Creating Competitive Edge In A Ever Changing World

C Co om mp pe et ti it ti iv ve e a ad dv va an nt ta ag ge e t th hr ro ou ug gh h s se er rv vi ic ce e i in nn no ov va at ti io on n

With the introduction of �smart’ cards and �smart’ terminals, Banks now have the capabilities which

use to be exploited by the largest smart-card users in the world вЂ" the Telcos. Telcos have over the

years innovate what they can do with the �smart’ SIM (Subscriber Identity Module) cards ranging from

contacts information, SMS mailboxes, games and on-demand applications such as live stock quotes,

video streaming to electronic wallets, etc. to increase its subscriber spending.

Banks are now able to leverage on these features of the smartcard to have multiple applications

residing on the smart card and localized storage of information to create customized offerings or

personalized services for card holders. This allows Banks to create one-to-one marketing program,

tracks consumer spending patterns more efficiently and offer cross-selling opportunities at the point-

of-sale through the download of vouchers or promotions. At the same time, utilizing the ability to

perform off-line transactions, Banks can be more business friendly to merchants by instituting variable

floor limits so as reduce transaction time while managing credit and fraud risks, especially in fast-food

outlets where quick service turn-over is of paramount importance.

As highlighted above, with customers’ increasing demand for greater convenience and service level, a

simple card payment transaction no longer