Morgan Accesss Mobile Banking - Case Study Example

Morgan Access’s mobile banking Name Institution Introduction Morgan access introduced mobile banking in order to counter competition in the banking industry. This change in providing financial services significantly contributed to rising profit margins. This service ensures 24 hour banking for customers. Hence, customers access banking services from home, offices and their business address. The activation of computer based Interactive voice response capabilities initiated this change. It works through the connection of a telephone to a modem. This connection makes the customers be identified by a key word. The key word allows satisfactory answers to be sent to customers queries at the time of their convenience. The service permits customers to access financial services and receive replies to their enquiries through the mobile phones (Amin, Hamid, Tanakinjal and Lada 2006). Through this service, customers access nearly all information regarding their financial status. As the head of mobile banking, I have developed strategies to guarantee that customers enjoy first class services without having to visit the banks premises. This service works through text messages. Mobile banking is a value added service that is new to customers. My team is responsible for managing the mobile banking service system. Through my command, information technology officers are responsible for managing the vast network that serves individual customers and large corporate customers. This is necessary to retain customers, increase their satisfaction levels and cross-sell potentials (Chakrabarty 2009). Mobile banking was introduced to increase profit for the bank as a strategy for profitability. It has provided customers with the advantage of “anytime anywhere”. The drivers for mobile technology deployments arise from the needs of corporate treasurers. As the head of mobile banking, I guaranteed that the Morgan next Generation access gateway home grown program is integrated with the service to sixty percent of the customers. This initiative aims at meeting the complex needs of customers. The bank rolled this service based on the key capabilities that could be brought to the market. The service allows customers to access information on performance history details, alerts on debit and credit transactions among other functions. For efficiency purposes, the mobile banking service has included multicurrency and multi-banking capabilities (Chung, and Kwon, 2009). My team has focused on android; blackberry and iPhone base and black berry touch screen support. How the bank has managed mobile banking As the head of mobile banking, I implemented a prudent management strategy founded on lowering the risks associated with giving corporate access to banking settlements and business information. The IT managers ensure implementation of high levels of security through a broad range of measures. The measures are necessary for managing the success of mobile banking technology for the bank. Most customers will not use mobile banking due to concerns for security. Device identification is a key element and resolution for the company to manage risks associated with mobile banking (Gillespie, 2007). The company uses this software for convenient storage and data processing. This feature allows the company to improve the security of downloads from the banks servers by the use of a unique ID. Device ID guarantees security of downloads by making sure each download has a unique ID. The device detects potential spoofing and allows for the validation of server requests. The dedicated ID is delivered with an application download; the rich-client software delivers a multi factor Authentification. This solution is integrated to the bank’s multifactor Authentification infrastructure. This measure manages the security of the bank’s network in terms of authenticating transactions (Donner and Tellez 2008). As the overall director of mobile banking in the bank, I also use the fingerprinting tool to improve defence capabilities. This tool captures elements such as device type, mobile carrier and the mobile number. Consequently, these elements determine the transactions that may be allowed. The management of Morgan access then uses these elements to provide certainty for the bank and customers when dealing with high profile transactions. Moreover, I advise the bank’s managers to use security protocols for the transportation of data from a phone to the bank’s central servers. Such measures make sure that we store confidential information in the application, and all passwords keys are overwritten by the application. Managing usability To guarantee quality user experience with mobile banking, I advised the operations department to implement a rich-user application process used to deliver high quality and navigation experience to customers when using mobile banking. The program dynamically understands the potential of the mobile device used. The tool generates specific screens, functions and buttons to get optimal user experience by customers. Under my instructions, the IT managers of Morgan access use standard controls and offer an interface that is purely utilitarian. For twenty four hours, the interface is managed to monitor performed transactions throughout the day and night. The IT officers coordinate the functions of the standard control system to make it easy for customers to enter into the mobile banking system software. After login in, the customers are able to see their cash positions without difficulty anywhere. The directive makes sure that users drill down through the details of their accounts such as balances and transactions performed recently with ease (Chan and Lu 2004). Managing multi-banking relationships Managing multi-banking relationships is another endeavor contributing to successful management of mobile banking in Morgan access. According to Davis, (2009), multi- banking reporting capabilities combines and presents account information across the bank’s relationships. I guarantee that managers oversee the rich-client application for the user to view account balances by currency and any other groupings selected. The information viewed is across asset classes and investment accounts. The management of Morgan access acquired advanced technology to make it possible for its customers to transfer funds between accounts via their mobile phones. In addition, customers are now able to view account balances available for transfer. Moreover, as the head of mobile banking, I developed strategies for IT managers to ensure customer’s mobile phones do support transactions such as wire transfers and automated Clearing house batches. This is to prevent production delays to customers. According to Chakrabarty (2009), management of customer relationships is the key to manage the bank’s activities. This achievement is by ensuring the mobile phone carries the alerts. Customers expect alerts, especially debit and credit transactions to be accessed easily. I work hard to make this possible because it is a customer retention technique. Managing disruptions Environmental risks are linked to the use of mobile channels, which effectively manage mobile banking. This risks crop up because the users may be first time users of mobile banking (Coursaris, Hassanein and Head, 2003). My strategies through customer service agencies have been to serve these customers by providing them with information regarding the use of PIN. This is useful in ensuring their accounts settlements. Customers are fully enlightened on the importance of checking statements for any unauthorized transactions and act on them though a customer service number available for 24 hours. The management adopted the transformative models since it targets both first time customers who sign up to use the service and also strive to retain existing customers. Through this pioneering strategy, the Company has ensured that there is back up for information to assist in countering security associated risks. This option is a way to ensure that the bank uses in the event of system failures and disruptions. I commissioned this initiative to ensure that there are no temporary disruptions in the system. This is because the disruptions do affect customers. Customers generate a significant portion of their available financial assets through mobile banking (Davis, 2009). As the head of mobile banking I tell the management to ensure we address customers’ vulnerabilities. Managing transformative models The company has approached its target markets through Transformative models to ensure that we target both low income and high yield customers. Since not all customers have mobile phones with relatively high capability. This approach aims at maximizing the addressable magnitude of potential client base. Managing the mobile banking through agents Through my control, the board of Morgan access has been instrumental in coordinating tasks for safe functioning of mobile banking through agents. This measure has achieved success in mobile banking by assigning roles to different experts to reduce the risk of failure in coordination. The experts also handle the delivery method chosen for handling cash. This will complement the existing card based options for obtaining cash to boost mobile banking. Morgan access has developed mechanisms to reduce operational risks and increase profit margins. This is a procedure that loosely counts on excellent customer service. To serve customers well, I advised the company to use agents all over the country to assist customers to access cash. The agents are motivated to make them more dedicated to their work. The agents enhance the ability to manage risks since transactions are completed in real time (Corradi, Montanari, and Stefanelli, 2007). Through my direction, the company gives agents the necessary infrastructure to ensure agents and customers get involved in undertaking transactions so that both parties get real time information as to the value of the transactions. This ensures correction of the mistakes and disputes to guarantee customer satisfaction with mobile banking and harmonious conflict resolution. I command managers to use security measures in enabling clients to initiate the transactions. The management has ensured that company systems are safe to maintain the integrity of the transaction in the banking system to reduce mass systematic risks. The agency system thus becomes an aspect of the management’s strategy to bring mobile banking services closer to customers (Chan and Lu 2004). The bank ensures that there is an immediate value for customers and non- reversibility of the transactions that are clear. Managing through sound principles In the face of accelerated technological change in financial services, the management of the bank adopts general principles to guide technological changes in a fast changing financial environment (Chung, and Kwon, 2009). As the chair person of the bank’s committee on governance, I came up with principles to ensure that mobile banking becomes a success. The board of directors and senior management has the responsibility to mitigate against risks. The principles were my propositions generated by extensive consultation with the senior management. Such principles include provisions that require secure transaction authentification. Managing competition As the head of mobile banking, I developed strategies to provide customers with worldwide services, for instance the use of credit cards abroad to conduct transactions. The evolution of mobile banking has led to increased competition, which if managed poorly may lead to reduced profit margins and eventually closures. Through my leadership, the bank has managed to exploit the option of mobile banking by offering competitive services to customers in far flung arrears without necessarily opening new branches and hiring additional staff. In order to counter competition in the global financial markets, the bank has accessed new markets to increase its revenues. This has been possible by strategic decisions by management to ensure that new markets keep on putting the company on the profit making course (Corradi, Montanari, and Stefanelli, 2007). To boost this, I suggested to the bank’s senior management to formulate a strategy to promote the retention of existing customers who are a potential link to a larger market. Existing customers are a source through which the bank can access economically profitable customers through mobile banking. The company has managed to use mobile technology to provide products that are price sensitive to customers. Because mobile banking involves minimal costs in terms of infrastructure, the company has been able to adopt lower charges for its transactions to counter competition from other banks. These management strategies have maintained a loyal customer base and attracted potential customers. Through the adoption of mobile banking, the company has managed to counter competition from new entrants into the industry. Strategies to increase sales volume As the unit head, of mobile banking, I have consulted widely with other line managers to ensure that distribution channel increases sales volumes. This is possible by increasing operational efficiency to reduce losses caused by delays in catering to customer needs in a timely manner. As the manager in charge of mobile banking, I make sure that there is the availability of push services to encourage transactions on an urgent basis (Coursaris, Hassanein and Head, 2003). For instance, there are provisions in the mobile banking software that enable customers to sell their stocks during a crisis. To increase sales my recommendations to the board of directors to provide every customer who deposited $ 450 with a mobile phone became resourceful. The mobile phone token which costs $160 made 500,000 customers to increase the banks savings to over $225 million in deposits. In addition, more than 70% of these customers became regular users of mobile banking (Davis, 2009). This innovation increased demand for mobile banking services contributing to the sustainability of the service. The demand for the mobile banking service increased because the supply increased. Managing distribution costs I brought in ideas to assist in managing the business’s ability to reduce distribution costs through mobile banking. This was achieved by rationalizing the organizational structure to increase productivity. This is attained by substituting the manual collection, processing, dissemination and archiving by automated processes through mobile banking. On average, a transaction carried out in a branch costs $1. When carried out through mobile banking, it costs $0.5. Therefore, the strategies that I put in place ensured that the bank profited from the advantages associated with mobile banking Vis-a Vis traditional banking (Donner and Tellez 2008). Managing efficiency to customers To contribute to efficiency, I dedicated my time to streamline business effectiveness by ensuring that attention is paid to automation of standard services that promote the mobile banking applications. The value added incentive of providing services “anywhere any time” significantly improved efficiency for the company. The utilization of transaction based mobile services grew by 30% reducing costs by motivating customers to switch to mobile forms of banking (Gillespie, 2007). As the line manager of mobile banking, I have had success in ensuring that we achieve relevance in the industry. Reduced security threats posed by the mobile banking industry and increased customer satisfaction levels have been achieved. Through mobile banking, we have been able to meet the needs of technology savvy customers by value addition and innovative services. The revolution that mobile banking has brought in Morgan access has been prudent. Strategically developing innovative products and services One of the primary objectives for the company is to develop new products to boost mobile banking. These products attract new customers and retain existing ones. Customers who use mobile banking are well off and well educated. This suggests they are high net worth customers. To increase the number of customers, Morgan access team developed new products. The company responds to requests for new services preventing neglect of customers to competitors. The new products provide proven innovation. The organization has built a reputation for innovation. The transformation makes attract more customers and retain existing customers. The bank has customized new services to suit the needs and likes of each user. Mobile technology makes every user to perceive the service they receive as personalized to their needs and uses. Mobile banking has paved way for a multitude of different banking products to be innovated for customers. Mobile banking then facilitates the effective delivery of products and services (Corradi, Montanari, and Stefanelli, 2007). Managing marketing and communication The bank has the potential to host advertisements and other marketing campaigns. The bank does this without facing incremental charges for prolonged exposure like those found in the conventional methods of marketing. The bank limits costs to improve marketing. Additionally, the management guarantees the interactive nature of mobile banking system. This system guides a client to a list of products and services suited for them (Davis, 2009). Further the system collects consumer data. The data classify the most sought after products and services. The management uses mobile banking to undertake comprehensive marketing of the sought after products and services. World class site The web content and design for mobile banking influences user satisfaction. Morgan access’s site contains detailed information viewed by the use of mobile phones. The site has high quality graphics. The company uses frames in its web page. These frames enable navigation. The frame provides all necessary links irrespective of the location of the site. Mobile banking presents a solution to the group’s success. It is more than a delivery mechanism for products. It provides payment systems for customers. Using mobile banking saves cost, attracts new customers to the bank. Mobile banking is a powerful marketing tool and can be used to develop other products and services to generate additional revenue. By use of mobile banking, it gives a company competitive advantage over new entrants to the industry. Conclusion In conclusion, mobile banking has drastically cut down the cost of providing services to customers. Mobile banking has provided a sure way to achieve growth by the bank. This is because mobile penetration has reached high penetration levels. As the head of mobile banking, I have made sure that multi - banking reporting capability has consolidated account information for customers across a bank’s relationships. Mobile banking has in essence made business to have an edge over competitors. This has been achieved by accessing new markets, thus putting the company on a course of profit making. The service has been a success because the IT department has provided security measures to prevent fraudulent activities and losses to customers. This has boosted the confidence in services by the customers. The replacement of manual process with automation processes has significantly cut distribution costs for the company. This objective has been achieved by guaranteeing that automated processes are up to date and more efficient than the preceding manual process. Mobile banking is presented as an answer to the bank’s growth. It is more than a delivery channel for products. It provides payment systems for customers. Using mobile banking saves cost, attracts new customers to the bank. Mobile banking is a powerful marketing tool and can be used to promote other products and services to generate additional revenue (Chung and Kwon 2009). References Amin, H., Hamid, M.R., Tanakinjal, G., Lada, S. (2006), "Undergraduate attitudes and expectations for mobile banking", Journal of Internet Banking and Commerce, available at: www.arraydev.com/commerce/IIBC/2006-12/JIBC2.htm, Vol. 11 No.3. Chakrabarty, K. (2009), "Potential for mobile banking", Business Daily, available at: www.blonnet.com/2009/12/19/stories/2009121950570800.html. Chan, S.-C., Lu, M.-T. 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