Online banking platforms adopting more from social media and online shopping sites
Sophisticated in-house developments are challenging smaller banks to keep pace in giving clients familiar tools and navigability. November 25, 2011 | Peter HoflichIn the on-going fight to stay relevant to demanding retail and SME clients, banks are looking for ways to develop sharp online banking platforms that combine ease of use with functionality, and can also be used on mobile devices such as smartphones and tablets. Connectivity to social media networks is also rising in importance as banks see the need to engage clients with the tools that are becoming part of their lifestyles. Larger banks such as Standard Chartered Bank (StanChart) and Singapore’s OCBC have been using in-house development teams to come up with new platforms to address these changes in their client base that have been generally discussed but have been largely unattended to. OCBC radically re-designed the look and feel of its online banking platform with an eye on usability, while adding new concepts such as “savings jars” that lets users select savings targets as ways of managing money, as well as the ability to use a mobile device to scan a bar code for a bill that the client wants to pay. StanChart has launched a platform called Breeze, an iPhone and iPad application that updates the online banking experience. Somewhat intuitively, the bank also used social media to market the platform as well. Smaller banks without the budgets to develop in-house platforms will be challenged in launching competitive products, but IT companies are beginning to step in to provide new platforms. SunGard this week launched Ambit MyMoney with a big launch in Dubai, to be followed by events in Indonesia, the Philippines and around the region for the Asia and Middle East-focussed product that creates an internet banking platform that aligns with social media tools, as well as budgeting and bill payment tools. The product focuses on popular features adopted by both social media and online shopping sites, such as allowing significant personalisation, and giving users the ability to refine for accuracy the information presented in their accou... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Customer Centricity, Innovation, Internet Banking, Retail Banking, Technology & OperationsCustomer Centricity,Innovation,Internet Banking,retail,technology, Customer Centricity,Innovation,Internet Banking,Retail Banking,Technology & Operations, Keywords:Standard Chartered Bank, OCBC, Breeze, SunGard, Ambit MyMoney, Social Media Standard Chartered Bank, OCBC, Breeze, SunGard, Ambit MyMoney, Social Media
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