Emerging Trends in Retail Banking

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Emerging Trends in Retail Banking Acknowledgement This project was prepared with the kind assistance and support of many individuals both internal and external to the Bank who have contributed directly and indirectly in many ways to the successful completion of this exercise. Special mention has to be made to the following categories of persons. Resource persons: Internal Ms. Nicole Brown - GOTD Mr. Howard Gordon - GOTD Mr. Kyle Lewis – GOTD Mr. Lennox Channer – FCD Mrs. Darcy Parkins – RBD Mr. Garfield Palmer – RBD Mr. Stephen Wyles - FCD External Mrs. Arlene Stephens – FISD, BOJ Mr. Roderick Wisdom – IT Manager, Digicel Jamaica Table of Content…show more content…
This is efficiently accomplished via an existing device, without the need to load an extra smart card. Various software platforms for mobile phones and other devices will allow consumers to use the Web through their handhelds as easily as they do through their computers. It is anticipated that this will spur rapid demand for mobile-banking services over the next decade. Other technology is poised to affect the distribution of retail banking services. For instance, growing broadband internet penetration and wider use of low-cost, high quality webcam will allow banks to use Web 2.0 or other collaborative tools to reach customers at their homes offices, in branches and at ATM. This capability is providing banks with fresh alternatives for customer interaction such as video conferencing or co-browsing to support dynamic consultations at convenient locations. One Australian bank has a VoIP (Voice over Internet Protocol) network with enough bandwidth to handle video streams so that remote relationship managers, loan officers and insurance professionals can advise and serve clients at a distance. Additionally, the growing use of instant messaging as a business tool, the expanded use of social networking sites, and increasing consumer acceptance of self-service kiosks are likely to influence consumer preferences for banking delivery channels going forward. Three Models for Mobile Payment ¬ Premium SMS based transactional payments
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