovation Is Foundational 26 Notes 29 CHAPTER 2 How Did We Get Here? 31 A Rich History, with Lots of Luggage 31 Is Mobile Banking a Real Trend? 34 It s All about Location 34 How Free Is Free? 37 M?]Payments 37 Creating the Future of Mobile Banking 40 Notes 41 CHAPTER 3 Welcome to Generation M 43 See and Hear Replacing Touch and Smell 43 Taking the Friction Out 46 Mobile Operators and Banking 47 Mobile Banks 49 Artifacts for a New Age of Banking 51 Note 52 CHAPTER 4 Less Cash, More Sales, Fewer Hassles 53 Soon, Everyone Will Accept Credit Cards 53 Following the Path to Acceptance 55 CHAPTER 5 Readiness Steps 59 Making It Real and Taking Your Show on the Road 59 Channel Discipline 62 Treating Different Channels Differently 63 Develop a Customer Strategy 65 Open Up Your App Store 67 Banks Aren t Your Only Competitors 69 API?]ifying Your Bank 71 Remind Me, Why Are We Doing This? 73 Notes 76 CHAPTER 6 Prepaid Cards 77 A Step in the Right Direction 77 Financial Inclusion 83 The Present and Future of Prepaid 84 Business Takes Prepaid Seriously 86 ATMs and Prepaid Cards 89 Interview with Todd Nuttall 90 Building Trust with Customers 95 Over the Horizon 97 Notes 98 CHAPTER 7 Risks, Problems, and Headaches 99 Know What You re Getting Into 99 Don t Restrict Finance to the Desktop 104 Forty Years in the Desert? 106 Mobile Apps Are Not Manufactured 108 Think Globally, Act Locally 110 The Role of the CIO in Mobile Banking 112 Notes 114 CHAPTER 8 Mobile Everything 115 The Doctor Will See You Now 115 What s the Business Model? 117 Aligning Technology with Plan Incentives 118 Evolving Interfaces 122 A Practical Framework for Patient Self?]Management 124 Improving Health Care, One Atom at a Time 128 Mobile and Cities of the Future 131 Notes 134 CONCLUSION 137 Mobile Is the New Normal 137 Net Takeaways 138 Recommended Reading 141 About the Author 143 Meet Our Expert Sources 145 Index 167