We buy movie tickets online/mobile, perform online transactions,
pump gasoline with credit card. The concept is to introduce a faster
& shorter process in everything we do. This post will discuss a few radical changes to your conventional ATM cards.
CARDLESS WITHDRAWALS
"Malayan Banking Bhd (Maybank) has launched the country’s first
service where cash withdrawals can be carried out without an automated teller
machine (ATM) card."
Source: //www.thestar.com.my
The main demographic for this service probably would be people sending money
interstate and people buying stuff online. Can this technology be replicated to replace ATM cards for people making withdrawals.
Scenario 1 . you turn on your mobile outside, log in and perform an online transaction.
Next you walk to the nearest ATM and insert the password to withdraw your cash,
Scenario 2. You perform the transaction at home and walk to the desire ATM machine and
key in the pin withdrawing the money outside.
There are additional steps and more pin codes than a conventional
card. But it seems to be a good way to deter robberies and stolen ATM cards.
FREE DEBIT CARDS AND ZERO BALANCE ACCOUNTS
Bank in India are giving free debit cards and Zero balance Accounts to
college students.
In India its a different challenge, its about getting people to move from
over-the-counter transactions to humanless interfaces and at the same time
capture the future generation in the market.
Can we replicate this in in Malaysia? Set up a team and target college
students from outstation studying in the city. Throw in perks such as
meals and books discounts and hope the conversion rates to go up.
"Students with savings bank accounts are also likely to
seek loans from banks. customers in their 20s are increasingly taking
retail loans, including home loans."
"Some 20 million students study in colleges and if this
trend continues over the next five years, banks will have 100 million potential
customers."
Source : www.thehindubusinessline.com
