Wireless Technology:
A Prescription for Banking in Latin America.
"Technology Road Map for
Banking System."
The
explosive growth of both the Internet and mobile and wireless technology is
revolutionizing the way the financial industry conducts business. This trend
has created new competitive threats as well as new customer opportunities.
Banks and other Traditional Financial institutions are finding new ways to add
value to their products and services, gain competitive advantage, and increase
customer loyalty while also attracting new, high-value clients. Think of the
possibilities that mobile and wireless technology offers to Banks’ customers.
From the freedom of paying bills while stuck in traffic, to receiving notification
of a change in interest rates while having lunch, the convenience and time
saving benefits of mobile and wireless banking and financial services are huge.
The challenge, then, is how to turn these possibilities into a reality for your
customers, to provide solutions that enable anywhere, anytime access to
financial information and applications. This report is written specifically for
Bankers and Technology Companies having interest in Banking and Financial
Domain. It caters to need of strategists on one hand and technologist on other.
The report provides a complete picture in regional as well as global
perspective.
In recent years, the banking
industry has been undergoing rapid changes, reflecting a number of underlying
developments. Internet, wireless technology and global straight-through
processing have created a paradigm shift in the banking industry - from
brick-and-mortar banks to banking virtually across time zones, geographical
locations, access points and delivery channels. The most significant has been
advances in communication and information technology, which have accelerated
and broadened the dissemination of financial information while lowering the
costs of many financial activities. A second key impetus for change has been
the increasing competition among a broad range of local and global institutions
in providing banking and related financial services. Third, financial activity
has become larger relative to overall economic activity in most economies. This
has meant that any disruption of the financial markets or financial
infrastructure has broader economic ramifications than might have been the case
previously. Mobility is truly revolutionizing the way organizations work, and
is increasingly viewed as a critical factor. With the availability of
convergence, a concentration of computer power in a variety of devices such as
laptops, dashboard computers, mobile phones and personal digital assistants has
led to an explosion in mobility and therefore – higher productivity levels. Mobile
technologies allow users to be easily accessible, and allow them to access
information and services regardless of location, time or the device that they
are using.
Introduction
Technology Road Map for Banking System
Why Banks should go wireless
The Mobile and Wireless Challenge: Issues and Problems
Why wireless banking
Enhanced customer satisfaction
Achieve a higher profile in your target market
Gain a customer advantage
Enhanced Productivity
Key Business drivers
Mobilizing banking the road ahead
Serve a market
Avoid unpleasant surprises
Capitalize on location, location, and location
Make the most of wait states
Fit it in-wherever possible
Anticipate and avert problems
Do things once
Global Wireless Banking an Global Perspective
Wireless Banking in Latin America and Caribbean
Snapshot
Opportunities
Ground Reality
Get Going
Strategies & Practices
Business Comes Before “m”
Technology is Big, but the Processes are Bigger
Build on a Solid Technical Foundation
Look Beyond the Business
Involve the Right People in Developing the Strategy - from Within and
Outside Your Business
Create a Clear Plan of Action
Refresh the Strategy
Appendix
Conclusion
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