We’ve asked customers and partners, spoken to industry experts and made our own conclusions and predictions to help financial organisations succeed in mobile in 2015. Who are the mobile innovators and disruptors of the financial industry? How will banks tackle mobile security threats in 2015? What will Apple Pay mean for the financial institutions? What’s the regulatory impact of new mobile technology such as wearables? How do financial institutions stay on top of mobile technology with an accelerated pace of innovation? How much longer will employees of financial firms be tied to a desktop? You'll find the answers in this presentation.

1. Top 8
Mobile
Finance
Trends 2015

2. What will Apple Pay mean for the financial institutions? Who are the
mobile innovators and disruptors of the financial industry? How will
banks tackle mobile security threats in 2015? What’s the regulatory
impact of new mobile technology such as wearables? How do
financial institutions stay on top of mobile technology with an
accelerated pace of innovation? How much longer will employees
of financial firms be tied to a desktop? We’ve asked customers and
partners, spoken to industry experts and made our own conclusions
and predictions to help financial organisations succeed in mobile
in 2015.

3. 1. Customer First and User Experience
The main topics and focus when speaking to financial institutions is
still regulatory challenges, cost reduction pressures, cyber security
threats and reduced footfall to retail branches. Customers, whether
they are consumers or businesses, always seem to be far down the
priority list. Controllers, business analysts, lawyers and software
engineers create and shape new products with limited or no
involvement of the customers.
When we recently showed a video to the CMO of a bank of the
painstaking steps that a customer had to go through to sign up for
an online account he stopped us in the middle and said, “This is
enough. We have to do something now.”

4. What this means for you
In the past banks have been pretty well protected from competition
except a few success stories of Internet only banks. This is no more.
With money going digital, branch offices becoming obsolete, start-ups
disrupting loans, forex, payments and credit cards, traditional banks
are facing real threats and challengers can grasp the opportunity.
Forget about Mobile First if you don’t like buzzwords and put the
Customer First in your business. Give product managers and business
managers real power to lead and develop products and customers
experiences that put the Customer First. Tell the other departments
that their goal is to support and not to obstruct this effort. Ask yourself
about the honesty in having customers sign several pages of terms
and conditions that they will never read. Start now!
Forget about ‘Mobile First’
if you don’t like buzzwords

5. 2. Use Start-ups and Disruptors as Inspiration
Following on the Customer First trends, many of the start-ups in
the fintech industry are now offering services that are directly in
competition with the banks and not just provided to the banks. Recent
success stories include Prosper and Lending Club in the loan space,
Simple for improved banking, Mint (previously known as Check) for
financial planning, TransferWise disrupting forex and Venmo in person-
to-person transfers. Some get acquired while others continue to
disrupt as independent companies.

6. What this means for you
The financial industry is slower than most other industry due to the
complexity, regulation and security requirements. Use this to your
advantage to beat or leverage the start-ups before they disrupt your
business or help your competitors get an advantage. Several of the
trends outlined in this presentation can leverage the core ideas, or
potentially technology, of these start-ups.
Here are some of the start-ups that we believe have potential of
disrupting or helping financial institutions disrupt the financial space
in 2015 and beyond:
Lenddo Using social media to score and underwrite small loans over
a mostly mobile platform
Ferratum Mobile/online only banking in Europe (Disclaimer: DMI client)
Bionym Heartbeat authentication that can be used as an alternative
or complement to passwords, secure ID devices and more to
improve banking security
MyMobileSecurity Personal security services and tools for bank
customers
Pindrop Pattern recognition to detect fraud
Personetics Making personalised real-time recommendations to
customers and bank retail staff based on big data
Use this to beat the start-ups
before they disrupt your business

7. 3. Omni-Channel Banking
Imagine if you could start completing an application for a new credit
card from your mobile, continue from the tablet at home and when
in need call customer service and have them help you fill out the
blanks. Customers today expect their service providers to keep all
data in one place and provide services based on this. However, the
real experience is very different. Most registrations are still based
on old fashion PDF printouts that have to be mailed to the bank. In
fact, most banking processes are 20 years or older and were never
designed for the web or mobile.

8. What this means for you
Design services and user experiences that work the same way
independent of channel and/or device. Ask customers what they
do on the move, what they do at work or at home with access to a
desktop/laptop, when they want to speak to customer service over
the phone or in a retail branch and design your services based on
this. Challenge and rethink processes and find ways to avoid barriers
to entry such as tedious and annoying forms, 5 min videos that
customers have to watch and papers, papers and more papers.
Take the opportunity to redesign some of your core banking
processes if they cannot support the user experience that customers
expect and want.
Take the opportunity to redesign processes to
give your customers what they expect and want

9. 4. Banks Turning Into a Digital Marketplace
In the past the bank branch office provided the opportunity for
banks to sell everything from bank accounts, mortgages, forex and
credit cards to pension plans, mutual fund savings and insurance.
Now online and mobile banking have completely taken over. The
smaller screen of mobile devices and quick bites of consumption
(e.g. checking balance) means that the services recommended
need to be relevant and spot on.

10. What this means for you
Use the power of data to provide your customers with the services
they want or need. If a customer is traveling a lot, offer them a travel
insurance tailored for them; if a millennial has too much cash in their
account, provide them with a first introduction to long-term savings,
etc. Banks have amazing data at their hands although usage is
restricted. Use it to serve your customers, because they expect it.
Use data to serve your customers

11. 5. Help Protect Your Customers
All the cyber security threats, hacks and data intrusions are causing
concerns among customers. Is it safe to use my bank application
over an open Wi-Fi network? Can other apps access the banking
data on my phone? Can I use a device that is not my own to
complete a personal banking transaction? Customers have no idea
and the number of threats and media focus on this keeps increasing.
The biggest barrier to customers signing up and using mobile
banking is still security concerns.

12. What this means for you
This is an opportunity for banks and not a threat. Be the bank
that offers customers the assurance that it’s safe and help your
customers stay safe. Provide them with the tools necessary to use
the mobile safely on public Wi-Fi-networks, monitor for viruses and
Trojan horse apps, understand the access rights of each application
and tell them what third-party apps are safe to use.
Be the bank that helps your customers stay safe

13. 6. Apple Pay
To make it short Apple Pay was probably the most talked about
and misunderstood disruption in finance in 2014. The impact so far
in terms of retail payments have been minimum and will most likely
continue to be so. The real disruption is that Apple customers no
longer need to enter credit card details when buying goods and
services through apps supporting Apple Pay.
In addition to this we feel that a lot of retailers and service companies
were a bit too fast to jump on the bandwagon in terms of supporting
Apple Pay. Starbucks has proven that it’s possible for bigger retailers
to go on their own and integrate payments and loyalty to drive long-
term value.

14. What this means for you
We love Apple Pay but make sure that you evaluate Apple Pay
from a customer value perspective and the long-term impact on
your business. How important is the data that Apple captures and
doesn’t share with you? Could you get customers to sign up
directly with credit cards and other payment mechanisms with
a small incentive and will this offer create greater value for your
business in the long- term?
Evaluate Apple Pay from a
customer value perspective

15. 7. The Office is Going Mobile
Banks are typically the biggest property occupants in any downtown
area and especially in the financial centers. Most financial services
require a great share of the customer facing process and all of the
administration work to be carried out in a bank office. This means
that financial services sales staff frequently spends a day per week
or more in the office when they would prefer to spend their time with
customers. In addition to this, banks occupy prime real estate, which
is a big expense. What if it was possible to mobilise the office for
banks? We think it is.

16. What this means for you
Most financial institutions have regulatory, security and process
requirements that make it difficult for bank staff to work from home, in
the field or on-site with customers. And you’re already at risk anyway.
According to a recent survey by Ovum, 62% of those employees
who use their own devices at work do not have a corporate IT policy
governing that behaviour. Challenge these restrictions and start
redesigning your services for a mobile only world.
Start redesigning your services
for a mobile only world

17. 8. Customers Want Access to Everything On The Go
Bank CIOs frequently tells us that their corporate and institutional
customers don’t need or want mobile services because they spend
all day in an office with desktops. According to a recent study by
Mobile trading, DARTs (Daily Average Revenue Trades) have been
steadily increasing since 2012, with 13% of all trades being placed
on a mobile device in 2014. This is of course the average for
trading and generally not corporate trades. However behaviour is
changing with almost 50% of all work applications accessed from
mobile devices (Ovum multi-market BYOD survey) and the work
environment for corporate banking and customers is also changing.

18. What this means for you
Customers expect mobility and flexibility whether they are individuals
or employees of a hedge fund. The role of the office is changing, work
life and personal life is becoming less and less distinct and customers
expect to be able to access information and services whenever and
wherever they are. This may be challenging and the organisations that
solve this challenge first will be the winners of tomorrow.
The organisations that solve this challenge
first will be the winners of tomorrow.

19. Fighting for a world
full of mobile solutions
since 2005
web www.goldengekko.com
email info@goldengekko.com