VOnline Banking: The future of banking over television
Of the 3, the PC and mobile phone have already established themselves as important channels of banking. However, the same cannot be said of television and previous attempts at TV banking have come a cropper. In my article "Your TV as your bank" I had suggested that television banking and commerce could be a good option for developing markets with poor online connectivity but high TV penetration, provided it could support:
• Two-way communication between the user and the bank
• A dedicated channel for each banking institution
• Secure mail transmission
Now, I'd like to introduce a new concept of Virtual Online Banking (VOnline Banking) - a highly interactive mode of television banking using 'extreme biometrics'. In VOnline Banking, customers could tune into their banks' dedicated channel, use a simple microphone and headset to authenticate themselves by voice, and proceed to transact either the old fashioned way, using their remote or use voice and video instead. In the latter mode, they can simply issue verbal instructions to relationship manager, and on a split screen, interact with him while watching him process the transaction. The use of extreme (voice) biometrics along with television brings greater convenience and security to the medium.
While Satellite TV currently does not have the necessary storage capacity to support two-way communication in a big way, IPTV holds some promise in this aspect. In any case, I anticipate that Satellite TV infrastructure will acquire this capability within a few years. At that time, television could offer one more option to users of multiple banking channels, and like mobile banking has done so far, provide the only channel of financial access to many people who don't have any.
• Two-way communication between the user and the bank
• A dedicated channel for each banking institution
• Secure mail transmission
Now, I'd like to introduce a new concept of Virtual Online Banking (VOnline Banking) - a highly interactive mode of television banking using 'extreme biometrics'. In VOnline Banking, customers could tune into their banks' dedicated channel, use a simple microphone and headset to authenticate themselves by voice, and proceed to transact either the old fashioned way, using their remote or use voice and video instead. In the latter mode, they can simply issue verbal instructions to relationship manager, and on a split screen, interact with him while watching him process the transaction. The use of extreme (voice) biometrics along with television brings greater convenience and security to the medium.
While Satellite TV currently does not have the necessary storage capacity to support two-way communication in a big way, IPTV holds some promise in this aspect. In any case, I anticipate that Satellite TV infrastructure will acquire this capability within a few years. At that time, television could offer one more option to users of multiple banking channels, and like mobile banking has done so far, provide the only channel of financial access to many people who don't have any.
