EVOLUTION OF BANKING
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MOBILE <strong>BANKING</strong><br />
payment<br />
£<br />
£<br />
PAY<br />
Mobile bill payment<br />
What is it? – Bill payment is a tedious<br />
and mundane task with a risk of input<br />
error.<br />
By automating this and removing the<br />
hassle from the process, banks can<br />
transform the user experience.<br />
Removing the need to manually enter<br />
bill payment details and setting up the<br />
payment information into the customers<br />
online and mobile banking account.<br />
Predictive balances<br />
What is it? – Predictive balances<br />
calculated based on previous spending<br />
patterns effective or predictive balances,<br />
during pay cycles. The ability to access<br />
this information at the point of sale<br />
significantly increases its relevance and<br />
usefulness to consumers by providing<br />
an indication of affordability. Go Banks –<br />
Fortune teller provides this functionality<br />
within their mobile app.<br />
Mobile camera becomes a keyboard<br />
What is it? – Taking photos of key<br />
information to reduce or eliminate<br />
steps in an application or other process<br />
through extending mobile image capture<br />
capability will be a major factor in<br />
improving customer experience. For<br />
example applying for car insurance<br />
could be facilitated by a photo of driving<br />
licence, existing cover document and<br />
vehicle V5 document.<br />
The Evolution of Banking and Financial Services | 41
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