RAK Bank have a reputation for being innovative and forward thinking and today, they have taken another step in cementing this reputation with the launch of their Mobile Banking App - MobileCash.
This move is potentially a game changer in a market where at the last count there were over 56 banks all chasing customers business.
The app is simple, it is user friendly and will help customers manage their money with ease. My understanding of the service is that a customer will no longer require an ATM card to withdraw money from a cash machine. The new service gives customers the ability to withdraw cash and send money to their friends, family or anyone in UAE instantly using their mobile phone.
Mobile Banking leaps forward
In a trend that I am expecting to see repeated throughout the Middle East, Africa and India, the bank has reported a 40% growth in mobile banking users in the first 6 months of 2014, with an average of 300,000 transactions conducted through it’s mobile app.
What does this say about the RAK Bank brand?
RAK Bank have always had a reputation for young, fast and customer focussed. The bank move fast to new opportunities and are clinically focussed on delivering a unique experience for their customers with innovative products and services. Their mantra is ‘Simply Better’ and with the launch of this new service, they are really making a statement that backs this up.
In future, I believe we can expect to see other banks in the region launching similar products and services for their customers.
For me however, there is one crucial element missing from this service - personalisation.
A step closer, but still not there
As I have mentioned in previous articles (It's a Bank Moh, but not as we know it). In a competitive market, where banks are competing for what are essentially the same customers, personalisation is the key to success. Banking products must become more relevant to customers on a personal level, not generic, not segmented, but specific. Whilst the technology behind RAK Bank’s new service looks great, and certainly captures the headlines, the next step is surely to develop the interface to deliver content that not only allows the customer to perform banking transactions, but delivers content that is designed specifically to make the customers life easier. Online purchases for example, information on offers, new products and services. Where are the location based services that we are seeing popping up all around? Where are the wonderful shopping experiences that we see online every day. All of these can be tailored specifically to a customers need... and banks can capitalise on these by offering customers an easier, well informed option to buy.
Whilst I salute RAK Bank for being the first in this market to offer such an innovative solution, I wait with excited anticipation to see what happens next. Let’s get personal!