Opportunities for disruption in Financial Services (with a mobile focus)
Banking on innovation by Raja Teh Maimunah
1. BANKING ON DIGITAL:
Evolution & Innovation in Financial Services
Raja Teh Maimunah
Chief Executive Officer
Hong Leong Islamic Bank
Chief Operating Officer
Digital Innovation & Transactional Banking
Hong Leong Bank
2. Business Model Transformation
Businesses have, for more than a decade, moved their business functions online.
So has banking, for 20 years now…
3. 20 years of Online Banking Milestones
Bank of Scotland launches “Homelink”, the 1st‘online banking’ platform-transfer and pay bills via phone and television connection198319942001200520072011
“400 million people (25%of global internet population) are banking online.”
Comscore2013
Facebookdevelops its own financial services – remittances & e-money
Apple launches the iPhone, triggering a monumental shift in mobile banking applications
FFIECannounces new regulations and calls for banks to conduct risk-based assessments for improved security measures to authenticate remote account access
Eight US banks achieve 1M online users
Online banking is built into the Microsoft Money personal finance software
4. Top 5 Mobile Payment Markets by Volume in 2015*
82 billion
bill payments
55 billion
bank card acceptance
27 billion
e-commerce over mobile phones
23 billion
point-of-sale payments
55 billion
person-to-person transactions
6. Local banks have brandedtheir online platforms for identity building
7. The Near Future –a Customer Journey at Hong Leong Bank
awareness
information
advice
becoming a customer
service & transaction
share
Cycle
PRESENCE
PERSONALIZATION
INTERACTIVE
SIMPLICITY
UBIQUITIOUS &
CONVENIENCE
FEEDBACK
Traditional
Online
8. The Near Future –a Customer Journey at Hong Leong Bank
awareness
information
advice
becoming a customer
service & transaction
share
Cycle
PRESENCE
PERSONALIZATION
INTERACTIVE
SIMPLICITY
UBIQUITIOUS &
CONVENIENCE
FEEDBACK
Traditional
Online
… MOBILITY:
Mobile devices now play a fundamental role in various parts of the engagement cycle
What was once a dependency on desktops and wired internet, customers can now do the same and more through…
9. What we are doing at Hong Leong
Overall
Strategy
digitization
digital products
partnerships
& merchants
marketing &
social media
Enabling and expanding Connect’sonline banking capabilities across various digital platforms, with emphasis on innovation in mobility.
Development of online banking products to replicate offline banking offerings. Some online products will have enhanced benefits.
Continuous communication through advertising to educateconsumers on Connect and its services, as well as promotions and acquisitioncampaigns to increase adoption.
Value Creation via expansion of reach, increased usability and ecosystem enrichment
10. PEx -Payment Express –Mobile Money TransferWatch the video on YouTube! Search for “PEx Hong Leong Bank”
