Speed of light technology developments makes mobile banking and trading a matter of an application on your smart phone.
London-headquartered Standard Chartered Bank — a Global 500 international bank with 1800 branches on six continents — last week adopted iPhone and iPad as the perfect platform to expand its mobile services, both internally and to its increasingly tech-savvy customers. “With iPhone and iPad, we’re really looking at the next generation of banking,” says Todd Schofield, Global Head of Enterprise Mobility at Standard Chartered Bank. “Managing our customers’ money is a responsibility we take very seriously, and our mobile services are increasingly reflecting that.”
While visiting New York and Washington after a 12 year absence to the metroplex, proof of the world going mobile was so “in your face” that for the past couple of days I have been diving headlong into the technology that is on the cusp of changing the way we live and do business. It’s a steep learning curve to master the significance of for example combining the powers of Google Places, Google Local and Google Mobile into one sound technology that will virtually eliminate any other form of interactive information gathering and exchange, be it local, regional or global. Stay tuned to some major educational opportunities we are scheduling for those interested in our monthly free technology seminars.
Banking on the Go
The bank founded in 1853 with more than 80,000 employees in 70+ countries and territories and a market capitalization that places it in the top 20 in the world, is the first major financial institution that goes MOBILE, globally.
With a particular focus on Asia, Africa, and the Middle East, Standard Chartered sees immense potential to expand its mobile banking services among its increasingly tech-savvy customers. For consumers, the bank has developed Breeze, a suite of mobile banking and lifestyle applications. Corporate customers use the bank’s Sraight2Bank platform, which includes a mobile authorization app that gives corporate treasurers better control over transactions. qualified employees can download from an internal app store, the Standard Chartered App Centre. These custom-built apps streamline internal processes, securely transmit financial data, improve communication between customers and banking staff, and even tap into back-end systems such as PeopleSoft and SharePoint for management approvals and collaboration.
One example is the bank’s proprietary TradePort app, which enables Trade Finance Relationship Managers to securely perform or monitor trades on the go using their iPhones. Another valuable app is FX Rates, a real-time foreign exchange tool that shows Standard Chartered Bank’s own internal rates and ratios between currencies in real time.
Besides many of the applications under development, one enhanced mobile feature is very attractive to me, the text messaging capability that as a customer I can opt to get a message about any transaction I did or didn’t make; it takes only one tap on your phone and you’re connected to the customer service department, which will block that transaction immediately.
Unleashing the Future
But even this is only the beginning, because credit and debit cards can (and will) be turned into personalized APPs with much more fraud preventing securities built in than walking around with a wallet full of plastic cards; ultimately we all may have our personal APP that holds all information our individual lives operate on. Getting scared?
Don’t be… it’s all part of the game we signed up for when we lost our ability to correlate cause and effect.
During our recent trip I witnessed a technology nerd at a breakfast buffet bar, searching an APP for information on how much cholesterol 2 soft boiled eggs would add to his body. Maybe interesting to him, but a damn nuisance to everyone waiting in line.
We’re definitely entering an immensely interesting new world where APPS will be the record keepers of one’s life. And of course it all has to start with money control, that’s why I consider Standard Chartered Bank’s move a major step into the future.