Page 36 - Banking Finance November 2017

ARTICLE

There has been significant advancement in mobile Ability to deliver Banking on mobile is critical to make
technology during the past few years with a growing banking affordable to the hitherto unbanked people.
convergence of web and the mobile. Driven by reduced
calling rates, decline in handset prices and the expansion of 5. Mobile Wallet
network infrastructure, there has been a huge growth in Mobile Wallet is a reloadable virtual wallet which can be
the mobile market in India. As of February 2017, there are accessed using a mobile application in your mobile in which
almost 1.18 billion mobile subscribers in India, which you load a certain amount in the account created with the
presents a unique opportunity to the banks to offer value Wallet Service Provider. One can use the money in the
added services to their customers. virtual wallet for spending at online merchant and offline
merchants registered with the mobile wallet service.
Banks now offer a comprehensive range of Mobile Banking Everyone including Financial Institution, IT players and even
Services to their customers with a number of value added Telecom Operators are now foraying into this interesting and
features. This is the most convenient 24 X 7 Alternate booming field of mobile wallet. Mobile wallets will be the
Channel. With Mobile Banking Service now available on all next wave in the payment technology, cashless payments
3 Modes (SMS, USSD, mobile banking application), each & and disruptive innovation since they offer the following
every Customer can be provided the product. benefits:
1) Mobile Wallet cannot be pick-pocketed as the digital
Benefits to the Bank money resides in the cloud/Bank servers and has second

i) Lesser transaction cost compared to Branch and other level authentication like PIN.
alternate channels 2) No need to have even bank account to purchase on the

Channel Branch ATM Internet Mobile internet and shops. Mobile Wallets need not be linked
Banking Banking Banking with a bank account.
Approx Cost per Rs. 40 Rs. 18 Rs. 5.73 Rs.1.02 3) Mobile wallets are being integrated with NFC
Transaction technologies so that the mobile wallets can be used like
ATM cards at POS terminals in shops
ii) Revenue generation through commission earned via m- 4) Mobile wallets have been integrated with various
commerce transactions payment gateway so that customers buying from
iii) New medium to communicate with customers merchant websites can pay through the mobile wallets
via the payment gateway.
iv) Brand revitalization Make it look more tech savvy
v) Reduced footfalls, staff can devote more time for Mobile wallets in India are in their nascent stages and in
business development & marketing future we can expect many path breaking innovations
vi) Customer satisfaction & higher customer retention. leading our way to a cashless digital economy and redefine
our shopping experience
Benefits to the Customers
6. TAB Banking
X Anytime Anywhere on the move Banking
By harnessing technology, 'Tab Banking' eases
X Fast and Convenient documentation and reduces cost. A bank account can be

X Highly Secured, all data through application is encrypted opened in a jiffy through Tab banking. To enable field staff
during transmission to offer deposit and credit proposal from a potential
customer, even when he is on move and without the need
X Real Time notifications of transactions in the account
to carry and fill in any physical document.
X Registration for Mobile Banking can be done very easily
X Free of Cost by Bank. Customer has to Pay charges levied Features
by Network Operator only Y Customer convenience

36 | 2017 | NOVEMBER | BANKING FINANCE

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