Scenario
In January 2010, Head of Bank of America Corporation’s (BoA) Digital Marketing group was discussing the bank’s mobile strategy with the senior vice president, Mobile Product Development of BoA. BoA launched mobile banking in 2007 and within three years it had 4 million active customers. This success prompted line-of-business managers to request the executives of Digital Marketing Group and Mobile Product Development to include more functionality in the bank’s mobile app that were specific to their businesses such as credit cards and mortgages. Thus the executives had to decide how to leverage the mobile platform for various businesses of the bank without creating confusion or increasing complexity for the average retail consumers. Recognizing the potential impact mobile technology could have on the entire banking industry, they also had to decide on how to position BoA’s mobile banking in the long run.
Question 1
Considering the scenario regarding BoA, discuss the growth of mobile banking among retail banking customers both in the developed markets of the US and UK and emerging markets like China, India and Brazil. Your discussion should throw light on the awareness and expectations of the average banking customer in these countries with respect to the available applications and usage regarding mobile banking. Do not forget to consider and discuss the issues and challenges with respect to compliance and governance that may arise with the development of these mobile banking applications.
(Hint: Wherever possible, please support your analysis with relevant examples, cases, academic / practitioner references and graphs / flow-charts.)
Question 2
Identify and discuss the problems in the risk-based capital approach suggested in Basel II by the Bank of International Settlement (BIS) to measuring capital adequacy among the banks. In their discussion, students should focus on the increased importance of cash reserve ratio as an important funding source to meet the daily requirements of day-to-day banking and catering retail depositors especially during the time of financial crisis.
A business model is characterized by large customer base, accounts and transactions, various products and services, reliance on technology, better pricing, and profitability. There is a massive level of cooperation between banks, retailers, business and consumers and scope for cross-selling to increase per customer revenue is known as retail banking (Sethuraman, 2015). In short it is focused on customer’s money and management. Digital retail banking, on other hand does not compromise of brick and mortar banking but different branch networks with digitalization – mobile connections, Internet users, broadband penetration, smartphone penetration, tablet penetration, daily communication via digital channels, purchase relevant information from digital sources, first time purchasers via digital channels (rolandberger.com, 2015).
Digital retail marketing offers the customer a base for online trading on four fundamental parameters- Product, Process, People, and Technology to realize its business objectives. It is perceived that customer satisfaction with product quality was the prime driver and service delivery factors varied considerably (Chavan and Ahmad, 2013).
1. Growth In developed and developing countries in terms of mobile (retail) banking customers under the scenario of Bank of America Corporations (BoA).
Retail banking is stirred by something big across the world. There are bold bets on new digital technologies that are experiencing fundamental changes in the customer base resulting in their satisfaction and retention. Most banks are investing heavily on smartphones apps and tablets to conduct a wide range of banking activities. Attractive interactive tools are developed so that the customer analyses their spending habits and fortify their money management skills (Vater, et al., 2012).
In today’s date, it is hard to find a bank that does not provide online banking but in sometime this statement would be for mobile banking. The vision of banks for their digital channels can be analyzed by five years forecast done by Wipro Efma showing the vision for digital channels. It can be demonstrated in the figure below;
Source: (Efma Digital Channels Survey, 2013)
With the help of digital channels, it is production data regarding more profile customers, understanding the needs and target these customers in smaller segments with relevant offers (Pearson and Sundarrajan, 2013).
The current economic scenario gives banks an opportunity to identify their channels that are most relevant to the customer. Banks are shifting their trends from high-cost channels to low cost channels. Hence, reducing the total cost. There is a growing interest to make their communications channel agnostic, and this will help the banks to narrow down their channels by providing right product to the right customer. Today, the shift has changed to mobile banking for enhancing customer experience and reducing the overall cost of operations (Kanchan, 2012).
The concept of mobile banking is there in many developing countries but the same cannot be said for United States. In recent years, some of the largest United States banks are following the ‘Return to Retail’ mantra. This is the stark contrast when in 1990s United States wanted to diversify their possibilities. The 2005 annual report stated their growing interest in retail and their confidence in the model to uptake many retail initiatives (Sethuraman, 2015). Also, mobile banking in US has followed a well-defined banking and payment system. U.S. consumers have benefitted from many mobile payment systems, so the need for mobile banking is negligible in United States.
The advantage of financial institutions is to add value to depository customer services while adding together the customer retention benefits. They want to stay at the central position in a client account relationship, even if it comes to applications on a mobile device as they do physically in a branch.
The demand of mobile technology by the customer is very high, but when it comes to mobile payments, it is uncertain as they lack experience. The consumers in United States have many choices for safe and secure payments but adding a mobile payment application should include new feature and value. The expectation of customers in payment should be convenient, inexpensive and reliable (Contini et al., 2011).
The long term idea of a mobile system ecosystem is accompanied by business models, other components of moble expenses operating structure with guidelines and with potential to make or secure remote expenses and authenticating payments by means of card or internet. The future has been viewed as when the mobile phone becomes a consumer’s wallet and provides a flawless customer experience. Therefore, mobile payments leverage a set of common standards and open platforms to guarantee its operatability. The future framework operated as mobile payments can be used anywhere in form of all card (debit, credit and prepaid) networks as well as ACH (Automated Clearing House) that works across all barriers and are recognized across all borders by all POS (Point of Sale) terminals. Hence a
collaborative yet satisfactory business model can be seen as
According to the above model, all these networks play into a model for retail mobile banking concerning mobile payments. Therefore, a successful ecosystem requires technology standards, coordination, and structure with industrially accepted formats.
The format which will help in mobile banking are as
The ideas mentioned here are for success in U.S. mobile payments are not featural for any single member as they highlight the shared view of participants. Therefore, these measures in United States will help in creating a more sustainable and efficient economic system through partnership and sharing.
Like United States, United Kingdom also has broadened its mobile banking facilities and customers have begin to access online services through their mobile and banks have started offering banking apps on smartphones and tablets. The central services typically provided are:
The recent developments can be done on withdrawal of ATM cash with a smartphone and using ‘Touch ID’ biometric fingerprint attribute. One can also send payments using Twitter handle as a function in the retail banking app in mobile phone. According to the proportion of bank customers using mobile banking in U.K. and U.S. are explained from 2011-2014 in the bar chart below.
Source: (Board of Governors of the Federal Reserve System, 2015).
According to the relation between U.K and U.S, both countries show rapid growth changes in the past years though the usage remains in minority. In 2015, it was estimated that there were 8 million more downloads as compared to last years and the user log in was 10.5 million a day in U.K. (The Impact Of Innovation in the UK Retail Banking Market, 2015).
A recent survey showed how, retail mobile banking has impacted their lives feeling mobile banking app has resulted in controlling their finances on following reasons.
Source: (ING,2015)
Customer switching behavior has been evident, but the customer rating is still substantially low than other channels. Therefore, interviews have suggested that that mobile banking apps will be more used as a strategy for customer retention than customer acquisition. According to U.K. scenario, it is said that innovation in technology has been simulated so swiftly that the inducement fore the new customers have been undermined (The Impact Of Innovation in the UK Retail Banking Market, 2015). Example, the migrant customers send money to their families in remote villages. Hence, the global remittance market is large as well. But currently the remittance offered to these customers is illegal, unreliable, slow and expensive. Rural customers thereby are needed for managing their cash flow as well as their money (Gupta, 2013).
The mobile maturity road map provides for 4 stages:
The managed service mobility develops, manages and tests mobility on different platforms to leverage a cost of the saving model for the customer and sizeable deliveries in a distinctive environment (uk.capegemini.com, 2015).
Today U.K. has to focus on a dual strategy that is as much about renewing and retaining the old customers already like as it is attracting new customers by adding new features and capabilities (Surti, 2015).
Today, U.K. has the highest rate of mobile banking adoption. When it comes to smartphone, the penetration rate is much high but the innovation is slow as compared to other countries like Turkey. Also, the age demographic is skewed towards the young users; there is high potential of mobile banking becoming a significant feature in the times to come (Temiz and KINAY, 2015).
In developing countries, the mobile and wireless market has been one of the most developing markets in the world and it is still growing at a fast pace. Over the years, services offered by mobile banking includes
In relation with U.S. and U.K., developing countries show surprised figure for mobile adoption rates in terms of mobile banking.
Source: (KPMG, 2015)
In all developing countries, the branch experience is not so pleasant because of crowd and long queues. Though, India holds more banks as compared to United States as of 2013. Hence, when it comes to being a better indicator in expected banking experience, all developing countries loses their hold in front of United Staes when compared with population (Kvederis, 2015).
But on the other hand, many people still resort to old and traditional technology. As far as Brazilian market is concerned, though the figures show increase in mobile penetration in the economy in 2015 but due to its infancy in the infrastructure of broadband and handset technology, it is an immediate priority for financial institutions to directly transform non-internet users to mobile banking users (Cruz et al., 2010). Hence, in countries like Bangladesh, Indonesia, China, India and Philippines where there is better infrastructure believe that mobile users have not fully exploited the data potentials in their mobile phones.
The most influential factor in China still prevails with perceived usefulness of face-to-face communication with bank staff. However, social media in the mobile banking sector is still not considered to be trustworthy as compared to mass channels. The practical implications can be applied to bank staff where it can efficiently appropriate communication policies to change the consumer decision regarding mobile banking (Tran and Corner, 2015).
The mobile openness in China is based on regulations and incompatible standard restrictions on mobile portability. The gray market in China provides some elements of directness whereas in India, service providers face network outsourcing and lower entry barriers of sharing. Though openness in mobile fosters broad-based innovation in shaping the future evolution of communications (Baer, et al., 2011).
Improvement in customer satisfaction holds critical importance for managers given the advantages of developing customer loyalty for long term success. These linkages become important for mobile telecommunications. According to the loyalty intentions in countries like Brazil, India, China, UK, USA, France and Canada, it was revealed that loyalty on mobile telecommunications was dependant on cultural differences. Moreover, in self-expressionists countries, it was easier to create satisfaction (Aksoy, et al., 2013).
The contribution of real assets to GDP in major developing countries like China is 15%, Malaysia is 33%, Taiwan is 52%, Thailand is 24% and In India is 6% that is low as compared to other Asian counterparts (Sethuraman, 2015). Developing countries have largely unbanked population that needs to cater to the customer needs in urban as well as rural areas. Rural customers are in great need for managing their cash flow and money. Farmers find themselves in the short of funds during the time to sow seeds for the next season because they store at home and the money is used for discretionary purchases. Therefore, there is no track of money after that (Gupta, 2013).
In developing countries, there is a need to provide urban poor for a joint telecom in the mobile banking model as telecommunications infrastructure has given a base for mobile penetration creating an opportunity for financial enclosure. The top-bottom approach is followed in the current model but or main focus is on the bottom model approach. Therefore, to create a substantial mobile banking encourages the regulators, financial institutions and mobile service providers to engage end users (Mishra and Singh Bisht, 2013).
Issues and Challenges in respect to governance, compliance and risk management
In the widespread model of being bank-centric, there are traditional and emerging risks involved. Traditional risks highlight the issues involve theft of services and loss of revenue. The risks that can arise are information disclosure, fraudulent transactions, privacy infringement and profiling of behavior of user. Whereas emerging risks the use of mobile payments in terms of funding to terrorists and money launderings like transfer repudiation, replay attacks and authentication parameters theft (isaca.org, 2011).
A technology risk may cause failure leading to interruption in services and may limit customer’s right to use money and weaken the trst and confidence in the service (Worthy, 2013).
It arises due to loss of deficiencies in the system such that leads to reliability and integrity issues. It can also arise from the lack of understanding in security and confidentiality. Reputational risk also creates actions like negative public image and devaluing te maintained customer relationship (Mohammad, 2015).
This paper in terms of mobile retail banking discussed the mobile retail banking penetration in the countries. Moreover, it highlighted the importance of the customer satisfaction and retention in terms of mobile banking relation in Bank of America. Different countries laid different results for adoption of mobile banking app. Therefore, on a general context, countries faced some challenges regarding risk and governance compliance.
2. Capital Adequacy measured by banks as suggested by Bank of International Settlements in Base II and Identifying and Discussing the problems herewith.
Basel II is the second recommendations by Basel Committee on Banking Supervision. Basel II recommendations published in 2004 and it was implemented from 2008. It intended to control how much capital a bank should hold to protect itself from any operational or financial risks. Banks are exposed to risk as they are engaged in lending, investing and trading activities. The greater the bank is exposed to risk, the more capital the bank should hold. To limit competitive inequality amongst the banks that are active internationally, it tried to maintain sufficient consistency of regulation. It aimed to provide safeguards to banks against insolvency (Pasha et al., 2012). Hence, it recommended maintaining a certain amount of capital, which is referred as minimum capital requirements.
Bank of International Settlements or BIS is a bank for central banks. It is limited by shares owned by the central banks of different countries. It contains 60 members. The main two objectives of this bank are to make a reserve transparent and to maintain capital adequacy. Capital adequacy is simply measured by the ratio of capital to risk. CAR= Total Capital / Risk Weighted Asset (Reserve Bank of New Zeland, 2015). It can be expressed in terms of percentage also. The minimum requirement level of CAR is set at 8% (Bank of International Settlement, 2015). Some countries prefer to maintain CAR more than the minimum level to strong their financial base. However, BIS faces problem in measuring capital adequacy. To calculate capital, some adjustments are required in the value of capital in the balance sheet. There are two types of capital, tier one capital and tier two capital (Calomiris et al., 2014). Tier one capital is permanent and more liquid in nature that can absorb losses without insolvency of the bank. It helps to protect bank as well contributes to maintaining the stability in the financial market. Tier two capital absorbs losses that just helps the bank to sustain and provides no protection for the customers. This type of capital is less useful to provide support to the bank. Apart from these two kinds, Basel Accord categorized another type of capital that gives a buffer against losses when both of the other tiers fail.
In every country, the central banks decide the minimum CAR and monitor it to provide safeguards to the depositors. CAR reflects the bank’s capability to withstand any unfavorable condition. If the value is higher, this implies the bank has sufficient capital to survive a crisis (Demirgucâ€ÂKunt et al., 2013). The value of Capital asset can be overrated, as they might not reflect the proper market conditions. Moreover, the risk associated with every trade, investment and lending; may not assess properly. Hence, if the bank underestimates the risk of an asset, then the denominator is less, and CAR will show a sophisticated value, but in reality, it is not the case. Similarly, if the bank overvalues its capital then also CAR will be higher and will not represent the proper condition. The major problem is that, giving risk weight to credit exposures. Risk weight given to the risky assets can be manipulated, hence biased (Hall, 2013). Bank may give low weight to some risky asset in order to maximise their lending. So, the value of CAR thus does not reflect the bank’s original exposure to risk. Capital adequacy alone is not sufficient to measure bank’s solvency. BIS struggle to maintain capital adequacy, as some country do not want to maintain the minimum requirement, which is set at a high level. It can be said that, those central banks who have calculated CAR in a proper way and attained minimum level are actually risk-resistant, but those who have overestimated the value, and if the value is more than the minimum requirement then actually they are not at all risk-resistant (Xuebin, 2012). Overvaluing the capital asset is practiced in order to attain easily the minimum target easily. Therefore, CAR does not reflect the proper capability of the banks. If the minimum capital adequacy ratio is not attained the financial authority of the country undertakes some measures to improve the capital base of the respective banks (Schaeck and Cihak, 2012). If the capital is not adequate, the central bank tries to increase its capital holding by increasing it several rates. One of the ways to increase the capital holding is that, central bank itself reserves a percentage of commercial banks’ total deposit in the form of cash. Some central banks like Reserve Bank of India, also prescribed to maintain a percentage in the form of gold, cash, and other approved securities that are to be kept in the respective commercial banks (Sircar and Goel, 2015). This is known as Statutory Liquidity Rario. CRR controls liquidity in the economy and SLR prevents the banks to put more money in the economy.
This paper will now focus on the importance of maintaining the cash reserve ratio as an important funding resource. Cash Reserve Ratio (CRR) is a percentage of total deposits by the customers, which is to be held as a reserve with the central bank of the country by all commercial banks (Acharya et al. 2012). This amount is maintained as the reserve to ensure that banks do not run out of money. If the depositors suddenly want to withdraw their money, then the bank can provide cash with the help of this reserve. However, this is a rare circumstance when all depositors withdraw their money. The main rationale behind maintaining CRR is to control the lending of the banks. CRR is an important monetary tool. The central banks control the rate of cash to be reserved. The Central bank of a country increases CRR to decrease the money supply and reduces CRR to increase the supply of money in the economy. When CRR is increased, commercial banks have less amount of money to be lent or invested. Hence, less money goes into the market (Mallick, 2014). Moreover, in order to maintain a high rate of cash reserve, banks increase the interest on the loan or decreases interest on deposits. As a result of these changes in interest rate, customers are less likely to take loans or deposit in the bank. By this way, a central bank can reduce the money flow in the market by reducing multiplier effect (Karim et al., 2014). In contrast, when the central bank reduces CRR, it implies that more money is available to the bank that can be lent to them. As the CRR is low, the bank can afford a lower interest rate on loan and a better interest rate on the deposit. This will encourage the investors to take loan and customers to deposit money in the bank. As a result, there will be more flow of money in the economy. By this way, central bank controls inflation in the economy. CRR of Bank Of England is 4% as on December, 2015 (Robinson, 2015). This means that all commercial banks of UK must reserve 4% of their deposit with the central bank of the country in form of cash.
The paper discussed about the Basel II norms and its recommendations. Following that, this report has mentioned the problem with the risk-based capital approach of Basel II, faced by Bank of International Settlement (BIS). The paper also focused on the importance of maintaining the cash reserve ratio (CRR) as an important tool to meet daily requirements of bank and to influence the deposits of the customers. With CRR the central bank maintains the capital base of the financial institution and controls inflation by changing the rate eventually.
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