Mobile News

Mobile banking has been most successfully adopted in the UK market by Woolwich, a result of a strategy that dealt with the multi-channel demands that the banking industry faces. The catalyst for the exploitation of the mobile channel arose from the development of Woolwich’s Open Plan service–a result of a review of the bank’s service after conversion from a building society. The drivers for such development also included pressure on product margins, competition based on price and new entrants to the financial services sector. Since launch, Open Plan has produced a 65% uplift in average revenue per customer by providing customised banking which has achieved:

* Personal planning and advice

* An integrated set of products

* Customer relationship management

* High quality service delivery.

Source: Woolwich `IBC Mobile Banking Conference’ (September 2000)

WAP Banking has formed an integral part of Open Plan Service: from the 1,000 or so applications a week to sign up to Open Plan, more than 200 demand WAP services. As a result 4% of Woolwich’s customer base already use the service daily - market research has also highlighted the independence of the mobile channel with users outside the internet customer base. Features of the WAP service include:

* Balances/information on all Woolwich products

* Transaction list

* Transfer money

* Bill payment

* Access to information service–news, weather, sport.

Source: Woolwich (ibid)

In terms of roll out, Woolwich demonstrated considerable speed to market. In April 1999 Woolwich was selected as a UK partner for Nokia; development was completed in December 1999 and the WAP service was piloted between February and April 2000. National roll out of the service commenced in April 2000.