In a constantly changing digital environment, sometimes it is not enough to simply keep up with the competition. Organisations using IT wisely and strategically can reach customers faster and with more precision, leaving a lasting impression with stakeholders and customers.
One of Australia’s big four banking institutions is working hard to remain a step ahead. Late last year, the bank introduced wave-and-go payments in partnership with MasterCard’s PayPass for customers using Samsung smartphones with NFC capability.
The bank is now rolling out technology that will enable customers to withdraw cash from ATMs via a mobile application.
A new initiative to the Australian market, ‘cardless cash’ allows users to select a withdrawal amount on their mobile device, before being issued with an 8-digit code that appears on the home screen, and a 4-digit PIN sent via text to the user’s mobile phone. The codes are entered at participating ATMs, allowing the user or another nominated person to collect the cash.
According to Kareem Tawansi, CEO of the Solentive Technology Group, “I think this new initiative is fantastic, it places this financial institution ahead of other banks,” says Tawansi. “People want to carry less cards, less cash, less everything, so it’s bound to be popular.”
“Introducing avenues to give customers more control and accessibility of their finances is a smart move,” Tawansi continues. “The easier they make it, the more revenue the bank will generate – whilst providing a leading IT banking solution that is likely to draw new customers who like to use the latest in technology.”
The bank’s initiative to access cash without cards at ATMs will be particularly appealing to the younger mobile phone user, providing a convenient and low-cost way to send small cash payments to others.
If they do not have the underlying infrastructure needed to implement new technology already in place, Tawansi believes it will take competitors awhile to catch up. In the meantime, they face the risk of losing customers to their competitor.
To maintain a competitive advantage, organisations must implement leading IT strategies and capabilities that are not available elsewhere. However, this is no time to sit back and rest. The speed and accuracy of an organisation’s IT systems can mean the difference between winning and losing customers, and can enable the translation of new concepts into profitable products and services.
Working in close collaboration with an IT partner will ensure an organisation offers customer value above and beyond that of the competition.