For a thing, the headline sounds grammatically wrong. Could it be rephrased to "Send money to any mobile number in Singapore easily," "Send money easily to any mobile number in Singapore," "Now you can transfer money to any Singapore's mobile number"?
Of course, the bank probably want to highlight the benefit of this new service, and that is "easily." If this is the case, then wouldn't the word "easily" placed last stick to a reader's mind easier?
If this is a new service or technology that Maybank developed that no other banks are offering, then perhaps the word "mobile number" would be more important than "easily". A check on a few banks' websites showed that all have similar mobile banking services. So this service is not just restricted and available only to Maybank customers.
Even Western Union has a similar service to Maybank which allow a person to send money to an overseas mobile phone. But let's just keep the discussion to the banking industry.
As I do not have the need to do a lot of online banking services, I usually take no interest in their new services. I have seen the advertisement by UOB Bank about splitting bills with friends by just transferring money to a mobile number and didn't think it's applicable to me.
When I saw the advertisement by Maybank, I thought maybe this is something interesting. After all, most of the time, we need a person's bank account to make a fund transfer. The problem is some of us cannot even remember our own bank account number, not to talk about others. But we can remember mobile numbers, which I highly doubt so too. Anyway, remembering mobile number is easier than remembering bank account number. And we can always check our friends' mobile number as we've their contacts all stored in our mobile.
As I was reading through the steps required to register for this service and the procedure to effect a fund transfer, I was confused. It was confusing and troublesome.
Well, there's always some procedures you need to go through whenever you register for a new service. And it is even more important for the banking industry as it involves money. There's the security concern.
You got to download the apps, login to their Mobile App, generate OTP (one time password), enter transaction signing code using security token keypad, link your account, receive SMS confirmation. When you do a fund transfer, you need to login to the Mobile App, enter mobile number, enter OTP, disclose the PIN to receiver.
And if you are the receiver, you got to download the App, Select "MMM Collect", enter your own mobile number, transaction code (SMS from Maybank) and PIN from sender, enter One-TIme Password (SMS from Maybank).
The website tried to make the steps as simple as possible. These steps are necessary for security reasons. Unfortunately, I'm still confused.
The procedures at other banks are not any much easier. For example, UOB bank requires you to enter payee's information like their NRIC number, full name, initials (what's that????) and relationship to you. And it seems you have to add a new recipient every time you want to make a fund transfer to a person not already in your list.
There are too many hurdles that customers must go through to complete a transaction. This is not easy as indicated on the headline of Maybank's advertisement. In fact, the scenarios quoted by these banks under which you can use this service isn't convincing. Maybank says you can use this service to pay tutor for your child's lessons, pay plumber and home service providers and split the cost of a gift or restaurant bill with friends.
Now, would tutors, plumbers and home service providers want to be paid by this method? How are you going to convince them to download the App and go through those steps just to collect money? Do you think they prefer to be paid now or two days later?
Same thing for your friends. Even if you are going to be paying them on a regular basis, do they want to do it? Do you want to spend time asking for their personal particulars and keying in all their particulars? And do they want to provide you with such information?
Which would be easier? For you to do a transfer from the ATM machine, online banking or even withdrawing cash to pay them?
I remember reading a book on innovation and it shared an example about the ATM (Automated Teller Machine) which we are so familiar with now.
The ATM did not take off when it was first introduced due to lack of customer acceptance. It took a natural disaster in which people were unable to get to the bank and were forced to use the ATM before it finally gained widespread acceptance.
Did the service of sending money to a mobile number came about because someone thought that bank account numbers are difficult to remember but not mobile number? Or because of the trend towards doing everything on the mobile phone? Or that technology has advanced to the stage that now this is possible?
When innovating, you have to consider not just whether your product or service makes it easier, more convenient or cheaper to your customers. You have to consider what other alternatives they have and their level of acceptance and rejection. You also have to think about rituals or superstition, habits, social norms, fear, uncertainty, doubts your users have and the assumptions you made about them.
Perhaps there's a benefit that this service can be put to use for some customers with a particular need or in a different situation.