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Mobile Banking Value Propositions & Tips For New Entrants

Brief Background

The primary objective of this document is to give a common understanding of mobile banking value proposition as a whole, the core deliverable to launch a successful mobile banking business, the regulatory framework, “go to market” strategy which should be undertaken to deploy mobile banking.

Understanding Mobile Banking Business

Most of the poor people in developing countries still have to rely on physical delivery of cash to make payments or access financial services. But with the emergence of new delivery models which drastically alter the economics of banking the poor that is changing. As per CGAP website, An estimated 1.7 billion unbanked customers have access to mobile phones. Mobile Phones are now enabling poor people to make financial transactions that are accessible, reliable, fast and secured.

The value proposition of this business will not only include the end customers but also include Financial Institution, Government/ Regulatory, Telecom Operators, Channel partners etc.

StoryTelling
Value Proposition: Financial Institution:

– Increase revenue by offering mobile money services
– new source of funds
– new opportunity in SME & un-mobile & unbanked market

Value Proposition: Distribution Channel and Merchants:

– Provide new revenue opportunities,
– less cash handling hassle, time-saving,
– Reliable, efficient and secured

Coca-Cola once executed an awesome Storytelling Concept known as “The Opener” and started providing awesome recipes through their commercial website; the recipe goes good with Coke. This made people more engaged to their Brand and visit their website for more and more content/ recipes. Then came Red Bull. With their concept,” Red Bull gives you wings; started posting “Extreme Sports” game in their website, attracting audience to them.

Coca-Cola recently started another storytelling idea. They set up Camera in the vending machine located in Pakistan and India, requested customers from each country to greet each other. Coca-Cola took initiative to post the small clips in their website. Thus they have established the fact that they care for people through a great storytelling idea.

In the recent years, we have seen that organizations becoming more “human” through social interactions and great content. Companies are developing a personality through storytelling. Corporations are becoming less “faceless” and the trust between companies and consumers continuing to grow.

We must ensure that through our digital footprint; we attract, engage audience, ensure their visits more often to our websites, fan page so that we may get the most mileage out of it, pass the six degrees of separation rule and ensure communicating to the most numbers of people.

Another Recent Example would be airtelbuzz., Airtel Bangladesh’s Facebook Fan page with over 2.7 million followers; using interactive, innovative contents and posts in the page, attracts a great number of people to the page.

Digital Marketing Campaigns

Simple apps related to photo editing, named as “You Cam perfect” launched a campaign for Halloween. They are giving out iPhone 6 when customers use their app and create spooky Halloween pictures. They are also sending Push Notification to customers informing them of the campaign. This is a great example of using Digital media to market products.

Digital Marketing Campaign may go Viral and have the maximum effect. All we need to do is, first of all, communicate the campaign through Digital and Social media and ensure that customers will be using the digital media to be eligible for the campaign. We need to ensure customer engagement as well.

StoryTelling

A very easy example which some of the outlets/ stores/ restaurants are currently using; is the Check-in Concept. You “Check in” @ Facebook fan page of the restaurant/ outlet and get discount.

Try simple campaigns which will enable customers, engage them, and connect with them through interactive and smart contents. You may read about smart use of smart contents in another post of mine, here.

The basic idea of Digital Marketing Campaign is that you need to design a campaign; keeping digital and social media in mind, you need to ensure that you use smart content for your campaign, align your storytelling of your brand with the campaign tagline and just press enter!!!

This is the end of part one. Stay tuned for the second part where I’ll be talking about SEO and Content Crowd Sourcing, two very powerful digital marketing tactics. The extended version will be posted after the second part gets published in Daily Star. Hence keep posted.

This article is an extended part of my article published in Daily Star Newspaper. You can find the printed/ online version here.