Apple pay is part of the mobile banking sector which uses iPhone 6 and iPhone 6 plus. The services are offered through antenna. Apple pay ensures that the customer is able to access their bank account while at any corner of the world. Some of the services that the bank clients are able to access are the inquiries on the account balances, fund transfers, payment of bills (Nicoleti 91). In addition, plans are under way to include apple watches in the Progressive Savings Bank. It is recommendable for this specific bank to join in this technology and this will improve their service delivery.
There are some advantages that are involved with the use of apple pay over other payment methods. To start with, Apple pay reinforces the franchises card for the issuer. In addition, the company does not store the data related to the banker and there is reduction of fraud by the use of bank cards. However, the use of this form of payment also includes some disadvantages. To begin with, there are some additional charges on the user to the Apple Company. Secondly, it increases urgency of financial institutions when it comes to payments and it also incorporates a third party in a field that can already be said to be overcrowded.
Risks Involved with Apple Pay?
Will lower fraud losses offset higher issuer costs?
Yes. When the fraud cases are minimized, then several customers will in return use this method for their banking needs and therefore the issuer costs will be raised.
Is there a demand for Apple pay and other mobile Solutions?
With the emergence of technology, the entire world is undergoing evolution in terms of technology. The evolution is affecting every other activity that human beings engage in, in their day to day lives. The world of banking is not left behind and that is the reason why Apple pay and other mobile solutions with a similar interest have emerged.
When will the participation of mobile banking become relevant?
The use of mobile banking will become relevant when a large group of individuals will learn about its existence and in return start using it. In addition, the relevance of the mobile banking will be felt when its users will not be required to go to the bank offices for any services.
Who would you market the product to?
The mobile banking ensures that a lot of time has been saved by following a few simple steps. Hence, the first group I would recommend to use the product is the employees who are held up in their jobs for the entire day. Furthermore, I would recommend any business that these consumers get goods or services from.
Are the local and regional competitors offering the product?
Currently, every other mobile phone companies are offering the product. Therefore, it is true that the regional and local competitors are already offering the product.
Apple pay will convert cash transactions to card transactions?
In addition, the use of Apple pay prevents the user to have a direct contact with the money. This therefore means that card transactions will be used often. This is very helpful in minimizing misuse of money. This is because a process is involved during payment. Hence, the spending will always be budgeted for while the Apple pay is being used (Merte 70).
Would you recommend a different mobile payment solution?
The entire industry of the mobile banking encounters similar challenges on their operations just like the Apple pay. Therefore, no recommendation can be made because the performance is equal.
Other services that the Apple pays team should consider
The mobile banking sector especially Apple pay should enable services such as opening of the accounts from the comfort of their homes. This will completely give the bank offices lack of importance.
How do we sell the product to the upper management?
The management of the Apple pay should consider holding forums with other managements that hold a potential market for their company and advertise their services. Considering the advantage that the services bring along, it is unlikely that they would be turned down.
Works Cited
Nicoletti, Bernardo. Mobile Banking: Evolution or Revolution? 2014.
Merte, Christoph. Marktstrategien Im Mobile Banking: Smartphones Als Neuer Absatzkanal
Der Finanzindustrie. Hamburg: Diplomica-Verl, 2011. Print.
