With mobile banking being such a high priority product for the banking and financial industry, various news publications are buzzing about what different banks offer. One in particular has made a lot of noise because of the new philosophy on which products and services have been developed. Standard Chartered Bank, which currently operates in Asia, has without doubt created one of the more beneficial mobile banking solutions called Breeze. In addition to the bank reworking traditional products for online and mobile banking needs, Breeze offers customers a new product never before seen.
To see why Breeze is being given rave reviews by people in Singapore and Malaysia currently using the application on the iPhone, it is important to look at what other banks are providing their customers specific to mobile banking. This does not mean that products for online and mobile banking being offered by other banks are bad but that Standard Chartered Bank has been able to capture something others are missing.
The following are just two examples of differences between Breeze offered by Standard Chartered Bank and its competitors.
Citibank
Of all competitors, Citibank has been the most innovative when it comes to online and mobile banking. For instance, the Citi Shopper application makes it possible for bank customers to earn points for purchases made at designated retailers or to benefit from a discount on one of Citi’s branded products. This application also allows customer to store and share offers using text messages and emails. While card-specific offers are not included, customers can use the application to search for products and discounts in their respective area.
Obviously, something such as this would be a nice cost-saving benefit for Citi customers but it is apparent that restrictions have been incorporated into the design of the solution. When comparing Breeze offered through Standard Chartered Bank, people would discover that limiting opportunity to customers is a key element developers eliminated. This bank wanted to provide its customers with a comprehensive online and mobile banking solution, one without putting restrictions on what customers can accomplish.
US Bank
This bank has also been carving out a name for itself specific to mobile banking, as seen with one application currently being outlined. The newest offering would be a type of mobile concierge service associated with the mobile wallet. For this, customers would clip a coupon digitally and then store it in the application’s “wallet”. With this wallet working in connection with a physical card, the stored coupons would be deducted from the aggregate amount of the bill when payment is made using the card.
While this solution is catchy and one that many people would probably find beneficial, it is important to note that rather than developing trends that eventually fade due to a lack of customer interest, the focus of Standard Chartered Bank in developing Breeze for mobile banking has always been to stay as far away from trends as possible. Instead, the bank has developed products and services considered viable and beneficial long-term. Breeze was designed to reduce the amount of work customers have to do in exchange for true savings.
Looking at the mobile banking solution compared to applications both City and US Bank offer, which are dedicated shopping applications, Breeze is an all-purpose application. In other words, rather than throw in “showy” functions, this application is dedicated to making it easier for people to handle banking and financial accounts, whether for personal or business use. Coupons provided with Breeze are a cooperative agreement with merchants that utilize the location mapping functionality on the iPhone and soon, the iPad such as integrated bill pay, transfers, and mobile couponing.
The bottom line is that many of the applications being developed today for online and mobile banking are being over-built. With this, the application loses sight of its intended purpose, which is to provide bank customers with a seamless interaction with the bank. Standard Chartered Bank knows this is what people want because Breeze was designed and developed based on direct customer input.
Learn More about Online Banking Service visit Breeze by Standard Chartered