“Where are you from?”
“I am from mobile Back Office”.
Are you shocked? Better get used to this sooner or later. There were times when back-office was known only due to call center operations. Now; no mobile payment could be imagined without back-office operations. Mobile payments are making cash payment obsolete. Online banking does offer convenience. Banks are providing front-end operations; especially customer-facing; with solutions of the digital order.
This digital transformation is nothing but an integrated and effective back-office phenomenon; which is driven by automation and technology. “To err is human”. The manual processes along with human labor; such as addressing consumers’ requests and financial reviews do lead to errors; and end up being inefficient at some point of time.
Moreover, costs of human capital have skyrocketed; as conventional back-office operations face stagnation. Incorporation of next generation technology (mobile payment technology) will be saving on money as well as time; as humans, analytics, and machines will be on the same platform; catering to the customer. The current lot of customers ought to have an attention span of hardly 4 minutes. If mobile payment technology gets employed effectively; these 4 minutes could work wonders!!! This would be the basic driving factor of mobile payment technology in the years to come.
Every mobile phone could act as the “personal payment tool” with regards to sales at a distance. In other words; one could pay safe far away; from both – the bank as well as the recipient. North America and Europe are at the forefront as far as mobile payment technology market is concerned. However, over the last decade; APAC; especially India has witnessed growth in mobile payment by leaps and bounds. Nov 8, 2016 was the day when the nation witnessed demonetization. There was close to 100% rise in mobile payments thereafter. The legacy continues; and will continue to embark upon the mobile payment technology in the upcoming period.