Last but not least, Adam Bennett talked us through one of the most important features of any mobile banking services, security. The bank is very focused on reassuring its customers, convincing them of the high level of security, and urging them to use this very convenient service on the go.
CBA’s Kaching is a ‘Breeze’ of Fresh Air: Secure NFC, GPS, P2P Payments, Facebook Integration
First of all, I used ‘Breeze’ instead of ‘Breath’ on purpose. Indeed I strongly believe that in addition to Citi, the Standard Chartered Breeze Team is going to be keen to quickly match CBA’s initiative in the APAC region.
The CBA Team said that the bank has more than 6.2 million online bank users and is the seventh biggest bank in the world. In August, the bank had more than 16 million logons from a mobile device with some 79 per cent of these from an iPhone. Hence the initial focus on the Apple handset.
I was delighted to be in the room yesterday for the launch of this market defining mobile banking app aimed to revolutionize the payments world. It is important to note that CBA’s goal for their mobile banking and payment strategy is not to make significant amount of money nor redefine the current payment eco-system (banks, credit card issuers, retailers, social / online players).
CBA wants to remove all the frictions, provide the best possible customer experience and the most convenient way to bank on the go. The bank’s goal is to increase customer satisfaction and customer advocacy, hence further strenghten their existing customer relationships and increase their market share.
CBA’s new iPhone app, available to the bank’s personal banking and commercial banking customers, will allow you to use your phone to make mobile, Facebook, email, even contacless payments, via an iPhone case shipped by the bank.
The other features included in the 1st version of the app are:
* Simple Balance gives you quick access to your account balance
* Easily make payments via BPAY
* Pay using an account number and BSB
* Transfer money between your accounts
Strong Focus on Security
As Adam mentioned, the application is highly secure with three key security components:
1. strong customer authentication,
2. proactive transaction monitoring,
3. the bank’s ‘security guarantee’ service.
Three ‘Always-On’ Features
David demoed the three ‘always-on’ features of the app, before logging-in:
1. NFC is on for 60 sec by default ,
2. GPS is on and can immediately display the closest ATMs,
3. Account balance is accessible at your finger tip (top of the screen, with a slide). This is one of the most common questions asked by CBA’s customers calling the bank. One of their key measurements will be the impact of this feature on the volume of inbound calls to their contact centre.
Please note that you can re-configure those features to whether switch them off or use them after loggin-in.
Real-Time Banking: Unified View of Customer Accounts
Once logged in, the first view of your products lists all your credit cards, which doesn’t come as a surprise considering David’s involvement on this project, and the fantastic opportunity offered by credit cards in the mobile and social payment spaces.
Thinking of my experience at one of the largest UK banks, this aggregated view of all your financial products with CBA really impressed me. Even though this is currently available on CBA’s new NetBank service (next generation online banking), enabling you to access your transactions in real-time, on the go, and transfer money between accounts makes the experience even more convenient and valuable.
Address Book and Facebook Friends Integration
My favourite feature has to be the sleek integration with your contacts, whether on your phone’s address book or directly from your facebook account. It makes it incredibly simple and fast to send money to a friend, a family member, or a business contact. For the last six months, BBVA has been trying to encourage that behaviour via a dedicated service called ‘BBVA Friends & Family‘.
Once the secure code is sent to your facebook friend, CBA also offers you to write on this person’s wall from the application itself. One of the key values of social media is to tap into the viral element of a community like facebook or twitter. Secure one-to-one chats initiatives within facebook, from other banks like New Zealand’s ASB Bank (part of CBA) or France’sTooKam (by Credit Agricole) are not making the most of facebook’s openness.
David insisted on the importance of social media, CBA’s committment to lead by being ‘social by design’, and his own willingness to innovate incrementally on quarterly basis. He gave us a hint when he mentioned the possiblities in the charity space (“would you like to match my donation to @charity_ABC?”). I can’t wait to find out where the bank is going on the social media front.