Hari Subramanian
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You  think  mobile  screens  have  gotten  smaller?

Wait till you see flexible screens. They will get much bigger than you can imagine ! I like screens that I can adjust the size as needed by simply stretching or contracting with fingers and the screen can auto adjust resolution, brightness, and contrast while maintaining the aspect ratio !!

Monetizing from Digitization in general and Cloud in particular

11/1/2013

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PictureSocial media source - marketing.com
Big data, cloud, social media, predictive analytics, mobility - more technology carts that have been added to the "digitization" roller coaster that is still in service with old carts such as e-commerce, online, and m-commerce. How do you maximize ROI and monetization impact of these digitization trends? The answer seems to depend very much on the industry you operate in as digital adoption by different industries is influenced by various factors such as consumer preferences, intensity of competition, physical vs virtual nature of goods and services being exchanged, financial impact of business process optimization, etc. For example, consumer experience is more important for virtual goods such as online music whereas merchandising and supply chain automation are crucial for grocery stores.

Here I will attempt to focus on cloud adoption considerations and how companies can maximize their ROI from cloud. It seems the key is in getting back to the basics on objectives - which are the key business process optimization levers that impact your company's top and bottom lines the most. Is it transforming the customer experience in the front-end and channel integration? Is it supply chain automation? Is it some other automation? or a combination of those? Only after knowing the answer to these questions can companies try to apply the benefits promised by the cloud - time to market, self service and cost reduction, automation, capacity on demand, etc. and decide on the right application areas for cloud introduction. Although privacy and regulatory considerations have an impact on cloud adoption, they can't be looked at from a macro perspective. By decomposing data and separating identifiable and non identifiable data elements, even a bank such as ANZ (Australia New Zealand) has been able to use public cloud for speed to market efficiency (source: Bank and Systems Technology magazine, Nov 2013).

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Real time can banking can satisfy millennials and also generate revenue

10/20/2013

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With increasing adoption rates for mobile banking and millennials becoming banking consumers, discussions around real time banking are picking up momentum. Big banks that have supported real time banking for private clients are taking about extending it to mobile banking customers and small banks are introducing them as well (e.g. Independent Bancshares). The instant gratification millennials have derived from their hi-tech gadgets is natural to extend into their expectations from banks. They deposit funds; they want to be able to use them right away. They don't care to understand or sympathize with the banking system that takes a few days to clear checks. I have had discussions with customers as early as 2009 around real time clearing and settlements and our conclusion was that back offices were not ready for this level of automation and the business case was marginal.

The landscape has changed quite a bit recently. Mobile banking consumers will want access instant access to funds. Also tightening of the regulatory noose around banks' necks has created a desire to create alternate venues to raise fee revenue. Real time banking presents a perfect opportunity for banks that can allow consumers to access "float" funds by updating their deposit balance and other internal systems instantaneously without waiting for inter bank transfers and clearinghouses. Should funds deposited not clear, they can always levy charges for accessing funds using uncleared "float" balances!

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Opportunity for mobile payments to shake up small credit loans (payday lending)

8/2/2013

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PictureImage source: lendingclub.com
American banker published a nice multi-part article on why payday lending remains expensive for the consumer. Read article
The aspect that interests me which the article does not cover is that mobile payments can revolutionize this market servicing consumers who are badly in need of financial help. Traditional players keep interest charges high banking on the consumer's immediate need for cash and inability to compare alternative offers. Many new entrants try to bring down interest rates. 

However, as the article explains, price is only one dimension in this market. Mobile payments can not only help bring down pricing by making more bids available to the consumer, they can also improve friendliness and convenience - other factors that drive consumers of payday lending to the traditional players. Fear of rejection is the only aspect that mobile payments cannot do much about; the onus is on the consumer to build their reputation by repaying the loans on time and building a good reputation and track record to bring down the cost of financing.


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RDC - Hot application for check, a declining payment instrument or catalyst for mobile financial apps?

5/17/2013

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Every year, I track the statistics issued by various bodies such as NACHA on growth rates of payment instruments. No one needs to guess that checks (cheques if you spell it the British way J) have been declining in volume for the last several years. For example, it is not uncommon to see 5 – 10% reduction in check volumes over successive quarters. So based on this view, I used to think that RDC (Remote Deposit Capture), the mobile application that allows smartphones to capture images of checks and deposit them in the bank account would not be popular. I was proven dead wrong and the demand for RDC applications has been hot. Several banks have rolled out these applications to promote the adoption of mobile banking and to help consumers avoid making a trip to the branch to deposit the occasional check they receive. Almost all top US banks support RDC now.

However, I still wonder how long will these trends last. If people are issuing less and less checks, how long will RDC applications remain popular?

One key point to remember - even if checks die completely in the future, RDC would have played an important role – help promote the adoption of mobile banking by consumers and move closer towards “mobile branches” (bank branches in smartphones). We are already seeing this impact in action in the introduction of a new application for paying bills using smartphones by taking a picture of the bill. Mitek’s CEO points out in this interview, the adoption of RDC has helped establish the message that a smartphone camera can be used for financial transactions and that the adoption of subsequent mobility apps for financial transactions may involve shorter cycles.


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    Author

    I am a Management Consultant in Banking and Financial Services. Check out my "home" and "about" pages for more details.

    Note: Opinions expressed here are my views. They do not represent the views of my employers, present or former.

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