Thursday, October 14, 2010

Consumer Encounters | Mobile Banking

When I went to the bank today to hotlist my ATM card, I realized how vast an opportunity is lying for grabs and has caught no one's attention till date.
Most of the service providers have been talking about mobile banking for long, and has been advertising their products with great marketing budgets. Kudos !!. But none of these ever realized the prime spot / target to hit. The customer is still wary of internet banking gateway and has lots and lots of doubts that remain unanswered when it comes to mobile banking. Most of the consumer queries revolve around the process and security concerns for the same. It is not easy to come up with a strategy to counter this, but the least of consumer queries should be handled through the marketing and advertisements themselves so as to establish a relationship of trust with the consumer, which is the most important parameter for any product / service provider today.
Now, establishing the relationship of trust within an Indian consumer is still somewhat tricky but not entirely unaccomplishable for any product / serive provider.
To advertise mobile banking / m commerce, one has to keep in mind the following things discreetly:
  • Secure gateway transaction
  • Consumer secure mindset patterns
  • Proper channelizing
  • Consumer frame of reference understanding

This is not that difficult as it sounds. It's just a process of connecting back to the consumer to the very basic of their needs when it comes to monetary transactions. It's about providing the same security level as provided by a cheque or cash or ATM for that matter. The provider must understand why a consumer is so much in sync with these services and feels secure about them. And the most important question, why is not the same with mobile banking. You achieve this and you achieve the heart of a consumer, and gateway to a successful m-banking business marketing & distribution model.
Another key point here is about your key audience. Elderly might not specifically find this service too attractive for them because of the visual / accessibility problems with the device. This also provides with an opportunity window in a totally different arena: accessibility in a device. These two can be effectively combined to launch a competitive service model.
Feel free to engage with me on building the same !!
Available on these service apps now !!

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