October - December 2015 •
The Lion King
• 9
Your phone number becomes
nothing more than a SIM identity
I would not need your phone number to
call you, and neither will you need mine. With data-
enabled calls over WhatsApp, BBM, FaceTime and the
likes, more conversations will be held without the need
for phone numbers.
More transactions will be carried
out with codes
We are sure to see more USSD (Unstructured
Supplementary Service Data) transactions in 2016. Airtime
top ups, low value transfers and bill payments will be
done more than ever with short codes.
An App-citing year
ahead
The rapid take up of Apps has
become a game changer. 2016 will
witness the transition of most banking
products into Apps in order to provide
customers easier and faster accessibil-
ity to bank’s offerings.
The ATM will not just
be a cash machine
In 2016, we will have ATM
terminals that would not just be dis-
pensing cash. Non –cash ATM termi-
nals, which will be used for anything
but cash will be deployed. These ter-
minals will provide services such as air-
time top up, bill payments and funds
transfer.
Cash deposit ATMs
While there are already a few
cash deposit ATMs around,
there is bound to be an
increase in the number of terminals
accepting cash. The standard 2016
ATM will do more than dispense cash;
it will also act as your counting room.
The fusion of mobile
and internet banking?
Something tells me that it will
be difficult to tell the difference between
mobile and internet banking in 2016. Think
about it; if there is an internet banking App
on a mobile device, how will that be dif-
ferent from a mobile banking App on the
same device, especially when both offer
similar services? Are you wondering too?
Fingers crossed.
One access fits
all
Right now you have a
PIN for your debit card, anoth-
er for your mobile banking, yet
another for your internet banking.
The good news is that banking is
set to be more seamless and in
2016, it will make sense to have
a single sign-on across platforms.
MPOS will tackle
C.O.D
Cash on Delivery (C.O.D)
has been the most significant pay-
ment mode for e-commerce. There
will be a change in 2016 and while
we know that P.O.D will still be the
preferred way to pay, we can expect
a considerable shift in favour of the
mobile POS.
Digital
iden-
tity takes
over physical
identity
“I think we met on
Instagram.”How many
times have you heard
that? Imagine how
many friends you have
met on Twitter, BBM or
any of the social media
platforms who you have
not met physically. This
tidal wave of virtual rela-
tionships is not about to
dwindle in 2016.
Power
to the
Customer
You, the customer, will
have more power than
ever in 2016. You will
be more demanding
and extremely discern-
ing. You will also expect
that we anticipate your
needs and meet those
needs even before they
become evident to you.
On our part, we are pre-
pared to exceed your
expectations.
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2016: THE 16 THINGS TO EXPECT IN DIGITAL BANKING |
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