New ways of doing the Banking..

Use Customer Mobile & banking app to complete Customer Identification Verification at other channels:

Use customer Mobile/banking app as one of the authentication mechanism to use banking services in any channel. Once Customer successfully login with banking app, they can use their device to pair to your banking channel and by-pass any channel specific Customer Identification and Verification process. Think of like generating ready-to-use QR code while paring mobile device Whatsapp app and web client version browser to make the communication.

This mobile phone authentication concept can be applied to multiple channels like ATM, branch, Online etc. Few of the examples I am thinking at this moment and documented below. This may be eliminating/minimizing the use of plastic card going forward. I am thinking that world is moving towards cardless in banking area. This concept can be analyzed further to make it reality in any industry including banking.

ATM channel usage:

Customer can withdraw money from our own bank ATM using mobile authentication without a plastic card. At present, to get any emergency cash, we really no need to call telephone banking and get the one time access code to get the emergency cash from ATM.

Firstly, Get Emergency cash onetime secret code can be generated from App.

If we pair customer mobile and ATM using mutual authentication as mentioned above, we won’t need to generate the one-time access code.

Branch channel usage:

Widely used Customer Identification and Verification mechanism at the branch is using a plastic card (Chip&PIN OR Signature across UK banks). Some/Most of the banking services can be made available at the branch just with the phone along with some bio-metric security integration like fingerprint scanning to complete CIV to use the services offered by the bank.

Again, the overall idea is that customers have phone with them, so - they can be identified & verified using Mobile app secret code. And hence, No additional identification mechanism will be needed to use the services offered by the customer - once customer’s mobile device has been paired with our banking network.

Additionally, we can offer this feature by minimizing the mobile banking app using Web client like Whatsapp web client to experience the app feature within desktop/laptop. Customers like me may be excited to use the app specific feature via desktop/laptop browser.

Do you think you have some idea and it can change the way we are doing banking today? Please write to me. We can catch-up.

Happy Learning,

Nanjundan Chinnasamy